Tuesday, July 30, 2013

Cabinet Orders Audit of Government Debt

China?s State Council has ordered an audit of all government debt, according to Reuters, a sign that policymakers are concerned with rising debt at the provincial and municipal level amid a slowdown in economic growth:

The audit office, responsible for overseeing state finances, made the announcement in a one-sentence item on its website, but gave no details on the audit.

The official People?s Daily newspaper said separately on its website, citing unidentified sources, that an urgent order for the audit was issued on Friday and work will start this week.

The audit could indicate increased official concern over the systemic risk from rising debt levels in?China, especially debt of local governments, as top leaders slow economic growth in order to promote reform. [Source]

China?s National Audit Office published a report last month detailing an increase in borrowings at local governments since 2010, much of which can be attributed to spending on infrastructure and other development projects to drive growth. Economists worry that some of the most debt-burdened local governments, such as Jiangsu province, may pose a risk to the broader financial system in China. And as The Wall Street Journal reported today, ballooning debt levels limit the options of economic officials as they look to address sluggish growth this year:

China?s gross domestic product growth slowed to 7.5% year-to-year in the second quarter of 2013 from 7.7% in the first quarter, and many economists expect it to slow further in the second half. One option for the government to prevent a sharper slide is to ratchet up public spending.

But high debt means there is a limit to the government?s ability to act. China?s central government debt is low?14.4% of GDP in 2012, according to the International Monetary Fund. Concern centers on rapid growth in borrowing by local governments.

In response to the 2008 financial crisis, many circumvented rules preventing them from taking on debt by setting up investment vehicles to borrow, funding a wave of infrastructure investment. The People?s Daily article said the audit will move quickly into China?s provinces. [Source]

The South China Morning Post?s Daniel Ren wrote today that the audit signals the willingness of Li Keqiang and other top leaders to identify problems with the economy and even endure short-term pain to rebalance it:

?The new cabinet is resolute in ascertaining the risks facing the Chinese economy,? said a Beijing-based source with knowledge of the government?s thinking. ?To a certain extent, the government wants to expose the problems caused by the former leaders.? [Source]

Source: http://chinadigitaltimes.net/2013/07/cabinet-orders-audit-of-government-debt/

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Tuesday, July 16, 2013

Samsung ATIV Book 9 Lite launching on July 28th for $800

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Last month, Samsung gave us a look at two new ATIV Book 9 Ultrabooks, both of which will replace the company's famed Series 9 lineup. While the ATIV Book 9 Plus, with its QHD+ display and brand-new Haswell chip, may be a tad more exciting than the Book 9 Lite with its unspecified quad-core processor, it's the latter machine that's getting US pricing info today. At the end of the month, Samsung will offer the Book 9 Lite for $800. That relatively affordable sum gets you a 13.3-inch, 1,366 x 768 capacitive touchscreen, 128 gigs of SSD storage, AMD Radeon graphics and up to 5.5 hours of battery life.

In our brief hands-on time, we found both the Plus and Lite models to be comfortable; the main differences are the Plus' superior processor, higher-res display and slightly sleeker design. While both machines seem like solid options, we'd be remiss not to mention that the Plus will likely get a US launch date of its own very soon -- and its higher-end specs could make it worth the wait. If you're already set on the ATIV Book 9 Lite, though, you can get your pre-order on now at Samsung's site, or look for the machine in stores starting on July 28th.

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Source: http://www.engadget.com/2013/07/15/samsung-ativ-book-9-lite-launch-july-28th/?utm_medium=feed&utm_source=Feed_Classic&utm_campaign=Engadget

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Sunday, June 30, 2013

'Glee' Cast Shakeup: 5 Original Cast Members Out

By Jethro Nededog

LOS ANGELES (TheWrap.com) - Fox's "Glee" is saying goodbye to several fan favorites.

Original cast members Dianna Agron, Heather Morris, Mark Salling, Amber Riley and Harry Shum, Jr. won't be returning as series regulars next season, though they may make guest appearances, individuals close to the production confirmed to TheWrap.

A representative for show producers, 20th Century Fox Television, declined to comment.

All five actors started with the musical series back in 2009. On the last season, "Glee" saw some big changes as new students joined and several characters moved on to their lives after McKinley High. The series was partially set in New York City to accommodate new storylines for stars Lea Michele and Chris Colfer.

Quinn (Agron), Puck (Salling), Mercedes (Riley) and Mike (Shum) graduated on Season 3. Heather (Morris) graduated this past season and the undercover brainiac accepted an offer to attend M.I.T. in Cambridge, Mass.

In April, Fox granted an early renewal to the Ryan Murphy production for an additional two seasons.

While the series still performs well on the network and reached cult status among viewers very quickly, its viewership has flagged some over its run. At its height during Season 2, "Glee" averaged 10.11 million viewers per episode versus Season 4's 8.26 million.

TVLine was the first to report the cast changes.

Source: http://news.yahoo.com/glee-cast-shakeup-5-original-cast-members-000027686.html

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Saturday, June 29, 2013

See Sarah Michelle Gellar?s Son Rocky James!

The 9-month-old showed off his serious game face while hitching a ride on mom Sarah Michelle Gellar's hip on Wednesday in Los Angeles, Calif.

Source: http://feeds.celebritybabies.com/~r/celebrity-babies/~3/SmA1dZaB8RM/

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Egypt's security clampdown disrupts Gaza smuggling

RAFAH, Gaza Strip (AP) ? An Egyptian security crackdown has severely disrupted smuggling to the neighboring Gaza Strip, causing a fuel shortage, doubling the price of building materials and shutting down some construction sites in the Hamas-ruled territory.

Egypt's military clamped down on the lawless Sinai Peninsula, which abuts Gaza, in the run-up to mass protests planned for Sunday by Egyptian opposition activists trying to force out the country's president, Mohammed Morsi.

It's not clear if the Sinai lockdown is temporary or signals a tougher security regime aimed at restricting smuggling through tunnels running under the Egypt-Gaza border in the long term. That would have a devastating effect on Gaza, which has relied on smugglers since Israel imposed a border blockade following the rise to power of the Islamic militant group Hamas in 2006.

The Sinai campaign began this month when Egypt's military sent troop reinforcements and set up dozens of roadblocks across the sparsely populated stretch of desert that runs from the Suez Canal to the Gaza border. As a result, Egyptian trucks carrying cement, steel rods, fuel and other goods could no longer reach the Gaza tunnels.

"Nothing can get to the (tunnel) area," said Abu Khaled, 44, a tunnel operator in Gaza. "We are like a dry lake now. ... We all pray that this will end soon."

Gaza has only small reserves of cement, steel and other materials for private construction. With few exceptions, Israel bans such goods for fear Hamas will divert them for military use.

In response to the Sinai clampdown, the price of cement has doubled to $220 per ton, forcing some of the more than 200 private construction sites in the territory to shut down, contractors said. A shortage of cheap Egyptian fuel is forcing Gaza motorists to buy more expensive Israeli imports.

For now, Gaza's Hamas government is keeping silent.

Hamas and Morsi's Freedom and Justice Party share the same roots in the region-wide Muslim Brotherhood, and Hamas leaders appear reluctant to add to Morsi's troubles by complaining publicly about the disruption of smuggling.

The Egyptian military is known to be wary of Morsi's close ties to Hamas, viewing it as a threat to Egypt's public security. The military is bound to play a pivotal role in the current showdown between Morsi and his opponents, with both camps trying to ensure its support. Hamas would undermine Morsi by demanding an end to the Sinai crackdown now.

Mahmoud Zahar, a Hamas leader in Gaza, said the movement is aware of Morsi's domestic problems. "We are waiting until the administration (will) be more solid and stable" before raising demands for a new border regime, he said.

A collapse of the Morsi government would deal a major setback to the Brotherhood, including Hamas.

The Arab Spring uprisings of 2011 swept the Brotherhood to power in Egypt, Tunisia and Libya, easing Hamas' political isolation in the region. Hamas, which has killed hundreds of Israelis in suicide bombings and other attacks, has long been shunned by Israel and the West as a terrorist organization. Morsi's Western-backed predecessor, Hosni Mubarak, had joined Israel in enforcing the Gaza border blockade ? though he turned a blind eye to the tunnels because of the Egyptian public's sympathy for the Palestinians.

Hamas' hopes of normalization on the Gaza-Egypt border following Morsi's inauguration a year ago have not materialized. An Egyptian-brokered cease-fire ending eight days of fighting between Israel and Hamas last November called for new border arrangements, but nothing has changed so far.

The land crossing between Egypt and Gaza is not equipped to handle cargo, and opening the border to trade would have violated previous international agreements, a risky step Morsi did not want to take early on in his presidency. Instead, he eased passenger travel slightly and allowed limited construction materials ? those intended for large Qatar-funded projects in Gaza ? to be transported above ground.

As a result, Gaza continued to rely on tunnels, mainly for cement, gravel, iron rods and fuel. Most consumer goods have been shipped through an Israeli cargo crossing since Israel eased its border restrictions three years ago.

In normal times, about 70 tunnels are active ? most for cargo, but some also for travelers evading Egyptian border controls. Tents or in some cases houses cover the openings on the Gaza side of the 14-kilometer (nine-mile) border. Hamas levies customs on smuggled imports and has turned the tunnel zone into a closed bonded area, with a line of checkpoints searching cargo trucks.

During a visit this week, the tunnel zone ? normally humming with the sound of generators and the rumbling of trucks ? was quiet. Only a few trucks loaded goods that had crossed the Sinai before the clampdown.

Egyptian military officials said the immediate target of the Sinai campaign is to keep out militants who might sneak into Egypt through the tunnels to spread chaos. Egyptian authorities never had a strong presence in the remote peninsula, but the last vestiges of law and order broke down after the 2011 uprising.

Militants have stepped up attacks in the Sinai, including last year, when 16 Egyptian soldiers were killed near Gaza. In addition, Bedouin tribal gangs are involved in smuggling and other criminal activities.

Egyptian security officials met with their Hamas counterparts at the start of the current security campaign. They are working together to minimize any threat at a time when Morsi is facing the most serious challenge to his rule, said officials from both sides who spoke on condition of anonymity because they were not authorized to discuss their talks with reporters.

Egyptian officials, however, said the reason they are virtually sealing off the Sinai is that Hamas is not doing enough.

Gazans are used to frequent shortages, and those involved in cross-border trade expressed hope the current crisis would blow over quickly.

"Everyone here and in Egypt is waiting to see what will happen (after Sunday), and we all pray for the good," said Nimr Rabah, a Gaza contractor who had to shut down two of his sites.

Abu Khaled, who imports gravel, expressed understanding for Egypt's security concerns, but said the closure is hurting a lot of people. He said 18 families on both sides of the border depend on his tunnel for their livelihood.

Truck driver Abu Tawfik, who transports cement from the tunnels to construction sites, said he has been idle for the past week. As a result, construction work is also slowing down, hurting one of the pillars of Gaza's shaky economy.

The construction industry has recovered slightly since the height of Israel's border blockade, employing about 20,000 people.

Nabil Abu Muaileq, chairman of the contractors' union, said there are more than 200 private construction projects, including homes and apartment buildings, in addition to projects by the Gaza government and international aid groups.

Rabah, the contractor, said the cement shortage forced him to stop work several days ago on a home and an apartment building. "We were told by the tunnel dealers they were unable to secure what we need due to the security arrangements" in Egypt, he said.

An Egyptian intelligence official said the crackdown on smuggling likely will continue, if perhaps not at the current level, even if Egypt's current political crisis is resolved.

The official, who spoke on condition of anonymity because he was not authorized to brief reporters on internal deliberations, said any decision to shut down the tunnels completely would have to come not from the military, but from Morsi.

____

Associated Press writers Karin Laub and Mohammed Daraghmeh in Gaza City contributed reporting.

Source: http://news.yahoo.com/egypts-security-clampdown-disrupts-gaza-smuggling-062538735.html

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Not All Immigrants Agree On Offering Others 'A Path to Citizenship ...

If Congress overhauls immigration laws, undocumented immigrants may be offered a path to citizenship. But not everyone agrees with that, and some of those in the opposition are immigrants themselves. From the public radio collaboration Fronteras Desk, reporter Jude Joffe-Block has one family?s story from Arizona.

It is likely that the immigration reform bill that will be taken up later this year in the House of Representatives will offer undocumented immigrants a path to citizenship. But not everyone agrees with that part of the bill and it is certain to face tough opposition. And some of those against the path to citizenship are immigrants themselves. Their views can be influenced by how they came to America. From the public radio collaboration Fronteras Desk, reporter Jude Joffe-Block has one family?s story from Arizona.

On a recent evening in Tempe, Arizona, Alex Khazanovich plays the piano with his 24-year-old son, Mark. The elder Khazanovich learned to play the piano as a child in the former Soviet Union. There wasn?t much on TV there. ?In the old country we only had two channels on the TV and they didn?t show anything worthwhile,? he says.

But life was difficult under Soviet rule for Jewish families like his. When he was a teenager, Alex Khazanovich headed to Canada with his parents. Then, an engineering job brought him to the US, and his young family, including his son Mark, settled here in Arizona the 1990s.

?I think the United States is a country that is much more free and conducive for people to exercise their individuality and freedom of expression,? says Alex Khazanovich, now 50 years old with a full beard. He became a US citizen after a long process. So now, when he?s asked about immigration reform, he?s concerned that the bill the Senate is set to approve soon includes a path to citizenship for people who came illegally.

?It is just wrong to disregard when people do something that is against the law,? says Khazanovich. He says his philosophy is rooted in his intense patriotism for his adopted country. ?One of the reasons we always saw America as the bastion of freedom because of our belief that our laws are fair and that they are fairly applied to everyone,? he says.

And his son Mark, who became a US citizen as a teenager, agrees: ?I think it would marginalize the experiences of the hundreds of thousands if not millions of people who have immigrated to this country legally, including my family.?

His father adds: ?We definitely don?t want to throw people out who are living here, but we do not want to reward those who figure they will bypass the process that is in place.?

Both men say that instead of a path to citizenship, immigrants in the country without papers should get legal permanent residency. It?s a fair compromise, they argue.

?If I was living in a terrible country, I would much rather have the option of living in America and not vote, then not live in America. I think that side is not often made,? says the younger Khazanovich.

But he adds that his position is not always easy to articulate. ?People are quick to assume that if someone doesn?t support this bill, then, you know, they are labeled as racist or bigots, or things like that,? he says.

Mark Khazanovich also says that he doesn?t want to risk being misunderstood. ?For, me it is not an issue of a person?s ethnicity or race, but it is just the principle,? he says. ?It wouldn?t matter to me what country they are illegally trying to immigrate from. I don?t believe in illegal immigration.?

And yet, the Khaznovichs say they don?t see a place for themselves in the most visible grassroots efforts that oppose illegal immigration. Those groups, they say, tend to be more hostile to unauthorized immigrants than they are comfortable with.

?A lot of them talk about exclusion and deportation and all those things and I think there are a number of reasons why that is not a good option,? says Alex Khazanovich. ?We have neighbors and friends, who I don?t ask them about their immigration status, but I don?t want to see them being deported.?

His son adds: ?I think these groups, obviously they care about this issue, but I feel like they are more on the extreme side. And I think that there?s a middle ground that is not only compassionate but is fair and, you know, a more realistic approach.?

As the debate over immigration reform continues, it?s still unclear whether this middle position the Khazanovichs agree with will emerge.

Source: http://www.theworld.org/2013/06/not-all-immigrants-agree-on-offering-others-a-path-to-citizenship/

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