Berlin: German Chancellor Angela Merkel formally embarked on a second term on Wednesday, at the head of a new coalition pledging to make Europe's biggest economy emerge stronger from the financial crisis.
Following her general election victory on September 27, a majority of German lawmakers voted for a second term for Merkel, with 323 in favour, 285 against and four abstentions.
"I accept the result and thank you for your trust," she said, as lawmakers applauded and presented her with bouquets of flowers in the main chamber of the Reichstag parliament building.
Merkel, now 55, became Germany's first female chancellor in 2005 as well as its first leader from the former communist East Germany, and its youngest.
In last month's general elections, Merkel, was able to ditch her previous partners, the centre-left Social Democrats (SPD), for a tie-up of her conservatives with the pro-business Free Democrats (FDP).
The new government has pledged to make Germany, accounting for a third of eurozone output, emerge from the global downturn in better shape than before the financial crisis sent it into its worst recession since World War II.
It has promised USD 35.6 billion dollars worth of
Wednesday, October 28, 2009
The new government has pledged to make Germany, accounting for a third of eurozone output, emerge from the global downturn in better shape than before the financial crisis sent it into its worst recession since World War II.
Hedge fund execs take punches for charity in Hong Kong bout
HONG KONG: Benoit "La Tornade" Descourtieux, the second-oldest contender in Hong Kong’s third annual Hedge Fund Fight Night for charity, finds it easy to draw a link between managing money and martial arts. "As long as we do well most of the time, or even if we don’t do well but survive, we’ll be Ok," said the 46-year-old, Michael Douglas-look-alike in an interview at his 27th-floor office with a view of workers unloading cargo ships at Victoria Harbour.
Mr Descourtieux manages the Calypso Asia Fund, which bets on rising and falling stock prices and their derivatives.
His fund’s performance reflects his words. The portfolio he manages fell just 5.8% last year, data on his company Web site shows, when the global credit crisis triggered a 43% drop in the benchmark MSCI Asia-Pacific Index.
For the first eight months of the year, his fund was in step with the index’s 26.6% rise, said Mr Descourtieux. "We have no certainty of not being hit, but we know techniques and train until it’s instinctive," said Mr Descourtieux, who plans to make up for his waning athleticism with sharper mental focus and strategy that come with age.
Since June, Mr Descourtieux has been spending several hours a week amid columns of punching bags at Jab Mixed Martial Arts Studio, honing punches, footwork, and dodges with dozens of other hopefuls before the October 29 showdown at the Happy Valley Racecourse. As the 12 finalists slug it out for three, two-minute rounds in the ring, about 800 of their black-tied industry peers will sip wine, eat dinner and bid on holiday packages to raise funds for Operation Smile and Operation Breakthrough.
The most-coveted lot of the evening might be a five-course lunch for 12 prepared by Relish Kitchen in the Dragon Garden historical site where Roger Moore shot a scene from the 1974 James Bond movie, "Man With The Golden Gun," said organizer IronMonger Events.
The fight night aims to raise HK$1 million ($129,000) to repair children’s facial deformities and combat crime and juvenile delinquency in low-income and immigrant communities, said IronMonger. Tables for 12 cost between HK$18,000 and HK$50,000, and pay for training the fighters and hosting the event, said Robert Derry, IronMonger’s MD.
Aside from Descourtieux, Bruce "Almighty" French of UBS, Steve "Dynamite" Davidson from JPMorgan Chase & Co and Jesse "Happy Feet" Kavanagh of Nomura Holdings will also fight in the finals. John "Headcount Reduction" Crane of 3A Asia, a fund of funds, is the oldest fighter at 49.
Boxing and other martial arts are gaining popularity among Hong Kong’s professionals, especially in industries such as trading which thrive on risk, reward endurance and punish mistakes with brutal blows, according to Andrew Wong Kee, MD at Jab.Wong Kee says the number of Jab’s students have risen 20% since September 2008 as more professionals signed up to beat stress.
Mr Descourtieux manages the Calypso Asia Fund, which bets on rising and falling stock prices and their derivatives.
His fund’s performance reflects his words. The portfolio he manages fell just 5.8% last year, data on his company Web site shows, when the global credit crisis triggered a 43% drop in the benchmark MSCI Asia-Pacific Index.
For the first eight months of the year, his fund was in step with the index’s 26.6% rise, said Mr Descourtieux. "We have no certainty of not being hit, but we know techniques and train until it’s instinctive," said Mr Descourtieux, who plans to make up for his waning athleticism with sharper mental focus and strategy that come with age.
Since June, Mr Descourtieux has been spending several hours a week amid columns of punching bags at Jab Mixed Martial Arts Studio, honing punches, footwork, and dodges with dozens of other hopefuls before the October 29 showdown at the Happy Valley Racecourse. As the 12 finalists slug it out for three, two-minute rounds in the ring, about 800 of their black-tied industry peers will sip wine, eat dinner and bid on holiday packages to raise funds for Operation Smile and Operation Breakthrough.
The most-coveted lot of the evening might be a five-course lunch for 12 prepared by Relish Kitchen in the Dragon Garden historical site where Roger Moore shot a scene from the 1974 James Bond movie, "Man With The Golden Gun," said organizer IronMonger Events.
The fight night aims to raise HK$1 million ($129,000) to repair children’s facial deformities and combat crime and juvenile delinquency in low-income and immigrant communities, said IronMonger. Tables for 12 cost between HK$18,000 and HK$50,000, and pay for training the fighters and hosting the event, said Robert Derry, IronMonger’s MD.
Aside from Descourtieux, Bruce "Almighty" French of UBS, Steve "Dynamite" Davidson from JPMorgan Chase & Co and Jesse "Happy Feet" Kavanagh of Nomura Holdings will also fight in the finals. John "Headcount Reduction" Crane of 3A Asia, a fund of funds, is the oldest fighter at 49.
Boxing and other martial arts are gaining popularity among Hong Kong’s professionals, especially in industries such as trading which thrive on risk, reward endurance and punish mistakes with brutal blows, according to Andrew Wong Kee, MD at Jab.Wong Kee says the number of Jab’s students have risen 20% since September 2008 as more professionals signed up to beat stress.
Britain threatens to block web access in piracy fight
| WATFORD: Britain is set to push ahead with a controversial new law to clamp down on illegal file sharing that would start with a series of warning letters and could result in repeat offenders losing their internet connection. The proposals, which were set out by business secretary Peter Mandelson, have followed a high profile campaign from artists such as Lily Allen and James Blunt, and follow France’s move to ban illegal peer-to-peer sharers for up to a year. They are likely to disappoint some of the artists and executives who have campaigned for the law, however, as the government does not plan to introduce the disconnection element of the law for at least a year, once the bill has passed. Under the British proposals, the new law could be passed by April and rights holders such as music companies and internet service providers would work together for over a year to send letters to those who are uploading illegal content. The government hopes that the warning letters will prompt many to curb their activity but after that time, if the rate of illegal downloading has not significantly declined, the government could then introduce technical measures such as eventual suspension. "The British government’s view is that taking people’s work without due payment is wrong and that, as an economy based on creativity, we cannot sit back and do nothing as this happens," he told a cabinet creative industries conference. "If we reach the point of suspension for an individual, they will be informed in advance — having previously received two notifications and will have the opportunity to appeal. "But the threat for persistent individuals is, and has to be, real, or no effective deterrent to breaking the law will be in place." The debate over how to counter illegal file sharing has raged in Britain for the last 18 months, with rights holders and media groups calling on internet service providers (ISPs) to intervene. The government has released letters of support from media executives, such as Sony Music and Time Warner, music managers and artists, such as Elton John and Noel Gallagher. However, two of the largest ISPs, BT and Carphone Warehouse , have so far objected to their new role as policemen of the Web and they are likely to continue to object. |
Sunday, October 25, 2009
Chinese ship collides with Belgian cargo vessel
Beijing: A Belgian cargo vessel leaked oil into waters off northern China after a Chinese ship crashed into it at a refuelling dock, a state news agency said on Sunday.
The Belgian ship, ‘Lowlands Prosperity’, was docked late Saturday at the Caofeidian port, a steelmaking and energy base in northeastern Hebei province, near Beijing, when a Chinese oil supplying ship hit the vessel's stern, the official Xinhua News Agency said.
The 290-meter-long (950-foot) Belgian vessel had planned to unload and refuel when the Chinese fuel supplier, ‘Jinyou No 1’, crashed into it and damaged its hull, causing an oil leak.
The extent of the oil leak was not immediately clear, but Xinhua cited workers as saying it was temporarily under control. The provincial maritime department dispatched workers and ships to the site but a thick fog hindered cleanup operations Sunday, Xinhua said.
The Belgian ship, ‘Lowlands Prosperity’, was docked late Saturday at the Caofeidian port, a steelmaking and energy base in northeastern Hebei province, near Beijing, when a Chinese oil supplying ship hit the vessel's stern, the official Xinhua News Agency said.
The 290-meter-long (950-foot) Belgian vessel had planned to unload and refuel when the Chinese fuel supplier, ‘Jinyou No 1’, crashed into it and damaged its hull, causing an oil leak.
The extent of the oil leak was not immediately clear, but Xinhua cited workers as saying it was temporarily under control. The provincial maritime department dispatched workers and ships to the site but a thick fog hindered cleanup operations Sunday, Xinhua said.
Japan PM in no hurry on US base relocation deal
Tokyo: Japanese Prime Minister Yukio Hatoyama said on Sunday he was in no hurry to make a decision on relocating a controversial US military base in Japan before President Barack Obama's visit next month.
Speaking to Japanese media in the Thai beach resort of Hua Hin, where he was attending a summit of Asian nations, Hatoyama said: "I will make the final decision after listening to a variety of opinions.”
"I don't think I have to hurry up to make the decision before President Obama visits Japan" on November 12-13, he said, as quoted by Jiji Press.
The issue of the US Marine Corps Futenma Air Base on Okinawa has clouded Japan's security ties with its most important ally after Hatoyama's centre-left government took power in September, ending half a century of conservative rule.
His government has said it will review a 2006 agreement to move the base from a crowded urban area to a coastal area by 2014, but has also suggested the facility may be moved off Okinawa entirely.
Washington has increased pressure on Japan over the issue, with Defence Secretary Robert Gates bluntly telling Tokyo last week to "move on" quickly with the agreed plan to move the base to a coastal area.
Japan's Foreign Minister Katsuya Okada said on Friday the Futenma Air Base should not be moved off Okinawa but could be merged with other US facilities on the island, possibly angering both Washington and residents.
Hatoyama said on Sunday that Okada had presented only "one option" that was still being considered.
He said moving the base off Okinawa "is not still off the table" and "we are still at the stage of reviewing options. Of course, it will take some time."
The United States, which occupied Japan after its defeat in World War II, now has 47,000 troops stationed there, more than half of them on Okinawa, the site of one of the bloodiest battles of the war.
Their presence has often caused friction with the local community, especially when American servicemen have committed crimes.
Speaking to Japanese media in the Thai beach resort of Hua Hin, where he was attending a summit of Asian nations, Hatoyama said: "I will make the final decision after listening to a variety of opinions.”
"I don't think I have to hurry up to make the decision before President Obama visits Japan" on November 12-13, he said, as quoted by Jiji Press.
The issue of the US Marine Corps Futenma Air Base on Okinawa has clouded Japan's security ties with its most important ally after Hatoyama's centre-left government took power in September, ending half a century of conservative rule.
His government has said it will review a 2006 agreement to move the base from a crowded urban area to a coastal area by 2014, but has also suggested the facility may be moved off Okinawa entirely.
Washington has increased pressure on Japan over the issue, with Defence Secretary Robert Gates bluntly telling Tokyo last week to "move on" quickly with the agreed plan to move the base to a coastal area.
Japan's Foreign Minister Katsuya Okada said on Friday the Futenma Air Base should not be moved off Okinawa but could be merged with other US facilities on the island, possibly angering both Washington and residents.
Hatoyama said on Sunday that Okada had presented only "one option" that was still being considered.
He said moving the base off Okinawa "is not still off the table" and "we are still at the stage of reviewing options. Of course, it will take some time."
The United States, which occupied Japan after its defeat in World War II, now has 47,000 troops stationed there, more than half of them on Okinawa, the site of one of the bloodiest battles of the war.
Their presence has often caused friction with the local community, especially when American servicemen have committed crimes.
US Health Bill may cut employer mandate
Washington: Businesses would not be required to provide health insurance under legislation being readied for Senate debate, but large firms would owe significant penalties if any worker needed government subsidies to buy coverage on their own, according to Democratic officials familiar with talks on the bill.
For firms with more than 50 employees, the fee could be as high as $750 multiplied by the total size of the work force if only a few workers needed federal aid, these officials said. That is a more stringent penalty than in a bill that recently cleared the Senate Finance Committee, which said companies should face penalties on a per-employee basis.
These officials also said individuals would generally be required to purchase affordable insurance if it were available, and face penalties if they defied the requirement.
The officials spoke on condition of anonymity, saying they were not authorized to discuss the private negotiations involving key Senate Democrats and the White House. They also stressed that no final decisions have been made on the details of the measure, expected to reach the Senate floor in about two weeks.
In general, the bill taking shape in private talks led by Senate Majority Leader Harry Reid of Nevada is designed to answer President Barack Obama's call to remake the nation's health care system. It would expand coverage to millions who lack it, ban insurance industry practices such as denial of coverage for pre-existing medical conditions and slow the growth in medical spending nationally.
Like a companion measure in the House, it would create a new federally regulated marketplace, termed an exchange, where individuals and families could purchase insurance sold by private industry. Federal subsidies would be available to help those at lower incomes afford the cost.
Subsidies would also be available to smaller businesses as an incentive for them to provide insurance.
For firms with more than 50 employees, the fee could be as high as $750 multiplied by the total size of the work force if only a few workers needed federal aid, these officials said. That is a more stringent penalty than in a bill that recently cleared the Senate Finance Committee, which said companies should face penalties on a per-employee basis.
These officials also said individuals would generally be required to purchase affordable insurance if it were available, and face penalties if they defied the requirement.
The officials spoke on condition of anonymity, saying they were not authorized to discuss the private negotiations involving key Senate Democrats and the White House. They also stressed that no final decisions have been made on the details of the measure, expected to reach the Senate floor in about two weeks.
In general, the bill taking shape in private talks led by Senate Majority Leader Harry Reid of Nevada is designed to answer President Barack Obama's call to remake the nation's health care system. It would expand coverage to millions who lack it, ban insurance industry practices such as denial of coverage for pre-existing medical conditions and slow the growth in medical spending nationally.
Like a companion measure in the House, it would create a new federally regulated marketplace, termed an exchange, where individuals and families could purchase insurance sold by private industry. Federal subsidies would be available to help those at lower incomes afford the cost.
Subsidies would also be available to smaller businesses as an incentive for them to provide insurance.
India rebuffs China on Dalai, but wants peace on border issue
Hua Hin (Thailand): Prime Minister Manmohan Singh Sunday rebuffed Beijing over its opposition to the Dalai Lama's planned visit to Arunachal Pradesh while declaring that he and Chinese Premier Wen Jiabao have agreed to maintain "peace and tranquility" along their disputed border.
In his first public comment since China came out strongly against the Tibetan spiritual leader's November trip to Tawang in Arunachal Pradesh, a state Beijing claims, the prime minister described the Dalai Lama as a religious leader and India's "honoured guest".
At a press conference at the end of his hectic two-day visit to Thailand, Manmohan Singh said he was not aware of the travel plans of the Dalai Lama, who has lived in India since fleeing his homeland in 1959.
"I have explained this position to the Chinese leadership... I explained to Premier Wen that the Dalai Lama is our honoured guest. He is a religious leader," Manmohan Singh said.
"(But) we do not allow Tibetan refugees to indulge in political activities. As a proof of that, last year we took resolute action at the time of Olympics when there were reports that some Tibetan refugees might disrupt (the Olympic torch relay)."
Manmohan Singh's comments followed his formal delegation-level discussions with Wen Saturday morning on the sidelines of the India-ASEAN Summit. But he quickly added that the talks over the Dalai Lama took place at a dinner hosted by the Thai prime minister Saturday night.
Manmohan Singh said he had "frank and constructive exchange of views" with Wen at both the interactions Saturday - the first meeting between the two leaders since they met in New York in September last year.
"The premier and I reaffirmed the need to maintain peace and tranquility on the border pending the resolution of the boundary question. Both of us agreed that we should continue and strengthen efforts to build political trust and understanding.
"We ... agreed that existing mechanism for bilateral cooperation should be used to resolve all issues amicably in the spirit of strategic and cooperative partnership. The Chinese foreign minister will be visiting India in two days and the foreign ministers (of India and China) will have an opportunity to discuss all issues which have a bearing on our relationship.
"We both agree that the boundary question is a complex question and that pending the resolution of the boundary question we both have an obligation to maintain peace and tranquility along the border.
"One doesn't have to go to the media to accentuate or exaggerate the amount of differences that prevail."
Manmohan Singh said he raised with Wen the reported issue of a dam being built on the Chinese side of the Brahmaputra, an issue that has generated fears of water scarcity in India's northeast.
"I conveyed to him that cooperation in the area of trans-border rivers is of mutual benefit... He said that relevant discussions on trans-border river issues could be held through the expert level mechanism that we have constituted."
But the prime minister said he did not raise the issue of Arunachal Pradesh or the issue of visas to people of Jammu and Kashmir on separate papers. "Whether it is Arunachal or Jammu and Kashmir, they are integral parts of our country."
On the Commonwealth Games: Manmohan Singh admitted to some delays in the execution of projects, but said that mechanisms now in place will work effectively and visitors "will see a spectacular show" in October 2010.
On Maoism: I have stated repeatedly that the Naxalite problem has emerged as the biggest internal security threat. Both the central and state governments have an obligation to take effective steps to control the problem.
Kashmir: It is our desire to engage all sections of political opinion in Jammu and Kashmir to find practical, pragmatic solutions to the problems facing the state... I have already had two-three meetings with the Hurriyat people. They promised to come back with specific suggestions. I am still waiting for them.
Monetary policy: Monetary policy is the preserve of the Reserve Bank of India. I am satisfied that both the monetary and fiscal policies in our country are in line with our requirements.
On union minister A. Raja: It is not proper for me to join issue with a cabinet colleague in public.
Myanmar: The next year's elections should see a reconciliation of the various segments of the Myanmar society.
In his first public comment since China came out strongly against the Tibetan spiritual leader's November trip to Tawang in Arunachal Pradesh, a state Beijing claims, the prime minister described the Dalai Lama as a religious leader and India's "honoured guest".
At a press conference at the end of his hectic two-day visit to Thailand, Manmohan Singh said he was not aware of the travel plans of the Dalai Lama, who has lived in India since fleeing his homeland in 1959.
"I have explained this position to the Chinese leadership... I explained to Premier Wen that the Dalai Lama is our honoured guest. He is a religious leader," Manmohan Singh said.
"(But) we do not allow Tibetan refugees to indulge in political activities. As a proof of that, last year we took resolute action at the time of Olympics when there were reports that some Tibetan refugees might disrupt (the Olympic torch relay)."
Manmohan Singh's comments followed his formal delegation-level discussions with Wen Saturday morning on the sidelines of the India-ASEAN Summit. But he quickly added that the talks over the Dalai Lama took place at a dinner hosted by the Thai prime minister Saturday night.
Manmohan Singh said he had "frank and constructive exchange of views" with Wen at both the interactions Saturday - the first meeting between the two leaders since they met in New York in September last year.
"The premier and I reaffirmed the need to maintain peace and tranquility on the border pending the resolution of the boundary question. Both of us agreed that we should continue and strengthen efforts to build political trust and understanding.
"We ... agreed that existing mechanism for bilateral cooperation should be used to resolve all issues amicably in the spirit of strategic and cooperative partnership. The Chinese foreign minister will be visiting India in two days and the foreign ministers (of India and China) will have an opportunity to discuss all issues which have a bearing on our relationship.
"We both agree that the boundary question is a complex question and that pending the resolution of the boundary question we both have an obligation to maintain peace and tranquility along the border.
"One doesn't have to go to the media to accentuate or exaggerate the amount of differences that prevail."
Manmohan Singh said he raised with Wen the reported issue of a dam being built on the Chinese side of the Brahmaputra, an issue that has generated fears of water scarcity in India's northeast.
"I conveyed to him that cooperation in the area of trans-border rivers is of mutual benefit... He said that relevant discussions on trans-border river issues could be held through the expert level mechanism that we have constituted."
But the prime minister said he did not raise the issue of Arunachal Pradesh or the issue of visas to people of Jammu and Kashmir on separate papers. "Whether it is Arunachal or Jammu and Kashmir, they are integral parts of our country."
On the Commonwealth Games: Manmohan Singh admitted to some delays in the execution of projects, but said that mechanisms now in place will work effectively and visitors "will see a spectacular show" in October 2010.
On Maoism: I have stated repeatedly that the Naxalite problem has emerged as the biggest internal security threat. Both the central and state governments have an obligation to take effective steps to control the problem.
Kashmir: It is our desire to engage all sections of political opinion in Jammu and Kashmir to find practical, pragmatic solutions to the problems facing the state... I have already had two-three meetings with the Hurriyat people. They promised to come back with specific suggestions. I am still waiting for them.
Monetary policy: Monetary policy is the preserve of the Reserve Bank of India. I am satisfied that both the monetary and fiscal policies in our country are in line with our requirements.
On union minister A. Raja: It is not proper for me to join issue with a cabinet colleague in public.
Myanmar: The next year's elections should see a reconciliation of the various segments of the Myanmar society.
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