Saturday, December 5, 2015

Cautious hopes as UN adopts draft climate change deal

Cautious hopes as UN adopts draft climate change deal

[LE BOURGET, France] Negotiators from 195 nations agreed on a draft on Saturday for a pact to save mankind from disastrous global warming, raising hopes that decades of arguments will finally end with a historic deal in Paris.
The planned pact would aim to break the world's dependence on fossil fuels, slashing the greenhouse gas emissions from burning oil, coal and gas that are causing temperatures to rise dangerously.
UN negotiations dating back to the early 1990s have failed to forge unity between rich and poor nations, and the Paris talks are being described as the "last, best chance" to save mankind.
They began on Monday with a gathering of 150 world leaders, and the next crucial phase ended Saturday with the adoption of a draft text of an agreement.
The dense 48-page document agrees on the need for urgent action to combat climate change, but contains wide gaps on the most contentious issues.
Negotiators finalised the draft after an often tense week of talks in Le Bourget on the northern outskirts of Paris.
And while ministers still need to resolve many extremely contentious points during a scheduled five days of talks starting on Monday, delegates said they felt the foundations had been laid for success.
"While we are talking, greenhouse gases are being emitted and at some point it becomes irreversible. So we must succeed," said French Foreign Minister Laurent Fabius, presiding over the talks.
"We are talking about life itself." After the draft was adopted to loud applause, South African negotiator Nozipho Mxakato-Diseko drew on her nation's revered democracy icon in a bid to inspire others.
"In the words of Nelson Mandela, it always seems impossible until it is done," she said.
More than 50 well-known figures, from US actor Sean Penn to Chinese internet tycoon Jack Ma, also gathered at the conference to help build momentum.
"Perhaps this is the most exciting time in human history," M Penn told a special event at the conference.
"Those illusions of having too many difficult choices have always created chaos. Now we live in a time where there are no choices." Scientists warn our planet will become increasingly hostile for mankind as it warms, with rising sea levels that will consume islands and eat away at populated coasts, as well as catastrophic storms and droughts.
Small island nations vulnerable to rising sea levels, which are often railroaded by the powerful in the climate talks, also expressed cautious optimism about the draft agreement.
"We would have wished to be further along than we are at this point, but the text being forwarded so far reflects our key priorities," said Thoriq Ibrahim from the Maldives.
But no one in Le Bourget is under the illusion that a December 11 deal is guaranteed.
"Let's be frank: all the difficult political issues remain unresolved," European Climate and Energy Commissioner Miguel Arias Canete said. "Next week is the week of compromise." One reason for optimism in Paris has been most countries' submission of voluntary plans to curb their emissions from 2020, when the pact would come into force.
Scientists say these pledges, if fulfilled, would still fall far short of what is needed to cap warming at 2.0 degrees Celsius below pre-Industrial Revolution levels.
But they have taken the world away from a trajectory of even more dangerous warming.
Now, though, there is deep disagreement on how to structure a review process for these national plans.
The stocktakes would take place every five years but there is division over when they would begin and if they would seek to strengthen countries' commitments, or just review them.
Another fundamental issue still up for debate is what temperature limit to aim for. A majority of nations, mostly the smaller ones, want to aim for 1.5 degrees C.
But the United States, China, India and some of the other biggest polluting nations want to enshrine 2 degrees C as the goal, which would allow them to emit more gases for longer.
Money has long been one of the biggest sticking points in the UN negotiations, and it remains so in Paris.
Poorer countries are demanding finance to pay for the costly shift to renewable technologies, as well as to cope with the impact of climate change.
But developing nations say rich nations are refusing to honour previous commitments to muster 100 billion euros a year from 2020 to finance the shift to clean energy and shore up climate defences.
Marshall Islands negotiator Tony de Brun said those commitments were now tainted with "creative accounting".
"This has continued to scratch away at the bonds of trust and so our partners need to quickly put their finance card on the table," he said.
AFP

Three injured in knife attack "terror incident" in London tube station

Three injured in knife attack "terror incident" in London tube station

[LONDON] A man with a knife stabbed another in an east London tube station on Saturday evening, reportedly screaming "this is for Syria", before police used a stun gun on the attacker and detained him. "We are treating this as a terrorist incident," Richard Walton, who leads the London police's Counter Terrorism Command, said in a statement.
Police were called to reports of a number of people stabbed at the Leytonstone Underground station in east London and a man threatening other people with a knife. One man was seriously injured and two sustained minor injuries, police said.
London's Evening Standard newspaper said the attacker had screamed "this is for Syria". A police spokesman declined to comment on the report about Syria.
Britain is on its second-highest alert level of "severe,"meaning a militant attack is considered highly likely. This is mainly due to the threat the authorities say is posed by Islamic State militants in Syria and Iraq and their encouragement of supporters to carry out attacks in their homelands.
British lawmakers approved the bombing of Islamic State targets in Syria on Wednesday. Britain's air force has since carried out two bombing raids.
Last month militant Islamist attacks in Paris killed 130 people.
Britain suffered by far its worst militant Islamist attack in July, 2005, when 52 people were killed by suicide bombs on underground trains and a bus.
In May 2013, a British army soldier Lee Rigby was attacked and killed by two Muslim converts on a busy street in southeast London, a murder that provoked disgust and fears of an anti-Muslim backlash.
REUTER
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Thais celebrate king's birthday amid widening royal insult probe

Thais celebrate king's birthday amid widening royal insult probe

[BANGKOK] Thais marked the birthday of King Bhumibol Adulyadej, the world's longest-reigning monarch, early on Saturday, by giving alms at temples around the country.
Celebrations in Thailand, where the monarch's birthday is also national Father's Day, come amid a widening police investigation into a group of people charged with insulting the monarchy.
Ten people, including senior police and military officers, have been charged with a range of offences, including corruption and alleged royal defamation, over their involvement in two nationwide cycling events aimed at celebrating the royals.
Two suspects have died in military custody.
Criticism of Thailand's monarchy is outlawed by draconian lese majeste laws that provide for jail sentences of up to 15 years for each perceived insult to the monarchy.
Since taking power in a May 2014, the ruling junta has cracked down on perceived royal insults and has doled out record jail sentences of up to 60 years for lese majeste offences.
The royal insult investigation comes amid growing concern over the health of the king, who is highly revered by Thais, and the question of succession - an issue which will dominate political developments in the Southeast Asian country.
King Bhumibol, who turns 88, was last seen in public on Sept 1, and officials say he will not be making a public appearance on his birthday.
The king has spent the past few months at a Bangkok hospital where he was treated for 'water on the brain', or hydrocephalus, a build-up of cerebrospinal fluid that surrounds the brain.
He cancelled a public appearance to mark his birthday last year, on medical advice.
Crown Prince Maha Vajiralongkorn is expected to carry out ceremonies to mark his father's birthday, including an evening candle-lighting ceremony in Bangkok to pay tribute to the king.
Having reigned for nearly seven decades, King Bhumibol is the only monarch that most Thais have known, and anxiety over the eventual succession is seen as an aggravating factor in Thailand's bitter political divide.
"I have a deep love for him and want him to be healthy," said Suchada Charan, a retiree from Bangkok, after giving alms to Buddhist monks in honor of the king's birthday. "Father's Day in Thailand is the king's day. He is our father," she said.
REUTERS

Malaysia arrests five with suspected IS, al-Qaeda links

Malaysia arrests five with suspected IS, al-Qaeda links

[KUALA LUMPUR] Malaysia's police said on Saturday that it had arrested five people, including a European employed as a teacher, on suspicion of links with militant groups like the Islamic State and al-Qaeda.
Malaysia is on heightened alert after reports on Friday that ten Syrians linked to Islamic State entered neighbouring Thailand in October to attack Russian interests.
Police chief Khalid Abu Bakar said in a statement that four of those arrested were foreign nationals and one was a Malaysian. The arrests were made between Nov 17 and Dec 1.
Among them was a 44-year-old European who was employed as a temporary teacher in the state of Penang, and had links with al-Qaeda and allegedly participated in militant activities in Afghanistan and Bosnia, the police said.
Three other suspects - a 31-year-old Indonesian man, a Malaysian and a Bangladeshi - were part of a cell linked to the Islamic State (IS) group and were tasked with recruiting volunteers to take part in militant activities overseas.
The leader of the cell was the Indonesian who is said to have vowed allegiance to IS leader Abu Bakr Al-Baghdadi through Facebook in 2014.
"He, along with the Malaysian national, is suspected of acting as facilitator to organise individuals from Malaysia and some Southeast Asian countries to join the Islamic State in Syria," said Mr Khalid.
Southeast Asia faces the threat of Islamic State-inspired attacks designed to "glamorise terrorism", a Malaysian minister said last month, voicing fears of battle-hardened fighters returning from Syria to launch Paris-style attacks.
In September, Malaysian police thwarted a plot to detonate bombs in Kuala Lumpur's vibrant tourist area of Bukit Bintang.
REUTERS

Friday, December 4, 2015

Yahoo board in final talks on future of company

Yahoo board in final talks on future of company

[SAN FRANCISCO] Yahoo Inc's board of directors on Friday is in the third and final day of meetings that could decide the future of one of Silicon Valley's most prominent but troubled companies.
One option on the table for the nine board members is whether to sell Yahoo's core business, which includes Mail, its sports sites, and advertising technology.
The company is also in the process of deciding whether to continue with the spinoff of its US$30 billion stake in Chinese e-commerce company Alibaba Group Holdings Ltd.
SunTrust analyst Robert Peck said the board might hold off on any decision because of the complexity of some of the options. "While many investors may simply apply a mid single-digit EBITDA multiple to value the core, we believe the value is more intricate," he wrote, referring to earnings before interest, taxes, depreciation and amortization.
According to tech news site Re/Code, Yahoo's board finished its meetings without a decision on the Alibaba spinoff. The site said a decision, which could include halting, delaying or continuing with the spinoff, was expected by the end of the weekend, citing sources.
Calls to sell the core business increased last month when activist investor Starboard Value LP requested the move to avoid potential tax penalties associated with a spinoff of Alibaba.
In January, Chief Executive Officer Marissa Mayer announced the plan to spin off the Alibaba stake into an independent business. Yahoo said the deal would be tax-free, but the US Internal Revenue Service has declined to verify that.
Taxes related to the spinoff could leave Yahoo shareholders on the hook for US$12 billion.
Analysts who follow the company have said that private equity, media and Internet firms are potential buyers for Yahoo's core business.
The Alibaba stake dates back to 2005, when Yahoo paid US$1 billion for a 40 per cent slice of the company in a deal credited to the US company's co-founder, Jerry Yang.
By 2012, the two companies struck a deal to sell more than half the stake back to Alibaba for $6.3 billion in cash and US$800 million in preferred Alibaba Group shares.
The deal brought Yahoo shareholders US$3 billion and the company more than US$1 billion to support its core business. But it also spotlighted the fact that the bulk of the company's value came from Alibaba and a 35.5 per cent stake in Yahoo Japan Corp.
Yahoo's shares closed up 1.7 per cent at US$34.91 Friday.
REUTER
S

China's AgBank president resigns for personal reasons: Shanghai exchange

China's AgBank president resigns for personal reasons: Shanghai exchange

[BEIJING] The president of China's third-biggest lender by assets, Agricultural Bank of China Ltd (AgBank) resigned for personal reasons, the Shanghai Stock Exchange said in a statement on Friday.
Zhang Yun, who was both the president of the bank and the vice chairman, was taken away to assist with an investigation, Bloomberg reported in November, citing people familiar with the matter.
AgBank's board approved the bank's current chairman Liu Shiyu to be the acting president, the exchange said, in a separate statement on Friday.
Corruption investigations instigated by China's President Xi Jinping have ensnared top politicans, state enterprise leaders and a cast of senior bankers, including AgBank's former vice president, who was jailed for life for graft.
REUTER
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Hong Kong billionaire Richard Li boosts stake in China's ZTE

Hong Kong billionaire Richard Li boosts stake in China's ZTE

[HONG KONG] Richard Li, the billionaire who controls Hong Kong telecommunications company PCCW Ltd, boosted his stake in Chinese network equipment maker ZTE Corp to 5 per cent, a stock exchange filing showed.
Li's holding rose on Nov 27 to the level that requires disclosure, after previously being at 4.94 per cent, the filing showed Friday.
Li is the younger son of Li Ka-shing, the chairman of Cheung Kong Holdings Ltd. His firm, PCCW, which has a market value of US$4.45 billion, is looking for growth beyond its home city of 7 million people. In an example of that push, PCCW said in September that it would offer a video-on-demand service in South Africa, competing with the likes of Netflix Inc.
Based in Shenzhen, ZTE is listed in Shenzhen and Hong Kong, with a market capitalization of US$11 billion.
BLOOMBERG

Risk of huge IS influx into Libya, France warns

Risk of huge IS influx into Libya, France warns

[PARIS] There is an increasing risk of Libya becoming a haven for combatants from Islamic State, even as western nations target the extremist jihadist group in Iraq and Syria, the French defence minister warned in comments published Sunday.
"We see foreign jihadists arriving in the region of Syrte (northern Libya) who, if our operations in Syria and Iraq succeed in reducing the territorial reach of Daesh (Islamic State, IS) could tomorrow be more numerous," defence minister Jean-Yves Le Drian told the Jeune Afrique weekly.
Mr Le Drian ruled out military intervention in Libya but warned the West had to try to foster Libyan unity in the face of such a threat.
"It is a major risk and that's why there absolutely must be understanding between the Libyans," said Mr Le Drian.
Analysts believe Libya would present a less hospitable environment for IS than Syria and Iraq.
But Tripoli is hampered in presenting a united front as rival governments vie for power - a militia alliance including Islamists that overran Tripoli in August 2014, and the internationally recognised administration that fled to eastern Libya.
The current chaos in Libya with groups of competing militias since the overthrow and death of dictator Moamer Kadhafi in 2011 has allowed IS to build influence, notably in Kadhafi's coastal home town of Sirte, east of Tripoli.
And there are widespread fears the group could exploit tribal conflicts further into Africa.
Recognising Islamic State's increasing Libyan reach, Mr Le Drian said he feared that ultimately the group could form one half of a double-edged jihadist challenge in conjunction with Boko Haram, which pledged allegiance to their fellow Islamic extremists in March and which has been bringing terror to Nigeria, Niger, Chad and Cameroon.
"There is a major risk of a link being forged with Boko Haram," said Mr Le Drian, urging Libya's rival administrations to make common cause while urging neighbours Algeria and Egypt to work diplomatic channels to that effect.
But Mr Le Drian insisted that France would not countenance military action at least while the Libyans are divided among themselves.
"That's not on the agenda. One cannot release the Libyans from their responsibilities by suggesting there might one day be an intervention. They must find solutions themselves."
AFP

Former government official facing corruption charges returns to China

Former government official facing corruption charges returns to China

[BEIJING] A former Chinese government official facing corruption charges who had fled to the United States has given herself up and returned to China, the ruling Communist Party's anti-corruption watchdog said on Saturday.
Huang Yurong, a former party head at the highway agency in Henan province, returned to China after 13 years in the United States, the Central Commission for Discipline Inspection (CCDI) said on its website.
The government earlier this year unveiled an initiative called "Sky Net" to better coordinate its fight to return corrupt officials and published a list of 100 graft suspects, including Huang Yurong, believed to be abroad and subject to an Interpol "red notice" - the closest instrument to an international arrest warrant.
Huang said she believed she had made the right decision to return to China and she would actively participate in the judicial investigations, the CCDI said.
No reason for her return was given.
China changed its tactics in its global hunt for fugitives wanted at home for corruption, after complaints from countries that objected to Beijing's practice of sending investigators to track them down, a top Chinese anti-corruption official told Reuters in November.
Western nations have balked at signing extradition deals with China, partly out of concern about its judicial system. Rights groups say Chinese authorities use torture and that the death penalty is common in corruption cases.
China first succeeded in getting a person back from the United States who was on the list of 100 wanted corruption suspects in September this year when Yang Jinjun, the general manager of a company in Wenzhou city, returned to southeastern China.
REUTERS

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