Tuesday, September 15, 2015

Hyflux secures waste-to-energy project from Singapore's NEA

Hyflux secures waste-to-energy project from Singapore's NEA

HYFLUX, together with its consortium partner Mitsubishi Heavy Industries (MHI), has been named the preferred bidder by Singapore's National Environment Agency (NEA) to develop a waste-to-energy (WTE) plant in Tuas under a Design-Build-Own-Operate scheme and to provide waste treatment services exclusively to NEA for a period of 25 years.
The project, valued at an estimated S$750 million, is expected to be completed by 2019. Hyflux and MHI will respectively hold 75 per cent and 25 per cent stakes in the project company. Hyflux will undertake engineering, procurement and construction works worth S$636 million while MHI will provide the technology. In addition, Hyflux and MHI will jointly manage, operate and maintain the WTE plant over the concession period.
The new WTE plant, Singapore's sixth, will be able to process 3,600 tonnes of waste per day and generate 120MW of clean and renewable electricity. It will have one of the best land utilisation factors in terms of incineration capacity per unit floor area and will also be one of the world's most efficient in terms of energy recovery per unit waste incinerated.
The WTE plant will be situated on a 4.8-hectare site next to the Tuaspring Integrated Water and Power Project, a seawater reverse osmosis desalination plant with a designed capacity of 318,500 cubic metres per day and a co-located combined-cycle gas turbine power plant of 411MW that was also developed by Hyflux.

China cracks down on 'illegal' stock trading accounts

China cracks down on 'illegal' stock trading accounts

[SHANGHAI] China said it is cracking down on thousands of stock accounts linked to illegal trading, in its latest bid to restore order to markets pummelled by a rout that has wiped trillions off valuations in the country since June.
The China Securities Regulatory Commission (CSRC) has so far targeted 3,255 accounts, shutting some and forcing others to trade through legal channels, it said in a statement late Monday.
The violations included investors failing to register real names on their accounts, and using platforms that facilitated margin trading outside regulators' oversight, it said.
Margin trading allows investors to use borrowed funds to trade stocks with only a small portion of money as deposit.
China's benchmark Shanghai stock index has plummeted around 40 percent since hitting a June 12 peak, prompting leaders to launch an unprecedented rescue package including the buying of equities by government-backed entities.
The regulatory crackdown began in July and the CSRC still has to check more than 2,000 accounts holding nearly 188 billion yuan (S$40.6 billion) worth of shares, according to the statement.
Chinese stocks fell on Monday and Tuesday owing to news of the crackdown, analysts said, though the CSRC played down the impact.
"It will not have an obvious impact on the market," it claimed.
The CSRC earlier this month fined three companies a combined 453 million yuan for conducting "illegal securities business", which has been blamed for volatility on the plunging markets.
Police have detained Wang Xiaolu, a journalist with the respected business magazine Caijing, after he wrote a story in July saying the regulator was studying plans for government funds to exit the market.
Authorities have also detained an official from the CSRC and four senior executives of Citic Securities, the country's biggest brokerage by assets, for "stock market violations", the official news agency Xinhua reported last month.
The CSRC and police earlier announced a joint campaign against what authorities call "malicious" short-selling, essentially a bet stock prices will go lower.
AFP

Australian businesses wants political merry-go-round to stop

Australian businesses wants political merry-go-round to stop

[CANBERRA] The well-oiled revolving door of Australian politics, which has cycled through five leaders in as many years, is earning the nation a reputation for instability which, according to at least one government lawmaker, is starting to resemble Italy.
The comparison is made tongue-in-cheek because Canberra is still much kinder to prime ministers than Rome over the longer term, but Australia's business community is not laughing. "In terms of business confidence, what we do need is stability," James Fazzino, chief executive of fertiliser and industrial explosives maker Incitec Pivot Ltd, said on Tuesday, after the nation awoke to yet another prime minister.
Australia's new leader, Malcolm Turnbull, ousted first-term prime minister Tony Abbott on Monday night after months of dismal poll numbers for the government and a string of troubling economic indicators.
Mr Turnbull, a former investment banker, corporate lawyer and tech entrepreneur, is popular with the business community, but persistent leadership turmoil raises the risk that fortune will finally desert the so-called Lucky Country.
The economy has notched up 24 straight years of growth, a record bettered only by the Dutch among developed nations.
Australia has not suffered a recession since 1991, but growth has slowed well below potential. A once-in-a-lifetime mining investment boom has ended and other industries have been unwilling to pick up the slack.
"We are mindful that the global economy has faced numerous challenges during this period but we have long argued that confidence is structurally weaker due to the lack of strong national leadership, little focus on much-needed reform to boost long-run growth, and the lack of a clear economic narrative,"said Su-Lin Ong, a senior economist at RBC Capital markets.
Business confidence got a big boost when Mr Abbott was elected on a promise of "no surprises" government but a deeply unpopular first budget quickly eroded that. Business has also endured a series of policy U-turns by successive governments on issues including mining taxes, clean energy investment, paid parental leave, defence spending and an emissions trading scheme.
SQUANDERED FORTUNE?
Economic growth slowed to just 2.0 per cent in the second quarter, well below the longer-term average of 3.0-3.25 per cent, and unemployment has crept to 6.3 per cent, around decade highs.
Australia's economy still outpaces many rich nations but many argue that the nation of 24 million people risks squandering its good fortune, given its rich mineral wealth, strong population gains and proximity to fast-growing Asia.
Investment bank Goldman Sachs sees a one-in-three chance of a recession over the coming year, citing a contraction in some key indicators such as real net national disposable income.
Low labour productivity, bureaucracy, a lack of economic reform and weak political leadership have angered business and been blamed for contributing to a hollowing-out of manufacturing and cost blowouts on major projects.
Chevron's US$54 billion Gorgon liquefied natural gas (LNG) project in Western Australia is tens of billions of dollars over budget and two years behind schedule as it battles red tape and trade unions.
In contrast, an Exxon Mobil-led LNG project in nearby Papua New Guinea, one of the world's least developed countries, came in largely on budget and ahead of schedule.
Mr Abbott supported the coal industry, which was welcomed by resource companies, but his relatively reluctant stance on renewable energy and his opposition to "visually awful" wind farms contributed to uncertainty for clean energy investments.
Mr Turnbull highlighted economic mismanagement as one of the primary reasons that Abbott had to be replaced.
Mr Abbott's unpopular treasurer, Joe Hockey, is expected to be dropped in a cabinet shake-up this week, with welfare minister Scott Morrison seen as a strong favourite to replace him.
"Australia is already in a fairly precarious position," said Annette Beacher, chief Asia-Pacific macro strategist at TD Securities. "We're not seeing businesses commit to five and 10-year expenditure plans and not knowing who is running the country is really not helping."
REUTERS

Thailand's reluctant leader prolongs his grip on power

Thailand's reluctant leader prolongs his grip on power

[BANGKOK] He repeatedly presents himself as a reluctant leader, and yet Thailand's Prime Minister Prayuth Chan-ocha is now on track to become his country's his country's longest-ruling strongman since the 1970s.
Mr Prayuth seized power in May 2014 to, as he put it, rescue his turmoil-racked nation and "return happiness to the people".
But the scuttling of a draft constitution this month has prolonged military rule and cast further doubts on the former army chief's professed allergy to high office.
It could also erode rather than consolidate Mr Prayuth's power, say experts, as public discontent grows with a junta that has curbed basic freedoms and failed to energise the economy.
Mr Prayuth, who arrives in New York this week to speak at the UN General Assembly, toppled the remnants of Prime Minister Yingluck Shinawatra's elected government weeks after a court removed her. The coup halted months of often violent street protests.
He imposed martial law, cowed political opponents and set about mending what he called "a flawed democratic system".
Martial law was replaced in April by a sweeping security clause that politicians, scholars and human rights monitors said granted Prayuth unchecked power.
Criticism also greeted the decision by a junta-appointed council to vote down the draft constitution. Writing a new one, and putting it to a national referendum, will delay a general election until mid-2017 at the earliest, or about a year after the junta initially promised. "I'm not happy that I got more time. It's more hard work," Mr Prayuth told reporters last week.
Yet if he holds power until even late 2016, Mr Prayuth will have outlasted every Thai military ruler since Field Marshal Thanom Kittikachorn, who was prime minister for almost a decade until ousted by a popular uprising in 1973.
Mr Prayuth has comparatively low levels of corruption to thank for his government retaining some "limited legitimacy", said Thitinan Pongsudhirak, a political analyst at Bangkok's Chulalongkorn University. "As long as corruption remains manageable, Mr Prayuth will have some leeway, especially if the economy chugs along," he said.
"SMART ENOUGH"
Mr Prayuth, 61, is often portrayed as a buffoon or a tyrant, thanks in part to public gaffes and threats that aides attribute to his abstruse sense of humour.
At one news conference, he vowed to "execute"anti-government journalists. At another, he likened Thai democracy to a wrongly buttoned-up shirt - and then, by way of illustration, began unbuttoning his own.
But even political opponents say Mr Prayuth is smarter than he is often portrayed, although they question his ability to bring lasting peace and prosperity to a divided and economically fragile country.
"A lot of people ... say he's a bumbling fool. But he's not. He's smart enough," said Suranand Vejjajiva, Yingluck's former chief of staff. "But does he have the world view or the perspective to run the country? I doubt it."
Mr Prayuth was born in Korat, in northeast Thailand, where his father was an army colonel. He attended Chulachomklao Royal Military Academy, Thailand's answer to Westpoint or Sandhurst.
As a young platoon leader, he formed a lifelong bond with two soldiers who today tower over Thai politics: General Prawit Wongsuwan and General Anupong Paochinda.
Together with Mr Prayuth, then a deputy regional commander, they helped oust Yingluck's brother Thaksin in an earlier coup in 2006.
Today, Mr Prawit is Thailand's deputy prime minister and Anupong its interior minister. "They know the way each other thinks," said Major General Werachon Sukhondhapatipak, a government spokesman.
Every New Year, the three men gather at Mr Prawit's house and usually celebrate by dressing as cowboys, said Werachon.
HOT HEADS AND HOLY WATER
An ardent royalist, Mr Prayuth sees himself as a protector of the monarchy as the long reign of Bhumibol Adulyadej, Thailand's much-loved but ailing king, enters its twilight.
His junta has slapped royal critics with record jail sentences of up to 60 years under draconian lese majeste laws.
Mr Prayuth is superstitious, revealing last year he had doused himself in holy water to stop "people putting curses on me". He is also famously hot-headed. "He speaks his mind, he's sincere," said spokesman Werachon."He can be temperamental, of course ... But when it comes to a crisis, he's the one who is most composed."
Mr Prayuth shows little sign of mellowing. Last week, he defended the decision to detain two opposition politicians at a military base for so-called "attitude adjustment". "I'm not their father, but if your children disobey your orders, would you allow it?" said Mr Prayuth, who also threatened to deal with his critics by putting a plaster on their mouths.
REUTER
S

Monday, September 14, 2015

Australia's ousted leader Abbott slams 'revolving door' of PMs

Australia's ousted leader Abbott slams 'revolving door' of PMs

[CANBERRA] Australian Prime Minister Tony Abbott hit out on Tuesday at the vicious nature of modern politics saying a "revolving door" for leaders was not good for the country.
Speaking after losing the top job to challenger Malcolm Turnbull in a Liberal Party vote, Mr Abbott said: "Poll-driven panic has produced a revolving door prime ministership, which can't be good for our country".
"The nature of politics has changed in the past decade. We have more polls and more commentary than ever before, mostly sour, bitter character assassination," Mr Abbott told reporters at Parliament House in Canberra.
"And a febrile media culture has developed that rewards treachery," he said after becoming the latest in a line of prime ministers to lose their jobs in party coups.
Mr Abbott, who came to power in a general election victory in 2013, told the media it should "refuse to print self-serving claims that the person making them won't put his or her name to".
"Refuse to connive and dishonour by acting as the assassin's knife."
His administration, particularly this year, has been marked by numerous leaks to various media organisations about policies and leadership rumours.
Mr Abbott pledged to make the leadership transition "as easy as I can" in what could be seen as a dig at the former Labour government, which was riven by in-fighting.
"There will be no wrecking, no undermining, and no sniping. I've never leaked or backgrounded against anyone. And I certainly won't start now," the 57-year-old said.
"Our country deserves better than that. I want our government and our country to succeed."
Mr Abbott survived a first leadership challenge in February.
He had lost the 2010 national election to Labour's Julia Gillard, who had ousted her own leader, Kevin Rudd, in a ruthless takeover.
She was similarly knifed by Rudd ahead of the 2013 election.
Mr Abbott expressed pride at his Liberal-National coalition's two years in power, highlighting the removal of Labour's mining and carbon taxes, free-trade pacts with China, Japan and Korea, national security response to terrorism threats and the stopping of asylum-seeker boats as some of the policy successes.
AFP

Australia to swear in new prime minister Turnbull

Australia to swear in new prime minister Turnbull 

[CANBERRA] Multi-millionaire former banker Malcolm Turnbull is to be sworn in as Prime Minister of Australia on Tuesday, just hours after masterminding a coup against conservative leader Tony Abbott and pledging a new style of leadership.
Mr Turnbull will be the country's fourth prime minister in just over two years, part of a recent Australian political tradition of swiftly removing failing leaders.
"This is the most exciting time to be an Australian," an upbeat Mr Turnbull told reporters in the capital Canberra.
"This is a turn of events I did not expect, I have to tell you, but it's one that I'm privileged to undertake, and one that I'm certainly up to." After being sworn in by the Queen's representative in Australia, Governor-General Peter Cosgrove, Mr Turnbull is expected to hold his first cabinet session.
He has pledged to run a consultative government, in contrast to Abbott's divisive rule, and showcase a smarter style of leadership in a complex world.
"My firm belief is that to be a successful leader in 2015, perhaps at any time, you have to be able to bring people with you by respecting their intelligence in the manner you explain things," he said Monday. "We need advocacy, not slogans." Mr Abbott has not addressed the media since his sudden, late night toppling by his long-time Liberal Party colleague and rival, who served as communications minister before making the challenge.
The outgoing leader won power in a general election victory in September 2013 but his first budget, with its harsh cuts to health and education, proved highly unpopular.
He survived a leadership challenge in February after poor polling and a serious of gaffes ignited a backbench revolt.
But since then Mr Abbott has failed to turn around the polls, bolster the economy or stop damaging internal leaks and lost the support of the majority of his party.
Mr Turnbull said Monday as he announced his move that without change at the top, the conservative coalition government was doomed to lose power in elections expected to be held within a year.
"The prime minister has not been capable of providing the economic leadership our nation needs," he declared.
The new leader, with strong support from influential foreign minister Julie Bishop who the party re-elected deputy leader with a strong 70-30 vote in her favour, is expected to shake up the cabinet this week.
He is thought likely to sweep out traditional conservatives and bring in younger blood and more women.
After his 54-44 victory late Monday, Mr Turnbull, whose successful career also included stints as a barrister and an entrepreneur, ruled out an early national election to cement his leadership.
Mr Turnbull - who was ousted by Mr Abbott as Liberal Party leader in 2009 over his support of the previous Labor government's carbon emissions trading scheme - also said there would be no change to Australia's climate policy.
With its heavy use of coal-fired power and relatively small population of 23 million, Australia is considered one of the world's worst per capita greenhouse gas polluters.
Its targets for reducing emissions over the next 15 years by 2030 have been criticised as well below the level required by the government's own advisory body, the Climate Change Authority.
Nick Economou, senior lecturer in politics at Monash University in Melbourne, said it was too early to say whether Turnbull would be able to charm the electorate and turn around the government's political fortunes.
"A lot depends on the economic argument he intends to make," he said.
"I think there is a real danger for Turnbull here because... the problem in the Australian economy is the mining boom is over, government expenditure is outstripping revenue raising and he will face the same problem that Tony Abbott faced." Australian media splashed the dramatic news with headlines to match.
"Smiling assassin" said Sydney's Daily Telegraph beneath a picture of a beaming Turnbull.
The Australian front-paged "Turnbull's triumph" while The Sydney Morning Herald ran with "The Coup".
The Australian Financial Review warned the Liberal Party was ripping itself apart "amid scenes of carnage".
AFP

Malaysia closes schools as Indonesia smoke haze worsens

Malaysia closes schools as Indonesia smoke haze worsens

[KUALA LUMPUR] Malaysian authorities on Tuesday ordered school closures in Kuala Lumpur and neighbouring states as worsening haze from Indonesian forest and agricultural fires enveloped the capital in a smoky grey shroud.
Air quality in Malaysia and Singapore has steadily deteriorated over the past two weeks due to the smog from nearby regions of Indonesia, which on Monday declared a state of emergency in a particularly hard-hit province.
Malaysia's education ministry ordered schools closed in Kuala Lumpur, three adjacent states and the nearby administrative capital of Putrajaya, where air pollution indices were in the upper range of "unhealthy" and nearing "very unhealthy".
More than half of the country's 52 monitoring stations registered "unhealthy" air on Tuesday.
Smog-belching fires are an annual problem during the dry season in Indonesia, where vast tracts of land are cleared on the huge islands of Sumatra and Borneo using illegal slash-and-burn methods.
Indonesia has declared a state of emergency in Sumatra's Riau province.
Tens of thousands of people in smoke-choked regions of Sumatra and Borneo have fallen ill, while air travel there - as well as in parts of Malaysia - has been hit by sporadic flight delays or cancellations due to poor visibility.
Malaysian authorities in several areas have distributed free face masks, while the marine and aviation sectors have been advised to go on high alert due to the worsening visibility.
Authorities advised people with respiratory conditions to wear face masks outdoors and for all citizens to limit unnecessary outdoor activity.
Indonesia has come under pressure to control the annual smog outbreaks but joint regional efforts have failed to find a lasting solution.
AFP

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