Tag: InternationalNews

  • Japan July Exports Expected to Jump on Weak yen

    {{Japan’s exports are forecast to have grown in July at the fastest pace in almost three years, according to a Reuters poll, suggesting the benefits of a weak yen are finally starting to take hold.}}

    However, the trade balance is forecast to be in deficit for the 13th consecutive month in July, as the weak yen makes Japan surging energy imports even more expensive.

    An improvement in exports would help offset some disappointment over data released last week which showed economic growth slowed in the second quarter, and raised questions over how well Prime Minister Shinzo Abe’s reflationary policies were working.

    “One concern is that oil prices are rising again, which will push up energy imports,” said Shuji Tonouchi, senior fixed income strategist at Mitsubishi UFJ Morgan Stanley Securities.

    “Still, I expect a recovery in both the value and volume of exports to take hold. I think the trade deficit will improve.”

    Exports in the year to July rose a median 13.1 percent from a year ago, which would be the fastest increase since September 2010. The finance ministry will release the data on Monday.

    Economists will also closely scrutinize Japan’s exports to the United States to see if improvements in the world’s largest economy continue to help demand for Japanese goods.

    Japan’s exports to China could also provide clues as to the extent of a recent economic slowdown in the world’s second largest economy.

    China is Japan’s largest trading partner, though the United States was the biggest buyer of Japanese exports in the first half of this year.

    {agencies}

  • The Dutch Feel the Economic Pain

    {{The Netherlands, outspoken advocate of fiscal pain as a cure for euro zone ills, found itself in unwelcome company this week as the bloc’s economic recovery left it among a handful of laggards still in recession.}}

    Policymakers in southern states such as Greece and Spain may have had a moment of Schadenfreude when official data showed the northern Dutch among those still contracting while a Franco-German motor pulled the bloc as a whole back to growth.

    For the austerity-touting core euro zone state critical of budget laxity elsewhere, things are not likely to change soon. Growth is forecast to be worse than expected next year and the Dutch budget deficit is swelling.

    The deficit to GDP projection was just increased to 3.9 percent from 3.7 percent for next year, compared with the euro zone target of 3 percent.

    And while moderate growth in Germany and France lifted the region as a whole out of recession last quarter, Dutch gross domestic product shrank both quarter-on-quarter and year-on-year, by 0.2 and 1.8 percent respectively.

    In July, 25 companies were declared bankrupt every day, the highest reading since 1981. Unemployment hit another record high in the month, reaching 8.7 percent of the workforce.

    The latter is minimal compared with places like Spain, but the Netherlands is nonetheless being hit by deeply pessimistic consumers, the highest unemployment rate in decades and plummeting home values.

    “You can no longer speak of a European problem, but failing Dutch policy,” said Arnold Merkies, opposition member of parliament for the Socialist Party. “While unemployment falls in the countries around us, it continues to rise in our country.”

    Leading banks ING and Rabobank said additional austerity planned by the government of pro-business Liberal Prime Minister Mark Rutte will wipe out any growth in 2014 because of the need to make additional spending cuts.

    Rutte’ government is sticking to its austerity plans, although it has said it will take longer to bring finances back into order.

    But it got a downbeat statistical outlook on Wednesday from official economic forecaster, the Central Planning Bureau.

    It cut a quarter of a percentage point off growth forecasts for 2014 to 0.75 percent. Dutch GDP will shrink 1.25 percent this year, the CPB said, compared with a previously forecast contraction of 1.0 percent.

    wirestory

  • New Zealand quake city opens cardboard cathedral

    {{Christchurch’s cardboard cathedral officially opens on Thursday, replacing the neo Gothic structure destroyed in a 2011 earthquake that killed 185 people in New Zealand’s second largest city.}}

    Completion of the innovative structure, designed by Japanese architect Shigeru Ban, marks a major milestone in the city’s recovery from the devastating 6.3-magnitude quake that levelled much of the downtown area, acting dean Lynda Patterson said.

    “The old cathedral symbolised the city in many ways and we think this cathedral is a symbol that Christchurch is regrouping and rebuilding,” she told media.

    “The community has a cathedral again. It’s a place where people can come for quiet contemplation in the city centre and somewhere we can hold concerts and art exhibitions.”

    Built from 600 millimetre (24 inch) diameter cardboard tubes coated with waterproof polyurethane and flame retardants, the cathedral is a simple A frame structure that can hold 700 people.

    Despite the unusual building material, it has a design life of 50 years, with the Anglican Church planning to use it as a cathedral for at least a decade while it builds a permanent replacement for the late 19th century building lost in the quake.

    It has a concrete base, with the cardboard tubes forming two sides of the A frame and containers helping brace the walls.

    One end of the cathedral will be filled with stained glass and a polycarbon roof will help protect it from the elements.

    It is the most ambitious piece of “emergency architecture” attempted by Ban, who has forged a reputation for using low cost, easily available materials to build structures in disaster zones from Rwanda to his native Japan.

    In an interview with AFP last year, Ban said cardboard was a surprisingly strong building material and described projects such as the cathedral as part of the “social responsibility” of being an architect.

    The project has not been without setbacks. It was originally slated for completion in November last year and the budget has reportedly increased from NZ$4.5 million ($3.6 million) to around NZ$7.0 million.

    Last month, some sections of cardboard tubing became sodden and wrinkly when a torrential downpour hit before the roof was completed, although they were swiftly cut out and replaced.

    Patterson said it was a relief to finally stage the building’s dedication service on Thursday evening.

    “I still keep having dreams that the ground has shifted and I’ll go there and it’s a building site again,” she said.

    She added that reaction to the cathedral from parishioners and the public had been “overwhelmingly positive”.

    “From time to time we wondered if we’d ever get there,” she said.

    “None of us can believe how good it’s turned out.”

    Plans for a permanent replacement of the original cathedral have not been completed, with many in Christchurch pushing for any new structure to include a recreation of the imposing spire that dominated the city’s skyline before it toppled in the quake.

    {agencies}

  • Dalai Lama’s Chinese Website Hacked

    {{Hackers have attacked Dalai Lama’s Chinese-language website, installing an unidentified piece of malware which could have compromised visitors’ computers, a spokesperson said.}}

    The brief attack targeted the Tibet.net, which is the official site of the Tibetan government-in-exile, providing information about the parliament, cabinet, administrative departments and public offices.

    “We are a prominent target for attacks by Chinese hackers,” Tashi Phuntsok, a spokesperson for the exiled government based in the northern Indian town of Dharamshala, told media.

    “I assume they do it to steal our documents, disable our communication systems or spy on people who visit our sites,” he added.

    Later on Tuesday, the website was functioning again and the virus had been removed.

    Kurt Baumgartner, a researcher at Kaspersky Lab, a global manufacturer of antivirus software based in Moscow, detected the attack late on Monday and said the website had been “strategically compromised” as a result.

    The attack involved the installation of a type of malware called a “backdoor” on users’ computers, Baumgartner wrote on a blog maintained by the cyber-security firm.

    {wirestory}

  • UN team to investigate Alleged Chemical Attacks in Syria

    UN says weapons inspectors are to depart shortly for Syria to investigate the alleged use of chemical weapons.

    Under an agreement reached with Damascus, the UN team is to visit three sites over two weeks, including a northern town at the centre of allegations of chemical weapons use.

    Some 26 people were killed in the attacks in Khan al-Assal in March.

    The UN mission had been delayed over differences with the Syrian government over the scope of the investigation.

    However, on 31 July the Syrian government agreed to allow UN inspectors to visit the sites. On Wednesday the UN said its team had completed their trip preparations.

    “The government of Syria has formally accepted the modalities essential for co-operation to ensure the proper, safe and efficient conduct of the mission,” a spokesman for UN chief Ban Ki-moon, Eduardo del Buey, said.

    “The departure of the team is now imminent,” he added.

    The mandate of the 10-man investigating team, led by Swedish arms expert Ake Sellstroem, is limited to reporting on whether chemical weapons were actually used and which ones, but it will not determine responsibility for any attacks.

    After the initial two weeks, the UN said, the trip was “extendable upon mutual consent”.

    Two of the locations to be investigated have not been identified so far.

    What started out as anti-government protests inspired by the Arab Spring quickly descended into a full-scale civil war in Syria, with more than 100,000 people killed during the 28-month conflict.

    The possibility of President Bashar al-Assad using Syria’s chemical weapons stock or rebels obtaining some of the stockpiles is one of the factors that has most worried Western observers of the conflict.

    The UN says it has received up to 13 reports of chemical weapons use in Syria – one from the Damascus government about the events at Khan al-Assal, with the rest mainly from the UK, France and USA.

    Both sides of the conflict – the rebels and the government – have denied using chemical weapons.

    Syria is one of seven countries that have not joined the 1997 convention banning chemical weapons.

    Syria is widely believed to possess large undeclared stockpiles of mustard gas and sarin nerve agent.

    BBC

  • Manning apologises in WikiLeaks case

    US soldier Bradley Manning has apologised to a military court for giving war logs and diplomatic secrets to the WikiLeaks website three years ago, the biggest breach of classified data in the nation’s history.

    “I am sorry that my actions hurt people. I’m sorry that they hurt the United States,” the 25-year-old US Army Private First Class told the sentencing phase of his court-martial in a Fort Meade military court on Wednesday.

    “I am sorry for the unintended consequences of my actions… The last few years have been a learning experience.”

    Manning spoke quietly and non-defiantly in his first extensive public comments since February.

    Manning faces up to 90 years in prison for providing more than 700,000 documents, battle videos and diplomatic cables to WikiLeaks, hurling the pro-transparency website and its founder, Julian Assange, into the world spotlight.

    Defence lawyers seeking a milder sentence rested their case on Wednesday after Manning’s statement.

    With about a dozen witnesses including Army superiors, mental health professionals and Manning’s own sister, they sought to show Judge Colonel Denise Lind that commanders ignored signs of mental stress.

    agencies

  • Germany, France haul euro zone out of recession

    {{The economies of Germany and France grew faster than expected in the second quarter, bettering a widely heralded expansion in the United States and pulling the euro zone out of a 1-1/2 year-long recession.}}

    The increased pace was primarily driven by renewed business and consumer spending in the 17-country bloc’s two largest economies. The euro zone economy was fragile overall, however, with some countries, notably Spain and Italy, still struggling.

    European Economic and Monetary Affairs Commissioner Olli Rehn said the data released on Wednesday showing 0.3 percent euro zone growth for the three months to June meant a nascent recovery was on a more solid footing.

    But he said there was no room for complacency and that maintaining pace depended on “avoid(ing) new political crises and detrimental market turbulence”.

    The euro zone has been in a debt crisis for more than 3-1/2 years.

    Germany, the bloc’s economic powerhouse, grew 0.7 percent, its largest expansion in more than a year, thanks largely to domestic private and public consumption.

    France’s economy expanded 0.5 percent, pulling out of a shallow recession to post its strongest quarterly growth since early 2011. The turnaround was driven by consumer spending and industrial output, although investment dropped again.

    French and German growth compared with a second-quarter expansion of around 0.4 percent in the United States, considered one of the bright spots of the global recovery.

    Improvement was noticeable elsewhere in the bloc. Bailed-out Portugal’s GDP leapt 1.1 percent in the quarter, its strongest in almost three years, due to higher exports and the easing of a previous investment slump.

    {reuters}

  • Concern Over Stadium Delays in Brazil

    Brazilian Sports Minister Aldo Rebelo has said he is worried about delays at five stadiums still being built for next year’s football World Cup.

    Mr Rebelo said the pace of construction must be accelerated if the venues are to be ready by this December.

    Brazil has seen two months of protests against corruption and overspending in the preparation for the World Cup and the 2016 Olympics in Rio.

    Only one of the six stadiums under construction is on schedule.

    The opening match venue in Sao Paulo is 84% built and is expected to be ready by the end of the year, as demanded by the World Cup organisers, Fifa.

  • Palestinian prisoners freed on eve of peace talks

    {{Israel on Tuesday began releasing 26 Palestinian political prisoners, on the eve of renewed Mideast peace talks that have faced challenges even before they started.}}

    Buses carrying the prisoners and bound for the Palestinian territories left the Ayalon
    jail in central Israel late Tuesday, according to the Israeli prison service.

    The prisoners were expected to receive a hero’s welcome in the West Bank and Gaza.

    The release of the prisoners, most of whom were jailed in connection to deadly attacks, has been painful for some Israelis. They were freed late at night to prevent a media spectacle.

    The move was part of an agreement brokered by US Secretary of State John Kerry to get Israel and the Palestinians back to the peace table after a five-year freeze in negotiations.

    In all, 104 Palestinian convicts are to be released in four batches, although their freedom is contingent on progress of the talks that get underway in Jerusalem on Wednesday.

    agencies

  • Italy’s President says Berlusconi Conviction ‘Definitive’

    {{President Giorgio Napolitano on Tuesday ruled out any reversal of a tax fraud conviction against Silvio Berlusconi and issued a stern warning to his party against trying to bring down the government over the issue.}}

    Napolitano’s statement that the law must take its course dashed hopes in Berlusconi’s People of Freedom (PDL) party that the head of state would find a way to allow the former prime minister to continue his leadership of the centre-right without restriction despite a jail sentence.

    The party says that curtailing Berlusconi’s political activity would rob the 10 million people who voted for him in February’s election of their democratic choice. Several of its leading members had pressed Napolitano to find a way out.

    “Any definitive sentence, and the consequent obligation of applying it, cannot but be taken into account,” Napolitano said in a statement, warning against any “fatal” crisis in Enrico Letta’s fragile left-right coalition government at a time when Italy is stuck in its worst postwar recession.

    Earlier, Berlusconi’s oldest daughter Marina, 47, who heads his 6.6 billion euro business empire, flatly dismissed speculation that she could become the PDL figurehead to run the party while her father was out of circulation.

    {wirestory}