Wednesday 9 October 2013

Yellen's Challenge: Finding a Safe Exit

"Ben Bernanke took the Federal Reserve's portfolio from $860 billion to $3.8 trillion and has been adding to it by printing $85 billion a month to buy bonds and mortgage securities.
If confirmed by the Senate to succeed him, Janet Yellen will have to figure out when and how to stop increasing that portfolio and, someday, to let it shrink without tanking the Mr. Bernanke wrote the first half of the new monetary-policy textbook. It's called: How to use monetary policy to prevent a Great Depression and avoid deflation after short-term interest rates hit zero.
Ms. Yellen is in line to write the second half. It will be called: How to return monetary policy to something near normal without creating the next financial crisis as elected politicians make a mess out of tax and spending policy".
Source: The Wall Street Journal

Near-Term Debt-Limit Increase Gains Support From Conservatives as White House Meeting Is Set

  According to an article published in the Wall Street Journal of today:
"The partisan logjam that has paralyzed the capital showed signs of easing Wednesday, as conservative Republicans warmed to the idea of a short-term increase in the country's borrowing limit and House GOP leaders prepared for their first meeting with President Barack Obama since the government shutdown began.
Rep. Paul Ryan (R., Wis.), chairman of the House Budget Committee, outlined a plan Wednesday to fellow conservatives to extend the nation's borrowing limit for four to six weeks, paired with a framework for broader deficit-reduction talks, according to lawmakers briefed on the proposal. The greater the spending reduction the talks produced, the longer the next extension of the debt ceiling would be under Mr. Ryan's plan.
Top House Republicans prepared to head to the White House Thursday to discuss the issues underlying the standoff that has resulted in the nine-day partial government shutdown and that now threatens the country's ability to borrow.
The White House said the session isn't a negotiation, in keeping with Mr. Obama's demand that lawmakers raise the debt ceiling and fully reopen the government without conditions before policy talks are held. But the meeting may allow House Republicans to say they had a policy conversation with the president, which they have been saying is a condition of resolving the impasse.                                  Mr. Ryan's proposal for a short-term debt-limit increase drew broad support from conservatives at the Capitol Hill meeting, according to lawmakers who attended. Republicans leaving the closed-door session expressed support for a short-term measure even if it doesn't address the 2010 health-care law. Conservatives' efforts to curtail the law sparked the shutdown".

'Highly significant' study gives hope for anti-Alzheimer's pill

A landmark British study has raised the prospect of a pill that could treat brain diseases such as Alzheimer's  by halting the death of neurons.
The research, performed on sick mice, is at a very early stage and it could be a decade or more before any medicine is developed.
But experts say the results are highly significant, and one predicted future generations would see the findings as a historic turning point.
The Medical Research Council (MRC) team focused on the root cause of many degenerative brain diseases, including Alzheimer's and Parkinson's – abnormally shaped proteins that stick together in clumps and fibres.
When enough misshapen protein builds up in the brain, it can trigger a reaction that results in the death of nerve cells.
Other approaches have sought to stop or limit the accumulation of the abnormal protein, whose structure is folded the wrong way. Instead, the MRC team targeted the harmful way brain cells react to misfolded proteins.
Using a drug injected into the stomachs of mice, they flipped a cellular switch from off to on to prevent neurons dying.
Five weeks after treatment, one group of mice remained free of symptoms such as memory loss, impaired reflexes or limb dragging. They also lived longer than untreated animals with the same disease.
The mice suffered serious side effects, including weight loss and raised blood sugar, and the scientists say human trials are a long way off.
But they also believe the research demonstrates in principle the possibility of developing a pill that can protect the brain from neurodegenerative disease.
The research, reported in the journal Science Translational Medicine, duplicated previous results achieved by the same team by means of genetic engineering.
As in the earlier study, a neurodegenerative disease caused by abnormal prion proteins was induced in the mice. Prion diseases, which include Creutzfeldt-Jakob Disease (CJD), are rare in humans but share the same underlying cause – misfolded proteins – as more common conditions such as Alzheimer's.
Lead scientist Prof Giovanna Mallucci, from the MRC toxicology unit at the University of Leicester, said: "Our previous study predicted this pathway could be a target for treatment to protect brain cells in neurodegenerative disease. So we administered a compound that blocks it to mice with prion disease.
"We were extremely excited when we saw the treatment stop the disease in its tracks and protect brain cells, restoring some normal behaviours and preventing memory loss in the mice.
"We're still a long way from a usable drug for humans – this compound had serious side effects. But the fact we have established that this pathway can be manipulated to protect against brain cell loss, first with genetic tools and now with a compound, means that developing drug treatments targeting this pathway for prion and other neurodegenerative diseases is now a real possibility."
The experimental drug, known as GSK2606414, is made by pharmaceutical company GlaxoSmithKline.
It targets an enzyme called PERK which plays a key role in the response of neurons to the build-up of misfolded proteins in the brain.
As part of a natural defence mechanism, the neurons react by switching off their production of new proteins. Ultimately, this leads to their death.
By blocking PERK, the new drug stops this happening, thereby allowing the cells to survive.
A key property of the compound is its ability to penetrate the "blood brain barrier" - a natural shield that prevents toxic substances entering the brain, but also acts as a major obstacle to drug treatments.
Commenting on the research, Prof Roger Morris, from the department of chemistry at King's College London, said: "This is the first convincing report that a small drug, of the type most conveniently turned into medicines, stops the progressive death of neurons in the brain as found, for instance, in Alzheimer's disease.
"True, this study has been done in mice, not man; and it is prion disease, not Alzheimer's, that has been cured. However, there is considerable evidence that the way neurons die in both diseases is similar; and lessons learned in mice from prion disease have proved accurate guides to attenuate the progress of Alzheimer's disease in patients."
He added: "This finding, I suspect, will be judged by history as a turning point in the search for medicines to control and prevent Alzheimer's disease."
Fellow expert Professor David Allsop, from the University of Lancaster, said: "Inhibiting this pathway has produced some very dramatic and highly encouraging results in mice infected with prion disease.
"The main caveats of the research, however, are that prion disease is very rare in humans, and it is not yet clear if the same approach will be viable for much more common neurodegenerative conditions like Alzheimer's disease and Parkinson's disease.
"More research is needed to determine if this approach is valid for any condition other than prion disease, and also to find ways of getting around these problematic side effects."
Dr Eric Karran, director of research at the charity Alzheimer's Research UK, said: "Targeting a mechanism relevant to a number of neurodegenerative diseases could yield a single drug with wide-reaching benefits, but this compound is still at an early stage.
"It will be important for these findings to be repeated and tested in models of other neurodegenerative diseases, including Alzheimer's disease.
"While Alzheimer's is the most common form of dementia, other diseases that cause dementia are also characterised by the abnormal buildup of proteins in the brain.
"If this process is also working overtime in these conditions too, targeting it could be a promising avenue for investigation.
"However, what is true in animals does not always hold true in people and the ultimate test for this compound will be to see whether it is safe and effective in people with these diseases."
Source: The Guardian

Japanese technologies behind Nobel Prize

Two European researchers have won the 2013 Nobel Prize in Physics, but behind the achievement were Japanese companies' advanced technologies and Japanese researchers' contributions.

Francois Englert of Belgium and Peter Higgs of Britain were awarded the Nobel Prize on Tuesday for uncovering the mystery of why matter has mass.
However, what played a decisive role in winning the prize by providing proof to their theory was the discovery of the so-called Higgs boson particle, in which Japanese companies and researchers have made a huge contribution.
The discovery of the Higgs boson particle took place at the Large Hadron Collider (LHC), where microparticle protons zip at near light-speed around a 27-kilometer underground ring beneath Switzerland and France.
Japan's Furukawa Electric Co. developed superconducting cable that is considered to be the heart of the equipment.
A simulated collision between protons at the LHC creates a condition that can be compared to the time immediately after the birth of the universe, and superconducting magnets covered with a cable made of a copper compound is technology considered to be central to proton acceleration.
Impeccably clean cable was a prerequisite for the creation of powerful magnetic field, but thin cable easily became disconnected in the early stage of development because of oil and other impure substances that attach to it.

Moody's: No direct connection between U.S. debt limit and default

There is no direct connection between the debt limit and a default by the U.S. government, said ratings agency Moody's Investors Services on Monday.
"The U.S. government would continue to pay interest and principal on its debt even in the event that the debt limit is not raised, leaving its credit worthiness intact," Moody's said in a report.
The U.S. federal government has been shut down since Oct. 1, as Republicans and Democrats failed to pass government funding bills for its 2014 fiscal year.
And Oct. 17 is the next crucial deadline, the last day that the U.S. Treasury Department estimates that the federal government is certain to have enough money to pay its bills.
The U.S. government reached its statutory debt limit of 16.7 trillion U.S. dollars in May. Since then, it has been using "extraordinary measures" to raise funds and pay government expenditures. But on Oct. 17, the government will be left with only 30 billion dollars of cash on hand, whereas its daily payments can run up to 60 billion dollars.
Moody's explained that the debt limit restricts government expenditures to the amount of its incoming revenues, and it does not prohibit the government from servicing its debt.
If the borrowing limit is not raised before Oct. 17, the government will have to prioritize among its expenditures.8 "In our view, the government is very likely to prioritize interest payments because of the potentially serious effects a default would have on financial markets in the U.S. and globally," Moody's said in the report.
The ratings agency noted that interest payments on Treasury bonds and notes are due twice a month, on the 15th and the last day of every month. After Oct. 17, the first interest payment date is Oct. 31, when a relatively small 5.9 billion dollars is due.
"Thus, a Treasury bond default is not technically possible until that date (Oct. 31)," Moody's said. "Moreover, given that the amount that needs to be paid is relatively small, a default is also extremely unlikely."
Regarding the lingering government shutdown, Moody's said, "The shutdown prohibits discretionary spending, but not mandatory spending or debt services, such as interest and principal on Treasury securities, which the U.S. government will continue to be able to pay."
Source: Xinhua

Japanese technologies behind Nobel Prize

Two European researchers have won the 2013 Nobel Prize in Physics, but behind the achievement were Japanese companies' advanced technologies and Japanese researchers' contributions.

Francois Englert of Belgium and Peter Higgs of Britain were awarded the Nobel Prize on Tuesday for uncovering the mystery of why matter has mass.
However, what played a decisive role in winning the prize by providing proof to their theory was the discovery of the so-called Higgs boson particle, in which Japanese companies and researchers have made a huge contribution.
The discovery of the Higgs boson particle took place at the Large Hadron Collider (LHC), where microparticle protons zip at near light-speed around a 27-kilometer underground ring beneath Switzerland and France.
Japan's Furukawa Electric Co. developed superconducting cable that is considered to be the heart of the equipment.
A simulated collision between protons at the LHC creates a condition that can be compared to the time immediately after the birth of the universe, and superconducting magnets covered with a cable made of a copper compound is technology considered to be central to proton acceleration.
Impeccably clean cable was a prerequisite for the creation of powerful magnetic field, but thin cable easily became disconnected in the early stage of development because of oil and other impure substances that attach to it.

World media leaders meet to discuss challenges

Leaders from the world's most renowned media organizations on Thursday met in Hangzhou, capital of east China's Zhejiang Province, to discuss the challenges new media faces.
Executive President of the World Media Summit (WMS) and President of the Xinhua News Agency Li Congjun presided over the 2nd presidium meeting of the summit and delivered a key-note speech.
Leaders from Xinhua News Agency, News Corporation, The Associated Press (AP), Reuters, ITAR-TASS News Agency, Kyodo News, British Broadcasting Corporation (BBC), Turner Broadcasting System Inc., Google, AL Jazeera Media Network, The New York Times Company, NBC News, MIH Group, Kasturi&Sons Limited are at the meeting.
Leaders have agreed that the WMS will create global prizes for journalism to recognize outstanding journalists around the world.
The meeting also decided that The New York Times will host the third WMS in 2014, while Al Jazeera will host the fourth summit in 2016.
The first WMS, held in 2009, was co-launched by Xinhua and eight other media organizations including News Corporation, AP, Thomson Reuters, ITAR-TASS, Kyodo News, BBC, Turner Broadcasting System Inc and Google Inc.
The second summit was held in Moscow last year.

Huge potential for China-Thailand cooperation, Chinese ambassador says

The China-Thailand relationship is at a new starting point and blessed with huge potential, Chinese ambassador to Thailand Ning Fukui has said.
Ning told Xinhua in an interview ahead of Chinese Premier Li Keqiang's visit to the Southeast Asian nation that the two countries' comprehensive strategic cooperative partnership, established in April 2012, was on the fast track of development.
"With joint efforts of the two governments and peoples, China-Thailand relations are standing at a new starting point. Their cooperation has huge potential and faces broad prospects," he said.
The ambassador said Thailand had made positive efforts to promote the sound and steady development of bilateral ties and acted as a coordinator between China and the Association of Southeast Asian Nations (ASEAN).
Li is scheduled to arrive in Thailand on Friday for a three-day visit at the invitation of Thai Prime Minister Yingluck Shinawatra. He will meet the Thai royal family and leaders of the government and the parliament for an in-depth exchange of views on bilateral ties and regional and global issues of common concern.
Li will also address the Thai parliament and have extensive contacts with Thai people.
Ning said it is widely acknowledged China and Thailand are one family and their long-standing ties set a fine example of good-neighborly friendship, featuring mutually beneficial cooperation and common development.
"The Thai people's amity with China is sincere and their desire to further expand the friendly ties is strong," the ambassador said.
Noting the two sides have maintained frequent high-level contacts and made remarkable progress in cooperation in a wide range of areas, Ning said further enhancing pragmatic cooperation represents a "strategic vision".
To that end, he put forward a three-point proposal.
First, leaders of the two countries should carry on the fine tradition of frequent high-level contacts, like relatives visiting each other.
Second, both sides should boost win-win cooperation in an all-round manner and further tap the potential to bring their cooperation to fruition.
On this point, China has become the No. 1 destination of Thailand's exports, the second largest source of its imports, and the largest source of foreign visitors to the country, while Thailand is now China's second biggest trading partner in the 10-member ASEAN.
Two-way trade between the two countries is expected to reach 100 billion U.S. dollars by 2015. To attain the goal, China and Thailand have agreed on four key areas of cooperation: railway construction, water management, clean energy and education. They have also inked a number of agreements on technology and maritime cooperation, according to Ning.
The ambassador put particular emphasis on the need to advance pragmatic cooperation in developing Thailand's infrastructure projects such as water management and railway construction.
"It will stimulate the economic growth of the two countries, bring benefits to the people, and contribute to the development of China-ASEAN relations," he said.
Ning's third point was that efforts should be made to deepen people-to-people exchanges, which serve as a bridge to connect the two peoples, enhance their mutual understanding and strengthen their bonds.
Ning called on both countries to step up cooperation in culture, education, tourism and youth exchange programs to ensure the friendship would be handed down from generation to generation.
In the next three to five years, said Ning, China would offer 15,000 government scholarships for students from ASEAN countries and allocate a special fund to promote people-to-people exchange and cement cultural cooperation with other Asian countries.

S. Korean central bank worries about U.S. gov't shutdown

 Bank of Korea (BOK), South Korea's central bank, expressed concerns about shutdown of the U.S. government, saying that uncertainties over the U.S. fiscal crisis would serve as a downside risk factor to the global economy.
"The global economy will sustain its modest recovery going forward, but the heightening of uncertainties surrounding the U.S. government budget bill and debt ceiling increase," the BOK said in a statement after deciding to freeze the policy rate at 2.5 percent.
The BOK noted that global financial market conditions may change in accordance with the Federal Reserve's decision on the tapering of its monthly bond purchases, cautioning that those factors would act as downside risks to growth.
If Congress fails to raise the current debt limit of 16.7 trillion U.S. dollars by the deadline of Oct. 17, the U.S. administration will fall into default on debt for the first time in the country's history.
Market watchers said that concerns over the prolonged U.S. fiscal crisis lowered possibilities for the Fed tapering in October.
Meanwhile, the BOK said that the domestic economy would continue its moderate growth trend given buoyant exports and improving domestic demand. The daily average exports of South Korea reached an all-time high of 2.24 billion dollars last month, brightening outlook for the country's GDP growth in the fourth quarter.

Japan pledges 2 billion dollars in environmental aid

Japan will provide a total of 2 billion dollars in financial assistance over three years starting 2014 to help address environmental pollution in developing countries, Prime Minister Shinzo Abe said Wednesday.

Abe made the pledge in a video message delivered at the opening ceremony of a three-day U.N. meeting being held in the southwestern Japan city of Minamata to discuss measures to prevent mercury pollution.
The meeting is expected to adopt the Minamata Convention to reduce the use of mercury on a global scale at a session to be held in the city of Kumamoto in the same prefecture on Thursday.

Source: NewsOnJapan

Japan:Prototype of combat vehicle unveiled

The Defense Ministry unveiled Wednesday a prototype of an eight-wheel armored combat vehicle at the Ground Systems Research Center of the ministry's Technical Research & Development Institute in Sagamihara.
The Maneuver Combat Vehicle has greater mobility than a tank and is light enough to be transported by air, officials said, adding that the vehicle is suitable for the defense of remote islands and for protecting nuclear and other important facilities.
Source:NewsOnJapan

As U.S. debt deadline nears, Japan nervously sticks with Treasurys

As the world's second-largest holder of Treasurys, Japan has a lot at stake in the American debt ceiling showdown. But the $1.135 trillion investment as of July - behind only China's $1.277 trillion - is seen more as trapping Tokyo in the middle of the fight, rather than giving it any clout to help resolve it.

Japanese officials see no gain in even threatening to sell the American debt - since such a move would only push down the value of the dollar against the yen, undermining one of their key economic policy goals. (A weaker yen makes Japan's exports more competitive, a big factor behind the past year's stock market boom). Treasurys dumping could also end up forcing losses on the Japanese banks that remain large holders of U.S. sovereign debt.
Japanese officials are in constant touch with the Treasury Department, but have no ties with Congress. Perhaps the most effective thing they can do would be to join the growing global chorus of public concern, especially at the upcoming G20 meetings in Washington. That may be openly welcomed by the Treasury as a not-so-subtle way of pressuring Congress to the negotiating table.
"The Treasury probably wants them (other countries) to say things against the Republicans," said one official familiar with financial regulatory issues.
The consensus view among Tokyo policymakers: the next week will be nerve-wracking, but Washington will, in the end, find a way to avoid default.

Source: The Wall Street Journal

In Panasonic's plasma exit, Japan's TV makers come to terms with defeat

Panasonic Corp's move to close its last plasma television factory completes a painful reckoning that has all but killed off Japan's TV industry, once the pride of the country's post-war rise to technological and economic power.

In a golden era that began in the 1970s, the country's TV makers brought cutting-edge yet affordable technology and brand names like Sony, the Trinitron and Panasonic into living rooms across the West, at the expense of U.S. and European rivals.
But after dominating the business for decades, companies like Sony Corp, Sharp Corp and Panasonic have taken less than a decade to slide into deep losses, becoming also-rans to a new breed of nimble, cash-rich rivals like Samsung Electronics.
Osaka-based Panasonic will pull out of the plasma TV business by the end of the financial year to March 2014, sources familiar with the situation told Reuters on Wednesday. The news was first reported by the Nikkei business daily.
The end has come sooner than expected, underlining company president Kazuhiro Tsuga's determination to weed out weak operations as he focuses on higher-margin products to end years of losses at the consumer electronics conglomerate.
All that will remain of Japan's TV manufacturing are three cutting-edge liquid crystal display (LCD) plants, with Sharp's partially owned by foreign players, and a few assembly plants. Storied Japanese brands such as Toshiba Corp and Hitachi Ltd are outsourcing the bulk of their sets to other manufacturers.
Like the U.S. and European companies they defeated in the industry decades ago, the Japanese can chalk up their fate as much to hungry competitors as to their own mistakes.

Source:NewsOnJapan

China's top leaders urge improving rural conditions

Top Chinese leaders have urged improving the working and living conditions in rural areas, citing successes in the eastern province of Zhejiang over the past decade.
Hailing achievements in improving the rural environment in Zhejiang, President Xi Jinping has called for spreading the province's experience nationwide.
Zhejiang, located on China's eastern coast, launched a project in 2003 to renovate houses and living facilities in the countryside, improve rural design and planning, and enhance the rural ecological and human environment.
Xi noted that governments in other areas should tailor measures to cater to their own circumstances rather than simply duplicating Zhejiang's approach.
Premier Li Keqiang has also urged local authorities to show respect for farmers' wishes and carry on traditional culture when devising measures or policies.
China's hundreds of millions of rural citizens expect better living conditions, Li said.
Vice Premier Wang Yang said that efforts should be focused on the disposal of waste and sewage and the building of infrastructure in the countryside.
Financial support will be increased for safeguarding rural residents' security of housing and transportation as well as drinking water safety.

Mazda Motor Corp. to launch remodeled Axela Fuel Efficient on Nov. 21

Mazda Motor Corp. said Wednesday it will launch its fully remodeled Axela in Japan on Nov. 21.

The major automaker will start taking preorders Thursday, it said.
Prices of new Axela models will range from ¥1.71 million to ¥2.98 million. The monthly sales target is set at 3,000 units.
Sedan models of the new Axela include Mazda's first hybrid vehicle.
The hybrid model boasts a fuel efficiency of 30.8 kilometers per liter of gasoline as well as excellent acceleration, the company said.

Ferrari says sales in Japan to rise 30%

Fiat SpA (F)'s Ferrari said sales in Japan will rise by 30 percent this year as Prime Minister Shinzo Abe seeks to lead the country out of 15 years of deflation.

The carmaker said sales will be boosted by an improving Japanese economy, Giuseppe Cattaneo, who heads Ferrari's Far East business including Japan, South Korea, Southeast Asia and Australia, said in an interview in Tokyo. Ferrari, which showcased its 458 Speciale sports car in Japan yesterday, sold 302 cars in Japan last year, according to Maki Kataoka, a Tokyo-based spokeswoman.
Vehicle sales in Japan last month rose the most in 14 months, adding to signs of an improving outlook in the world's third-largest economy. The Bank of Japan last week refrained from adding to unprecedented monetary stimulus after business confidence surged and Abe decided the economy was strong enough to weather a sales-tax increase.

Chinese Premier Li Keqiang: Raises seven-pronged proposal on promoting China-ASEAN cooperation

Chinese Premier Li Keqiang put forward a seven-point proposal on further broadening and deepening cooperation between his country and the Association of Southeast Asian Nations (ASEAN).
The China-ASEAN relations have grown to maturity and the bilateral cooperation has got on the fast track, Li said at the 16th China-ASEAN leaders' meeting in the Bruneian capital.
He pointed out that the basis for advancing cooperation is to strengthen strategic trust and consolidate good-neighborliness, and the key to deepening cooperation is to focus on economic development and expand mutual benefit.
China and the 10-member bloc should seize opportunities and push forward their broad, deep, high-level and all-dimensional cooperation, said the Chinese premier, who also raised a seven-pronged proposal on the framework of bilateral cooperation in the coming 10 years.
First, the two sides should discuss the signing of a treaty on good-neighborliness, friendship and cooperation to provide legal and institutional safeguards for bilateral strategic cooperation to move further forward, he said.
Second, the two sides need to beef up security exchanges and cooperation, he said, adding that they should not only improve the China-ASEAN defense ministers' meeting mechanism but strengthen cooperation in such non-traditional areas as disaster prevention and relief, cyber-security and joint law enforcement.
Third, the two sides should launch negotiations on upgrading their free trade area and strive to bring bilateral trade to 1 trillion U.S. dollars by 2020 so as to allow ASEAN countries to benefit more from regional integration and China's economic growth, he added.
Fourth, China and ASEAN need to speed up the construction of inter-connectivity infrastructure, he proposed, calling for concerted efforts to set up an Asian infrastructure investment bank as a platform for financing intra-ASEAN and regional inter-connectivity projects.
Fifth, the two sides should cooperate to enhance regional financial cooperation and immunity to risks, he said, suggesting that they broaden the scale and scope of their currency swap arrangement and make better use of the China-ASEAN Inter-Bank Association.
Sixth, the two sides should promote maritime cooperation, joining hands to build a 21st-century maritime Silk Road and giving priority to such areas as maritime economy, maritime inter-connectivity and environmental protection, he said.
Seventh, China and ASEAN need to rev up exchanges in culture, technology, environmental protection and other areas so as to consolidate the foundation for bilateral friendly cooperation, added the Chinese premier.
These proposals, said Li, is a policy declaration of a new generation of Chinese leadership on the development of China-ASEAN relations over the next 10 years.
China will continue to work with ASEAN to cement strategic mutual trust, deepen all-dimensional cooperation, achieve common development and open a new chapter in bilateral ties, added the premier.

China, ASEAN vow to achieve bigger in ties in next decade

eaders of China and the Association of the Southeast Asian Nations (ASEAN) agreed here Wednesday to work for greater achievements of the two-way relationship over the next decade.
The pledge was made in a joint statement issued at the 16th China-ASEAN leaders' meeting in Brunei's capital of Bandar Seri Begawan, commemorating the 10th anniversary of the two-way strategic partnership.
In the statement, Chinese Premier Li Keqiang and the ASEAN leaders also vowed to advance, enhance and deepen the ASEAN-China strategic partnership for mutual benefit, safeguard common interests, and "continue to fully and effectively implement the 2011-2015 Plan of Action to Implement the Joint Declaration on the ASEAN-China Strategic Partnership for Peace and Prosperity."
China reaffirms that a united, prosperous and dynamic ASEAN is its strategic interests, and views ASEAN as a priority in its relations with neighboring countries, the document said.
China is committed to consolidating and developing a strategic partnership with ASEAN and resolving differences with relevant ASEAN countries through peaceful means and friendly consultations, it said.
Meanwhile, ASEAN reaffirms that China's development is an important opportunity for this region, and that it supports China's peaceful development, the statement said.
The ASEAN countries reaffirm their adherence to one-China policy, it said.
The statement also reaffirmed further that Declaration on the Conduct of Parties in the South China Sea (DOC) is a milestone document which embodies the collective commitment of ASEAN members and China to promote peace, stability and mutual trust, as well as peaceful settlement of disputes in the South China Sea in accordance with the universally recognized principles of international law, including the 1982 United Nations Convention on the Law of the Sea (1982 UNCLOS).
It welcomed the progress in the implementation of the DOC, the issuance of the ASEAN-China Joint Statement on the 10th Anniversary of the DOC in 2012, the adoption of the Guidelines to implement the DOC in 2011, and the commencement of official consultations on a Code of Conduct in the South China Sea (COC).
The statement appreciated China as the first among ASEAN's dialogue partners to accede to the Treaty of Amity and Cooperation in Southeast Asia (TAC), establish a Strategic Partnership and complete a Free Trade Agreement with ASEAN.
In addition, the document listed concrete steps to advance the China-ASEAN cooperation in political, security, economic, sociocultural, regional and international affairs.
Premier Li arrived here Wednesday, setting in motion his first visit to Southeast Asia since assuming premiership in March.
During his stay in Brunei, aside from attending the 16th China-ASEAN leaders' meeting, he will also join other regional leaders in the 16th ASEAN-China, Japan and South Korea leaders' meeting and the eighth East Asia summit.

Source: Xinhua

China, ASEAN agree to enhance political, security cooperation

 Leaders of China and the Association of Southeast Asian Nations (ASEAN) agreed to strengthen political and security cooperation, so as to enhance mutual trust and maintain peace, stability and prosperity in the region, according to a joint statement issued here on Wednesday.
"Both sides agree to explore ways to continue to deepen political mutual trust and confidence through good neighborliness, friendship and cooperation," the statement said.
China and ASEAN countries reaffirmed their mutual respect for each other's independence, sovereignty and territorial integrity in accordance with international law, and the principle of non-interference in the internal affairs of other states.
Both sides remain committed to resolving disputes peacefully in accordance with international law without resorting to the threat or use of force.
China and ASEAN countries agreed to deepen and support defence exchanges and security cooperation, strengthen communication and coordination.
China is ready to provide development assistance to ASEAN and its relevant institutions to support its community building efforts and both sides agreed to continue to strengthen cooperation in disaster prevention and relief.
China and ASEAN countries emphasized the importance of maintaining peace and stability, respecting maritime security and upholding freedom of navigation, ensuring peaceful resolution of disputes in accordance with international law.
Both sides also agreed to promote trust, build confidence, and encourage concerned parties to prevent incidents at sea if they occur.
The two sides emphasized the importance of adhering to the principles stated in the Declaration on the Conduct of Parties in the South China Sea (DOC) and the Joint Statement on the 10th Anniversary of the DOC.

Source: Xinhua

Japan's readiness to improve ties with China through dialogue, while at the same time checking China on its behavior in regional waters

Japanese Prime Minister Shinzo Abe conveyed to his ASEAN counterparts at a summit in Brunei on Wednesday Japan's readiness to improve ties with China through dialogue, while at the same time checking China on its behavior in regional waters by referring to attempts to change the status quo by force.
In a bid to assuage concern about his government's purported tilt to the right, Abe also addressed moves within his government toward lifting the country's self-imposed ban on exercising the right to collective self-defense and creating a U.S.-style National Security Council, according to Japanese officials.Concern persists within the 10-member Association of Southeast Asian Nations, for which China is the most important single trading partner, over the soured ties between China and Japan that largely stem from their competing territorial claims in the East China Sea.
Abe told the ASEAN leaders that Japan is ready to advance cooperation with China given that the Sino-Japanese relationship is one of the most important for Japan. "The door to dialogue is always open," he was quoted as telling the leaders at the Japan-ASEAN summit.
But he also said he is "very concerned" about territorial and maritime disputes in the South China Sea involving China and some ASEAN countries, such as Vietnam and the Philippines, saying there are "moves aimed at changing the status quo by force," according to the officials.
He noted the need to resolve the disputes in accordance with international law and called on ASEAN countries to maintain unity in handling the matter, pledging Japan's continuing cooperation with the regional grouping over it as a "common problem" for both.

Source:NewsOnJapan

High Tech:One Button to Silence all Distractions

One day, with a bit of luck, someone will invent a device that silences loud-talking office colleagues whenever required, perhaps using a controlling sound device. In the meantime, a Canadian company called CanFocus is seeking funding on Kickstarter for a gadget  prototype : a physical button, 3.5 inches wide, called MyFocus. In its default state, they explain, it sits on your desk and glows green. Press it, and it turns off all your incoming messages – emails, tweets, calls and the rest, on all your devices, mobile and desktop. It also glows red, serving as a highly visible signal to annoying co-workers that you're in "do not disturb" mode and that efforts to engage you in conversation might be met with the terrifying rage of Thor himself.
"Our founder works out of Israel and he has a button in Toronto," Paul Chipperton, of CanFocus,told Mashable. "When he goes on red in Tel Aviv on his smartphone, we can see in the office in Toronto in real time that he's on red and we don't make any effort to contact him." Obviously, you can't force a human to obey the red signal. But you could imagine this working well in a large office where everyone had a button, creating social pressure to respect "do not disturb" time.
If it manages to do what it promises and the prototype  doesn't yet play nicely with Facebook or Gmail, it seems – MyFocus could prove a major development in "conscious computing", . Too often, attitudes towards distraction and loss of focus in the age of the internet fall into two camps: the zealots, who simplydeny thereis any problem, and the sceptics, who think the only option is disconnecting, at least somewhat, from the web. There's much to be said for that second position, but conscious computing offers a third possibility: what if we could harness digital technology to cultivate attention, focus and calm?

Source 
The Guardian

James Dyson Award:Shortlist of 20 new inventions that could change our world

From robotic arms that give people super-human strength to a plastic made of wool: The competition shortlist of 20 new inventions that could change our world

  • 20 ideas created by engineers and designers across the globe have been shortlisted for the James Dyson Award
  • The winner will be announced on November 7 and will receive £30,000. 650 projects were entered by creative scientists from 18 countries
  • The ideas include healthcare solutions, gadgets to make everyday life easier and devices to tackle huge challenges like the provision of clean energy

From incredible devices designed to make humans stronger to clever gadgets that can cut noise pollution and waste from manufacturing processes, engineers have created amazing products designed to make our lives easier.
They are fighting it out to win the James Dyson Award, which recognises ideas large and small that have the potential to solve significant problems.
A total of 20 ideas have been shortlisted and they range from tackling large problems like renewable energy by generating power from waves, to ripening fruit and vegetables at the best time.

A group of U.S. engineers have invented the 'Titan arm' to protect warehouse workers who frequenly lift heavy loads from the risk of arm and back injuries. Their robitic arm is an upper-body exoskeleton that augments human strength and braces the back to prevent poor lifting technique

The winner will be announced on November 7 and will win £30,000.
The engineer will follow in the footsteps of Dan Watson, who won the award last year for his SafetyNet device, which encourages sustainable fishing.
A total of 650 projects were entered by creative scientists from 18 countries.
'Bold ideas big and small can solve significant problems. The entries into this year's award, from young engineers and scientists around the world all show promise, but are only at the start of the long process towards commercialisation,' Sir James Dyson said.

A handful of the engineers set out to solve health-related problems. Karl Price and his team from the University of Waterloo, Canada, have invented a robotic surgery tool to replace manual suturing, saving valuable time in the operating room.
AWARING is a device that indicates a speaker's location using a light and volume. It could help people with hearing impairments who find it difficult to lip read and follow conversation in group situations

A group of U.S. engineers have invented the 'Titan arm' to protect warehouse workers who frequently lift heavy loads from the risk of arm and back injuries.
Their robotic arm is an upper-body exoskeleton that augments human strength and braces the back to prevent poor lifting technique. 
The team said the arm could also be used to help stroke and injury victims rebuild muscle and re-learn fine motor control.

Fruit and veg is best stored and ripened in specific conditions so OLTU uses excess heat produced behind the fridge to power a separate unit that has sections designed to keep different fruit in different conditions to it ripens properly

Another British engineer, Sam Etherington, designed a device called renewable wave power that  absorbs forces from the troughs and peaks of waves from any direction in a bid to make cleaner energy. 
While Britain has 11,073km of coastline and the potential to produce 40-70KWh per metre, the country currently harnesses just 1 per cent of the free resource. But Mr Etherington hopes his invention could change that.

Diabetics use a device that breaks the skin to measure their blood sugar levels but Gluco could change that. It uses a person's smartphone linked to a watch to measure the levels, eliminating the need to break the skin. An insulin pen takes the results from the watch and prepares the appropriate dosage

With an ever increasing population, living spaces are becoming smaller and noisier as sounds from the street encroach on everyday life.
This problem inspired Rudolf Stefanich to create Sono - a device that can be fitted to a window that stops certain annoying noises from passing through the glass into a home.

Source: Sarah Griffiths

              MailOnline          
     

Pakistan Taliban Leader "open to talks" but seeks Islamic State

Pakistan Taliban head Hakimullah Mehsud 'open to talks'

Pakistani Taliban leader Hakimullah Mehsud has told the BBC he is open to "serious talks" with the government but says he has not yet been approached.
In a rare interview, he denied carrying out recent deadly attacks in public places but said he would continue to target "America and its friends".
The chief loosely controls more than 30 militant groups in the tribal areas.
After being elected PM in May, Nawaz Sharif announced he would open unconditional talks with the Taliban.
The group has killed thousands of people in its war against the Pakistani state in recent years.
Asked about the possibility of peace talks with the government, Mehsud said: "We believe in serious talks but the government has taken no steps to approach us. The government needs to sit with us, then we will present our conditions."
They control areas in the north-west and have been blamed for a wave of suicide bombings and other attacks.
He said that for any ceasefire to be credible "it is important that drone strikes are stopped".
The second-in-command of the Pakistani Taliban, or Tehrik-e-Taliban Pakistan, Waliur Rehman, was reportedly killed in a suspected US drone strike in May.
"The government of Pakistan bombs innocent tribal people due to the pressure of America... Drone strikes conducted by Americans were [backed] by Pakistan. Then the Americans pressed Pakistan to start ground operations in these areas, and Pakistan complied.
"So the government is responsible for past failures."
Mehsud has a $5m FBI bounty on his head and is thought to be responsible for the deaths of thousands of people.
"As for explosions which cause damage to the life and property of Muslims, we have denied any link in the past, we deny any link today."
Mehsud added: "We have targeted those who are with the infidels, America, and we will continue to target them."
When asked about the withdrawal of US-led troops from Afghanistan at the end of next year, he said: "America is one of the two reasons we have to conduct a jihad against Pakistan. The other reason is that Pakistan's system is un-Islamic, and we want it replaced with an Islamic system.
"This demand and this desire will continue even after the American withdrawal."
Source: BBC

Graffiti artist Banksy,has suggested he may abandon art galleries.

Graffiti artist Banksy, who recently began a month-long unofficial residency painting the streets of New York, has suggested he may abandon art galleries.
"I started painting on the street because it was the only venue that would give me a show," the British artist told the Village Voice.
"Now I have to keep painting on the street to prove to myself it wasn't a cynical plan," he said.
"Commercial success is a mark of failure for a graffiti artist."
"We're not supposed to be embraced in that way."
In a rare interview with the New York publication conducted via email, the self-styled guerilla artist - whose identity remains a secret - appears to regret his commercial success, which has seen celebrities such as Brad Pitt and Angelina Jolie paying millions of dollars for his artwork.
"Obviously people need to get paid - otherwise you'd only get vandalism made by part-timers and trust-fund kids," said Banksy, who is believed to be former public schoolboy Robin Gunningham.
"But it's complicated, it feels like as soon as you profit from an image you've put on the street, it magically transforms that piece into advertising."
"When graffiti isn't criminal, it loses most of its innocence."
'Pointless'
The premise of his new project is to create a new piece of art on the streets of New York, for each day in October.
Entitled Better Out Than In, the public art show promised "elaborate graffiti, large scale street sculpture, video installations and substandard performance art".
"I know street art can feel increasingly like the marketing wing of an art career, so I wanted to make some art without the price tag attached."
"There is no gallery show or book or film. It's pointless," he said. "Which hopefully means something."

US President Barack Obama has officially nominated Janet Yellen to be next Chairman of the Federal Reserve

US President Barack Obama has officially nominated Federal Reserve vice-chair   the next head of the US central bank.
He called her one of the nation's foremost economists and policy makers.
If the nomination is confirmed by the US Senate, Ms Yellen, 67, would replace Ben Bernanke, who has held the post for eight years.
She has been his deputy for the past two years, and would become the first woman to head the Federal Reserve.

Fed shock decision not to taper QE was 'close call' - minutes

The Federal Reserve's shock decision last month not to reduce its support for the U.S. economy was a "relatively close call" for policymakers, according to minutes of the meeting that also suggested there was still broad support to trim bond-buying this year.

Since last month's meeting, the outlook for scaling back bond purchases has grown cloudier.
The minutes of the Fed's September 17-18 meeting, released on Wednesday, clearly showed top officials were concerned their decision to keep buying $85 billion (53.2 billion pounds) in bonds each month could muddle their messaging with investors who largely expected a reduction.
"For several members, the various considerations made the decision to maintain an unchanged pace of asset purchases at this meeting a relatively close call," the minutes said of the 10 voting FOMC members.
Referring to the broader group of 17 Fed policymakers, the minutes said, "most participants judged that it would likely be appropriate to begin to reduce the pace of the Committee's purchases of longer-term securities this year and to conclude purchases in the middle of 2014."

IMF : Tax Policy Can Help Countries Turn Corner on Debt

Budget tightening over the past few years means that advanced economies have been able to narrow budget deficits by 4 percentage points on average by 2013, to half the level seen at the height of the crisis—with the notable exception of Japan,says the latest edition of the IMF’s Fiscal Monitor.
The report,expects public debt in most advanced economies to stabilize in 2013–14.
At about 110 percent of GDP, the average debt level across advanced economies is still 35 percentage points above its 2007 level, and bringing it down still requires sizable efforts. Although most high-debt countries have now delivered close to two-thirds of the adjustment needed to put their debt ratios on a firm downward path, historical experiences suggest that the main challenge
will be maintaining this fiscal stance for an extended period of time— until debt ratios reach more comfortable levels
While global growth prospects have generally improved, eyes have now turned to the United States where a fiscal showdown has begun to play out, “The government shutdown is bad enough, but failure to raise the debt ceiling would be far worse, and could very seriously damage not only the U.S. economy, but the entire global economy,” has said Christine Legard in a recent speech. “So it is ‘mission-critical’ that this be resolved as soon as possible.”
In addition, the report notes that high debt, an uncertain global environment, weak growth prospects, and a lack of well-defined medium-term adjustment plans in key economies, like the United States and Japan, complicate the task. 
 Fiscal vulnerabilities are on the rise in emerging market economies. Going into the crisis, they were in a much stronger fiscal position than advanced economies. Many of them used their hard-won fiscal space to support domestic demand and mitigate the impact of the global slowdown. But weakening growth prospects and rising borrowing costs are now putting pressure on their budgets.
 All emerging economies that have seen their fiscal space shrink or disappear should start rebuilding their fiscal buffers.
Fiscal vulnerabilities are also a concern in low-income countries due to possible shortfalls in commodity prices and aid. Governments in many of these countries will need to identify alternative sources of revenue and improve the efficiency of their spending.

According to the IMF report, the tax measures adopted since the onset of the crisis do not rank high on the quality spectrum. “Expediency has been to the fore, with policymakers all too often violating the well-established principles that bases should be broadened before rates are raised,” 
There has been some progress in the taxation of the financial sector.
However, the move to effective carbon pricing—which the IMF continues to stress is crucial to addressing climate change—has still hardly begun. And emerging and developing economies continue to rely on large commodity revenue windfalls to expand public spending even though these sources have proven volatile. So, while the scope for collecting more revenue varies widely from country to country, the report concludes that nearly all could and should tax better.

Fairness of tax systems is also under scrutiny, as evidenced by the renewed focus on the complex tax arrangements multinationals use to reduce their tax payments. More generally, tax systems have become less progressive, and inequality has increased over the past decades

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