Tuesday, February 2, 2016

Singapore manufacturing conditions worsen for 7th straight month in January

Singapore manufacturing conditions worsen for 7th straight month in January

SINGAPORE'S manufacturing sector contracted for the seventh straight month in January.
The Purchasing Managers' Index (PMI) was at 49.0 in January, down 0.5 from December's figure.
Figures above 50 denote business conditions improving from the previous month, and below 50 a worsening.
The electronics cluster, which takes up a big weightage in the whole manufacturing sector, also slumped for its seventh consecutive month. Its PMI was at 48.5 in January, down 0.4 from December.
The Singapore Institute of Purchasing and Materials Management (SIPMM), which released the figures on Tuesday, attributed the low headline PMI to a decline in new orders, a drop in factory output, and lower employment.
On top of that, new export orders continued to contract since January last year, whereas stocks of finished goods continued to accumulate since April last year.
Inventories, however, expanded for the second consecutive month, with a faster rate of supplier deliveries, but economists cautioned against optimism.
"I think it might be that manufacturers are front-loading production ahead of the Chinese New Year lull period," said OCBC economist Selena Ling.
Singapore's manufacturing PMI data followed recent releases by China and the high-tech bellwethers of South Korea and Taiwan, painting a broader regional trend of weak demand for Asia's manufacturing goods.
China's official PMI fell for the sixth consecutive month to 49.4 in January. South Korea's PMI in January dipped to 49.5 from the previous 50.7.
Taiwan, on the other hand, saw its manufacturing sector expanding for a second consecutive month, at 50.6 in January.

Russian billionaire buys into German online lending startup

Russian billionaire buys into German online lending startup

[BERLIN] Russian billionaire Oleg Boyko's private-equity company bought a stake in Germany's Spotcap as the online lender backed by Rocket Internet SE secured its biggest financing to date.
Spotcapraised 31.5 million euros (S$48 million) from Boyko's Finstar Financial Group and existing investor Holtzbrinck Ventures, chief executive officer Toby Triebel said by phone. Spotcap lends to small and medium-sized companies, offering applicants a loan decision minutes after an algorithm rates their creditworthiness.
Boyko made a fortune as a banker and the steel industry, and had invested in slot machine halls until Russian President Vladimir Putin banned gambling in 2009. Finstar has since invested in ventures including 4finance Holding and its affiliate, micro-loan-ATM operator SMS Finance.
"Spotcap is one of the leaders in the small and medium- sized enterprise lending space," Finstar CEO Nicholas Jordan said by phone. "It's very complementary to some of the things we're doing." Spotcap will use the funds to grow existing offerings in Spain, the Netherlands and Australia, where it lends up to 250,000 Australian dollars, Mr Triebel said. It's also looking at several new markets, he said, declining to be more specific. Spotcap may consider starting in Russia, where Finstar has invested mostly in consumer lending, Mr Triebel said.
Started in 2014, Spotcap employs about 70 people at offices in Berlin, Amsterdam, Madrid and Sidney. Billionaire Len Blavatnik's Access Industries LLC also backs the company.
BLOOMBER
G

Thailand junta pushes Google, Facebook and Line to scrub web of 'objectionable' content

Thailand junta pushes Google, Facebook and Line to scrub web of 'objectionable' content

[BANGKOK] Thailand's junta is ramping up pressure on internet giants Google and Facebook - and the popular messaging app Line - to scrub the country's web of any content it dislikes, officials confirmed on Tuesday.
The military seized power in a 2014 coup and has launched the harshest rights crackdowns in decades, arresting critics, muzzling the media and banning political gatherings or protests.
The Web, in particular social media, has remained one of the few avenues open to Thais to speak out - though not without risks. Prosecutions for lese majeste, so-called computer crimes and sedition have soared with many arrested for online posts.
Junta officials are now seeking face-to-face meetings with major Web companies to try and speed up how quickly they take down objectionable content.
Police Major-General Pisit Paoin, from the junta's committee on mass media reform, said officials would meet with Google, Facebook and Line over the next three months "to ask for their co-operation in dealing with illegal images or clips that affect security and the nation's core institution", a euphemism for the monarchy."There have been tens of thousand of the illegal posts over the past five years", he told AFP.
Officials held the first of their meetings with Google recently. Minutes of that meeting were leaked last week by hackers and later published widely by local media showing Thai officials are pushing for big web companies to agree to takedowns without a court order.
Maj-Gen Pisit said large Web companies have reacted with reluctance over the past five years to previous requests to censor content.
"We have received better response from Google in the US (since the meeting)," he said. "Now we plan on talking with Line and Facebook." Globally, Web firms must comply with local laws and routinely block content within that country if presented with a court order.
But the leaked minutes suggest the Thai junta want a far more lenient standard adopted.
In a statement Line said it "has yet to be contacted by an official entity requesting such censorship" but added that "the privacy of LINE users is our top priority".
"Once we have been officially contacted, we will perform our due diligence towards the related parties and consider an appropriate solution that does not conflict with our company's global standards, nor the laws of Thailand," the statement added.
The Japanese company is by far the most popular social messaging app in Thailand and is even used by many government ministries and police stations to officially brief media.
Last week, a man was arrested for sharing a video allegedly mocking junta leader Prayut Chan-O-Cha with his friends on Line, suggesting the Thai authorities are already monitoring the messenger for content it disapproves of.
Facebook and Google have yet to respond to AFP's requests for comment.
AFP

Microsoft recalls 2.3m power cords sold with Surface Pro tablets

Microsoft recalls 2.3m power cords sold with Surface Pro tablets

[SAN FRANCISCO] The US Consumer Product Safety Commission said Microsoft Corp was recalling about 2.25 million AC power cords, less than a week after Apple Inc said it was recalling AC wall plug adapters due to a shock hazard.
Microsoft has received 56 reports of the AC cords overheating and emitting flames and five reports of electrical shock to consumers, the US. CPSC said on Tuesday.
The recall involves power cords sold with some models of the Microsoft Surface Pro convertible tablet devices before March 15.
Last week, Apple said it was voluntarily recalling AC wall plug adapters designed for use in Argentina, Australia, Brazil, Continental Europe, New Zealand and South Korea.
REUTERS

TED CRUZ SHOCKS TRUMP, SCORES UPSET WIN IN IOWA

TED CRUZ SHOCKS TRUMP, SCORES UPSET WIN IN IOWA

In something of a stunner, Sen. Ted Cruz of Texas defeated his Republican rival real-estate mogul Donald Trump in the Monday-night Iowa presidential caucuses, multiple networks projected.
With 99% of Iowa precincts reporting, both NBC and ABC called the race for Cruz shortly before 10:30 p.m. ET. He was leading with 28% of the vote, compared with 24% for Trump and 23% for Sen. Marco Rubio of Florida.
Other outlets soon followed with their projections.
Cruz gave a victory speech at his campaign's Iowa headquarters shortly after 10:15 p.m. CT.
"God bless the great state of Iowa," he boomed into the microphone to start his speech.
"Iowa has sent notice that the Republican nominee and the next president of the United States will not be chosen by the media," he continued. "Will not be chosen by the Washington establishment. Will not be chosen by the lobbyists. But will be chosen by the most powerful, incredible force ... by we, the people. The American people."
Iowa's Republican Party chair told reporters that more than 180,000 Iowa Republicans turned out to vote, shattering the 2012 record of about 120,000. Cruz set a record for the most Iowa caucus votes received by a single candidate.
Most polls had given Trump the edge heading into the caucuses. The Des Moines Register/Bloomberg poll, conducted by veteran pollster J. Ann Selzer, gave Trump a 5-point lead last weekend.
A humble Trump was gracious to Cruz and the people of Iowa in a concession speech.
"I think I might come here and buy a farm," he said toward the end of his speech.
Despite condemnation from high-profile state officials like Gov. Terry Branstad, Cruz managed to eke out a victory on the back of one of the strongest campaign infrastructures in the Hawkeye State.
The senator stopped in all of the state's 99 counties. He reportedly had more than 5,000 volunteers, many of whom contacted Iowa voters at a rate far higher than any of his competitors.
Early returns provided Cruz with a relatively comfortable lead for most of the night. Cruz had previously surged to a lead over Trump in the first-caucus state, but he appeared to dip behind when he and Trump began viciously attacking each other on the campaign trail.
Cruz faces a tougher road in New Hampshire, which holds the nation's first primaries next Tuesday. Trump has held a dominating lead in most public polls of the Granite State.
But for at least one night, Cruz could declare victory, which he proclaimed was a "testament" to the themes of his campaign.
"Tonight, Iowa has proclaimed to the world that morning is coming," he said. "Morning is coming."

Hillary Clinton edges out Bernie Sanders to win Iowa caucuses

Hillary Clinton edges out Bernie Sanders to win Iowa caucuses

Bernie SandersREUTERS/Rick Wilking
Hillary Clinton slightly edged out Bernie Sanders to win the Iowa caucuses, according to a statement from the Iowa Democratic Party early Tuesday morning.
The final results were "the closest in Iowa Democratic caucus history," the IDP statement said.
Neither Clinton nor Sanders declared victory in Iowa on Monday night, but both hailed their caucus performances as successes.
Both the former secretary of state and the US senator from Vermont delivered fiery speeches as results continued to show them in a dead heat.
By 11:30 p.m. CT, Clinton had 49.8% of the vote and Sanders had 49.6%, according to the IDP.
During her speech, Clinton said she was "breathing a big sigh of relief," and she shouted, "Thank you Iowa!" as she addressed a crowd of supporters about an hour earlier.
Sanders spoke afterward and said that "while the results are still not complete," it looked like a "virtual tie."
"What Iowa has begun tonight is a political revolution," he said.
The Democratic race plunged into further chaos early Tuesday morning, when the Sanders campaign told reporters, according to multiple reports, that the Iowa Democratic Party informed both campaigns that results from about 90 of the state's more than 1,600 precincts were "missing."
Both candidates addressed their opponent during their speeches.
"I want to take this opportunity to congratulate Secretary Clinton and her organization for waging a very vigorous campaign," Sanders said.
He opened his speech on a victorious note, to thunderous applause and loud cheers, that remembered the large deficit at which he began the race.
"Nine months ago, we came to this beautiful state, we had no political organization. We had no money. We had no name recognition, and we were taking on the most powerful political organization in the United States of America," he said, in a reference to Clinton.
Throughout his remarks, he blasted "billionaires" who "buy elections" and noted that small donations had propelled his campaign.
"I am overwhelmed and I am moved by the fact that millions of people throughout this country have helped volunteer on our campaign, that we have received in this campaign 3.5 million individual contributions," Sanders said.
"People who went to BernieSanders.com, and you know what the average contribution was: It was $27!" he thundered.
Hillary ClintonREUTERS/Adrees Latif
By contrast, Clinton has relied more on larger donations.
"We do not represent the interests of the billionaire class or Wall Street … and I am very proud to tell you that we are the only candidate on the Democratic side without a super PAC," Sanders continued. "And the reason that we have done so well here in Iowa, the reason I believe we are going to do so well in New Hampshire … The reason is the American people are saying no to a rigged economy."
As Sanders was speaking, he was interrupted several times by cheers, and at one point the crowd started shouting his name, drowning out his speech.
Clinton's event was more subdued. But it, too, had a victorious tone, as Clinton fired up the crowd with a passionate speech about the race ahead.
She congratulated her "esteemed friends and opponents" and said she was "excited about really getting into the debate with Sen. Sanders about the best way forward to fight for us and America."
"It is rare that we have the opportunity that we do now," Clinton said. "To have a real contest of ideas. To really think hard about what the Democratic Party stands for and what we want the future of our country to look like if we do our part to build it."
She then called herself a "progressive" who "gets things done for people."
Clinton listed a litany of issues she wanted to tackle as president: universal healthcare coverage, climate change, clean energy, education for disadvantaged children, college affordability, gun control, women's rights, gay rights, and voting rights.
The third Democratic presidential candidate, former Gov. Martin O'Malley of Maryland,dropped out of the race earlier in the evening.
CNN Washington correspondent Jeff Zeleny said on air that Monday night's outcome "ensures that this race is going to go on for months and months."

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