Saturday, February 13, 2016

5.8-magnitude quake hits New Zealand city: USGS

5.8-magnitude quake hits New Zealand city: USGS

[WELLINGTON] A 5.8-magnitude earthquake hit the New Zealand city of Christchurch Sunday, seismologists said, sending goods flying off shelves.
GeoNet Science, the official New Zealand earthquake monitoring service, warned of aftershocks following the "severe intensity" quake.
Sirens could be heard going off around the South Island city and at least one building was evacuated, according to media reports.
People posted pictures on social media of a cliff face crumbling into the sea, however emergency services said there were no immediate reports of any structural damage to buildings.
Jenny Krex, the manager of a coffee shop in the seaside suburb of Sumner, told the New Zealand Herald that items broke in her shop.
"Everyone got a big fright, we had everyone running out," she said.
"I made sure everyone was OK, it was quite a big shock. It's crazy out here at the moment." The quake struck a week before the fifth anniversary of a deadly 6.3-tremor in Christchurch, which killed 185 in one of New Zealand's deadliest disasters.
The latest quake was measured at 5.8 by the US Geological Survey at a shallow depth of about eight kilometres (five miles) and centred 17 kilometres west of the city.
"This quake is too small to have caused a tsunami," GeoNet spokeswoman Caroline Little said but added with such tremors "people and animals are alarmed, and many run outside. Walking steadily is difficult... objects fall from walls and shelves." New Zealand is on the boundary of the Australian and Pacific tectonic plates, which form part of the so-called "Ring of Fire", and experiences up to 15,000 tremors a year.
AFP

Intelligent robots threaten millions of jobs

Intelligent robots threaten millions of jobs

[WASHINGTON] Advances in artificial intelligence will soon lead to robots that are capable of nearly everything humans do, threatening tens of millions of jobs in the coming 30 years, experts warned Saturday.
"We are approaching a time when machines will be able to outperform humans at almost any task," said Moshe Vardi, director of the Institute for Information Technology at Rice University in Texas.
"I believe that society needs to confront this question before it is upon us: If machines are capable of doing almost any work humans can do, what will humans do?" he asked at a panel discussion on artificial intelligence at the annual meeting of the American Association for the Advancement of Science.
Mr Vardi said there will always be some need for human work in the future, but robot replacements could drastically change the landscape, with no profession safe, and men and women equally affected.
"Can the global economy adapt to greater than 50 per cent unemployment?" he asked.
Automation and robotization have already revolutionized the industrial sector over the last 40 years, raising productivity but cutting down on employment.
Job creation in manufacturing reached its peak in the United States in 1980 and has been on the decline ever since, accompanied by stagnating wages in the middle class, said Mr Vardi.
Today there are more than 200,000 industrial robots in the country and their number continues to rise.
Today, research is focused on the reasoning abilities of machines, and progress in this realm over the past 20 years has been spectacular, said Vardi.
"And there is every reason to believe the progress in the next 25 years will be equally dramatic," he said.
By his calculation, 10 per cent of jobs related to driving in the United States could disappear due to the rise of driverless cars in the coming 25 years.
According to Bart Selman, professor of computer science at Cornell University, "in the next two or three years, semi-autonomous or autonomous systems will march into our society." He listed self-driving cars and trucks, autonomous drones for surveillance and fully automatic trading systems, along with house robots and other kinds of "intelligence assistance" which make decisions on behalf of humans.
"We will be in sort of symbiosis with those machines and we will start to trust them and work with them," he predicted.
"This is the concern because we don't know the rate of growth of machine intelligence, how clever those machines will become." Will the machines remain understandable for the humans? Will humans will be able to control them? Will they remain a benefit for humans, or pose harms?
These questions and more are being raised anew due to recent advances in robotic technology that allow machines to see and hear, almost like people.
Mr Selman said investment in artificial intelligence in the United States was by far the highest ever in 2015, since the birth of the industry some 50 years ago.
Business giants like Google, Facebook, Microsoft and Tesla, run by billionaire Elon Musk, are at the head of the pack.
Also, the Pentagon has requested 19 billion for developing intelligent weapons systems.
What is concerning about these new technologies is their ability to analyze data and execute complex tasks.
This raises concerns about whether humans might one day lose control of the artificial intelligence they once built, said Selman.
It's a concern that some of the world's great minds have raised too, including British astrophysicist Stephen Hawking, who warned in a BBC interview in 2014 that the consequences could be dire.
"It would take off on its own, and re-design itself at an ever increasing rate," he said.
"Humans, who are limited by slow biological evolution, couldn't compete, and would be superseded," he added.
"The development of full artificial intelligence could spell the end of the human race." These questions have led scientists to call for the establishment of an ethical framework for the development of artificial intelligence, as well as safeguards for security in the years to come.
Last year Musk - the owner of SpaceX - donated 10 million to resolve such concerns, deeming artificial intelligence potentially more dangerous than nuclear weapons.
For Wendel Wallach, an ethicist at Yale University, such dangers require a global response.
He also called for a presidential order declaring that lethal autonomous weapons systems are in violation of international humanitarian law.
"The basic idea is that there is a need for concerted action to keep technology a good servant and not let it become dangerous master."
AFP

US Justice Scalia, conservative icon, dead at 79

US Justice Scalia, conservative icon, dead at 79

[WASHINGTON] Conservative US Supreme Court Justice Antonin Scalia has died, setting up a major political showdown between President Barack Obama and the Republican-controlled Senate over who will replace him just months before a presidential election.
Mr Obama called Scalia a "larger-than-life presence" on the court and said he would nominate a successor. "I plan to fulfill my constitutional responsibility to appoint a successor in due time and there will be plenty of time for me to do so and for the Senate to give that person a fair hearing and timely vote," Mr Obama said in a brief remarks to reporters in California, where he was traveling.
Mr Scalia, 79, died at the Cibolo Creek Ranch resort in West Texas and posthumously received last rites there from a Catholic priest on Saturday afternoon, the Diocese of El Paso said. It was not clear when he died. "On behalf of the court and retired justices, I am saddened to report that our colleague Justice Antonin Scalia has passed away," Chief Justice John Roberts said in a statement on Saturday, calling Mr Scalia an "extraordinary individual and jurist." The Supreme Court lowered its US flag in honor of the dead jurist.
A number of leading Republicans, including Senate Majority Leader Mitch McConnell and Senate Judiciary Committee Chairman Chuck Grassley, opposed Mr Obama's intention to nominate a new justice.
The looming political battle came up at the outset of the Republican presidential debate in South Carolina on Saturday night, when front-runner Donald Trump was asked about replacing Scalia. The state holds its Republican nominating contest on Feb 20. "Justice Scalia was an American hero. We owe it to him, and the nation, for the Senate to ensure that the next president names his replacement," Senator Ted Cruz of Texas, a Republican White House hopeful, said on Twitter earlier on Saturday.
Signaling that Mr Obama would face a stiff battle to win confirmation of a nominee before he leaves the White House next January, Mr McConnell said in a statement that the vacancy on the high court "should not be filled until we have a new president." But Senate Minority Leader Harry Reid, a Democrat, said Obama should send the Senate a nominee "right away." Mr Obama could tilt the balance of the nation's highest court, which now consists of four conservatives and four liberals, if he tries to and is successful in pushing his nominee through the confirmation process. "Unless he (Obama) can find a consensus choice, the next president will pick the replacement for Justice Scalia," said Senator Lindsey Graham, a Republican who also sits on the Senate Judiciary Committee.
Appointed to the top US court in 1986 by President Ronald Reagan, Scalia was known for his strident conservative views and theatrical flair in the courtroom.
Mr Scalia's replacement would be Mr Obama's third appointment to the nine-justice court, which is set to decide its first major abortion case in nearly 10 years as well as key cases on voting rights, affirmative action and immigration.
Waiting for the next president to make a nomination would leave Mr Scalia's seat empty for at least 11 months, an unprecedented gap in recent decades.
Mr Obama's first two appointments to the court, liberals Sonia Sotomayor in 2009 and Elena Kagan in 2010, both experienced relatively smooth confirmation hearings in the Senate, which was then controlled by Democrats.
This nomination will be different, with Republicans now in charge of the Senate and keen to exert their influence over the process. Mr Obama is likely to be forced into picking a moderate with little or no history of advocating for liberal causes.
Other factors the White House is likely to consider is whether to nominate a woman or a member of a minority group, or someone who fits into both categories.
Among those mentioned within legal circles as potential nominees are Sri Srinivasan, an Indian-American judge who has served on the US Court of Appeals for the District of Columbia Circuit since May 2013, and Jacqueline Nguyen, a Vietnamese-American who has been a judge on the San Francisco-based 9th US Circuit Court of Appeals since May 2012.
Paul Watford, a black judge on the 9th U.S. Circuit Court of Appeals who was appointed in May 2012, and Jane Kelly, a white woman and former public defender who has served on the St Louis, Missouri-based 8th US Circuit Court of Appeals since April 2013, also have been touted as possible nominees.
It has been nearly 50 years since political wrangling between a president and Senate pushed a Supreme Court nomination into the next administration.
In 1968, Chief Justice Earl Warren made clear his intention to resign and Democratic President Lyndon Johnson sought to elevate then-Associate Justice Abe Fortas, who had been a close confidant. Senate Republicans fought the nomination, claiming"cronyism," and Mr Johnson withdrew it. The appointment fell to his successor, Republican Richard Nixon.
REUTERS

Roses are red, elbows are blue: Japanese women fight for their Valentines

Roses are red, elbows are blue: Japanese women fight for their Valentines

[TOKYO] Elbowing each other in the stampede to buy Valentine's Day chocolate for the men in their lives, Japanese women brought stores to a standstill Saturday.
In Japan, the menfolk do sweet nothing on February 14 while the women do battle in heaving aisles, loading up on confectionery treats for the object of their desire.
If they are lucky, the guys will reciprocate on White Day in March, when traditionally they give a white gift, from sweets to lingerie.
"My feet hurt, my arms hurt, and my head hurts!" winced Kana Shimizu, clutching two dainty bags of Belgian chocolate that cost more than 10,000 yen (S$125.8) at a plush store in Tokyo's Ginza district.
"This one is for my boyfriend, the other one is for me. I don't want him having all the fun." Having splurged on "honmei" (true love) chocolate, the 27-year-old hair stylist raced off to find somewhere less upmarket to buy "giri" (obligation) treats for her male work colleagues.
"They can make do with cheap chocolate," she laughed. "No, seriously. It's such a pain every year." Entire floors of Japan's cavernous department stores are dedicated to Valentine's Day, showcases brimming with heart-shaped goodies by international chocolatiers.
"I'm here with my wife," said 42-year-old architect Riki Taniguchi. "I've got my eye on the Belgian chocolate but I'm not sure she thinks I deserve it." Valentine's Day first appeared in Japan in the late 1950s as the economy picked up steam after the devastation of World War II and Western products were highly prized as the country acquired a taste for sophistication and luxury.
At the time, a firm called Mary Chocolate advertised February 14 as "the only day of the year a woman professes her love through presenting chocolate" - establishing it as Japan's currency of romance, to the chagrin of florists, jewellers and makers of skimpy lingerie.
Chocolate has been available in Japan since the late 18th century, when Dutch traders - the only Europeans allowed a foothold in an otherwise closed country - gave it to prostitutes as a form of payment.
These days, it seems, almost anything goes and couples can share a bowl of chocolate-drizzled ramen noodles, tuck into McDonald's chocolate fries or even hop into a chocolate hot spring bath courtesy of some of the most bizarre recent marketing gimmicks.
Half of Japan's US$11 billion chocolate business, Asia's biggest, is spent in February, retailers say.
It is not hard to see why: a department store in Osaka recently unveiled a chocolate cake topped with 125 diamonds that will set you back an eye-watering US$125,000.
In Tokyo, chocolates released by British rockers The Rolling Stones decorated with the tongue-flapping Mick Jagger logo, to commemorate the 25th anniversary of their first Japan tour in 1990, were selling out fast.
"I rushed over on my lunch break to buy some, but they had sold out," said 45-year-old fan Mariko Imai. "No satisfaction," she deadpanned.
Proving that, even in Japan, and even on Valentine's Day, you can't always get what you want.
AFP

China underground banks did US$150b in transactions in 2015: regulator

China underground banks did US$150b in transactions in 2015: regulator

[BEIJING] Underground banks in China did more than 1 trillion yuan (S$212.4 billion) in transactions last year and the government will step up efforts to combat the problem this year, state media said on Saturday citing the foreign exchange regulator.
China's economic slowdown and market volatility have sparked a wave of capital outflows running into hundreds of billions this year, triggering alarms for China's foreign exchange management system.
Zhang Shenghui, head of the State Administration of Foreign Exchange's inspection division, told the official Xinhua news agency his department last year had participated in breaking up more than 60 underground banks suspected of doing more than 1 trillion yuan in transactions.
The regulator will also demand that above-board banks increase their oversight of any suspicious activities, and will also look more closely at securities, insurance and third-party payments providers, Mr Zhang added.
Last year, Chinese police, the central bank and the foreign exchange regulator busted the country's biggest-ever underground banking case involving transactions totalling US$64 billion.
REUTER
S

Friday, February 12, 2016

Philippines' San Miguel says no longer selling US$500m banking stake

Philippines' San Miguel says no longer selling US$500m banking stake

[MANILA] San Miguel Corp has decided to keep its US$500 million controlling stake in an unlisted bank, opting to pursue growth in the sector instead of exiting due to lack of presence, the president of the Philippine conglomerate said on Friday.
San Miguel, whose varied interests include power generation, telecommunications and beer, now plans to inject up to 6 billion pesos (S$176 million) in Bank of Commerce, President Ramon Ang said in an interview, after failing to find a buyer. "We are never going to sell," Mr Ang told Reuters. "We can be a minority shareholder if someone can put money in and manage it."
San Miguel has been looking to sell out of banking for at least two years and use the proceeds to expand in oil and gas. It came close in 2013 when talks ended with Malaysian lender CIMB Group Holdings Bhd, and again in October last year with Japan's Mizuho Financial Group Inc.
The conglomerate has pursued aggressive expansion since 2008 in search of revenue, adding such businesses as mining and oil refining to its staple of food and beverage. It is still looking for acquisitions, but will now keep banking in its portfolio.
San Miguel owns about 60 per cent of Bank of Commerce, ranked 17th locally by assets. It aims to grow the lender through its application for a universal banking licence which would allow it to offer investment banking services, Ang said.
Astro del Castillo, managing director of brokerage First Grade Finance, said the challenge for Bank of Commerce is simply to attract more customers, both retail and institutional. "They have to boost their accounts and their lending and that is a lot of work," Mr del Castillo said.
San Miguel plans to sell up to 73 billion pesos worth of preferred shares over three years, partly to fund expansion. It will offer the first 30 billion pesos worth in March, said Chief Financial Officer Ferdinand Constantino at the same interview.
Mr Ang also said talks to partner Australia's Telstra Corp Ltd in Internet services in the Philippines were ongoing, but that San Miguel could launch a service alone this year. "With or without partners we will go ahead," he said.
Telstra late Friday confirmed the ongoing negotiations. "We are still in talks with San Miguel on a potential investment in the Philippines," James Molan, group manager for international communications of Telstra, said in an e-mail.
REUTER
S

China's Baidu receives offer to buy its 80.5% Qiyi stake

China's Baidu receives offer to buy its 80.5% Qiyi stake

[NEW YORK] Baidu Inc, the Chinese Internet search company, said it received an offer from its chief executive officer and the CEO of Qiyi.com Inc, to buy all of its outstanding shares of Qiyi.
Robin Yanhong Li, Baidu chairman and CEO, and Yu Gong of Qiyi offered to buy the 80.5 per cent stake in the video streaming website, which has an enterprise value of US$2.8 billion, according to a statementfrom Baidu Friday.
In 2012, Beijing-based Baidu bought Providence Equity Partners' holdings in the subscription video service, which gave the Chinese search giant a "substantial majority stake." Qiyi has been building out its video content akin to Netflix Inc, working on both unique produced shows as well as distribution agreements with US providers such as Paramount Pictures.
In the second quarter of 2015, Baidu for the first time revealed how much impact Qiyi has on the company. The video service contributed to a 5.1 percentage point adjusted operating margin drag. During the third quarter, Qiyi also reported a loss, reducing Baidu's adjusted operating margins by 5.4 percentage points.
The buyers expect Qiyi to remain a strategic partner of Baidu after the transaction and Baidu has formed a special committee to evaluate the transaction, Baidu said.
BLOOMBERG

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