Monday, October 5, 2015

With free trade deal, Obama solidifies US pivot to Asia

With free trade deal, Obama solidifies US pivot to Asia

[WASHINGTON] The conclusion of an oft-delayed free trade agreement with Asia-Pacific nations is timely for Barack Obama, as it embodies the American president's earlier commitment: a pivot towards the globe's most populous continent.
With dithering in the Middle East and in particular Syria triggering an avalanche of criticism, Mr Obama can claim a genuine diplomatic success fewer than 16 months before the end of his presidency, provided that he can overcome the obstacle known as the US Congress.
The centerpiece of his foreign policy, the rebalance or "pivot" to Asia popularised by Hillary Clinton when she served as secretary of state, is intended to devote more diplomatic, security and economic resources and attention to the continent after a decade monopolised by Middle East crises and costly wars in Afghanistan and Iraq.
Monday's agreement "strengthens our strategic relationships with our partners and allies in a region that will be vital to the 21st century," Mr Obama said.
China notably is not party to the Trans-Pacific Partnership (TPP), which brings together 12 countries representing some 40 percent of the global economy.
When he arrived in the White House nearly seven years ago, Obama showed his intent to chart a new course.
"As America's first Pacific president, I promise you that this Pacific nation will strengthen and sustain our leadership in this vitally important part of the world," Mr Obama said in Tokyo in November 2009 as he kicked off his first tour to Asia.
"The future of the United States and Asia is inextricably linked," he insisted at the time, as he announced Washington's intent to "strengthen old alliances and build new partnerships" in the region.
For Douglas Paal, of the Carnegie Endowment for International Peace, the trade pact sealed in Atlanta, Georgia provides "real new energy" to the rebalancing and boosts "the narrative for US engagement" in Asia.
In previous decades one could argue that Washington was merely "continuing its post-World War II military engagement" in the region, whereas now the United States is strengthening its diplomatic efforts to reach the high water mark of the 1990s, said Mr Paal, a former diplomat.
Ten days after Chinese President Xi Jinping visited Washington, where tense undercurrents marked his trip, Mr Obama was careful to emphasise the need Monday for a regional counterweight against Beijing.
"When more than 95 per cent of our potential customers live outside our borders, we can't let countries like China write the rules of the global economy," Mr Obama stressed.
The remark has obvious domestic political reach.
The president knows that getting Congress - controlled by Republicans who are loathe to hand Mr Obama a clear victory - to back him on the trade deal will not be easy, and he intends to capitalise on the strong anti-Beijing suspicion that prevails on Capitol Hill in order to sway opponents.
The Democratic president faces stiff resistance within his own camp from some lawmakers who fear the accord could lead to US job losses. Republicans are traditionally more supportive of free trade, but this year there is disunity on the issue within their caucus.
According to a law passed in June, Congress will have the ability to vote up or down on the accord, but not the chance to amend it.
The process will take months, and the White House has refused to provide a timeline.
For Paal, if TPP is indeed "a message to Beijing" that the United States intends to solidify its influential role in Asia, it should not be interpreted as one of exclusion.
"If China is successful in bringing its economic reforms to completion - that's a big hypothetical - in two, three or maybe five years, they themselves will want to be part of TPP," Mr Paal said, adding that China could view it as a powerful growth engine at a time the Asian giant's economy is flagging.
The 12 nations that have reached agreement on the TPP after seven years of negotiations are: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
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China wins first Nobel in medicine

China wins first Nobel in medicine

Updated: 2015-10-05 23:06

By SHAN JUANand CHENG YINGQI in Beijing and HEZI JIANG in New York(China Daily)

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China wins first Nobel in medicine
Hans Forssberg (front L), a member of the Karolinska Institute Nobel committee, talks to the media in front of a screen showing the 2015 Nobel laureates in medicine at the Karolinska Institute in Stockholm October 5, 2015. William Campbell, Satoshi Omura and Youyou Tu jointly won the 2015 Nobel Prize for medicine for their work against parasitic diseases, the award-giving body said on Monday. Irish-born Campbell and Japanese Omura won half of the prize for discovering a new drug, avermectin, that has helped the battle against river blindness and lymphatic filariasis, as well as showing effectiveness against other parasitic diseases. The Chinese scientist Youyou Tu was awarded the other half of the prize for discovering artemisinin, a drug that has significantly reduced the mortality rates for patients suffering from malaria. [Photo/Agencies]
China has its first Nobel Prize in Medicine. And 84-year-old TuYouyou said she was not surprised to get it.
"I learned about it from the TV news,”she told Qianjiang Evening News on Monday evening. "A little unexpected, but also not quite surprised. This is not my personal achievement, but an award to all Chinese scientists. We worked on this together for decades, so the prize shouldn’t be a surprise."
Half of the 2015 Nobel Prize in Physiology or Medicine went to Tu for developing a drug that fights malaria, and the other half was awarded to to William Campbell of Ireland and Satoshi Omura of Japan for discovering therapies against infections caused by roundworm parasites. The winners will share an award of $960,000.
Tudiscovered Artemisinin, a drug that has significantly reduced the death rate of malaria patients, and saved millions of lives across the globe, especially in the developing world, the Nobel Assembly at Karolinska Institute, which awards the Nobel Prize in physiology or medicine, said on Monday.
The Assembly said that discoveries that help fight parasitic diseases are crucial because those diseases "affect the world's poorest populations and represent a huge barrier to improving human health”.
Tu, born in 1930 in Ningbo, China, has been aa pharmacologist at the China Academy of Traditional Chinese Medicine since 1965, now known as the China Academy of Chinese Medical Sciences.
In the 1960s, the main treatments for malaria were chloroquine and quinine, but they were proving increasingly ineffective. In 1969, Tu started to chair a government project aimed at eradicating malaria. She and her colleagues experimented with 380 extracts in 2,000 candidate recipes before they finally succeeded in obtaining the pure substance Qinghaosu, later known as Artemisinin, which became the standard regimen for malaria in the World Health Organization's catalog of essential medicines.
Juleen R. Zierath, chairman of the Nobel Committee for Physiology or Medicine, told Xinhua that Tu's "inspiration from traditional Chinese medicine" was important.
"But what was really critical was that TuYouyou identified the active agent in that plant extract," said Zierath, adding "there was a lot of modern chemistry, bio-chemistry attached to this to bring forward this new drug."
In 2011, Tu was awarded the LaskerDeBakey Clinical Medical Research Award, popularly known as "America's Nobels”, and many expected Tu to win the Nobel that year.
"More than 40 years after her findings the prize finally came,"said Cao Hongxin, the head of the science and technology department of the State Administration of Traditional Chinese Medicine, and a former director of the China Academy of Traditional Chinese Medicine.
"It's an overdue honor for Tu and the world's recognition of Traditional Chinese Medicine.Now we have Tu winning the first Nobel Prize in Physiology or Medicine; We should be more confident that Chinese scientists will make more high-level breakthroughs in the future," he said

Rolls-Royce cuts 400 marine jobs as oil hits offshore-ship sales

Rolls-Royce cuts 400 marine jobs as oil hits offshore-ship sales

[LONDON] Rolls-Royce Holdings said it will cut another 400 jobs at its marine-engines arm as the oil-price decline continues to weigh on demand for the specialist offshore vessels that the business helps power.
The cutbacks will save 40 million pounds (S$87.05 million) a year, with incremental benefits from 2016 onwards, the London-based company said in a statement Monday. Most of the early savings will be invested in increased research and development, the company said. Profit and revenue guidance for the marine unit remains unchanged, according to Rolls-Royce, which is cutting more than 3,000 jobs across its entire business.
The cuts announced on Monday follow the elimination of 600 factory posts at the division announced in May, mostly focused on Norway, where Rolls-Royce's marine manufacturing operations are based. Rolls-Royce is slimming down the marine unit from a workforce of 5,800 as chief executive officer Warren East undertakes a review of the group's operations after taking over in July. Some investors have urged it to focus solely on the aerospace business, where it has a stronger market position.
"Our order book and profitability have been adversely impacted by the sharp and subsequently prolonged drop in the price of oil," Mikael Makinen, president of Rolls-Royce Marine, said in the statement. "This is a fundamentally strong business, but we have to take decisive action to position it for future growth, with a structure that is simple, efficient and effective." The marine arm includes ship design, propulsion systems and other sub-systems for the ship industry. Rolls suffered a setback in expanding the unit when plans to merge it with Finland's Waertsilae Oyj fell through in 2014.
Last year, underlying revenue at the division was about 1.7 billion pounds, 59 per cent connected with offshore oil and gas, according to the company. Shipbuilders linked to the sector, including Norway's Vard Holdings and Ulstein Holding AS, have reported sharply declining demand.
The cost of the job cuts was anticipated in the financial guidance that Rolls provided in July, which included a restructuring charge of as much as 30 million pounds. Of that, 20 million pounds will be charged this year and the rest in 2016, the company said Monday.
Rolls rose 2.6 per cent to close at 704.50 pence on Friday in London, giving the company a market value of 12.9 billion pounds. The stock has fallen 18 per cent this year.
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