Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/297331107?client_source=feed&format=rss
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মঙ্গলবার, ৯ এপ্রিল, ২০১৩
সোমবার, ৮ এপ্রিল, ২০১৩
HSBC says margins to boost Gulf's use of Chinese yuan
By Andrew Torchia
DUBAI (Reuters) - Changing trading patterns and pressure to improve profit margins will boost the Gulf's use of the Chinese yuan in coming years, the head of banking giant HSBC's
Gulf Arab countries have lagged many other parts of Asia in using the yuan because their oil exports to China are denominated in U.S. dollars and most of their currencies are pegged to the dollar.
HSBC estimates 10 percent of China's international trade is conducted in yuan, a ratio which it expects will rise to 30 percent by 2015. The share is under 4 percent for Chinese trade with the United Arab Emirates, which imports many goods for on-shipment to other countries in the Gulf.
But Helen Wong, chief executive of HSBC China, said she was seeing growing interest within China in using the yuan instead of the dollar for non-oil trade with the Gulf.
A wider range of smaller Chinese companies are becoming involved with the Gulf, and in contrast to big state-owned firms which are accustomed to processing dollars, the smaller firms want to use the yuan to minimize costs and currency risk, she said.
"Customers are telling us that they are willing to give discounts if the payment is in RMB," Wong said in an interview while visiting Dubai to promote HSBC's yuan services to local businessmen.
Rising Chinese labor costs are also increasing interest in the yuan by compressing profit margins, making savings gained through the currency's use more important, HSBC officials said.
The bank said on Monday it was launching yuan account services in Qatar, Bahrain, Kuwait and Lebanon, allowing clients in those countries to settle cross-border trades and make term deposits in the currency. It was already offering the accounts in the UAE and Saudi Arabia.
TRADE GROWTH
Annual trade between China and the UAE has expanded sixteen fold since 2002 to $40.4 billion, according to Chinese official data.
Last year there were initial signs that the Gulf's interest in the yuan was moving beyond trade to fund-raising and investment; in March 2012 Emirates NBD
Wong predicted an increasing flow of "dim sum bonds" in coming years, and said Dubai had the potential in the long term to become the Middle East's center for yuan business.
One step was taken in January last year when the central banks of China and the United Arab Emirates signed an agreement allowing them to swap 35 billion yuan ($5.6 billion). The swap facility does not appear to have been used so far, bankers said, but will ensure liquidity if demand for the yuan rises.
A key step would be any decision by China to appoint banks to clear yuan trades in Dubai, as it has done for Taiwan and Singapore in the last few months.
"Certainly the Middle East is a big enough region for it to operate its own clearing center," Wong said. But she added this would depend on factors such as the stance of UAE authorities and competition from London, a top global foreign exchange center, and there was no sign of this status being accorded now.
Even without clearing status, however, other innovations may spur yuan trade in Dubai. The Chinese central bank has said it will launch this year or next the China International Payment System, a facility to make yuan clearance more efficient for centers which lack their own clearing banks.
The new system would link Chinese and overseas banks, remaining open for most of the global day.
"We see great potential for further growth" in use of the yuan in the UAE, Zheng Yang, a senior official in the Chinese central bank's Shanghai branch, told HSBC clients in a presentation on Monday. He was visiting the UAE for talks with officials and bankers.
(Reporting by Andrew Torchia; Editing by Ruth Pitchford)
Source: http://news.yahoo.com/hsbc-says-margins-boost-gulfs-chinese-yuan-180042584--finance.html
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A Rose Among Thorns
Bank employees shout slogans and hold banners during a demonstration outside the parliament on April 4, 2013, in the Cypriot capital, Nicosia, over fears that pensions may be at risk under Cyprus's bailout, Photo by Patrick Baz/AFP/Getty Images
In the last four weeks, I have traveled to Sofia, Kuala Lumpur, Dubai, London, Milan, Frankfurt, Berlin, Paris, Beijing, Tokyo, Istanbul, and throughout the United States. As a result, the myriad challenges facing the global economy were never far away.
In Europe, the tail risk of a eurozone break-up and a loss of market access by Spain and Italy were reduced by the European Central Bank?s decision to backstop sovereign debt. But the monetary union?s fundamental problems?low potential growth, ongoing recession, loss of competitiveness, and large stocks of private and public debt?have not been resolved.
Moreover, the grand bargain between the eurozone core, the ECB, and the periphery?painful austerity and reforms in exchange for large-scale financial support?is now breaking down, as austerity fatigue in the eurozone periphery runs up against bailout fatigue in core countries like Germany and the Netherlands.
Austerity fatigue ?is clearly evident from the success of anti-establishment forces in Italy?s recent election; large street demonstrations in Spain, Portugal, and elsewhere; and now the botched bailout of Cypriot banks, which has fueled massive public anger. Throughout the periphery, populist parties of the left and right are gaining ground.
Meanwhile, Germany?s insistence on imposing losses on bank creditors in Cyprus is the latest symptom of bailout fatigue in the core. Other core eurozone members, eager to limit the risks to their taxpayers, have similarly signaled that creditor ?bail-ins? are the way of the future.
Outside the eurozone, even the United Kingdom is struggling to restore growth, owing to the damage caused by front-loaded fiscal-consolidation efforts, while anti-austerity sentiment is also mounting in Bulgaria, Romania, and Hungary.
In China, the leadership transition has occurred smoothly. But the country?s economic model remains, as former Premier Wen Jiabao famously put it, ?unstable, unbalanced, uncoordinated, and unsustainable.?
China?s problems are many: regional imbalances between its coastal regions and the interior, and between urban and rural areas; too much savings and fixed investment, and too little private consumption; growing income and wealth inequality; and massive environmental degradation, with air, water, and soil pollution jeopardizing public health and food safety.
The country?s new leaders speak earnestly of deepening reforms and rebalancing the economy, but they remain cautious, gradualist, and conservative by inclination. Moreover, the power of vested interests that oppose reform?state-owned enterprises, provincial governments, and the military, for example?has yet to be broken. As a result, the reforms needed to rebalance the economy may not occur fast enough to prevent a hard landing when, by next year, an investment bust materializes.
In China?and in Russia (and partly in Brazil and India)?state capitalism has become more entrenched, which does not bode well for growth. Overall, these four countries (the BRICs) have been overhyped, and other emerging economies may do better in the next decade: Malaysia, the Philippines, and Indonesia in Asia; Chile, Colombia, and Peru in South America; and Kazakhstan, Azerbaijan, and Poland in Eastern Europe and Central Asia.
Source: http://feeds.slate.com/click.phdo?i=f3292a3b9fc76f2df2e514ab8a9a0d76
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রবিবার, ৭ এপ্রিল, ২০১৩
PFT: Raiders have $45 million in dead money
Getty ImagesRecently, free-agent linebacker Brendon Ayanbadejo has been backpedaling more than a cornerback.
After suggesting this his support for same-sex marriage was a factor in his release by the Ravens, Ayanbadejo quickly said it wasn?t.? Now, not long after explaining that four gay players are considering coming out at the same time, Ayanbadejo says they aren?t.
Via Outsports.com, that was the upshot of Ayanbadejo?s Friday night appearance with Anderson Cooper of CNN.
?No, actually, what it is is, is there are organizations I?m in contact with, and there are individuals I?m in contact with and collectively we know of some gay players,? Ayanbadejo said when asked if he knows the names of the four gay players who are considering coming out.? ?And these players, some of them are anonymous, some of them we know who they are, but their identity is super secret and nobody wants to reveal who they are, and some of them don?t want to reveal who they are, rightfully so because it?s entirely up to them what they are going to do.
?What we want to facilitate is getting them all together so they can lean on each other, so they can have a support group.? And potentially it?s possible, it?s fathomable, that they could possibly do something together, break a story together.?
Apart from Ayanbadejo?s chronic inability to get his facts straight, he has an increasingly obvious desire to see one or more gay players come out. ?Gay players wrestling with this intensely personal decision easily could perceive that they are merely pawns in a much broader agenda being driven by straight players and/or members of the media who believe that the time has come for closeted gay players to be openly gay.
As former NFL player Wade Davis, who is openly gay, tells Outsports.com, ?The problem is that you have straight people speaking on the behalf of these closeted gay athletes, instead of letting the gay athletes speak for themselves.?
There?s a fine line between providing support and applying pressure.? While having multiple gay players come out at once would reduce the distraction created by one gay player coming out, if none of them choose to come out, that?s their business.
Ultimately, we believe people should be allowed to be who they are, and who they choose to be.? That includes straight, gay, and closeted.? If a gay player simply doesn?t want to come out, that?s his prerogative ? and no one gay or straight should be trying to get him to do something he doesn?t want to do.
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শনিবার, ৬ এপ্রিল, ২০১৩
ALMA detects signs of star formation surprisingly close to galaxy's supermassive black hole
ALMA detects signs of star formation surprisingly close to galaxy's supermassive black hole
Friday, April 5, 2013Astronomers using the Atacama Large Millimeter/submillimeter Array (ALMA) telescope have discovered signs of star formation perilously close to the supermassive black hole at the center of the Milky Way Galaxy. If confirmed, this would be the first time that star formation was observed so close to the galactic center.
The center of our galaxy, 27,000 light-years away in the direction of the constellation Sagittarius, is home to a monstrous black hole with a mass of four million suns. Extending outward from this gravitational behemoth for many light-years is a turbulent region of space that is thought to be wracked by such extreme tidal forces that any star-forming clouds of dust and gas would be stretched thin and shredded long before infant stars could emerge.
Yet against these extreme odds, ALMA spotted telltale jets of material bursting out of what appear to be dense cocoons of gas and dust. These jets, if they were observed in more placid surroundings, would indicate the formation of a young star. The results were accepted for publication in the Astrophysical Journal Letters.
"People think it is very hard to form stars near a supermassive black hole," said Farhad Yusef-Zadeh of Northwestern University. "This is because the gravity of the black hole produces extreme tidal forces that would stretch and elongate molecular clouds, preventing them from ever accumulating enough mass to trigger star formation. But what we seem to have found are patches of dust and gas that have become so dense that they are able to overcome their inhospitable surroundings."
Yusef-Zadeh and his colleagues speculate that these molecular clouds have become so massive and dense, possibly by colliding together, that they cross the all-important threshold that allows internal gravity to take over, starting a chain of events that inexorably leads to the birth of a new star. As this process evolves, material in these clouds clumps together and collapses into an ever denser mass that begins to rotate faster and faster. This rapid rotation, possibly coupled with the star's magnetic field, accelerates some of the material and shoots it out into space along the nascent star's axis of rotation. The astronomers were able to detect these characteristic jets of material by tracing the presence of the molecule silicon monoxide (SiO), which is relatively abundant in molecular clouds. When excited during star formation, SiO emits a very specific set of wavelengths of light in the microwave, or millimeter range. This is precisely the window of light that ALMA was designed to study.
"SiO is an excellent tracer of molecular outflows," said Yusef-Zadeh. "What we see in these images from ALMA are outflows that appear very much like what we see in star-forming regions elsewhere in galaxy. So the environments may be very different, but once you get the right conditions, collapse takes place and you're able to create what we would observe to be run-of-the-mill massive or intermediate mass stars."
For more than a decade, astronomers have puzzled over the origin of stars seen whipping around the black hole that lurks at the center of our galaxy. These massive, young stars (less than 10 million years old) are rocketing through an area of space where it was thought they had no business being. Astronomers believe that they either formed elsewhere under more placid conditions and migrated inward or they somehow overcame their turbulent childhoods to emerge as relatively normal and well-adjusted stellar objects. "Though this question of stars near the galactic center is still open ended, ALMA will definitely have the power and sensitivity to shed more light on the mystery," said Al Wootten, the North America ALMA Project Scientist with the National Radio Astronomy Observatory (NRAO) in Charlottesville, Virginia. "These latest studies do suggest that the conditions necessary for star formation could extend much closer to the galactic center than we previously believed."
These results were part of the ALMA Science Verification program. The data were taken with only 12 of ALMA's eventual full complement of 66 antennas. Earlier data from CARMA, the Combined Array for Research in Millimeter-wave Astronomy, contributed to this research.
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National Radio Astronomy Observatory: http://www.nrao.edu
Thanks to National Radio Astronomy Observatory for this article.
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Pacific Mayor Cy Sun appoints Annette Spicuzza interim police chief
By SHAWN SKAGER
Auburn Reporter Sports Reporter
April 3, 2013 ? Updated 5:12 PM?
Pacific Mayor Cy Sun confirmed on Wednesday that he had hired Annette Spicuzza as the interim Public Safety Director.
Spicuzza fills in for current Public Safety Director John Calkins, who is on paid administrative leave, pending the results of an investigation into unspecified allegations of harassment and intimidation.
?I don?t know how long the investigation will take; I might take a week or a month,? Sun wrote in an e-mail. ?That being the situation, I asked Annette Spicuzza to pinch-hit in the interim. Annette is hired as an interim Public Safety Director.?
Sun ? who on March 22 placed Pacific Police Lt. Edwin Massey on paid administrative leave ? declined to elaborate on the details of the investigation, except to write that he had put the officers on leave for their own protection.
Spicuzza has more than 20 years of experience with police departments in Chicago, Federal Way and the University of Washington. As chief of the University of California, Davis Police Department in November 2011, Spiccuza gained national notoriety when her officers pepper sprayed several students protesting on campus.
Former California Supreme Court Justice Cruz Reynoso led a task force that investigated the controversial incident, and it later released a 190-page report highly critical of the department's handling of the protest, asserting it "should and could have been prevented."
"The command and leadership structure of the UCDPD is very dysfunctional," the report stated.
Spicuzza resigned from her post as chief in April 2012. In an e-mail, she told the Sacramento Bee that, "As the university does not want this incident to be its defining moment, nor do I wish for it to be mine. I believe in order to start the healing process, this chapter of my life must be closed."
Although they had yet to be notified about the appointment as of Wednesday afternoon, the Pacific City Council must approve Spiccuza?s appointment.
?I have not been informed by the mayor about any interim police chief,? Pacific Council President Leanne Guier said.
?
Contact Auburn Reporter Sports Reporter Shawn Skager at sskager@auburn-reporter.com or (253) 833-0218, ext. 5054.Source: http://feeds.soundpublishing.com/~r/aubnews/~3/HsMnEtGQ5qc/201349951.html
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