China underreporting coal consumption for years: experts

A worker unloads coal at a storage site along a railway station in Shenyang, Liaoning province, in this April 13, 2010 file photo. 

PHOTO: REUTERS

NOV 4, 20152:10 PM

[BEIJING] China has been underreporting its coal consumption for years, experts said on Wednesday after reports that official statistics have been revised upwards by hundreds of millions of tonnes a year.

The National Bureau of Statistics raised the figures for coal consumption in previous years by as much as 17 per cent in its most recent yearbook, the New York Times reported.

For 2012 alone the increase was 600 million tonnes, it said - over 70 per cent of the United States' annual coal consumption, and implying that China's annual emissions of greenhouse gas carbon dioxide had been underestimated by more than Germany's total yearly output.

The development comes ahead of a UN climate summit in Paris, which will seek to unite all the world's nations in a single agreement on tackling climate change, but is expected to see difficult negotiations on how the burden should be divided between countries.

The new figures suggest that Chinese emissions have been a significantly larger driver of global warming than previously thought.

The National Bureau of Statistics did not immediately confirm the revisions to AFP, and the figures from its energy statistical yearbook are not available on its website.

But at a coal conference in Beijing, Zhou Fengqi, an advisor to the Natural Resources Defence Council (NRDC), a US environmental campaign group, told AFP: "The new figures are more accurate than before."

The data has depended on incomplete provincial statistics, he said.

"We always felt there was a gap between the National Coal Association's statistics and the National Bureau of Statistics figures. Now the national figures have progressed, and more accurately reflect the situation." Song Guojun, professor of environmental economics at Renmin University, said the adjusted figures were "certainly more reliable".

"Coal is a very common thing in China. At the county level and below, and even at the city level, there were many sources of coal use which did not make it into the official statistics gathering mechanism," he said.

A shift towards more environmentally friendly development is China's "duty and contribution to humanity" as one of the world's largest countries, Premier Li Keqiang said this week during a visit by French President Francois Hollande.

China has pledged that its carbon dioxide emissions will peak by "around 2030".

Yang Fuqiang, senior climate change advisor at the NRDC, said the new coal statistics would not necessarily affect the Paris negotiations, as Beijing's commitment was "only about a peak rather than the total volume of CO2 emissions".

But "there will be more concern about the volume of emissions", he added.

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South Korea Q4 exports seen down around 9 per cent on year: state bank

South Korean exports are likely to fall sharply in the current quarter, a government-run bank specialising in trade financing said on Wednesday, extending a year-long decline that has dragged on growth in Asia's fourth-largest economy. 

PHOTO: REUTERS

NOV 4, 201512:04 PM

[SEOUL] South Korean exports are likely to fall sharply in the current quarter, a government-run bank specialising in trade financing said on Wednesday, extending a year-long decline that has dragged on growth in Asia's fourth-largest economy.

A report by the research arm of the Export-Import Bank of Korea forecast that South Korea's exports would fall by around 9 per cent during the October-December period from a year ago, after a 9.5 per cent decline in the third quarter.

Shipments by the world's seventh-largest exporting country and a bellwether for global demand have collapsed this year, mainly as China's giant economy cools to the slowest pace in decades and as Europe struggles to lift-off.

In the September quarter, South Korean exports posted their worst annual loss in six years and marked the fourth consecutive quarter of year-on-year deterioration in shipments, separate data showed earlier.

The ex-im bank's overseas economic research institute said the forecasts were based on its leading exports indicator, which fell 6.2 per cent this quarter from a year earlier, but rose 3.7 per cent from the September quarter.

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Ringgit extends gains as rally in oil brightens revenue outlook

Malaysia's ringgit strengthened the most in more than a week as Brent crude rallied overnight to above US$50 a barrel, brightening the outlook for Asia's only major net oil exporter. 

PHOTO: REUTERS

NOV 4, 201510:32 AM

[KUALA LUMPUR] Malaysia's ringgit strengthened the most in more than a week as Brent crude rallied overnight to above US$50 a barrel, brightening the outlook for Asia's only major net oil exporter.

The ringgit gained along with other regional currencies on Wednesday as the Standard & Poor's 500 Index of US stocks climbed toward its record reached in May, with the positive sentiment rubbing off on Asian benchmarks. Brent crude has struggled to maintain breaks above US$50 and is still down by more than half from its 2014 peak, helping make Malaysia's currency one of the worst performing this year in emerging markets.

The ringgit strengthened 0.6 per cent to 4.2597 a dollar as of 10:06 am in Kuala Lumpur, the most since Oct 23, according to prices from local banks compiled by Bloomberg before the central bank meets to decide on its overnight policy rate on Thursday and Friday's export data. It gained 0.4 per cent on Tuesday.

"Higher oil prices and positive risk sentiment resulting from higher US equities fueled the ringgit's gains," said Sim Moh Siong, a foreign-exchange strategist at Bank of Singapore Ltd. "I don't think the OPR or export data will significantly drive the currency's direction. " The FTSE Bursa Malaysia KLCI Index of shares rose 0.4 per cent, adding to Tuesday's 0.8 per cent gain. While Brent crude climbed 3.6 per cent overnight to US$50.54, it was last down 0.2 per cent at US$50.46 on Wednesday.

Policy makers will keep the benchmark rate at 3.25 per cent, according to all 20 economists surveyed by Bloomberg, while exports likely increased 3.5 per cent in September from a year earlier, a fourth monthly advance.

Malaysian government bonds due March 2019 climbed, with the yield declining three basis points to 3.61 per cent, prices from Bursa Malaysia show. The 10-year yield rose one basis point to 4.15 per cent. The cost to insure the nation's sovereign debt using five-year credit-default swaps fell nine basis points on Tuesday to 182, the lowest level since Sept 18.

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Impasse at defence meeting over South China Sea: US official

An aerial photo taken through a glass window of a Philippine military plane shows the alleged on-going land reclamation by China on mischief reef in the Spratly Islands in the South China Sea, west of Palawan, Philippines, in this May 11, 2015 file photo. 

PHOTO: REUTERS

NOV 4, 201510:01 AM

[KUALA LUMPUR] South China Sea tensions are threatening to create an impasse at a meeting of Asia-Pacific defence chiefs, with China lobbying to exclude mention of the issue from a joint communique, a US defence official said Wednesday.

Defence ministers from the 10-country Association of Southeast Asian Nations (Asean) and its regional partners are meeting in Kuala Lumpur for annual talks, but the US official said a signing ceremony was now "in doubt".

The meeting takes place on Wednesday with Washington and Beijing locked in a confrontation over China's construction of artificial islets in the disputed sea, and the presence of a US naval ship in the area last week.

China claims virtually all of the South China Sea as its sovereign territory and rejects outside "interference" in its activities there, and the US official said it wanted no mention of them in a final declaration.

"Understandably, a number of Asean countries felt that was inappropriate," the official said, speaking on condition of anonymity.

"It reflects the divide China's reclamation and militarisation in the South China Sea has caused in the region." It was not immediately clear whether the declaration was in jeopardy, or merely the signing ceremony.

The Asean defence chiefs are meeting with US Defence Secretary Ashton Carter, China's Defence Minister Chang Wanquan and their counterparts from Russia, Australia and elsewhere in the region as part of an annual Asean-hosted dialogue.

Last week, a US destroyer sailed within 12 nautical miles of at least one of the land formations China claims in the disputed Spratly Islands.

The US insists it has freedom of navigation in the area.

Mr Carter told Chang in a meeting late Tuesday that the United States would continue to sail its vessels in waters that China claims.

During that bilateral talk, Mr Chang described a "bottom line" below which it would defend the islands.

But the US delegation said this did not appear to be an ultimatum that would deter future US sailings in the contested region.

The South China Sea issue has become a regular sticking point in communiques issued by Asean meetings.

China and its allies in the bloc have in the past opposed any wording directly criticising Beijing over its actions.

But Asean declarations have increasingly made clear the grouping's displeasure as concern grows over China's regional intentions.

AFP

    
 

Pioneer firms honoured at Singapore Golden Jubilee Business Awards ceremony

By

Lee U-Wenleeuwen@sph.com.sg@LeeUwenBT

NOV 4, 201510:15 AM

SINGAPORE companies have come a long way since the 1960s, and it is "imperative" for businesses to remain competitive as the country continues to progress into the next 50 years and beyond.

Singapore Business Federation (SBF) chairman Teo Siong Seng said this on Wednesday morning as 50 major local companies, many of them household names, were honoured at the Singapore Golden Jubilee Business Awards.

They were recognised for their achievements and contributions over the decades. The awards committee comprised the SBF, the Accounting and Corporate Regulatory Authority, and business information service provider DP Information Group.

Among the recipients were Cathay Organisation, OCBC Bank, Keppel Land, Hong Leong Investment Holdings, Boustead Singapore and Yeo Hiap Seng.

The top management of these firms were presented with the awards by Finance Minister Heng Swee Keat at the SBF's Semi-Centennial Leadership Conference.

Although the 50 companies all hail from different sectors, they are good examples of how Singapore has managed to create value and reinvent businesses, said Mr Heng.

"These businesses stayed mindful of domestic and global changes, to ensure that their businesses remained relevant to the needs of their time. We need to continue to embody this pioneering spirit," he added.

    
 

South China Sea tensions scuttle Asia defence chiefs statement: US

An aerial photo taken through a glass window of a Philippine military plane shows the alleged on-going land reclamation by China on mischief reef in the Spratly Islands in the South China Sea, west of Palawan, Philippines, in this May 11, 2015 file photo. 

PHOTO: REUTERS

NOV 4, 201511:07 AM

[KUALA LUMPUR] A meeting of Asia-Pacific defence ministers has scrapped plans for a joint declaration after the Chinese delegation lobbied to block mention of Beijing's island-building activities in the disputed South China Sea, a US defence official said on Wednesday.

"Our understanding is there will be no joint declaration," the official said, speaking on condition of anonymity.

The US official had said earlier that China was opposing mention in a joint statement of its construction of artificial islets capable of hosting military hardware and personnel, moves meant to reinforce its claims to virtually all of the strategic South China Sea. 

Sino-US friction over the issue has spiked since last week, when the guided missile destroyer USS Lassen sailed within 12 nautical miles of at least one of the land formations in the disputed Spratly Islands. 

Washington felt that “in our view, no statement is better than one that avoids the important issue of China’s (land) reclamation and militarisation in the South China Sea,” the US official said on condition of anonymity.

Defence ministers from the 10-country Association of Southeast Asian Nations (Asean) hosted an annual meeting with regional partners including the United States and China on Wednesday morning in Kuala Lumpur. 

Beijing considers any criticism of its disputed claims and the island-building campaign as a challenge to its sovereignty. 

The US official said “a number of Asean countries felt that (it) was inappropriate” to exclude mention of the islands impasse from an official statement. 

“It reflects the divide China’s reclamation and militarisation in the South China Sea has caused in the region,” the official said. 

The US insists it has freedom of navigation in the area but the USS Lassen visit has angered China.  ASEAN defence ministers are meeting with US Defence Secretary Ashton Carter, China’s Defence Minister Chang Wanquan and their counterparts from Russia, Australia and elsewhere in the region.  Mr Carter told Chang in a meeting late Tuesday that the United States would continue to sail its vessels in waters that China claims.

AFP

    
 

Desire for political diversity in Singapore has dropped: IPS post-GE2015 survey

By

Kelly Taykellytay@sph.com.sg@KellyTayBT

The proportion of "pluralist" voters - those who desire more political diversity - dropped sharply in GE2015 as compared to the previous general election, said the Institute of Policy Studies (IPS) on Wednesday. 

ST PHOTO: KUA CHEE SIONG

NOV 4, 201512:28 PM

THE proportion of "pluralist" voters - those who desire more political diversity - dropped sharply in GE2015 as compared to the previous general election, said the Institute of Policy Studies (IPS) on Wednesday.

In addition, the five issues which most influenced how Singaporeans voted in GE2015 were the cost of living, housing affordability, healthcare affordability, meeting retirement needs, and government transparency and accountability.

These findings were gleaned from surveys done by IPS researchers around the GE2015 period. IPS held its "Post-GE Conference" on Wednesday to share its analysis of the performance of the political parties, voter behaviour, and the influence and role of media in shaping the outcome of GE2015.

One of the conclusions made by IPS is that the use of the Internet and social media have not eroded the role of television and print newspapers in shaping voter attitudes.

This is because in shaping voting decisions, TV was seen as the most important communication channel, with newspapers and the Internet coming next, and on a par with each other.

    
 

China sacks Tianjin port chief after blasts: People's Daily

Chairman of Tianjin Port Group Zheng Qingyue is pictured during a news conference after explosions last week at Binhai new district of Tianjin, China, on Aug 19, 2015. 

PHOTO: REUTERS

NOV 4, 201512:39 PM

[SHANGHAI] China has fired the president of Tianjin Port Group and plans to prosecute him for dereliction of duty, state media said on Wednesday, almost three months after huge chemical blasts at the northern port managed by the firm killed more than 160 people.

Anger over safety standards is growing in China, after three decades of swift economic growth marred by incidents from mining disasters to factory fires, and President Xi Jinping has vowed that authorities will learn the lessons paid for with blood.

Zheng Qingyue, who was chairman of the group's listed unit, Tianjin Port Holdings, will also be removed from his positions at the city's international trade and shipping service centres, the Tianjin government said on its website.

It was not possible to reach Mr Zheng for comment.

The People's Daily newspaper, the mouthpiece of the ruling Communist Party, said Zheng, his assistant Li Hongfeng, and the deputy chief of the firm's safety bureau, Zheng Shuguo, would face criminal prosecution for dereliction of duty.

Officials at Tianjin, which is the 10th busiest port in the world, and located not far from the capital, Beijing, had said Zheng was being investigated.

The People's Daily said government investigations found the port operator's management had neglected safety oversight duties, and blamed it for poor regulation of Tianjin Ruihai International Logistics Co Ltd, which had operated illegally and violated safety rules.

Ruihai Logistics owned the warehouse where the explosions took place, and was found to have been handling dangerous chemicals without a licence. Company executives also told state media they made use of their connections to get fire safety and environmental approvals.

On Monday, China's state prosecutor said it had approved the detention of the former head of the work safety regulator, who was removed shortly after the explosions.

REUTERS

    
 

Shift from value-adding to value-creation: Swee Keat

By

Kelly Taykellytay@sph.com.sg@KellyTayBT

Finance Minister Heng Swee Keat 

PHOTO: LIANHE ZAOBAO

NOV 4, 20151:48 PM

SINGAPORE must shift from being a value-adding economy to a value-creating one, said Finance Minister Heng Swee Keat on Wednesday.

This means a greater focus on new possibilities and opportunities, and on innovation and differentiation - such that Singapore can compete on the basis of special capabilities.

Speaking at the Semi-Centennial Leadership Conference organised by the Singapore Business Federation, Mr Heng said Singapore cannot simply produce what the world is producing, and expect to command a premium or sustain its competitive edge.

"We have to produce what the rest of the world is not producing, or at least, not much of. To do so, we have to build deep capabilities and linkages, in our companies, in our industries and in our economy, to create new products and deliver better solutions, in cost-effective, innovative ways," stressed Mr Heng.

This is in contrast to a value-adding economy, which looks at what products, services, or ideas already exist, and then proposes improvements to add incremental value.

    
 

AIIB to start offering loans to foreign countries in Jan: Indonesia finmin

NOV 4, 20152:35 PM

[JAKARTA] Indonesia's finance minister said on Wednesday that the China-backed Asian Infrastructure Investment Bank (AIIB) would start offering loans to foreign countries in January.

Minister Bambang Brodjonegoro told reporters that AIIB was scheduled to start operations in January and the bank was ready to help finance Indonesian infrastructure developments, including in energy and power plants.

Indonesia had said it would contribute US$672.1 million of capital for AIIB in five years, making it the eighth largest shareholder in the bank.

REUTERS