Friday 25 October 2013

Dutch artist Daan Roosegaarde. Digitalarti Interview by Laureent Catala


Walls of “intelligent” aluminum flowers, digital plants that light up and react to passers-by, “wired” clothing… The works of Dutch artist Dan Roosegaarde convey a strange synergy between technology and humanity, with a backdrop of organic architectural poetry. Interview with the creator.
Daan, your tactile and high-tech projects initiate interesting encounters between the city, nature and people—in particular the Dune series, which you first developed in the Maastunnel, an underground passage outside Rotterdam. This installation of digital “plants” reacting luminously to sounds and passers-by is very representative of your work, as it delicately mixes digital elements with organic references. This idea of interactivity in public space can also be found in your work Interactive Landscape. What is it about this approach that interests you? How has it been influenced by your background, your taste in architecture, and more precisely architectural design?
I’ll go back to when I was 16 years old and still in high school. Our class went on a field trip to visit the Netherlands Architecture Institute (NAi), which was presenting a big exhibition of incredible wooden models made by Arata Isozaki. I was completely fascinated. It was at this moment that I understood that I wanted to “make things”, to be somehow in touch with the world. My first interest was in concepts of scale and space, in particular the relationship between the body and its immediate environment. A few years later, I became interested in time and the calculations that go with it. That’s when I started working on concepts of interactivity.
In 2008, I went to Japan to meet the curators of YCAM (Yamaguchi Center for Arts and Media) regarding our interactive piece Liquid Space 6.0. As soon as I got out of the taxi and saw the museum, I recognized the building as one of Isozaki’s models. So we invited him to the opening, and he came. I have a photo of Isozaki and me at the heart of Liquid Space, talking about how architecture can create a link with the public in terms of real-time experience. He was passionate about the subject, which evidently stimulated his always sharp thinking. For me, this conversation was like coming full circle.
That said, before that decisive visit to NAi, I always loved buildings and making things. I grew up in Holland, surrounded by dams and water. Some of these dams were especially steep, and my sister and I had fun putting wheels on cabinets and racing down the slopes. When I think about it, it was pretty dangerous. We couldn’t really brake; we could have broken our necks. But like all children, we were fascinated by the wild side of nature around us. We made our own improvised equipment, like pulling a cable across the swamps. Already at that age, I thought about how I could adapt to my environment.
Today, it’s true that technology plays big a role in my work. In my studio with my team, we spend a lot of time developing all this. But at the same time, we don’t just put on a display of machines and computers. We try to use technology to personalize or socialize a space. The question is how to marry nature and technology? I’m always asking myself how we can improve this analogue world, with the idea that it can be an extension of what we are. For me, the key is to reinvent, to “update” reality—in short, to make it more human.
But beyond this idea of updating reality, most of your pieces, such as Dune, function as a series, with versions that evolve over time. It’s as if code becomes your DNA, inspiring works-in-progress with a touch of poetry, for example Lotus, the organic and reactive wall strewn with “intelligent” aluminum flowers…
Yes, I would say that most of my works function as sequences of interactive stories. I have this wish that art will go on forever. That’s the main reason why I’ve been using technology since I was old enough to open a can of food, and that the viewer is a direct element of the artistic identity of my work.
Dune was directly inspired by a trip I made to Morocco when I was in my twenties. I was watching the horizon line of the desert. At first sight, everything seemed completely static. But I finally noticed that this line was constantly interrupted by moving silhouettes of nomads crossing the landscape. The hot air of the desert totally blurred the silhouettes, producing a curious effect in form. This fascinated me, and I always wondered how this would render in our urban environment, in a city such as Shanghai, for example. How could we blend this natural tactile sensation of objects with technology in futuristic landscapes that would remain emotionally connected to us? My idea is to reconciliate this interactivity and this poetry with our senses. So I thought of pieces such as Dune and Lotus as possible future “landscapes”.
Another important point about the idea of a series is that you don’t just cut and paste the same piece when you rework it for a new exhibition venue. I’d say it’s more like “copy-morph”. It’s also a way of learning from our previous shows, from the different interactions with the visitors. This feeds our updates. So if we show Dune in Shanghai, the interactive experience will be slightly different from the previous one in Hong Kong, for example. I believe it’s these little details that create a real interaction with the public.
Nature and technology have a lot in common. However they evolve, the components of these two entities live and die. That’s why I like to re-situate elements of nature using new approaches, both futuristic and organic. This sort of “new nature” is at the heart of my work. It’s a form of techno-poetry.
In many of your works, movement seems to be at the heart of the interactivity: viewers moving around the work as in Flow 5.0 (which was included in the Imagine exhibition this spring at Stedelijk Museum Den Bosch); or the work itself moving, as in the series Liquid Space, where the piece physically interacts, growing, shrinking or lighting up like a kind of choreographed robotic ballet…
The concept is the same—to update our senses by reconnecting them with nature. We need this “new grammar”, because the general rhythm of our lives is affected daily by our overexposure to multiple forms of media. I’m interested in what happens when technology comes out of the screen to become an integral part of our walls, our cityscapes, even our bodies. What would a Facebook plaza look like? Could we create “intelligent highways” capable of generating their own electricity? These are all topics that interest me, always with the same idea of making the world more interactive, more sustainable.
So it’s not surprising to find you working for a program dedicated to interactive sound and light pillars such as Sensor Valley 8.0, commissioned by the cultural center of Assen in the Netherlands. You had already developed object-forms of this caliber for the projects Lunar andMarbles…
Sensor Valley is the largest-ever concentration in Europe of pillars using sensors to trigger light and sound sequences that interact with the public. The people of Assen call them “knuffelpilaren” [literally, “hug pillars”], as they react directly to not only movement but also touch. The city has a long history with sensor technology. Studio Roosegaarde’s experience in social design and innovative LED research won us a place among 125 other projects selected to be on permanent exhibit in the entry hall of the new cultural center. It’s an interesting project, because it contributes very concretely to this idea of improving the world through the daily behavior of residents, using these tactile landscapes that integrate the city, light and the population. It’s very stimulating. There’s even a restaurant that put a dessert representing these luminous pillars on its menu
One of your more recent projects is related to the fashion field. Intimacy references “wired” clothing with dresses composed of “intelligent” aluminum leaves, which become transparent by virtue of these infamous principles of interaction
Intimacy explores the relationship between intimacy and technology in the form of a second skin. The question is how far we can take this experiment, while remaining true to the idea that this use of technology makes us more human. These dresses were an incredibly quick success. We’re already working on the 3.0 series. It’s fascinating, because I’m not familiar with the fashion world. It’s great to be able to enter it through this project.
Walls of “intelligent” aluminum flowers, digital plants that light up and react to passers-by, “wired” clothing… The works of Dutch artist Dan Roosegaarde convey a strange synergy between technology and humanity, with a backdrop of organic architectural poetry. Interview with the creator.
Daan, your tactile and high-tech projects initiate interesting encounters between the city, nature and people—in particular the Dune series, which you first developed in the Maastunnel, an underground passage outside Rotterdam. This installation of digital “plants” reacting luminously to sounds and passers-by is very representative of your work, as it delicately mixes digital elements with organic references. This idea of interactivity in public space can also be found in your work Interactive Landscape. What is it about this approach that interests you? How has it been influenced by your background, your taste in architecture, and more precisely architectural design?
I’ll go back to when I was 16 years old and still in high school. Our class went on a field trip to visit the Netherlands Architecture Institute (NAi), which was presenting a big exhibition of incredible wooden models made by Arata Isozaki. I was completely fascinated. It was at this moment that I understood that I wanted to “make things”, to be somehow in touch with the world. My first interest was in concepts of scale and space, in particular the relationship between the body and its immediate environment. A few years later, I became interested in time and the calculations that go with it. That’s when I started working on concepts of interactivity.
In 2008, I went to Japan to meet the curators of YCAM (Yamaguchi Center for Arts and Media) regarding our interactive piece Liquid Space 6.0. As soon as I got out of the taxi and saw the museum, I recognized the building as one of Isozaki’s models. So we invited him to the opening, and he came. I have a photo of Isozaki and me at the heart of Liquid Space, talking about how architecture can create a link with the public in terms of real-time experience. He was passionate about the subject, which evidently stimulated his always sharp thinking. For me, this conversation was like coming full circle.
That said, before that decisive visit to NAi, I always loved buildings and making things. I grew up in Holland, surrounded by dams and water. Some of these dams were especially steep, and my sister and I had fun putting wheels on cabinets and racing down the slopes. When I think about it, it was pretty dangerous. We couldn’t really brake; we could have broken our necks. But like all children, we were fascinated by the wild side of nature around us. We made our own improvised equipment, like pulling a cable across the swamps. Already at that age, I thought about how I could adapt to my environment.
Today, it’s true that technology plays big a role in my work. In my studio with my team, we spend a lot of time developing all this. But at the same time, we don’t just put on a display of machines and computers. We try to use technology to personalize or socialize a space. The question is how to marry nature and technology? I’m always asking myself how we can improve this analogue world, with the idea that it can be an extension of what we are. For me, the key is to reinvent, to “update” reality—in short, to make it more human.
But beyond this idea of updating reality, most of your pieces, such as Dune, function as a series, with versions that evolve over time. It’s as if code becomes your DNA, inspiring works-in-progress with a touch of poetry, for example Lotus, the organic and reactive wall strewn with “intelligent” aluminum flowers…Lotus - interactive art wall by Daan Roosegaarde from Daan Roosegaarde on Vimeo.
Yes, I would say that most of my works function as sequences of interactive stories. I have this wish that art will go on forever. That’s the main reason why I’ve been using technology since I was old enough to open a can of food, and that the viewer is a direct element of the artistic identity of my work.
Dune was directly inspired by a trip I made to Morocco when I was in my twenties. I was watching the horizon line of the desert. At first sight, everything seemed completely static. But I finally noticed that this line was constantly interrupted by moving silhouettes of nomads crossing the landscape. The hot air of the desert totally blurred the silhouettes, producing a curious effect in form. This fascinated me, and I always wondered how this would render in our urban environment, in a city such as Shanghai, for example. How could we blend this natural tactile sensation of objects with technology in futuristic landscapes that would remain emotionally connected to us? My idea is to reconciliate this interactivity and this poetry with our senses. So I thought of pieces such as Dune and Lotus as possible future “landscapes”.
Another important point about the idea of a series is that you don’t just cut and paste the same piece when you rework it for a new exhibition venue. I’d say it’s more like “copy-morph”. It’s also a way of learning from our previous shows, from the different interactions with the visitors. This feeds our updates. So if we show Dune in Shanghai, the interactive experience will be slightly different from the previous one in Hong Kong, for example. I believe it’s these little details that create a real interaction with the public.
Nature and technology have a lot in common. However they evolve, the components of these two entities live and die. That’s why I like to re-situate elements of nature using new approaches, both futuristic and organic. This sort of “new nature” is at the heart of my work. It’s a form of techno-poetry.
In many of your works, movement seems to be at the heart of the interactivity: viewers moving around the work as in Flow 5.0 (which was included in the Imagine exhibition this spring at Stedelijk Museum Den Bosch); or the work itself moving, as in the series Liquid Space, where the piece physically interacts, growing, shrinking or lighting up like a kind of choreographed robotic ballet…
The concept is the same—to update our senses by reconnecting them with nature. We need this “new grammar”, because the general rhythm of our lives is affected daily by our overexposure to multiple forms of media. I’m interested in what happens when technology comes out of the screen to become an integral part of our walls, our cityscapes, even our bodies. What would a Facebook plaza look like? Could we create “intelligent highways” capable of generating their own electricity? These are all topics that interest me, always with the same idea of making the world more interactive, more sustainable.
So it’s not surprising to find you working for a program dedicated to interactive sound and light pillars such as Sensor Valley 8.0, commissioned by the cultural center of Assen in the Netherlands. You had already developed object-forms of this caliber for the projects Lunar andMarbles…
Sensor Valley is the largest-ever concentration in Europe of pillars using sensors to trigger light and sound sequences that interact with the public. The people of Assen call them “knuffelpilaren” [literally, “hug pillars”], as they react directly to not only movement but also touch. The city has a long history with sensor technology. Studio Roosegaarde’s experience in social design and innovative LED research won us a place among 125 other projects selected to be on permanent exhibit in the entry hall of the new cultural center. It’s an interesting project, because it contributes very concretely to this idea of improving the world through the daily behavior of residents, using these tactile landscapes that integrate the city, light and the population. It’s very stimulating. There’s even a restaurant that put a dessert representing these luminous pillars on its menu.
One of your more recent projects is related to the fashion field. Intimacy references “wired” clothing with dresses composed of “intelligent” aluminum leaves, which become transparent by virtue of these infamous principles of interaction
Intimacy explores the relationship between intimacy and technology in the form of a second skin. The question is how far we can take this experiment, while remaining true to the idea that this use of technology makes us more human. These dresses were an incredibly quick success. We’re already working on the 3.0 series. It’s fascinating, because I’m not familiar with the fashion world. It’s great to be able to enter it through this project.
You often use the pronoun “we”. Even though you’re known as a solo artist, your core of collaborators at Studio Roosegaarde seems very important…
Great painters such as Rembrandt and Rubens also worked within artistic communities. It’s ideal for transcending the visionary and technical approach. I totally adhere to this concept, even if the period is different and the medium has changed. The studio is a super tool for developing and expressing the emotions or ideas that I can have with my team of designers and engineers. We are very enthusiastic about creating special things. Within the team, some are devoted to developing our proprietary system Microchip, for the controllers and the software, while others are specialized in hardware and interactivity.
Managing a creative studio when you’re an artist is like following a balanced diet. If I chose to focus exclusively on lucrative projects, while neglecting the creative parameter, the resulting pieces would be boring. On the other hand, if I only focus on artistic activities, I won’t be able to develop the technology that feeds them. Harmonizing these two approaches creates the necessary tension. It’s a kind of suspense that leads to a magical side, a bit like a dream lab. 
Where will the dream manifest itself next?
Currently we’re working on several large-scale, long-term interactive installations in the cities of Shanghai, Eindhoven and Stockholm. But my latest baby is the “intelligent highway” that I mentioned earlier. It’s an interactive, sustainable project developed with the company BTP Heijmans. We’re also working on a few on-site installations, of which the most intriguing is no doubt the renovation of a big mining tunnel for the Sydney Art Biennial, where we’ll show all the versions of Dune.
interview by Laurent Catala

The long quest to fly NY to London in an hour,still remains in the future.

 In his 1965 book Supersonic Transport, Irwin Stambler charts the progression of time it took to cross the Atlantic in history: from 350 hours on wooden ships to 120 hours on steam ships to 60 hours in dirigibles to 12 hours prop planes to 6 hours in planes of the very near future. The graph continues and projects forward to when the one hour barrier would be passed.
 It was written at a time when air travel was emerging as a reasonably affordable option for many middle class people and there was reason to be optimistic that not only would prices continue to fall, but jets would continue to get faster.
This period of optimism started on 14 October 1947, when Air Force pilot Charles “Chuck” Yeager dropped from the bomb bay of a B-29 bomber in the experimental X-1, a rocket-powered airplane that was the first to break the sound barrier.
In the following years, the prospect of supersonic – and faster - air travel was always just around the corner. 
 On January 1953, associated press quoted the then chief executive of British Overseas Airways to the Aircraft Recognition Society. "In the next 50 years our grandchildren will probably be looking at supersonic commercial aircraft carrying up to 500 passengers at fares cheaper than third class travel today,”
The first vehicles to begin to test these claims – as with today’s hypersonic craft – were built and operated by the military. This was in part out of necessity and precedent. But, as Stambler notes in his book, building a military plane and a commercial “supersonic transport” for passengers are two completely different challenges.
But that didn’t stop people trying. In Europe, the UK and French governments subsidised designs that would eventually become Concorde, while in Russia, plans were revealed form the Tupol Tu-144, nicknamed Concordski for its similarity to the European craft.   In the US, various firms hawked competing designs. In a 1960 Popular Mecanics article  titled “Here’s a peek at tomorrow’s huge planes”, the writer describes two different designs from North American Aviation and Lockheed. The North American Aviation was designed primarily for military use, but Lockheed focused on the mass market.
“Lockheed officials, arguing that there is now no technical , operational or economic reason why a supersonic transport could not be developed in the US.
The steel plane would cost $160m to develop, it says, but the firm believed it could sell up to 200 of them at $9,240,000 each. 
By the early 1960s, Concorde was given the go ahead. However, its high cost meant that the French Aerospatiale and the British Aircraft Corporation had to combine forces. Their final design was revealed in March 1969, when the sleek-nosed aircraft climbed into the sky for the first time.
Concorde  began commercial flights in 1976, becoming one of only two supersonic passenger planes to ever fly. But in perhaps the most blatant affront to the theory of exponential technological growth (at least that the market will sustain), ceased flights 27 years later following a deadly crash and ongoing concerns about safety and cost. No commercial supersonic transport has so far replaced it, despite various designs being put forward .
Although Concorde set many records, it did not come close to the mythical one hour crossing between New York and London. Its fastest crossing occurred on 7 February 1996 when Captain Leslie Scott flew from the US to the UK in two hours 2 hours 52 minutes and 59 seconds, thanks to 175mph tail winds across the Atlantic.
“The aircraft averaged more than 1,250 miles an hour all the way from take-off to landing - travelling a mile every three seconds,”
 Other craft have admittedly come closer. In 1974 two American Air Force officers flew their SR-71A “Blackbird” from New York to London in one hour 54 minutes 56.4 seconds. But, it seems that despite the promises of yesteryear, a one hour flight still remains firmly in the future.
  
Source: BBC

Caterpillar: Predictably Unpredictable

  The Wall Street Journal reported :Until 2008, analyst estimates for Caterpillar were tightly clumped together. In the five years before that, the median difference between the highest and lowest quarterly sales estimates when the company reported results was 4%, FactSet data show. In the time since then, it has been 15%.
Initially, that shift reflected the financial crisis stymieing prediction. Since then, though, it likely reflects changes in Caterpillar's business. Far more of the company's revenue is tied to China and other emerging markets than used to be, in part because Caterpillar has beefed up its mining-equipment business in recent years.
On Wednesday the construction and mining-equipment maker said it earned $1.45 a share in the third quarter, down from $2.54 a year earlier and less than the $1.68 expected by analysts. Sales of $13.42 billion were $860 million short of the consensus estimate.
It was the fourth quarter in a row in which Caterpillar's earnings missed estimates, and the fourth in five for sales. Yet in the five years that ended in the third quarter of 2012, Caterpillar's earnings came in below estimates just three times, with sales missing only five times.
Rather, its results got harder to predict a while ago, but nobody noticed when it was regularly trouncing estimates. It is only as Caterpillar's business has become challenged that forecasting difficulties have stung.

China Life profit up 218 %

China Life Insurance Co., Ltd., the country's largest life insurer, on Friday declared net profits up 218.9 percent year on year in the first three quarters of 2013.
The company's profits stood at 23.7 billion yuan (3.7 billion U.S. dollars), owing to climbing investment returns and reduced losses from asset devaluation, according to a statement filed with the Shanghai Stock Exchange.
Premiums topped 274 billion yuan in the first nine months, up 5 percent year on year, the statement showed.
The company's total investment assets hit 1.82 trillion yuan by the end of last month, a net investment return ratio of 4.5 percent.

Ping An Insurance profits up 45 pct

Ping An Insurance (Group) Co., one of China's major insurers, said on Friday its net profit in the first three quarters of this year rose 45 percent year on year.
The company's net profit stood at 23.3 billion yuan (3.80 billion U.S. dollars), with the earnings per share standing at 2.95 yuan, the company said in a statement filed with the Shanghai Stock Exchange.
Meanwhile, Ping An Bank saw its net profit up 13 percent year on year to 11.7 billion yuan in the first three quarters.

CNOOC's Rochelle gas field starts operations

 China National Offshore Oil Corp. (CNOOC), China's biggest offshore oil and gas producer, announced on Friday that its Rochelle gas field in the North Sea off the UK had started operations.
The Rochelle field consists of two wells, namely the East and West Rochelle, and a pipeline to the Scott platform for processing.
The CNOOC said that operations began at West Rochelle. East Rochelle is expected to come into operation in the fourth quarter this year.
Nexen Petroleum UK, a wholly-owned subsidiary of CNOOC, is the field operator and holds 41 percent of the field's interest. Endeavor International Corporation and Premier Oil takes 44 percent and 15 percent, respectively.
Nexen Petroleum also operates the Scott platform, owning 41.9 percent of the platform's working interest.
Endeavour International Corporation  today announced that first production from the Rochelle gas-condensate field, in the U.K. North Sea, commenced on October 23, 2013.
The West Rochelle W1 well, the first of two development wells, is now flowing natural gas with associated liquids. The ramp-up of Rochelle production is underway and further details regarding flow rates will be discussed during the Company's third quarter conference call on November 6, 2013.
The second development well, East Rochelle E2, has been drilled to total depth, cased and is in the process of being completed. The E2 well is expected to be on-line later this quarter and will provide redundancy in producing the Company's allotted capacity limits across the Scott Platform.
Sources: Xinhua
                Benzinga


China: Vice premier vows support for logistics industry

Chinese Vice Premier Wang Yang said on Friday that the country will continue its efforts to tackle high costs and low efficiency in the logistics industry.
Wang made the remarks at a briefing about the logistics situation in the cities of Beijing, Shanghai, Guangzhou, Wuhan and Chengdu, noting that logistics is a basic and strategic industry supporting the country's economic and social development.
He said that the logistics sector's boom in recent years had made people's lives more convenient, but that it is still challenged by the problems of expense and difficulty in delivering.
Wang stressed that the ongoing reform in China provides enough space and stricter requirements for logistics, calling for closer administrative coordination and better integration of resources.
He demanded that the industry be facilitated through pushing standardization, building a credit system, improving information levels, easing enterprise burdens, boosting modernization and encouraging online business.
Source: Xinhua

China spends big to support SME's innovation

 China spent a total of 26.8 billion yuan (4.4 billion U.S. dollars) to support the innovation by small- and medium-sized enterprises (SMEs) between 1999 and 2013, the Ministry of Finance (MOF) said on Friday.
Fiscal support has helped enhance innovation capability and contributed to industrial upgrading and restructuring, the ministry said in a statement.
In 1999, the government set up a special fund for encouraging the innovation of technology-intensive SMEs.
The special fund has been mainly used to support technological innovation, improve the environment for innovation and guide private capital to invest in SMEs that are in their initial stage, according to the statement.
In the past years, the fund has helped nurture a number of technology-intensive companies and enhance China's capability of scientific and technological innovation, the ministry said.
According to data from the National Bureau of Statistics, the number of micro-, small- and medium-sized enterprises represent 99.7 percent of the total in China. SMEs provide more than 80 percent of jobs in cities.
Xinhua

China unveils more market-oriented lending rate

China's central bank on Friday announced the launch of Loan Prime Rate (LPR), a new benchmark lending rate for commercial banks designed to make interest rates more market-oriented.
The People's Bank of China (PBOC) said in a statement that LPR is based on lending rates reported each working day by nine commercial banks designated by the central bank.
The nine include the country's five state-owned banks and another four Chinese banks -- China Citic Bank, Shanghai Pudong Development Bank, Industrial Bank and China Merchants Bank.
Each working day, those banks are required to report lending rates for their best customers to the central bank, which will then calculate the weighted average after excluding the highest and lowest rates to form the LPR, the central bank said.
In the initial stage, the central bank will only release the one-year LPR to the public on the website of the Shanghai Interbank Offered Rate.
The one-year LPR for Friday stood at 5.71 percent, slightly lower than the current benchmark one-year lending rate of 6 percent, which was unveiled by the PBOC in July 2012.
Previously, the central bank would raise or lower the benchmark deposit and lending rates from time to time based on changing market situations.
The PBOC said in the statement that for smooth transition to the new mechanism, it will continue to announce changes in the benchmark rates for an unspecified period of time.
The one-year LPR will serve as a new benchmark for commercial banks to decide other lending rates, according to the statement.
The LPR mechanism is a significant part of the central bank's move to push for market-oriented interest rate formation.
"The mechanism is conducive to raising the efficiency and transparency in pricing credit products of financial institutions and promoting banks' capability of independent pricing," the statement said.
The central bank added that the new mechanism will make interest rate formation more rational and thus be good for maintaining market order.
Source: Xinhua

Chinese funds report Q3 profit surge

 A sample of 1,644 funds under 71 major fund companies in China realized profits of 193 billion yuan (32 billion U.S. dollars) in the third quarter this year, their highest since the second quarter of 2011, according to reports in Friday's financial papers.
TX Investment Consulting Co., the Chinese fund consulting company that provided the figures, said equity-focused funds were the main contributor to the growth, with these and hybrid funds accounting for 94 percent of the total profit.
Zenglibao, a money fund offered by Tianhong Asset Management Co. on Yu'ebao, Alibaba's recently launched wealth management product, has become the largest public offering fund in China with a total collection of 56 billion yuan by the end of September.
The figures provide a ray of light for the average fund position on China's stock market, which has become a cause for concern. In the third quarter, the funds held by the sample increased 82 percent, up 5 percentage points quarter-on-quarter.
There are two main reasons for the hikes, according to Friday's Shanghai Securities News. On the one hand, the stock market rebounded in the third quarter. On the other hand, bouts of profit taking have afflicted many funds, it said.
Commenting on the outlook for the stock market in the fourth quarter, the China Securities Journal said that reform and innovation will be the most significant investment themes in the secondary market, citing research by the selected and balanced hybrid fund owned by the Bank of China Investment Management Co. Ltd.
Source: Xinhua

Reuters: Euro near two-year high versus dollar; outlook stays positive

The euro hovered close to a two-year high against the dollar on Friday as a souring of German business morale did little to dent bullish sentiment toward the eurozone common currency.

German Ifo business sentiment data fell unexpectedly for the first time in six months, sparking concern about the impact of a stronger euro on the region's exporters.
That followed sub-forecast euro zone private sector activity surveys on Thursday, suggesting that recovery in the euro zone has stalled.
Still, the euro's fall was minimal and many analysts say it could rise toward $1.40 as investors seek alternatives to a dollar hobbled by expectations the Federal Reserve will maintain its current level of monetary stimulus.
"Traders continue to make the euro their favorite anti-dollar trade in light of expectations the Fed will continue its QE (quantitative easing) program well into the start of next year," said Boris Schlossberg, managing director of FX strategy at BK Asset Management in New York.
In contrast, Schlossberg noted that market participants do not expect any change in the European Central Bank's monetary policy despite recent the soft euro zone data. That should keep the euro well bid, at least against the dollar, he added.
"Euro zone officials are unlikely to sit idly while a rise in the euro threatens to derail a fragile economic rebound," said Esiner. "Increased vocal opposition to euro strength by policymakers will further limit the currency's gains."
Source: Reuters

Mexico cuts key interest rate

 Mexico's central bank lowered interest rates on Friday for the second month in a row, but policymakers said there were signs the economy had seen the worst of a recent slowdown and that no further rate cuts were advisable.
The Banco de Mexico lowered its benchmark interest rate by 25 basis points to 3.50 percent, its lowest-ever level. Most analysts polled last week by Reuters had forecast a quarter point cut, though some expected a bigger move.

The central bank said that the "adverse shocks" to the economy in the past few months appeared to be fading. It added that the inflation outlook had improved and that a government tax reform plan was unlikely to spur widespread price pressures.
Mexico economy contracted in the second quarter for the first time in four years, prompting policymakers to unexpectedly cut its benchmark rate in September. Devastating floods across the country last month have further dampened growth prospects.
Source: Reuters

Iran oil exports to plunge, no dividend yet from easing tensions

 Iran's oil sales in October will fall to their lowest in months, according to sources who track tanker loadings, indicating no early petrodollar dividend for Iran despite its apparent willingness to compromise on its disputed nuclear work.

The OPEC-member is reaching out to its mostly Asian oil buyers to start clawing back the million barrels in market share lost to rivals such as Iraq and Saudi Arabia since the U.S. and EU slapped it last year with the toughest sanctions in decades.
But the buyers have been lukewarm to Iranian offers of discounted oil. The Asian market is well supplied, with shipments rising from Russia, West Africa and Latin America as import demand in the West slows, and with other Middle Eastern producers lowering prices to retain customers.
Keeping Iran oil imports at reduced levels will also make it easier for China, India, Japan and South Korea - Tehran's top clients - to win the sanction waivers the United States grants every six months for progressively lower oil buys from Iran.
The Middle Eastern nation's crude exports, excluding condensate, are expected to fall nearly 30 percent from a year earlier to 719,000 barrels per day (bpd) in October, according to the sources who track its tanker loading plans.
September loadings were estimated to have come in at 966,800 bpd, according to the sources.
Source: Reuters

Brazil current account deficit narrows in September

Brazil's current account deficit narrowed in September from the previous month as the foreign trade surplus firmed, but the improvement was more modest than economists expected.
Brazil posted a current account deficit of $2.629 billion in September, central bank data showed on Friday.

The country had been expected to post a deficit of $1.8 billion, according to the median forecast of 22 analysts in a Reuters poll. Brazil's current account deficit in August was $5.505 billion.
A widening deficit contributed to a sharp depreciation of Brazil's currency between May and August, when global risk aversion spiked on prospects of a change in U.S. monetary policy.
Brazil, a major producer of meat, soy and iron ore, posted a stronger-than-expected trade surplus of $2.15 billion in September. Brazil has seen its exports shrink on tepid demand abroad and a drop in the value of commodities, while imports have remained robust.
In the 12 months through September, the current account deficit was equivalent to 3.6 percent of gross domestic product, unchanged from August.
The country also had a current account deficit of $2.6 billion in September of 2012.
Foreign direct investment in Latin America's largest economy was $4.770 billion in September, in line with market expectations of $4.8 billion.
Source: Reuters

Boeing, Lockheed team up to bid on new U.S. Air Force bomber program

Boeing Co (BA.N) and Lockheed Martin Corp (LMT.N) will team up to bid on a new U.S. Air Force long-range bomber program, a multibillion-dollar project that U.S. Air Force officials have described as a top acquisition priority.
Boeing, which has played a role in every U.S. bomber program since World War Two, would be the prime contractor on the next-generation bomber program, with Lockheed as its primary subcontractor, the companies said on Friday.

The Air Force has said it plans to buy as many as 100 new bombers for no more than $550 million each.
In July, Defense Secretary Chuck Hagel vowed to protect several weapons programs, including the new bomber program, if Congress failed to reverse mandatory budget cuts and the military opted to preserve high-end capabilities over size.
Top Pentagon leaders had made a concerted effort to continue funding initial design work on the bomber program to ensure that all three companies(Boeing,Lockheed Martin and Northrop Grumman Corp) an were able to maintain teams of design engineers, he said.
Source: Reuters

Travis Perkins confident UK will avoid housing market bubble

Britain's housing market will avoid a price bubble resulting from the government's latest 'Help to Buy' scheme, because supply will catch up with demand, says the head of Travis Perkins, the UK's biggest building materials supplier.
"As long as there's people wanting to sell and move as well as buy and move then the market is helped to be in equilibrium," Travis Perkins's chief executive Geoff Cooper told Reuters on Friday.
He reckons new house builds in Britain will be just over 100,000 in 2013, up about 20 percent, while total housing transactions will be about 1 million.
"With that expansion of supply coming into the market I think that's another important check on house prices running away with themselves," he said in an interview at the firm's depot in Vauxhall, south London.

He noted that Britain was coming from a very low base in terms of housing activity, with the majority of people who buy a house not looking to buy a new house, but looking to buy an existing house in a chain of housing transactions.
"It's a good thing that a degree of independence has been brought to bear on the Help to Buy schemes by giving the regulatory authorities the power to adjust them if it looks like the housing market's getting out of control," said Cooper.
He predicted a situation where the housing market returned to health and the requirement for Help to Buy reduced, enabling the scheme's cap on properties at 600,000 pounds ($970,000) to be reduced and the programme focused outside of London and on parts of the country where help was needed most.
Last week Travis Perkins, which also trades as Wickes, City Plumbing, Keyline, Tile Giant and BSS, posted an 8.6 percent rise in third-quarter revenue, helped by an increase in construction activity, and said it was on track to meet analysts' profit forecasts for 2013.
Source: Reuters

Italy eyes Eni stake sale in privatisation drive

The Italian government plans to start selling state-owned assets by the end of the year to reduce its debts, with a stake in oil and gas major Eni top of the list, two sources familiar with the matter told Reuters.

"We want to start soon. We want to sell some of the assets by the end of the year to show we are doing something," one source with direct knowledge of the matter said.
According to the company's website,Italy's Treasury holds a 4.3 percent stake in Eni, the biggest company listed on the Milan stock exchange. The stake is worth roughly 2.8 billion euros ($3.9 billion) at current market prices.
A sale would be an easy and quick way for the government to pocket money to cut Italy's public debt, which is hovering stubbornly around 133 percent of gross domestic product.
The government is working on a list of stakes it could dispose without losing direct or indirect control over the companies involved, the source said.
Source: Reuters

Chile's Bachelet eyes changes to land, water use rules

Chilean Presidential frontrunner Michelle Bachelet said on Friday she is mulling reforms of land and water-use rules, in the latest hint of what may be in store for the copper powerhouse's crucial mining and energy sectors.

Land-use plans need to be reformed to clarify where energy projects can be built and the country's dictatorship-era rules on water usage need to be reviewed, Bachelet said.
The centre-left candidate, poised to cruise to victory in next month's general election or a likely December runoff, has not yet provided the fine print of her keenly-awaited plans. But she put the spotlight on the need for a solid regulatory framework during a radio debate with eight other candidates vying for the presidency.
A land-use overhaul would likely be cheered by big industry, which supports clearer rules.
A nebulous regulatory framework has allowed environmental and social groups to take to court even energy projects that are already approved, putting in limbo billions of dollars of investment. Massive coal-fired plants and hydropower investments in pristine Patagonia are particularly unpopular.
While the economy of the world's No. 1 copper producer has roared on the back of a mining boom, Chile is now wrestling with how to distribute the spoils of the bonanza and protect its environment.
Bachelet also said she wants to review the Andean country's water rules, which are widely seen as favourable to the mining industry.
Source: Reuters

Iraq's government wants US drones And F-16 fighter jets

The Baghdad government wants the immediate delivery of U.S. drones and F-16 fighter jets in order to combat al Qaeda insurgents, who are making swift advances in the west of the Iraq, a senior Iraqi security official said.

Washington agreed in August to supply a $2.6 billion integrated air defence system and F-16 fighter jets, with delivery due in autumn 2014.
Prime Minister Nuri al-Maliki, who will meets U.S. President Barack Obama in Washington next week, has also requested drones to carry out surveillance of Iraq's desert border with Syria.
Al Qaeda's Iraqi wing was forced underground in 2007 during a troop build-up ordered by then U.S. President George W. Bush.
But almost two years after the last U.S. troops withdrew, the Sunni Islamist group has regained momentum in its war against the Shi'ite-led government that came to power after the overthrow of Saddam Hussein in 2003.
Around 7,000 civilians have been killed in acts of violence so far in 2013, according to monitoring group Iraq Body Count.
At the same time Baghdad is struggling to control spillover from the civil war next door in Syria.
Source: Reuters

Japan:Study app business brisk, prepping youths from all walks for college

The smartphone application business targeting students preparing for college entrance exams is buoyant amid a steady increase in smartphone users among high school students.

Naoki Miyauchi, an 18-year-old high school senior in Okayama, attends one of Japan's major preparatory schools and is studying for more than five hours a day so he can pass the competitive exam for the University of Tokyo.
He has been relying on a free smartphone application called Studyplus that allows him to connect with other users through social networking.
"I have my smartphone with me all the time to find out how many hours I spend on which subject and check how my friends are doing," Miyauchi said.
On Studyplus, members register the textbooks they are using and keep track of how long and what they studied. The data are automatically displayed in a graph, allowing users to see how many hours they study each day, week and month.
Members can also set goals and confirm what they have achieved at a certain point.

Source: NewsOnJapan

China's top legislature adopts revision to consumer rights law

 The Standing Committee of the National People's Congress , China's top legislature, wrapped up its bi-monthly session on Friday by passing an amendment to the law on consumer rights and interests.
President Xi  JingPing signed a presidential a decree to formally revise the law, which will take effect on March 15.
The revision, which was adopted after three readings, focuses on better protection of the rights and interests of consumers, added regulations on online shopping and tightened liabilities of businesses.
The revision balances protection consumers' rights and those of businesses, while standardizing approaches to prominent problems, said Zhang Dejiang, China's top legislator, while presiding over the final meeting.
The committee decided not to vote on a draft revision to the environmental protection law after a third reading, as legislators want stronger action to protect the already heavily polluted environment.
"Environmental problems are pertinent to economic and social development as well as to the health of the people, and various sectors are very concerned about the revision to the environmental protection law," Zhang said. During the session, lawmakers stressed environmental protection is a pressing, complex and enduring task which should be carried out by enhancing laws and regulations, legal liability and comprehensive management.
The committee voted to appoint Li Shaoping and He Rong as vice presidents of the Supreme People's Court.
On Friday morning, the members of the NPC Standing Committee attended a lecture on the development and industrial revolution of information technology.

Source: Xinhua

China Unicom's profits up 52 pct Jan.-Sept.

China Unicom, the country's second-largest mobile operator, said Thursday that its net profits surged 51.8 percent year on year to 2.78 billion yuan (453 million U.S. dollars) in the first three quarters of 2013.
Business revenues reached 226.65 billion yuan during the period, up 18.9 percent from a year ago, according to a quarterly report filed to the Shanghai Stock Exchange by China United Network Communications Limited, a Shanghai-listed wholly owned subsidiary under China Unicom Group.
The company's earnings per share stood at 0.13 yuan, the report said.
In the Jan.-Sept. period, China Unicom took in 115.38 billion yuan for its mobile business, an increase of 20.3 percent year on year.
Revenue from 3G services amounted to 66.75 billion yuan, accounting for 57.9 percent of its total mobile business revenues. The percentage was substantially up from a share of 46 percent registered for the same period last year.
The company said it added 35.17 million 3G subscribers from January to September, bringing the total to 111.63 million by the end of the third quarter.
Source: Xinhua

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