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News Update!
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krisluke
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26-Mar-2011 21:15
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Libya Rebel ? |
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krisluke
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26-Mar-2011 21:05
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See. China military selection... Wow !!! impressive military force excluding the men |
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krisluke
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26-Mar-2011 20:50
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Lin Chi Ling is a military officer in taiwan ? |
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krisluke
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26-Mar-2011 20:27
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Israeli soldier |
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krisluke
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26-Mar-2011 10:55
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THE MARKET'S RISE CONTINUES: Here's What You Need To KnowThe market continued to rise today, disregarding the weak consumer sentiment number and various crises around the world.First, the scoreboard:
 Image: Leonid Mamchenkov via Flickr Now, the headlines:
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krisluke
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26-Mar-2011 10:50
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Prince William And Kate Middleton's Wedding Will Be Sold As A Music AlbumHours after Britain's Prince William and Kate Middleton tie the knot on April 29, audio of their wedding will be available for purchase on iTunes. But if you can wait until May 10, you can buy the deluxe CD.
The iTunes Store page for the CD right now lists a pre-order price of $11.99 and lists 11 unnamed tracks. The running time is listed at 70 minutes. Decca Records, the company issuing the recordings, did the same for Prince Charles and Princess Diana's wedding and Diana's funeral. But they've never before released a royal event digitally. Here's hoping Prince Harry gets ahold of the mic and spices up what could be very stuffy coverage. |
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krisluke
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26-Mar-2011 10:45
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West targets Libyan forces in bid to end stalemate
Litening pod footage from a Royal Air Force Tornado GR4 shows strikes on two Libyan main battle tanks
BENGHAZI, Libya (Reuters) - Western warplanes bombed Muammar Gaddafi's tanks and artillery in eastern Libya to try to break a battlefield stalemate and help rebels take the strategic town of Ajdabiyah. Rebels said they had entered Ajdabiyah from the east on Friday, Al Jazeera reported, while Gaddafi's forces held on in the west of the town, which commands the coastal road towards Tripoli. The African Union said it was planning to facilitate talks to help end the war, but NATO said its operation could last three months, and France said the conflict would not end soon. In Washington, a U.S. military spokeswoman said the coalition fired 16 Tomahawk cruise missiles and flew 153 air sorties in the past 24 hours targeting Gaddafi's artillery, mechanised forces and command and control infrastructure. Western governments hope the raids, launched a week ago with the aim of protecting civilians, will shift the balance of power in favour of the Arab world's most violent popular revolt. In Tripoli, explosions were heard early on Saturday, signalling possible new strikes by warplanes or missiles. As the United States said Gaddafi's ability to command and sustain his forces was diminishing, Libyan state TV said the " brother leader" had promoted all members of his armed forces and police " for their heroic and courageous fight against the crusader, colonialist assault," without giving further details. Rebels massing for an attack on Ajdabiyah earlier exchanged artillery fire with Gaddafi's forces. Opposition forces on the road there seemed more organised than in recent days, when their disarray stirred doubts about their ability to challenge Gaddafi. They had set up road blocks at regular intervals and Reuters counted at least four truck-based rocket launchers -- heavier weaponry than had been seen earlier this week. Winning back Ajdabiyah would be the biggest victory for the eastern rebels since Western military intervention halted a counter-offensive by the better equipped Gaddafi forces which had driven them back towards the rebel stronghold of Benghazi. It would also signal that allied airstrikes may be capable of helping rebel fighters to eventually topple Gaddafi. AFRICAN INITIATIVE At African Union headquarters in Addis Ababa, AU commission chairman Jean Ping said the organisation was planning to facilitate peace talks in a process that should end with democratic elections. It was the first statement by the AU, which had rejected any form of foreign intervention in the Libya crisis, since the U.N. Security Council imposed a no-fly zone last week and air strikes began on Libyan military targets. But in Brussels, a NATO official said planning for NATO's operation assumed a mission lasting 90 days, although this could be extended or shortened as required. France said the mission could go on for weeks. " I doubt that it will be days," Admiral Edouard Guillaud, the head of French armed forces, told France Info radio. " I think it will be weeks. I hope it will not take months." Guillaud said a French plane destroyed an army artillery battery near Ajdabiyah, while in London, the Defence Ministry said British Tornado aircraft had also been active there. A Reuters correspondent who travelled close to Ajdabiyah on Friday saw large plumes of black smoke rising above the eastern entrance to the town. A rocket apparently fired from rebel positions then hit the eastern gate, sending a fireball into the sky. " The eastern gate has fallen and we are sending a team to check before moving forward," rebel Colonel Hamad al-Hasi told Reuters. In Benghazi, rebel spokesman Mustafa Gheriani said he expected Ajdabiyah to fall following the Western strikes. " (The strikes) will weaken their forces and more importantly their morale," he said, adding the level of Western strikes was " sufficient. We feel safe under their protection." Simon Brooks, head of the International Committee of the Red Cross operations in eastern Libya, reported big population movements from the Ajdabiyah area because of the fighting. Officials and rebels said aid organisations were able to deliver some supplies to the western city of Misrata but were concerned because of government snipers in the city centre. Gaddafi's forces shelled an area on the outskirts of the city, killing six people including three children, a rebel said. Misrata has experienced some of the heaviest fighting between rebels and Gaddafi's forces since an uprising began on February 16. (Reporting by Mohammed Abbas and Angus MacSwan in Benghazi, Tim Castle in London, Maria Golovnina and Michael Georgy in Tripoli writing by William Maclean and Myra MacDonald editing by Jon Boyle and Ralph Gowling). |
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krisluke
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26-Mar-2011 09:10
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West strikes Libya forces, NATO sees 90-day campaign
By Mohammed Abbas
BENGHAZI, Libya (Reuters) - Western warplanes bombed Muammar Gaddafi's tanks and artillery in eastern Libya on Friday to try to break a battlefield stalemate and help rebels take the strategic town of Ajdabiyah. Rebels said they had entered Ajdabiyah from the east, Al Jazeera reported, while Gaddafi's forces held on in the west of the town, which commands the coastal road towards Tripoli. The African Union said it was planning to facilitate talks to help end the war, but NATO said its operation could last three months, and France said the conflict would not end soon. In Washington, a U.S. military spokeswoman said the coalition fired 16 Tomahawk cruise missiles and flew 153 air sorties in the past 24 hours targeting Gaddafi's artillery, mechanised forces and command and control infrastructure. Western governments hope the raids, launched on Saturday with the aim of protecting civilians, will shift the balance of power in favour of the Arab world's most violent popular revolt. In Tripoli, residents reported another air raid just before dawn, hearing the roar of a warplane, followed by a distant explosion and bursts of anti-aircraft gunfire. As the United States said Gaddafi's ability to command and sustain his forces was diminishing, Libyan state TV said the " brother leader" had promoted all members of his armed forces and police " for their heroic and courageous fight against the crusader, colonialist assault," without giving further details. Rebels massing for an attack on Ajdabiyah earlier exchanged artillery fire with Gaddafi's forces. Opposition forces on the road there seemed more organised than in recent days, when their disarray stirred doubts about their ability to challenge Gaddafi. They had set up road blocks at regular intervals and Reuters counted at least four truck-based rocket launchers -- heavier weaponry than had been seen earlier this week. Winning back Ajdabiyah would be the biggest victory for the eastern rebels since Western military intervention halted a counter-offensive by the better equipped Gaddafi forces which had driven them back towards the rebel stronghold of Benghazi. It would also signal that allied airstrikes may be capable of helping rebel fighters eventually topple Gaddafi. NOT DAYS, WEEKS At African Union headquarters in Addis Ababa, AU commission chairman Jean Ping said it was planning to facilitate peace talks in a process that should end with democratic elections. It was the first statement by the AU, which had rejected any form of foreign intervention in the Libya crisis, since the U.N. Security Council imposed a no-fly zone last week and air strikes began on Libyan military targets. But in Brussels, a NATO official said planning for NATO's operation assumed a mission lasting 90 days, although this could be extended or shortened as required. France said the war could drag on for weeks. " I doubt that it will be days," Admiral Edouard Guillaud, the head of French armed forces, told France Info radio. " I think it will be weeks. I hope it will not take months." Guillaud said a French plane destroyed an army artillery battery near Ajdabiyah, while in London, the Ministry of Defence said British Tornado aircraft had also been active there. A Reuters correspondent who travelled close to Ajdabiyah during the day on Friday saw large plumes of black smoke rising above the eastern entrance to the town. A rocket apparently fired from rebel positions then hit the eastern gate, sending a fireball into the sky. " The eastern gate has fallen and we are sending a team to check before moving forward," rebel Colonel Hamad al-Hasi told Reuters. In Benghazi, rebel spokesman Mustafa Gheriani said he expected Ajdabiyah to fall following the Western strikes. " This (the strikes) will weaken their forces and more importantly their morale," he said, adding the level of Western strikes was " sufficient. We feel safe under their protection." Simon Brooks, head of the International Committee of the Red Cross operations in eastern Libya, reported big population movements from the Ajdabiyah area because of the fighting. Officials and rebels said aid organisations were able to deliver some supplies to the western city of Misrata but were concerned because of government snipers in the city centre. Gaddafi's forces shelled an area on the outskirts of the city, killing six people including three children, a rebel said. Misrata has experienced some of the heaviest fighting between rebels and Gaddafi's forces since an uprising began on February 16. QATARI PLANE JOINS AIR PATROLS NATO said on Thursday after four days of tough negotiations that it would enforce the no-fly zone but stopped short of taking full command of U.N.-mandated military operations to protect civilians from forces loyal to Gaddafi. Differences over the scope the U.N. resolution gave for military action against Gaddafi's army led to days of heated arguments within NATO about its role in the operation. The United States, embroiled in Iraq and Afghanistan, is keen to step back and play a supporting role in Libya in order to preserve alliance unity and maintain the support of Muslim countries for the U.N.-mandated intervention. Despite the apparently cumbersome structure of the planned new command and Arab jitters on the use of force, the operation continues to receive support from beyond Western ranks. The United Arab Emirates said it would send 12 planes to take part in operations to enforce the no-fly zone. Qatar has contributed two fighters and two military transport planes. A coalition task force statement said a Qatari Mirage 2000-5 jet joined a French air force plane over Libya on Friday, making it the first Arab country to begin patrolling. Some countries critical of the operation have suggested Western powers had exceeded the U.N. mandate, especially since they have said publicly they would like Gaddafi to go, and also expressed concerns about civilian deaths from air strikes. Libyan officials and hospital workers said civilians, including women, were among those killed in the latest Western air strikes in Tripoli. There was no way to independently verify the report. Security analysts have also warned against the risk of the West becoming embroiled in a lengthy civil war, effectively taking the said of a rebel movement they know little about. British Deputy Prime Minister Nick Clegg said the West could not be certain of the outcome but told Reuters the risk was justified and that standing aside while Gaddafi's forces killed civilians would have caused public outrage in Britain. " No one should think that you can launch a mission like this and be absolutely 100 percent sure what is going to come of this," he said. " There are risks. It is going to be untidy. There are going to be unintended consequences. People have got to accept there is always a degree of uncertainty in these kind of undertakings." (Reporting by Mohammed Abbas and Angus MacSwan in Benghazi, Tim Castle in London, Maria Golovnina and Michael Georgy in Tripoli writing by William Maclean and Myra MacDonald editing by Jon Boyle) |
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krisluke
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25-Mar-2011 21:35
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HK Shares End Higher On Strength In Chinese BanksHONG KONG (Dow Jones)--Hong Kong shares ended higher Friday, as better-than-expected results from state-run Bank of China lifted hopes for strong results from other large Chinese lenders. The blue-chip Hang Seng Index rose 243.39 points, or 1.1%, to 23,158.67 after trading between 23,068.09 and 23,179.26 during the session. The index was up 3.9% on the week. Market volume totaled HK$86.60 billion, up from HK$76.14 billion Thursday. Analysts said they expect the benchmark index to trade in a narrow range of 22,500 and 23,400 in the next two weeks, as renewed concerns on eurozone sovereign debt, the nuclear crisis in Japan and unrest in Libya will continue to weigh on investors. " Despite rosy prospects for Chinese banks' results, the index's upside will be limited as there are still many uncertainties in the external environment. Oil prices continue to hover above US$100 as the crises in the Middle East and North Africa remain unresolved," said Alvin Cheung, associate director of Prudential Brokerage Ltd. Bank of China, the country's fourth-largest lender by assets, rose 2.6% to HK$4.27 after reporting Thursday a 29% rise in 2010 net profit to CNY104.42 billion (US$15.9 billion), driven by steady loan growth and a mild recovery in its interest margin. The results are the first in a series of annual reports from China's major banks. Despite slower loan growth following a series of rate hikes, analysts expect mainland lenders to continue to record bumper interest income due to the residual impact of a government-led lending binge in the past two years. Bank of Communications was up 2.1% at HK$8.26, China Construction Bank rose 2.0% to HK$7.32, and Industrial and Commercial Bank of China gained 1.9% to HK$6.37. " The market may...become results-driven given that investors have great expectations for mainland banks' forthcoming results," brokerage South China Group said in a research note. BOC Hong Kong, the Hong Kong arm of Bank of China, rose 2.1% to HK$24.40 after it reported Thursday its net profit last year rose 16% to HK$16.20 billion. Trading firm Li & Fung was the day's worst performer, plunging 9.1% to HK$39.05. The company said Thursday its net profit last year rose 27% to HK$4.28 billion, lower than the average HK$5.03 billion estimate from 13 analysts surveyed by Thomson Reuters. China Coal fell 3.0% to HK$10.22 after it said Tuesday its net profit rose 4.4% last year to CNY6.91 billion, below the average CNY9.97 billion forecast of 20 analysts polled earlier by Thomson Reuters. |
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krisluke
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25-Mar-2011 21:33
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SE Asia Stocks-Singapore tops gainers foreigners lead buying
* Singapore at 2-week highs property shares up
* Refinery shares in demand * For all index moves, see table at end By Viparat Jantraprap BANGKOK, March 25 (Reuters) - Some Southeast Asian stock markets rose on Friday, with property shares pushing Singapore up almost 1 percent to a two-week high and regional refinery stocks rising on hopes for better margins. Investors were less worried about the economic impact from the Japan earthquake, reviving risk appetite and pushing most sharemarkets in the region to their multi-week highs. Singapore's Straits Times Index gained 4.6 percent for the week, the best in the region, ahead of Indonesia's 3.2 percent for the same period. The regional rebound came after selling pressure last week, sparked by fears over Japan's nuclear crisis, which sent most indexes near the oversold line. Singapore's 14-day Relative Strength Index (RSI) jumped from 33 last Friday to 54, still below an overbought 70 level. " Technical signs also show the worst should be over with the monthly MACD, which had threatened to cut its signal line, starting an upturn today while the daily is firmly up and weekly flattens out," Singapore-based broker AmFraser Securities said. Foreign investors led the buying in most regional stocks. Indonesia gained $88 million inflows this week to Thursday, after the $43.7 million outflows of the week before, Thomson Reuters data showed. Thailand posted $105 million inflow to Thursday, after a $58 million outflow of the previous week, the exchange said. Asian stocks rose on Friday as optimism about upcoming company earnings encouraged foreign buyers back into Asian markets, and the dollar retreated as investors sold the low -yielding currency in favour of riskier assets. MSCI's index of Asian shares outside Japan was up 1.06 percent by 0902 GMT. In Singapore, property stocks led gainers, with developer CapitaLand up 0.9 percent and City Developments up 3 percent. The sector was hit recently amid weak market sentiment due to the turmoil in the Middle East and North Africa and concern over Japan's nuclear issues. Refineries were also a bright spot in the region, with Malaysia's Esso Malaysia up 8.9 percent and Philippine oil refiner Petron Corp up 3.8 percent. Thai top oil refiner Thai Oil surged 3.4 percent, by 0909 GMT. " Refineries should enjoy an uptrend in refining margin throughout 2011 and the second quarter of 2011 gross refining margin is expected to further increase quarter on quarter," Bangkok-based broker KGI Securities said in a research note. (Additional reporting by Singapore bureau Editing by Martin Petty) |
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krisluke
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25-Mar-2011 21:31
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US fourth-quarter growth stronger, profits rise
* Fourth-quarter growth revised up to 3.1 pct
* Business spending solid, inventories up * Core PCE rise smallest on record WASHINGTON, March 25 (Reuters) - The U.S. economy grew more quickly than previously estimated in the fourth quarter as businesses maintained fairly solid spending and restocked shelves to meet rising demand. Gross domestic product growth was revised up to an annualized rate of 3.1 percent, the Commerce Department said on Friday in its final estimate, close to its initial estimate of 3.2 percent published two months ago and up from its tally of 2.8 percent made in February. It also said corporate profits increased 3.3 percent after rising 0.2 percent the prior quarter. Economists had expected GDP growth, which measures total goods and services output within U.S. borders, to be revised up to a 3.0 percent pace. The economy expanded at a 2.6 percent rate in the third quarter. For the whole of 2010, the economy grew 2.9 percent, while corporate profits grew 20.4 percent, the most since 2004. " You should continue to see investment gain some traction. The first quarter (of 2011) will probably be a bit stronger but the question is after that, whether or not consumer spending can really maintain the traction that we've seen into late last year," said Sean Incremona, economist at 4Cast Ltd in New York. U.S. financial markets were little moved by the report. Data so far suggest the economy maintained this growth pace in the first quarter, but there are concerns that rising oil prices could crimp consumer spending and slow the economic recovery. The pick-up in growth has been acknowledged by the Federal Reserve, which injected massive amounts of money into the economy to stimulate demand. The U.S. central bank is expected to conclude its $600 billion government bond buying program at the end of June. The government raised fourth-quarter growth estimates to reflect stronger business spending and inventory accumulation than previously forecast. Business investment rose at a 7.7 percent rate instead of 5.3 percent, lifted by spending on equipment and software, as well as on structures. Spending grew at a 10.0 percent pace in the third quarter. Business spending on software and equipment increased at a 7.7 percent rate instead of 5.5 percent. Investment in structures rose at a solid 7.6 percent, the first increase since the second quarter of 2008. Business inventories increased $16.2 billion instead of the $7.1 billion estimated last month, subtracting a smaller 3.42 percentage points from GDP growth rather than the previously reported 3.70 percentage points drag. Excluding inventories, the economy expanded at an unrevised 6.7 percent pace, the fastest increase in domestic and foreign demand since 1998. Domestic purchases grew at a 3.2 percent rate instead of 3.1 percent. Consumer spending -- which accounts for more than two-thirds of U.S. economic activity -- grew at a 4.0 percent rate in the final three months of 2010 instead of 4.1 percent. It was still the fastest since the last three months of 2006 and was an acceleration from the third quarter's 2.4 percent rate. The growth in exports was not as strong as previously estimated, while imports were revised a touch down. Trade added 3.27 percentage points to GDP growth instead of 3.35 percentage points. Government spending contracted at a 1.7 percent rate rather than 1.5 percent, due to weak state and local government outlays. The GDP report confirmed a pick-up in inflation pressures on surging food and gasoline prices. The personal consumption expenditures (PCE) index rose at a revised 1.7 percent rate in the fourth quarter instead of 1.8 percent. That compared to the third quarter's 0.8 percent increase. But a " core" price index closely watched by the Fed advanced at a revised 0.4 percent rate instead of 0.5 percent. The increase was the smallest rise on record. (Reporting by Lucia Mutikani Additional reporting by Chris Reese in New York Editing by Andrea Ricci) |
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krisluke
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25-Mar-2011 21:29
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The Economic Consequence Of The Japanese Disaster: Negative 8.6% GDP GrowthThe immediate economic impact of the Japanese disaster is going to be negative growth of 8.6% annualized in Q1 2011, according to Societe Generale. That's a horrendous number, but it masks what is going to be a strong comeback only a quarter later, when growth will be 7.8% annualized. And it's going to get even better thereafter, according to Societe Generale: The rebound is likely to be followed by even stronger growth in Q3 and Q4. While private consumption may decline again, if power shortages persist over the summer, we expect various reconstruction demands to fully kick in by Q3. We also expect manufacturers to have finished their production adjustment by the second half of 2011 to deal with power shortages in the greater Tokyo area (Kanto area). This explains the large amount of speculative inflows the Japanese economy has experienced in the wake of the quake. Investors believed the market was undervalued in the days after the event, bought in, and are now looking forward to the country's growth boom in coming quarters.
Don't miss: Our complete guide to the economic impact of the Japanese disaster >
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krisluke
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25-Mar-2011 21:24
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10 Things You Need To Know Before The Opening BellGood morning. Here's what you need to know.
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krisluke
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25-Mar-2011 21:18
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Politics in 60 Seconds: What You Need To Know Right Now
1. Allied forces have finally reached a deal for NATO to take over command of the Libyan no-fly zone. The coalition remains divided, however, over the ultimate goals of the military campaign against Qaddafi. 2. Yemen's president and top general are near an agreement under which they would resign within days, the WSJ reports. The settlement raises major questions about who will be in charge of the country - a key U.S. counter-terrorism ally - when the two men sep down. Meanwhile, anti-government insurgents have reportedly taken control of Sa'ada City, near the Saudi border. 3. U.S. Defense Secretary Robert Gates called on the Syrian army to stand down and " empower a revolution" yesterday, as thousands of protesters marched in Daraa. The government announced a series of reforms Thursday, but the concessions do not appear to have satisfied the demonstrators, who are expected to return en masse today. 4. Bahrain has warned Iran that meddling in the kingdom's internal affairs could lead to " conflict," the WSJ reports. In the meantime, the Persian Gulf kingdom is bulking up its security forces with recruits from Pakistan, a move that is likely to inflame sectarian and nationalist tensions between the Bahrain's Sunni rulers and the Shiite majority. 5. The educated, secular youth activists that drove Egypt's revolution are no longer driving the country's political transition. The Muslim Brotherhood is now at the helm of power in an unlikely alliance with Egypt's ruling military council. The rise of the secretive, Islamist organization raises concerns about the direction of the revolution and what role that Islam will play going forward. 6. European Union leaders are near an agreement on a new eurozone bailout fund but revisions to a preliminary deal reached by finance ministers earlier this week appear to have weakened the fund. The deal - which leaders had hoped would calm bond market turmoil - was overshadowed by Portugal's political crisis, which has pushed the country closer to a financial bailout. 7. Efforts to contain the nuclear crisis at Japan's Fukishima Daiichi plant have suffered setbacks, officials said Friday. There is now evidence of damage at the third unit, which raises the possibility that radiation could be released from the reactor. 8. Michigan is poised to make significant cuts to unemployment aid despite its 10.7% jobless rate - one of the highest in the country. Similar moves are now being considered by other Republican-dominated state legislatures looking to reduce their debt burden by restricting benefits. 9. Wisconsin's collective bargaining legislation could be headed to the state's high court after the state appeals court declined Thursday to rule on the law, which strips public-sector unions of nearly all of their negotiating rights. 10. In a crowded 2012 GOP presidential field, the winning candidate will likely be the one who knock out the most opponents. Mitt Romney is gearing up to do just that, according to Jonathan Martin at Politico. The former Massachusetts governor - who has not formally announced he's running - is preparing to take on a different primary challenger in each early-voting state. |
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krisluke
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25-Mar-2011 21:14
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Final Q4 GDP Comes In Pretty Much In Line With Expectations
Headline: 3.1% (annually for Q4)
Analysis: Projections for Q4 GDP were lowered to a positive 2.8% at last revision. In Q3 2010, GDP was at a positive 2.6%.
Don't miss: 8 shocks Citi believe will hit the world economy > |
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krisluke
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24-Mar-2011 22:11
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Bank of China looks to rising rates after bumper 2010
* Q4 net profit 25.2 billion yuan, vs 21 bln yuan forecast
* 2010 net interest margin 2.07 percent, vs 2.04 pct in 2009 * 2010 NPL ratio at 1.1 percent, vs 1.52 pct in 2009 * 2010 core CAR at 10.09 percent, vs 9.07 pct in 2009 (Adds detail, analyst comment) By Kelvin Soh HONG KONG, March 24 (Reuters) - Bank of China < 3988.HK> , the country's No. 3 lender, which beat forecasts with a 33 percent jump in fourth-quarter earnings, will likely depend on rising interest rates rather than loan growth to boost 2011 earnings. Like rivals China Construction Bank < 0939.HK> and ICBC < 1398.HK> , Bank of China < 601988.SS> lent aggressively in 2010, helping fuel the country's 10.3 percent economic growth and putting pressure on the government to tighten liquidity. " Earnings growth is likely to come from an improvement in net interest margin because of all the rate hikes," Sheng Nan, an analyst at UOB-Kay Hian in Shanghai said on Thursday. " The bank cannot depend on lending growth to fuel growth anymore." China raised the cost of lending 0.25 percentage point in February, and many economists expect the country's central bank will raise rates at least once more this year. " Now that liquidity is tightening, the (Chinese) banks are able to gain better pricing on loans to their clients so that should support interest margin expansion during the year," said Michael Werner, a banking analyst with Sanford Bernstein. < ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ ANALYSIS-How much higher can China raise bank reserves?: [ID:nL3E7EM081] Basel liquidity rules pose risks for Asia-Pacific banks: [ID:nL3E7E70TP] GRAPHIC-China's banks by numbers: http://link.reuters.com/bew68r FACTBOX-Chinese interest rate changes since 2004: [ID:nTOE71H069] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> Net profit for October-December rose to 25.2 billion yuan ($3.8 billion), according to Reuters calculations based on full-year results. The market had expected a net profit of 21 billion yuan. The net interest margin was flat at 2.07 percent, while the bank's top quality core capital adeuqacy ratio rose over 1 percenage point to 10.09 percent, helped by an $8.8 billion share sale. [ID:nTOE68708V] Non-performing loans fell to 1.1 percent of overall lending from 1.5 percent in 2009. Some analysts had said the NPL ratio might rise because of the massive lending binge Chinese banks went on in the past two years. There have also been worries loans to local government infrastructure projects and the real estate sector could sour if economic growth slowed, a concern the bank dismissed. " The next five years will bring unprecedented opportunity for the development of commercial banking and the wider financial services industry," chairman Xiao Gang said. Loan growth this year is likely to slow from the 13.5 percent recorded in 2010 but remain in the double digits, he said on March 9. [ID:nBGN9EE7CP] Many Chinese companies prefer to look to banks for cash instead of bond or share issues because of the country's relatively new capital markets, making bank lending an important barometer for overall economic growth. Bank of China's Hong Kong-listed shares closed up 0.7 percent. (Additional reporting by Ploy Ten Kate in Bangkok and Terril Yue Jones in Tokyo Editing by Dan Lalor) ($1 = 6.562 yuan) |
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krisluke
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24-Mar-2011 22:08
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Shrinking Irish economy heightens debt risk
* Irish Q4 GDP -1.6 percent vs Q3 FY2010 GDP -1 percent
* Weak growth heightens fears about Irish debt burden * Increases pressure on euro zone leaders to offer help (Adds analyst comment, more detail) By Conor Humphries and Carmel Crimmins DUBLIN, March 24 (Reuters) - Ireland's economy shrank sharply in the fourth quarter and clocked up a third year of contraction, data showed on Thursday, reinforcing concerns about its debt mountain and raising pressure on Europe to lend a hand. European Union (EU) leaders are not expected to offer Dublin any fresh initiatives at a summit on Thursday and Friday but with its banking crisis deepening and borrowing costs soaring the Irish question will be a recurring theme in Brussels in coming weeks. Gross Domestic Product (GDP) dropped 1.6 percent in the fourth quarter, the latest data showed, defying expectations for a 0.55 percent increase and down sharply from a revised 0.6 percent rise in the previous quarter after net exports came in below expectations. " I don't think a third year of negative growth is going to shock anybody. We have a fourth year of negative growth coming," said Brian Devine, chief economist with NCB Stockbrokers. " There is nothing positive in terms of our negotiations with Europe. We still need the EU to help us big time." Overall, the Irish economy shrank by 1 percent in 2010 missing a government forecast for a 0.3 percent expansion and further undermining the view that Ireland can grow its way out of a financial crisis that could yet push the European debt crisis into overdrive. Ireland's economy has shrunk by over 12 percent in GDP terms in the last three years, one of the worst and most prolonged recessions in the industrialised world. Official Irish forecasts still project the economy will grow 1.7 percent this year but a new government is widely expected to cut that forecast given that the International Monetary Fund and the EU have a more sombre outlook for growth of 0.9 percent. Analysts surveyed by Reuters expect GDP to grow by 1.2 percent this year bolstered by a strong trade performance. Analysts said the fourth quarter figures highlighted Ireland's struggle to meet its fiscal and debt targets as laid out under an EU/IMF bailout package. " Whatever way you look at it, there is no underlying growth, only underlying contraction in terms of the fundamentals that matter to the Irish economy," said Constantin Gurdgiev, a lecturer in finance at Trinity College Dublin. " There is no positive signal in terms of our ability to sustain the path that we have chosen, either fiscally or in terms of debt." GDP VOLATILE Despite securing an 85 billion euros ($120 billion) bailout from the EU and the IMF late last year, Irish borrowing costs have hit euro-era highs this week on concerns that mounting losses at domestic banks, set to be revealed in stress tests next week, will tip the sovereign over the edge unless Europe offers more help. The cost of insuring Irish government debt against default rose by 12 basis points to 620 basis points on Thursday and clearing house LCH.Clearnet raised the margin requirement on Irish debt due to a jump in spreads. Irish 10-year yields are now over 10 percent, compared with around 8.5 percent in mid-December while two-year paper is also over 10 percent and around 10 basis points above the 10-year yield, signalling that investors are starting to price in a restructuring of Irish debt. Ireland's dependence on trade -- exports are equivalent to over 90 percent of GDP compared with around 25 percent in other European economies -- means that GDP is a volatile indicator of the domestic economy. Gross national product, seen by some economists as a more accurate indicator of the state of the local economy because it strips out profits earned by exporting multinationals, rose 2 percent, beating expectations for a 0.1 percent increase. The rise in GNP was due to a decline in net exports in the fourth quarter which hit multinationals' profits reducing the net factor outflow. While quarterly GDP has bounced around, quarterly GNP figures show three straight quarters of expansion with third quarter growth revised upwards to 1.5 percent. (Additional reporting by Padraic Halpin Editing by Ruth Pitchford) |
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krisluke
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24-Mar-2011 22:07
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Witness - Searching for reforms in King Abdullah's Saudi Arabia
Saudi family takes their lunch as they watch King Abdullah address the nation in Riyadh
In the following piece he describes the little progress of reforms launched by King Abdullah often titled as " reformist" in the Western press. By Ulf Laessing RIYADH (Reuters) - The moment my wife and I left our apartment compound in downtown Riyadh, a jeep screeched to a halt in front of us and a bearded man stepped out. " Is this your wife? I want to give you some advice. Don't let her wear makeup," said the religious policeman, dressed in a traditional white robe. " If she uses makeup, other men will only look at her," he added, raising his forefinger to stress his point and staring hard at me. A woman wearing makeup or not completely covering up would go unnoticed in most parts of the world, but in Saudi Arabia it can be enough to get you detained for " immoral behaviour." Encountering religious police roaming the streets to uphold the kingdom's values of an austere version of Sunni Islam was one of the most striking experiences of living in Saudi Arabia. It was also a reminder that the Gulf Arab state remains a deeply conservative country despite hype in the West praising King Abdullah for reforms such as overhauling outdated state education or liberalising the economy. " Moderate" and " reformer" are regular descriptions of Abdullah by Western diplomats, intellectuals and business people since he took office in 2005. Some even call him " liberal." But during my two years as Reuters correspondent in the Saudi capital, I did not notice any changes in a strict social code banning unrelated men or women from mixing and forcing shops and restaurants to close five times a day for prayers. In fact, I felt the country got slightly more conservative, not just because of religious police cops roaming the streets. Shortly after I arrived, the cabinet shelved plans for a municipal vote in which women had hoped to participate for the first time. The move shocked reformers longing for changes in a country without an elected parliament or political parties. Weeks later, authorities cancelled Saudi Arabia's only film festival. We few accredited foreign journalists had planned to cover the Jeddah event, but at the last minute, officials told us in private that it would not take place. No explanation was given, but diplomats pointed the finger at Interior Minister Prince Nayef, a half brother of Abdullah and a conservative who won a promotion in March 2009 and could one day become king. Getting to the bottom of any government decision was my biggest challenge in a country famous for its secrecy, but following Nayef's promotion, I got the feeling that what little reform impetus there was soon petered out. REFOMERS' REPUTATION IN SHATTERS Saudi Arabia is an absolute monarchy ruled by the Al Saud family in alliance with clerics where conservative and more open-minded princes are in constant battle, with the result that little actually happens -- one step forward, one step back. True, there was one reform push while I was there, with the launch of the first mixed-gender university in September 2009 -- the King Abdullah University of Science and Technology (KAUST) near Jeddah which revelled in almost unlimited funds. It was a bold move for a country which imposes strict sex segregation, but the inauguration gave the impression that Saudi Arabia was more concerned about window dressing rather than looking to kick start much-needed education reform. Riyadh flew in hundreds of journalists, academics and Nobel Prize winners to the campus, built in a remote spot far from the prying eyes of clerics. We attended a lavish ceremony and met students and professors who praised the academic freedom. I found out later that only a fraction of the students were Saudis, while those we talked to on the campus had been briefed by a foreign PR agency what not to tell us -- such as the fact the campus Internet was censored, like in the rest of Saudi. Soon afterwards, reporters were no longer welcome while even some academics were discouraged from visiting. The few that made it were not allowed to take photographs of unrelated students studying together for fear of annoying the clerics. It was as if the government wanted to forget the place. SOURCES GETTING SILENT The impression of non-reforms only increased when rumours started to flow in July 2010 about the king's health after he abruptly cancelled a visit to France without offering a reason. It was impossible to find out anything concrete, but I sensed that government activity slowed down. No major project got under way and Abdullah travelled to New York to undergo back treatment which kept him away from home for three months. There was certainly no sign of a much-delayed bill that would help ordinary Saudis get affordable housing -- and touch on the sensitive issue of why so much land was owned by royals. Since his return last month, Abdullah has unveiled handouts worth $130 billion to insulate his oil-rich kingdom from protests battering other Arab states. He also moved to strengthen internal security forces and the religious police. Just days later I saw religious cops driving around my neighbourhood in jeeps, urging people via loudspeakers to go to the mosque for evening prayers. With Riyadh watching Arab protests tapping its borders, my job got harder as sources and commentators got more reluctant to talk. Newspapers stopped publishing controversial editorials. " I don't comment anymore," one of my best sources said just before I left. State security agents knocked at dawn at my hotel room after I had covered Shi'ite protests in the eastern province. A week later the government withdrew my accreditation. Despite this abrupt end to my assignment, I leave with happy memories of the hospitality of the many Saudi friends I made. One day, I was driving with my wife in the desert near the volatile Yemen border searching for pre-Islamic rock carvings when I made a wrong turn and got the car stuck in sand. A farmer stopped his pickup to ask whether he could help. Since I struggled with the local dialect, my wife, a native Arabic speaker, did most of the talking. Out of modesty, the pious man averted his gaze whenever she spoke. But he fixed our car in no time and invited us for lunch. |
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krisluke
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24-Mar-2011 22:04
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Oil down $1 to $114.50 after U.S. data
* U.S. crude holds gains, Brent extends losses after data
* Traders unwind Brent/WTI arbitrage positions * Coming up: EU summit in Brussels (Updates prices, adds new quotes, data) By Claire Milhench LONDON, March 24 (Reuters) - Brent crude fell over $1 on Thursday after mixed U.S. data, against a backdrop of instability in the Middle East and new eurozone debt worries following the resignation of Portugal's prime minister. At 1335 GMT, May Brent was down 86 cents to $114.69 a barrel after dipping over $1 to $114.50 on mixed U.S. data. U.S. crude oil futures pulled back in choppy trading, and were down 27 cents to $105.48 after data showing U.S. February durable goods orders fell against expectations for a small rise. The durable goods number offset a separate report showing that U.S. initial jobless claims fell week on week. Brent crude prices were lower ahead of the data on heightened concerns about euro zone debt problems following the resignation of Portugal's Prime Minister Jose Socrates. " We have a tug of war between positive and negative factors for oil prices," said Carsten Fritsch, an oil analyst at Commerzbank. " The bullish factors are still in place: the war in Libya, unrest in other parts of the Arab world, a greater need for fossil fuels in Japan, and pretty bullish inventory data yesterday are all supportive of higher oil prices." Fritsch said that despite the resignation of Portugal's Socrates, which had weighed on Brent overnight, oil prices could probably rise further. " The developments in Libya and the Middle East are still the most important factor to watch," he said. Socrates resigned on Wednesday after the Portuguese parliament rejected his government's latest austerity measures, which were designed to avoid a bailout. Eurozone leaders will meet in Brussels on Thurasday for a two-day summit to address sovereign debt problems which have dogged the region. Portugal faces a bond redemption of over 4 billion euros ($5.63 billion) in mid-April but under its constitution does not have time to hold a general election before then. " The resignation of the Portuguese prime minister is creating some risk on/risk off (trading), depending on which way the wind is blowing," said Thorbjorn Bak Jensen, an oil market analyst at Global Risk Management. Technical factors are also playing a part. Rob Montefusco, an oil trader at Sucden Financial in London, said that with the differential between U.S. crude and Brent narrowing over the last few days, traders have been unwinding their Brent/U.S. arbitrage positions. " (The differential) went under $9 today -- it might find some support at around the $8 level. There is still a fear factor because of what's going on in the Middle East, and China still has a thirst for oil so I don't see it correcting too much further to the downside," he said. MIDDLE EAST TENSIONS Western warplanes hit Libya for a fifth night, and ABC News reported that a French fighter had shot down a Libyan warplane. . The U.N.-backed assault has so far failed to stop Muammar Gaddafi's tanks shelling rebel-held towns or dislodge his tanks from the port of Misrata port. Syrian forces killed six people in an attack on protesters in a mosque complex in the southern city of Deraa, and later opened fire on hundreds of youths marching in solidarity, witnesses said. In Yemen, presidential guards loyal to President Ali Abdullah Saleh clashed in the town of Mukalla with army units backing opposition groups and protesters demanding his removal. |
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krisluke
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24-Mar-2011 22:01
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Angela Merkel Goes Rogue
Over the past two weeks, German Chancellor Angela Merkel has made a series of decisions that have brought into question her country's place at both the heart of Europe and traditional trans-Atlantic alliances. Steven Erlanger and Judy Dempsey at the New York Times write that Merkel's decision to shutdown nuclear power plants in German has upset France, while its decision to not vote for the Libyan intervention has distanced it from the U.S., France, and the UK. Part of the reason Merkel has been so rogue over the past few crisis filled weeks is because she is facing key local elections. It has even been suggested that Merkel shut down seven nuclear plants specifically to win polls in Baden-Württemberg. And, in many ways, the government's position on Libya makes little sense. In one instance, they oppose intervention, and in the next, the country's foreign minister say Qaddafi must go. It appears like Merkel's government is attempting to freeload off of U.S.-UK-French military expenditures. Or worse, it could be cozying up to Russia, its key natural gas supplier, to ensure Nordstream goes off without a hitch. All the while, Merkel is trying to get European Union leaders to sign on to a " Pact for Competitiveness" in which their will be a standardization of labor and fiscal policies throughout the region. That will be difficult to do with key ally France upset over both Libya and the nuclear plant shutdown.
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