Saturday, December 12, 2015

China November investment growth unchanged at 10.2% on year, tops forecasts

China November investment growth unchanged at 10.2% on year, tops forecasts

[BEIJING] China's fixed-asset investment growth was flat at 10.2 per cent year-on-year in the January-November period, slightly beating market expectations.
Analysts polled by Reuters predicted investment growth would come in at 10.1 per cent, compared with 10.2 per cent posted the prior month.
Industrial output growth quickened to 6.2 per cent in November, the National Bureau of Statistics said on Saturday, surprising analysts who expected a rise of 5.6 per cent on an annual basis, from the same level of growth the prior month.
Retail sales quickened to 11.2 per cent.
Analysts had predicted a rise of 11.1 per cent on an annual basis after an 11 per cent increase the prior month.
REUTERS

China factory output, retail sales gain as demand stabilises

China factory output, retail sales gain as demand stabilises

[BEIJING] China's industrial production increased in November and retail sales held up during a key shopping season, offering reassurance that the world's second-largest economy is showing signs of stabilisation.
Industrial output rose 6.2 per cent in November from a year earlier, the National Statistics Bureau said Saturday, compared with the 5.7 per cent median estimate of economists surveyed by Bloomberg and October's 5.6 per cent. Fixed-asset investment increased 10.2 per cent in the first 11 months, while retail sales gained 11.2 per cent in November.
Chinese officials seek to maintain medium to high-speed growth while shifting to a more balanced, services and consumption-led economy and away from manufacturing and infrastructure spending. Arresting the sharp slowdown at factories and construction sites is the key to make a smooth transition and give time for new growth drivers to catch up.
"Intensified policy support and faster project implementation towards year end could help offset partly the downward pressure," UBS Group AG economists led by Zhang Ning in Hong Kong wrote in a note before the data release.
BLOOMBERG

Friday, December 11, 2015

In final push for landmark climate deal, end of fossil fuel era nears

In final push for landmark climate deal, end of fossil fuel era nears

[PARIS] At the tail end of the hottest year on record, climate negotiators in Paris will aim on Saturday to seal a landmark accord that will transform the world's fossil fuel-driven economy within decades and turn the tide on global warming.
After four years of fraught UN talks often pitting the interests of rich nations against poor, imperilled island states against rising economic powerhouses, French Foreign Minister Laurent Fabius will unveil the latest text of a climate deal on Saturday at 9 a.m. (0800 GMT).
He hopes to secure a sweeping agreement to curb rising greenhouse gas emissions within hours. If that fails, the talks could run into Sunday.
Officials from 195 nations were locked in negotiations through the night, seeking to resolve the final sticking points, none seemingly insurmountable: the phrasing of a goal for phasing out carbon emissions later this century; the frequency of further negotiations meant to encourage even faster action. "All the conditions are in place to have a universal, ambitious final deal," Fabius told reporters late on Friday, urging a drive to resolve what are still deep disagreements on issues such as finance for developing nations. "There has never been such a strong momentum." The result, including pledges to expand billions of dollars in funding to ease the shift to low-carbon fuels and to help developing nations cope with impacts of climate change ranging from floods to heat waves, is likely to be hailed by many for its ambition, while vilified by others for its lack thereof.
If successful, it will be a powerful symbol to world citizens and a signal to investors - for the first time in more than two decades, the world will have a common vision for cutting back on the greenhouse gas emissions blamed for overheating the planet, and a roadmap for ending two centuries of fossil fuel dominance.
By charting a common course, they hope executives and investors will be more willing to spend trillions of dollars to replace coal-fired power with solar panels and windmills. "It will be up to business, consumers, citizens and particularly investors to finish the job," said Hans Joachim Schellnhuber, Director of the Potsdam Institute for Climate Impact Research.
Yet unlike the Kyoto Protocol, the last major climate deal agreed in 1997, the Paris pact will not be a legally binding treaty, something that would almost certainly fail to pass the US Congress. Instead, it will be largely up to each nation to pursue greener growth in its own way, making good on detailed pledges submitted ahead of the two-week summit.
And in the United States, many Republicans will see the pact as a dangerous endeavour that threatens to trade economic prosperity for an uncertain if greener future.
A deal in Paris would mark a legacy-defining achievement for US President Barack Obama, who has warned not to "condemn our children to a planet beyond their capacity to repair", and puts to rest the previous climate summit in Copenhagen six years ago, when attempts to agree even deeper carbon curbs failed.
Leaders of vulnerable low-lying nations - who brought together more than 100 nations in a "high ambition coalition" at the talks, striving for the strongest possible language - have portrayed the Paris talks as the last chance to avoid the catastrophic consequences of rising temperatures.
Without joining together for immediate action, they had warned, greenhouse gas emissions would be certain to push the planet's ecosystem beyond what scientists view as a tipping point: 2 degrees Celsius (3.6 Fahrenheit) above pre-industrial temperatures. It is already 1 degree C higher.
The current draft seeks to restrain the rise to "well below 2C", a more ambitious goal than past efforts stopping at 2C, but one that faced opposition from some oil-exporting nations.
While scientists say national pledges thus far are still too little to prevent that happening, the agreement should set out a roadmap for steadily increasing or 'ratcheting up' those measures in order to head off calamity. How often to do so was one of the few remaining points of dissention.
President Xi Jinping has promised that carbon dioxide emissions from China's rapidly developing economy will start falling from around 2030, and does not want to revisit the target. Delegates said China had also reasserted demands that developed nations do far more to curb greenhouse gas emissions, mostly the result of burning coal, gas and oil.
A final deal is expected to provide developing nations greater financial security as they wean themselves away from coal-fired power, and also suffer the financial consequences of a warming climate on the earth's flora and fauna.
Rich nations are likely to increase and extend an earlier pledge to provide US$100 billion a year in funding by 2020, one of the principal sticking points.
The strength of that commitment was still being crafted late on Friday, with some of the negotiators showing the effects of a two-week-long diplomatic marathon. "There will be a new draft text tomorrow and hopefully a final agreement. I hope so because I want to go back home," said Izabella Teixeira, Brazil's minister of environment. "I love France but I miss Brazil too much."
REUTER
S

Uber offers free lifts to women voting for first time in a Saudi election

Uber offers free lifts to women voting for first time in a Saudi election

[NEW YORK] Online taxi-hailing service Uber will give Saudi Arabian women lifts to polling stations for free on Saturday to help boost female participation at the first elections in the deeply conservative Islamic kingdom open to female voters.
Saudi Arabian women are both running for election and voting for the first time in local elections in what is viewed as a pigeon step towards gender equality in the autocratic nation where women are still legally barred from driving.
The free service to take women to vote is a joint effort between US-based tech company Uber and Al-Nahda Philanthropic Society for Women, a Saudi women's empowerment group.
Uber has proved popular with women in the wealthy desert state to get around amid limited public transportation and general unease about the safety of taxis, said Al-Nahda's Chief Executive Rasha Alturki. "We needed to play a role because we found this really empowering to women," she told the Thomson Reuters Foundation."With regards to Uber itself ... it's good for our cause because it helps women get out and vote." The initiative is part of a wider campaign by Al-Nahda to get Saudi women to vote and to campaign for gender equality.
Saudi Arabia is the only country that bars women from driving and requires them to have a male "guardian" who can stop them travelling, marrying, working and from some medical procedures.
Saudi Arabia is the last country in the world to allow women to vote except for the Vatican City where male cardinals elect the pope.
Other aspects of the campaign involved turning about 120 women into election trainers to pound the pavements to spread the word about voting registration and a media campaign on social media, billboards, television and radio.
Uber spokesman Shaden Abdellatif said women could have free lifts on Saturday in all areas of the kingdom where Uber operates. Uber operates in more than 300 cities in about 67 countries.
The election is for 284 municipal councils with more than 900 women registered as candidates. The pledge to allow women to take part was made by the late Saudi King Abdullah bin Abdulaziz in response to the Arab spring. "All cars will be available tomorrow," said Abdellatif.
Rothna Begum, a women's rights researcher for the Middle East and North Africa region at Human Rights Watch, said the political first for women was a small step for greater female political participation in the Arabian peninsula kingdom.
According to election rules, female candidates can be fined if they are caught speaking directly to male voters. Men and women will cast ballots at separate voting centres. "It continues to happen in the context of wider discrimination against women, particularly the male guardianship system in which women have to, still, require permission for traveling abroad, to marry or to undertake higher education," she said.
But she hoped Uber's offer "hopefully may help towards getting more women to the polling stations".
Among the 6,917 registered candidates for Saturday's election, 979 were women as of Nov 29, according to Human Rights Watch. Women make up less than 10 per cent of the voting pool, the New York-based watchdog said in an online briefing.
Alturki, a self-described avid Uber user, said she would likely not use the car service tomorrow to cast her vote. "My husband will drive me there," she said.
REUTERS

Uber pushes new contract on drivers as pay fight escalates

Uber pushes new contract on drivers as pay fight escalates

[NEW YORK] Uber Technologies Inc. is asking its US drivers to sign a re-worded contract that restricts their right to sue in an escalation of a battle over whether they should be treated as employees.
The ride-share company started circulating the new work agreements Friday, two days after a federal judge's decision vastly expanded a California class action over pay and benefits. The judge ruled Uber improperly required tens of thousands of drivers to resolve disputes through arbitration instead of in court.
Drivers were told by Uber Friday that they must sign the new agreement to continue working for the company but that they can opt out of certain provisions.
Shannon Liss-Riordan, a lawyer for the drivers, called Uber's re-worded agreement an attempt to "get around the court's decision," which legal experts said likely added the vast majority of Uber's 160,000 California drivers and hundreds of millions of dollars in damages to the case.
"It is entirely improper for Uber to attempt now to circumvent the court's ruling by distributing a new arbitration agreement that will once again try to prevent drivers from seeking to enforce their rights under the wage laws in this case," Liss-Riordan said.
She filed an emergency request Friday with US District Judge Edward Chen in San Francisco to block Uber from enforcing the new arbitration agreement.
Uber, meanwhile, says the agreement was endorsed Thursday by Chen, and that the company isn't aiming to enforce provisions in the new agreement against drivers "who are part of any certified class." Despite what Uber says, the new agreement prohibits drivers who don't opt out from participating in pending class actions - and that would include the case now before Chen, said Charlotte Garden, an associate professor at Seattle University School of Law.
"At a minimum, Uber is trying to make sure that no further drivers can be included in this class," Garden said after reviewing the contract.
If the judge suspects Uber is trying to end run his Wednesday ruling, he may issue an order saying drivers who are already part of the case can't be excluded if they sign the new agreement, Garden said.
Chen ruled that drivers in the class action can seek expense reimbursement, including as much as 57 1/2 cents for every mile driven, in addition to their claims for tips that were already part of the case. A trial is scheduled for June. A victory for the drivers seeking to be treated as employees instead of independent contractors threatens to upend the ride share company's business model and cut into its more than US$60 billion valuation.
"We believe strongly that our agreements are valid, but we are making some changes and clarifications to remove uncertainty for drivers and for us as we work through our multiple appeals on this issue," Matt Kallman, an Uber spokesman, said in an e- mail.
BLOOMBERG

Nepal quake victims face deadly winter as parties bicker

Nepal quake victims face deadly winter as parties bicker

[KATHMANDU] Thousands of Nepalis still living in tents months after a massive earthquake are facing a desperate winter, because of a fuel crisis and bickering politicians' failure to spend a US$4.1 billion reconstruction fund.
Eight months after a 7.8-magnitude quake killed almost 8,900 people and destroyed some half a million homes, thousands of survivors are bracing for the Himalayan winter without proper clothes, bedding or shelter.
In the remote village of Philim, close to the quake's epicentre in western Nepal, the disaster reduced the school's dormitory to rubble, forcing some 200 children to take refuge in tents.
The flimsy structures offer little protection against bone-chilling winds that whip through the village where overnight temperatures currently hover around two degrees Celsius (35.6 Fahrenheit) and are set to fall further.
"It gets so cold at night, I wish we had thicker blankets," 12-year-old Dawa Phunchok Lama told AFP.
Many of the children live hours from Philim but are staying in the tents because they can no longer commute from their homes after quake-triggered landslides blocked hillside trails.
"We have limited food stocks - no vegetables, enough lentils to last a week, cooking oil for 10 days perhaps. But most of all, I worry about the cold and its impact on my kids," school headmaster Mukti Adhikari said.
"It's too difficult for them to go home, so we keep them here... but now I am worried they will freeze to death since no one has adequate clothing or proper bedding," he told AFP.
After the April 25 quake struck the impoverished country, Nepal's shell-shocked government implored foreign donors to fund recovery efforts and vowed swift reconstruction.
But its failure to establish the National Reconstruction Authority (NRA) has delayed the start of rebuilding, meaning thousands are still homeless.
Aid workers are now scrambling to deliver emergency supplies before snowfall shuts access altogether to villages like Philim.
"We are closing in on a deadline - we are aware that a day will come soon when we won't be able to go up those trails," said World Food Programme country director Pippa Bradford.
But severe fuel shortages have hamstrung their race against time, with hundreds of trucks carrying petrol and other vital supplies stuck at the border between Nepal and India, the country's main supplier.
Ethnic minority protesters have blocked a major checkpoint for over 10 weeks to demand changes to the nation's new constitution.
Movement of cargo through other checkpoints has also slowed to a crawl, prompting Nepal to accuse India, which has criticised the charter, of enforcing an "unofficial blockade" - a charge New Delhi denies.
"Currently, our fuel supplies amount to less than a quarter of our needs and we are facing a backlog on deliveries," Bradford told AFP.
"It's a tragedy - our winter supplies are sitting in warehouses, they are going to be of no use if we don't get them up the mountains in time." Damaged households have so far received just US$150 in compensation, while the government has promised an additional US$2,000 once the NRA is set up and able to disburse funds.
According to experts, a major reason for the delay is jostling by the ruling UML party and opposition Nepali Congress to see their preferred candidate head the new body.
"The political parties seem more interested in horse-trading on influential positions than in getting on with rebuilding," a frustrated Rensje Teerink, head of the European Union delegation to Nepal, told AFP.
Law minister Agni Prasad Kharel insisted the government planned to set up the NRA "in the next few weeks".
"We have lost a lot of time because the opposition is creating obstacles. We are trying our best to resolve it," Kharel told AFP.
Some frustrated donors, like the Asian Development Bank (ADB), have ignored misgivings and pressed on without waiting for the NRA, which will be charged with overseeing the rebuilding in a country plagued with corruption.
The ADB has decided to go ahead with giving US$90 million of its US$600 million pledge to Nepal's government to rebuild schools, bank country director Kenichi Yokoyama said.
"We would have preferred to work with the NRA so it could monitor the process and speed up decision making," said Yokoyama.
"But there is an urgent need to rebuild the country and we simply cannot wait any longer."
AF
P

Greece reaches deal to unlock further bailout funds

Greece reaches deal to unlock further bailout funds


[ATHENS] Greece announced Friday it had reached a deal with its international creditors on the latest set of reforms needed to receive another tranche of one billion euros in much-needed bailout loans.
"We have reached an agreement for this cycle," the finance minister George Stathakis told reporters after a meeting with the country's quartet of creditors - the European Commission, the European Central Bank, the International Monetary Fund and the EU's bailout fund, the European Stability Mechanism.
This round of funding was contingent on reaching an agreement on the terms of a privatisation fund and the sale of electricity distributor Admie.
The state will take a 51 per cent stake in Admie, while the rest will be sold to private investors and a portion floated on the Athens stock exchange.


The Greek parliament will vote on the bill next Tuesday, as required by law.
Greece in July accepted a three-year, 86-billion-euro (S$131.5-billion) EU bailout that saved it from crashing out of the eurozone, but the deal came with strict conditions.
The beleaguered nation received its first payout in August and second in November, each time pushing through a number of the unpopular reforms under the terms of the release.
AFP

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