UNStudio completes new breed of luxury tower in Singapore

The 36-story Ardmore Residence in Singapore designed by Dutch firm UNStudio heralds a "new breed" of residential skyscraper for the region. Employing an innovative inter-locking system of construction, the building features a distinctive, organically-inspired facade and a design concept focused on the natural landscape of the Garden City of Singapore.

The system of inter-locking panels was developed specifically for the Ardmore project by Web Structures, a company with a focus on fusion engineering (the practice of reconciling design sensitivity and cost consciousness). The approach enabled the architects to create the cantilevered shear walls that are staggered across the height of the tower, and which are crucial to the textured appearance.

Though the structural significance of such a system is not immediately apparent, the undulating shapes and the dramatically recessed sections, which give the impression of a clutch of four narrow verticals rather than a single building, is striking indeed. In addition to having aesthetic appeal, the folding and wrapping exterior weaves balconies and bay windows into a single line and allows for rounded, column-free corners. The highly textured pattern and layering of surfaces also results in greater transparency and increased natural light in the apartments themselves.

Focus on the views and landscape is key to the overall concept of the Ardmore Residence. To improve connectedness to the site and to ensure that all of the 58 apartments enjoy a clear view, the residential units start on the 8th floor. Bay windows in each apartment allow for expansive views across the city. Four huge columns support the building for seven stories beneath, with open space between them on the ground. This means that landscaping, and pedestrians, can pass beneath the building, rather than having to circumvent it, and allows for views through to the gardens and swimming pools.

Source: Gizmag

BOJ Kuroda: ready to make adjustment if inflation goal threatened

   "Bank of  Japan Governor Haruhiko Kuroda reiterated on Friday that the central bank stands ready to make necessary adjustments if risks to the economy threatened its inflation target".

The economy is growing in line with the bank's projections and the 2 percent inflation goal will likely be achieved by the fiscal year to March 2016, Kuroda told the lower house financial affairs committee.

"While domestic demand remains firm, external demand is expected to grow moderately," he said, adding that a favourable cycle of rising production, incomes and expenditures is occurring in the Japanese economy.

Source:Reuters

Japan shares flying high in Asia as yen downed

Japanese stocks scaled six-month peaks on Friday as the yen took a spill, though other Asian markets lagged behind as investors become resigned to an inevitable slowdown in U.S. stimulus.

Tokyo'svNikkei put on 0.7 percent, making a meteoric 10 percent rally in just 11 sessions and setting the scene for a re-test of its 2013 peak at 15,942.

The Nikkei and the yen have been dancing in counter step for months, with every rally in the former a signal for speculators to dump the yen. A lower currency then promises to boost Japanese exports and earnings, so further supporting shares.

So the U.S. dollar spiking above 101.20 yen for the first time since July was a clear green light to buy shares. The euro also climbed as far as 136.45 yen, highs not seen since October 2009.

"In the last 24 hours, the yen's price action has been tick for tick with the Nikkei," said Alan Ruskin, global head of FX strategy at Deutsche Bank in New York.

Bank of Japan Governor Haruhiko Kuroda gave his blessings to the move, saying the yen was not abnormally low and there were no signs of a bubble in shares.

At the same time, a swing higher in long-term U.S. Treasury yields was expanding the dollar's rate advantage over the yen.

Source:  Reuters

Kazakhastan, has been expanding its image of an open, independent and internalized country

Recently I paid a visit to Astana, the capital of Kazakhstan, for an international conference. It was a media forum organized by the Assembly of the People of Kazakhstan that aimed at boosting media exchanges between Kazakhstan and other countries as well as promoting the country's model of interethnic tolerance.

Kazakhs are used to foreign faces in their capital city. In May, Astana held an economic forum along with the World Anti-Crisis Conference which gathered over 12,000 participants from 132 countries. The city is also expected to welcome millions of visitors when it holds the World Expo in 2017.

Astana positions itself as the center of Eurasia, a place where East meets West. As the capital city of a vast former Soviet republic, its close historical and cultural roots with Russia can be clearly felt. 

Some architectural designs contain hints of Soviet-style monumentalism. The most crowded, bustling and expensive restaurants have a touch of Soviet nostalgia. People generally speak Russian and they are proud of it, even though Kazakh is meant to be their first language. 

Yet Astana's showcases signify a break with the Soviet past. Perhaps most notably is the Baiterek, the monumental symbol of Astana that was supposedly designed by Kazakh President Nursultan Nazarbayev himself. It evokes the local legend of the "Tree of Life" and embeds Kazakhstan's self-image: constructed of steel, concrete, and glass. 

Meanwhile, the Palace of Peace and Reconciliation, an international exchange center, is a pyramid that spans 62 meters which reminds people of the entrance to the Louvre, a glass and metal pyramid. The presidential palace, which includes a blue and gold dome topped with a spire, looks like Washington's White House. 

Yet 16 years ago, all these didn't exist at all, as it was in 1997 that Nazarbayev decided to move the country's capital from Almaty to the central city of Astana. 

Yang Cheng, a renowned Chinese expert specializing in Central Asian and Russian studies at the East China Normal University, has noted that the architectural makeover of the city is an effort by the Kazakh government to build up a new national identity for its country and people since the country's independence in 1991. 

Kazakhstan certainly has been doing so. As an energy-rich country, it knows how to strike a balance between countries such as China and Russia which want its resources. But meanwhile, it also knows that not only economic cooperation but also political independence could earn it international recognition.

Last week, Nazarbayev and Russian President Vladimir Putin signed a Treaty on Good-Neighborliness and Alliance in the 21st Century. But Kazakhs are keen to stress their political separation from their former Russian masters.

"Historical roots bind the two together, and the neighborliness and alliance only mean cultural and economic," Adil Akhmetov, a former Kazakh diplomat said.

Kazakhstan's sense of political independence can also be seen through its hesitation to join the Kremlin's project of a custom union. Moscow claims this is just economic integration with former Soviet republics, while most Central Asia experts believe the project is meant to drive these states back into Moscow's political embrace.

Kazakhstan has been expanding its image of an open, independent and internalized country through its capital Astana. The new capital shoulders the responsibilities of being a political center and showing the cultural and social progress of the country. 

On the way from city center to the airport stands the newly established Nazarbayev University. Named after the country's president, who has ruled the country since independence, the university aims to become the first world-class university in the country. 

It is not the best university yet, but many Kazakhs believe it will be in the next few years, as this English-medium institution is offering attractive recompense packages to attract scholars from the West. 

With international and open minds cultivated among its young scholars, the country also looks to the same direction. 

Source:By Wang Wenwen, Global Times

Supermarket sales up for 3rd month

Sales at supermarkets increased 0.5 percent in October from a year before on a same-store basis, up for three consecutive months, an industry group said Thursday.

Overall sales at 8,248 outlets run by 58 companies came to ¥1.04 trillion, the Japan Chain Stores Association said. It is the first time in 17 years that supermarket sales have risen for the third straight month.

Source:  NewsOnjapan

Arab, Africa countries draw up blueprint to eradicate poverty

Despite a first impression of instability, underdevelopment and a hotbed for conflict, Arab and African countries showed their strong will to get rid of poverty at the third Arab-African Summit held in Kuwait on Tuesday and Wednesday.

Some 70 leaders and representatives from the two regions expressed that their countries are not resigned to be marginalized, displaying strong resolution to embrace growth with enhanced internal cooperation.

TANGIBLE COOPERATION

According to UN statistics, over a third of the world's poorest people live in Africa, while nearly a quarter of the Arab population is stuck in poverty.

The Kuwait Declaration, a major outcome of the two-day summit, highlighted food shortage and food security as the core challenges that give rise to other poverty-related problems haunting the two regions, including piracy and drug trafficking.

It calls for interregional investment and cooperation between Arab and African states to develop agriculture, create jobs and eradicate poverty so as to be integrated into the world economy.

To actively respond to the call, Kuwaiti Emir Sheikh Sabah Al- Ahmad Al-Jaber Al-Sabah directed the Kuwait Fund for Economic Development to offer soft loans worth one billion U.S. dollars to African countries in the next five years, while his country will also allocate an annual prize of one million dollars for research development in Africa.

Analysts say such initiatives are more pragmatic and concrete than an empty boast of cracking down on terrorism or ending the long-standing turmoil, as they not only help solve regional problems, but also contribute to the global fight against poverty.

As head of Libya's General National Congress Nouri Abousahmen put it, the summit is about laying foundation for new steps toward "tangible cooperation" in new directions.

GREAT POTENTIAL

In such an interdependent world, any kind of cooperation is important to any countries, not excepting Arab and African nations.

Gulf states, the rich kingdoms in the Arab region, has the ability to invest in Africa considering their oil income and flourishing banking industry in recent decades, despite that the fragility and high risk in their investment in developed economies have already forced some Arab investors to turn to emerging markets in the East and South.

Moreover, cheap labor and the urgent need for infrastructure construction in the African Continent mean greater profit for investors. For instance, a 4,500-km-long desert highway project linking Algeria and Nigeria can be a powerful job creator and fortune generator for investors and local residents alike.

At the same time, many developed economies are now too busy with their own financial predicament to throw weight around in the development of developing countries, which means fewer obstacles for interregional collaboration between Arab and African states in the end.

BUMPY WAY AHEAD

Admittedly, the road ahead is still bumpy taking into account the regions' instability, weak foundation, and even their addiction to a helping hand from outside.

"We have a long way and a hard work ahead, requiring double efforts, and vigorous follow-up to match the high expectations and various challenges," said Kuwaiti Emir Al-Sabah at the closing session of the summit.

Lessening a negative image requires the authorities to make resolute, sometimes bold changes; it also requires timely and effective coordination between countries and regions to put words into practice, analysts said.

According to the Kuwait Declaration, participating leaders agreed to strengthen the Arab-African Economic Forum to enhance the role and participation of the private sector and civil society organizations in building partnerships.

Also, the declaration calls upon the African Union Commission, the Arab League's General Secretariat and existing financing institutions in the two regions to set up a task force to coordinate efforts in implementing the Arab-African Joint Action Plan.

Bank of Japan keeps hefty stimulus in place

The Bank of Japan on Thursday kept its monetary policy unchanged and repeated its view that the economy is in recovery-mode.

Aggressive monetary stimulus from the BOJ, unveiled in April, has helped push the yen lower and boost economic growth in the world's third biggest economy. Data on Wednesday, for instance, showed that Japanese exports grew a stronger-than-expected 18.6 percent in October from a year before.The central bank maintained the policy frame-work it set up in April, when it said it would increase Japan's base money, the cash and deposits at the central bank, at an annual pace of 60 trillion yen ($597 billion) to 70 trillion yen, to boost inflation.

Source: NewsOnJapan

Toyota strikes first-ever hybrid parts sharing deal in China

Toyota said Thursday it plans to develop components for hybrid vehicles with two Chinese automakers, in an unprecedented technology-sharing deal aimed at boosting green car sales in the world's largest vehicle market.

The Japanese giant is already assembling hybrids in China with First Automobile Works and Guangzhou Automobile Group, the third- and sixth-ranked Chinese car manufacturers respectively.

But the plan to share key hybrid technology with an overseas partner marks a first for Toyota and a shift away from Japanese carmakers' traditional reluctance over such deals for fear of losing their competitive edge.

China's pollution problem has stoked big demand for environmentally friendly cars, such as electric and fuel-cell vehicles, while officials have promised stricter emissions standards to deal with the mushrooming public-health problem.

Source:  Xinhua

Media preview held for 2013 Tokyo Motor Show

Journalists have been given a glimpse of this year's Tokyo Motor Show, a venue for global automakers to show off their next-generation models.

The biennial show, now in its 43rd this year, was open to the media on Wednesday. Thirty-two automakers from Japan and abroad are taking part in the event at Tokyo Big Sight.

Toyota Motor unveiled a next-generation fuel-cell vehicle that's powered by hydrogen. It will go on sale in 2015.

The show's opening ceremony will be held on Friday. It will be open to the public from Saturday through December 1.

Source: NewsOnJapan

Ukraine suspends plan to seek EU membership

The Ukrainian government decided Thursday to suspend preparations for striking historic political and trade agreements with the European Union due for signature next week.

Ukraine halted the process in the interests of "national security" and would fully analyze the impact of the deals on Ukraine's economic relations with the Commonwealth of Independent States (CIS) members and Russia, the government said in a decree.

Kiev would "renew active dialogue" with Russia, other members of the Moscow-led Customs Union and the CIS countries, the decree added.

"Ukraine suspended the process until when we find a way to stop the decline in industrial production due to a fall in exports to the Commonwealth of Independent States," Deputy Prime Minister Yuri Boyko told a press briefing after a cabinet meeting.

The government move came on the heels of the parliament's rejection of a series of bills that would have satisfied the EU by allowing former Prime Minister Yulia Tymoshenko out of prison to travel to Germany for medical treatment.

Tymoshenko's imprisonment, viewed by some countries as " selective justice," has become a key stumbling block in Ukraine's bid to integrate with the EU.

The 28-member bloc has been calling for Tymoshenko's release as a condition for signing an association agreement and a free trade pact with Kiev at a EU summit slated for Nov. 28-29 in the Lithuanian capital of Vilnius, which irked President Viktor Yanukovych who narrowly defeated her in the 2010 presidential election.

However, Yanukovych, who was currently on a visit to Austria, said that Ukraine will "further work towards European integration, " without giving any details.

Kiev proposed the establishment of a special tripartite committee to assess the impact of the planned free trade accord with the 28-member bloc on its economy and settle trade issues between Ukraine, Russia and the EU.

"The Russian side during the consultations of the committee will not apply any sanctions or trade restrictions on Ukraine," Kiev's representative to the Eurasian Economic Commission, Viktor Suslov, told reporters.

Ukraine's intention to sign the long-negotiated agreements resulted in the deterioration of relations between Kiev and its Eastern partners in recent months. Russia has threatened to impose trade restrictions if Ukraine signs the EU deal.

Source: Xinhua

Iran's tough stance to make P5+1 rethink agreement: Israeli source

An Israeli diplomatic source told Xinhua Thursday Iran's toughening of stance at its nuclear talks with the P5+1 group was likely to scrap an emerging interim agreement between the two sides.

On the second day of the talks in Geneva, Iran hardened its nuclear stance, compared with in the previous round of negotiations, by saying they would not tolerate a ban on their right to enrich uranium.

Iranian Deputy Foreign Minister Abbas Araqchi said early Thursday that the right to continue enriching uranium is a "red line," while demanding some sanctions on Iran's oil trade and banking system be removed.

"Iran's insistence on enriching uranium speaks volumes," the Israeli source said, arguing the Shi'ite country was showing the world its "real face" despite the efforts made by the United States,France, Britain, China,Russia and Germany in Geneva.

While the West wants Iran to stop its uranium enrichment, U.S. Secretary of State Kerry said Wednesday that the issue would not be decided in the interim agreement.

Meanwhile, some U.S. officials said there was no rush on their part to reach an agreement with Iran.

The Ma'ariv daily quoted a U.S. official as saying: "This has to be a good deal, and the first step needs to advance us towards an overall agreement."

Many Israeli officials fear that the battle on the interim agreement has already been lost, as Israeli Prime Minister Benjamin Netanyahu would return from Russia later Thursday without gaining much support.

After securing France's tough stance toward Iran earlier this week, Netanyahu failed to win over Russian President Vladimir Putin to side with him on the issue on Wednesday.

The Israeli prime minister charges that a nuclear Iran would be a threat to Israel's existence, citing the anti-Semitic and anti- Western comments made by Iranian officials as justification for his argument.

"They should not have nuclear weapons and I am committed to preventing them from possessing it," Netanyahu said in Moscow on Thursday, prior to his return to Israel.

China-Europe 2020 plan "unprecedented": Premier Li

Chinese Premier Li Keqiang on Thursday described as "unprecedented" a plan for bilateral cooperation between China and Europe.

"The plan is unprecedented in its breadth of content, ranging from aerospace and counter-piracy to urbanization and energy," Li told reporters after a 90-minute summit with European leaders at the Great Hall of the People, attended by European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso.

Li called the plan a "roadmap"for China-Europe cooperation until 2020, and said talks were planned on an investment protocol between the two sides.

Barroso was delighted by the plan for 2020, calling it strategic and detailed.

The two sides will also discuss the feasibility of a free-trade agreement and work towards the goal of increasing bilateral trade to one trillion U.S. dollars by 2020.

"All these moves will significantly boost bilateral trade and economic cooperation," Li said.

Source: Xinhua

Gordon Murray Born to Design Cars

Murray designed, built and raced his first car in 1964 as an 18 year old engineering student in his native South Africa. He decided to pursue a career in automotive design, went to the United Kingdom and soon had a job at Brabham Formula One. He was 19 years of age.

In the 18 years he spent at Brabham F1, he designed cars that won 22 World Championship races working closely with drivers such as triple world champions Sir Jack Brabham, Niki Lauda and Nelson Piquet and twice-winner Graham Hill.

When Murray moved to McLaren Formula One, his cars won four consecutive World Constructors Championships from 1988 through 1991 with drivers titles for Ayrton Senna in 1988, 1990 and 1991 and four-time-world champ Alain Prost in 1989. In an industry where very clever people congregate, few people have been part of the success of so many multiple world champions - Prost (four), Sir Jack Brabham (three), Niki Lauda (three), Nelson Piquet (three), Ayrton Senna (three), and Graham Hill (two).

In 1988, Murray's McLaren MP4/4 became the most successful Formula One racing car in history. Piloted by the extraordinarily talented driver pairing of Prost and Senna, the car had 16 starts for 15 wins – it was leading the remaining race when Ayrton Senna ran into a backmarker. In motor racing, there's no such thing as a perfect season, but McLaren went very close that year with its powerful Honda engines and Murray's ability to design cars which go around corners as fast or faster than all comers.

Difficult Task: China's drive to reroute money away fron State-Owned Firms toward smaller firms

China's drive to reroute money away from State-owned giants toward smaller firms to help fuel economic transformation has been less of a success so far than it may seem on the surface.

Lending has increased in line with government orders. But banks have found loopholes allowing them to lend to State-owned firms and some borrowers are local-government-owned, operating in saturated sectors that the central government wants to consolidate, aggravating the risks facing the financial sector rather than alleviating them.

Some lending is even being routed to real estate, a market the government is trying to cool as prices soar, one researcher said.

These factors highlight the struggle China faces in trying to reform its financial markets while preserving a dominant role for the State, a combination underlined by a 60-point reform plan to redraw China's economy and social fabric announced last week.

"Despite efforts for many years by every level of government to alleviate financing difficulties for small and medium-sized enterprises (SMEs), there hasn't been a substantive improvement," said Ye Xixi, director of the finance department at Wenzhou University City College, whose research focuses on SME financing.

"In fact, in recent years there have been signs it's getting worse."

Regulators classify SMEs differently. China's bank regulator, for example, says they are companies with assets of less than 10 million yuan ($1.6 million) or annual sales of less than 30 million yuan.

Regardless, economists estimate they account for 70 percent of China's output and create 80 percent of its jobs, so many reformers say it is these companies, not China's stable of massive but inefficient State champions, that should lead China's economy in the future.

The government wants nimble, innovative firms focused on selling services to domestic consumers to steer the economy away from its current credit-intensive, State-driven model.

"Demand for loans is heavy, but for a large portion of borrowers, lenders aren't willing to lend," said Xu Zhi­qian, general manager of the Wenzhou Private Lending Service Centre, located in a zone testing financial reform. "They think the risk is too big."

Xu said only about half of the pool of funds made available by would-be lenders has been used for loans. Wenzhou made headlines in 2011 when a wave of local firms defaulted on informal loans, prompting local officials to warn that businesses would be decimated if the city was not thrown a credit lifeline.

Nationwide, official data shows that lending to SMEs has increased as ordered, but still accounts for just about one-fifth of all loans, small compared with the sector's economic output.

To be fair, lending to small businesses is a banker's nightmare: They are hard to appraise, light on assets and quick to capsize when economic winds change.

Source: Global Times

China: Animal lovers, local traditionalists face off at dog meat festival

Thousands of food lovers crowded the streets of Yulin, South China's Guangxi Zhuang Autonomous Region, chatting, laughing and sweating while enjoying a feast of dog meat hotpot with lychee wine.

Inside a nearby market, an acrid smell filled the air. Thousands of dogs were packed into crowded cages, barking and whining behind high chain-link fences. The butcher grabbed a dog by the neck and hauled it out of the cage, bashed its head in with a stick, pulled out a knife, skinned it, boiled it and chopped it up ready to be served.

Despite widespread outrage among animal lovers, this annual dog meat festival kicked off on June 21. It is considered a local way to mark the summer solstice and legends say eating dog meat on that day will keep evil spirits and disease at bay. 

It is estimated that over 10,000 dogs were killed during the one-day event. Animal rights activists said the dogs are often strays or stolen from their owners in the countryside and might carry diseases that can be passed on to human beings. However, local officials say all the dogs are bred on farms. 
The ancient practice of eating dog has become increasingly distasteful for China's growing number of pet lovers and this year's dog meat festival has come in for particularly virulent criticism.

The name of Yulin, a southern city home to 6 million people, is now linked with its controversial dog eating. 

This summer solstice tradition by local residents began in the late 1990s when the trend of eating dog meat spread from the countryside to the city. As more and more dog meat restaurants opened, residents would invite their friends to go out and enjoy dog hotpot served with lychees and strong liquor.
At first, the dogs were all raised locally but as business expanded and demand grew, butchers brought in dogs from across China. Animal lovers say many dogs were abducted from their rightful owners in the countryside, kept in inhumane conditions and then transported to the festival. 

A few years ago, dogs were butchered in public to show that the meat was fresh and answer other concerns about whether the meat had been stored in refrigerators. 

Since 2010, the local tradition has caught attention from animal lovers and animal rights organizations. In an open letter to the mayor of Yulin, Hong Kong-based NGO Animals Asia said the overcrowded trucks used to transport the dogs increased the risk of disease spreading. 

More and more animal rights activists have been converging on Yulin to protest in front of dog-eaters.

Last year, artist Pian Shankong knelt down in front of a pile of dead dogs in Yulin to beg for forgiveness of the sins of those who killed them. 

This year, led by Du Yufeng, founder of Chinese animal rights group Boai Small Animal Protection Center, several volunteers protested outside Yulin's most famous dog meat market, carrying a banner saying "Stop the cruelty, do not eat dogs and cats."

Their protest soon drew notice and the restaurant owner confronted the protesters while trying to wrench the banner away. 

The mood of the crowd seemed to favor the festival as onlookers asked "we eat chicken, pork and beef, why not dog meat? It is not against the law."

There are no animal welfare laws in China. The ministry of Agriculture issued a regulation in April, requesting local governments to strengthen cat and dog quarantine measures to control the spread of diseases that can be transmitted from animals to humans. In response to this, the Yulin government doubled down on its insistence that all dogs eaten at the festival were raised on dog farms. 

But one local butcher told the Global Times that he does not pay much attention to the safety issue.

"It is the government's job to decide whether it is ok to eat dog or not, my job is to kill them and make money, I don't ask where they come from," he said.

The tradition is not unique to Yulin. Other places in China such as Zhejiang and Guangdong Province are also known for eating dog meat.

In ancient China, dog meat was considered a medicine that could warm up the body and boost male fertility.

But not all authorities have been as stubborn as those in Yulin. In 2011, the government in Zhejiang Province cancelled a dog meat festival held every October in the wake of animal rights protests.

Xie Changping, deputy director of the Guangxi Traditional Culture Research Institute, argues that eating dog meat "is just a traditional habit. Why do we have to follow Western values on this?"

Zhang Dan, founder of the NGO China Animal Protection Media Salon, argues that if a tradition is becoming a bad habit, it has to go.

"Eating dog meat is dwindling worldwide, it's behind the times," Zhang told the Global Times, "It may be hard to see this habit die out and the biggest challenge will be changing people's minds." 

Goldman Sachs rolls out more predictions

• The economics team at Goldman Sachs did it today with their 2014 forecasts that seem to be getting a lot of attention (can someone tell me WHY? – have its previous forecasts been that good?). Anyway, here is the forecast for the S&P 500 out three years:· 2014: 1900, 2015: 2100, 2016: 2200

• Gold is expected to end next year at $1050 US; the 10-year treasury yield at 3.25%; copper some 11% lower than today’s level to $6200/tonne; corn $3.75 (currently $4.25) and Brent crude at $105 (currently $108). One of the themes for 2014 will be that fiscal drag in the U.S. will be less than 2013 allowing private sector growth to shine through.

    

             Source: by Frances Horodelski, bnn.ca

Inflation lower than central bank would like: Bank of Canada Governor S. Poloz

Bank of Canada Governor Stephen Poloz emphasized weak inflation and growth as top concerns on Wednesday and signaled he differed with the Organization of Economic Co-operation and Development's suggestion that he should start raising interest rates as soon as late 2014.

"The most important uncertainty, as I've highlighted here, is how much of an output gap is there, how much capacity is there in the economy," Poloz told a Canadian Senate committee.

He described inflation as "below where we'd like it to be" and "behind the game."

The central bank signaled last month it has no plans to touch interest rates anytime soon, a major policy shift after 18 months of explicitly stating that rate hikes were on the horizon.

Inflation has been persistently weak and growth disappointing, Poloz explained at the time. But he also suggested the bank was unlikely to cut rates because of record-high levels of personal debt.

Inflation was 1.1 percent in September, well below the bank's 2 percent target. And inflation has not been as high as 2 percent since April 2012.

The median forecast of Canada's primary securities dealers in a Reuters survey is for the bank to begin raising rates in the second quarter of 2015.

But this week the OECD said that as Canada's economic slack is absorbed, "monetary stimulus will need to be progressively withdrawn from late 2014 to counter inflationary pressures."

When asked about that forecast, Poloz said the OECD and the Bank of Canada likely used different models and also possibly exercised judgment differently when viewing the data.

Source:bnn.ca

Google unveils prepaid debit card

Google Inc  will offer a prepaid debit card that will allow consumers to purchase goods at stores and to withdraw cash from ATM machines, the Internet company said on Wednesday.

The card, which is only available in the United States, lets consumers access the funds stored in their Google Wallet accounts. Google Wallet is a smartphone app and online payment service that lets consumers buy goods and transfer money to each other.

The new Wallet card will be accepted at "millions of locations" that accept MasterCard and at ATM machines, Google said in a post on its official blog on Wednesday. Google said the card is free and that the company will not charge cardholders any monthly or annual fees.

The card could help advance Google's efforts to play a bigger role in commerce and provide the company with valuable information about consumer shopping habits, though it appears to be less ambitious than the full-fledged credit card once rumored to be in the works.

Source: Reuters

Euro zone business recovery weakens unexpectedly in November

The fragile recovery in the euro zone private sector weakened unexpectedly this month despite resurgent growth in Germany, as French business activity took a tumble, surveys showed on Thursday.

Markit's Eurozone Services Purchasing Managers' Index (PMI), which gauges business activity across thousands of service sector companies large and small, fell to 50.9 in November from 51.6 last month.

It was the weakest reading in three months and undercut even the lowest forecast from 32 economists polled by Reuters, although the index held above the 50 line dividing growth in activity from contractions.

Overall, the survey underlined how lopsided the euro zone's recovery from recession is towards growth ing, with the rest of the bloc struggling to sustain momentum.

France in particular, where business activity unexpectedly shrank, was the weakest link in the euro zone this month.

Williamson added the survey was consistent with euro zone economic growth of around 0.2 percent in the current quarter, in line with the latest Reuters poll of analysts on Wednesday.

Source: Reuters

US seeks to 'operationalize' new model of major-country ties with China: official

 The United States is seeking to "operationalize" a new model of major-country relations with China by managing inevitable competition and forging deeper cooperation on issues of common interest, a top presidential aide said Wednesday.

In a speech on U.S. policies toward the Asia Pacific at the Georgetown University, National Security Adviser Susan Rice highlighted the importance of enhancing cooperation with China on security and economic issues while Washington implements its Asian rebalancing policy initiated by the Obama administration.

Rice noted both the United States and China seek the denuclearization of the Korean Peninsula, a peaceful resolution to the Iranian nuclear issue, a stable and secureAfghanistan, and an end to conflict in Sudan.

There are also opportunities for the two nations to take concerted action to bolster peace and development in places like sub-Saharan Africa, the top presidential aide said.

At the same time, the two countries are improving military-to-military relationship, as they enhance strategic dialogues and cooperation on security issues like counter-piracy and maritime security, she said.

"Greater military engagement and transparency can help us manage the realities of mistrust and competition, while augmenting the high-level communication that has been a hallmark of this Administration's approach to China," Rice said.

On the territorial disputes in South China Sea  and East China Sea, Rice said they pose a growing threat to regional peace and security, pledging that Washington will help governments in the region to communicate better with each other to avoid incidents that could unintentionally spark wider conflicts.

On the U.S.-China economic relations, Rice said her country seeks to elevate its economic relationship with China in the years ahead.

The United States must seize the opportunity of China's newly launched sweeping reforms that were approved by the 3rd Plenary Session of the 18th Central Committee of the Communist Party of China which concluded on Nov. 12, said Rice.

China's economic reforms, if realized, "could go a long way toward leveling the playing field for private and foreign investors and moving China's economy toward market principles," she said.

Source: Global Times

Yamaha and Gordon Murray to produce Motiv City Cars

Yamaha Motor Corporation moved into the automotive business this afternoon in one of the shock announcements of the Tokyo Motor Show. Yamaha’s partner in the four-wheeled endeavor is none other than Gordon Murray Design. The new four-wheeled Yamaha Motiv range of four-wheelers will be very similar to Gordon Murray’s much-vaunted T.25 and T.27 City Car designs,  and the two-seater Motiv will, if it goes into production, include a range of bodies, and a range of engines, including a 25 kW electric vehicle, and a one liter, three-cylinder engine likely to produce well over 100 bhp.

With Murray finding a major manufacturer to adopt his very clever iStream production process, the stage is set for Yamaha to create a range of very affordable and high-performance micro vehicles, and for Murray’s ingenious designs to finally go mainstream. Indeed, it looks like an ideal marriage, and one which will produce a genuine competitor to the smart fortwo.

Source: Gizmag

Oxford expert says it's not easy for Chinese buzzwords to make their way into English

Chinese buzzwords reflect social changes, which is interesting, but it takes time for them to be accepted by British people and become English glossary, said Julie Kleeman, Project Manager of Bilingual Dictionaries with the Oxford University Press.

"Chinese buzzwords often come to our attention through the media," she told Xinhua in an interview. "In the case of Chinese words that are gaining publicity in the foreign media, obviously some terms such as tuhao and dama tell us something about trends and phenomena in China that mark interesting shifts in society."

Tuhao is used to describe uncouth rich. In fact, this word referring to local tyrant in the past is not new at all, but Chinese netizens are using it in a different way, which was explained by the BBC last month.

Chinese dama, or middle aged woman, rose to fame after many of them bought gold when the price was low, as reported by Wall Street Journal this past August.

Kleeman noted that they are considering to include these words in the Oxford Dictionaries Online. "Our English language experts ... would need to see evidence of it in use across a range of English media, over the course of a period of time," she said.

Media is not the only source for them to keep up with the changes of Chinese buzzwords.

"Recently we also established a relationship with the Education Centre at Peking University who track and analyse new Chinese words on a daily basis," she said.

To date, more than 120 Chinese-linked words have been written into Oxford dictionaries, such as fengshui, hutong, hukou, guanxi, goji berry, and Cantonese-based Dim Sum, Kowtow.

However, Kleeman pointed out that "no Chinese word or phrase has become very commonly-used in English in recent times," as most of the Chinese words in their dictionaries entered the English language a long time ago.

One reason is that Chinese words are hard to pronounce. "Chinese pinyin spelling, which is pretty much obligatory at this time, has a number of unintuitive features which, combined with the loss of tones, often result in pronunciations that would be unrecognizable to a Chinese speaker," she said.

In comparison, the Japanese words are not too difficult for English speakers to get the pronunciation more or less right. Therefore, some Japanese words such as tycoon and karaoke became frequently used.

Admittedly, it took a long time for words and concepts of Japanese origin to make their way into English. Maybe the cause of Chinese buzzwords is equally long.

"It does seem likely English will borrow from Chinese as trade, cultural and personal connections between China and the West grow," Kleeman concluded.

"As more Chinese words attract attention among speakers of English, with the Internet as an especially productive channel between languages, this will provide the West with more windows on China, its culture, and concerns," she added. "But as to whether or not these words will truly form part of English usage remains to be seen."

Source: Xinhua

Au Japon, la dette publique "suit une trajectoire dangereuse"

La dette publique japonaise dépasse aujourd'hui 220 % du produit intérieur brut (PIB) du pays. A partir de quand ne sera-t-elle plus tenable ?

Il n'existe pas à proprement parler de seuil à partir duquel le pays ne pourrait pluspayer sa dette, mais une chose est sûre : à moyen-long terme, la trajectoire actuelle n'est pas tenable.

Depuis 1994, la dette publique brute a augmenté à un rythme annuel de 6 %, dépassant de loin la faible croissance du PIB, qui a été de +0,4 % par an en valeur et en moyenne jusqu'en 2007, et négative depuis.

Or, la croissance potentielle de l'archipel devrait fléchir encore dans les années àvenir, à cause du vieillissement de la population.

Cela va poser des défis redoutables, car non seulement la baisse de la population active pèsera sur l'activité, mais en plus, les ménages retraités ont plus tendance que les jeunes à piocher dans leur épargne pour financer leur consommation ou leurs dépenses de santé et dépendance.

Cela signifie-t-il que les ménages japonais détiendront à l'avenir moins d'obligations souveraines nationales ?

On peut le craindre. En effet, si le coût de financement de l'Etat japonais est resté jusqu'ici très stable à un bas niveau, c'est précisément parce que sa dette était détenue pour sa quasi-totalité par les résidents. Cette part est déjà passée de 96 % en 2005 à 92 % en juin 2013.

La dette est donc, de ce fait, peu soumise à la volatilité qu'entraîne une plus grande détention par des investisseurs étrangers.

En outre, la Banque centrale du Japon, qui détient déjà aujourd'hui près de 15 % de l'encours total, devrait quasiment doubler sa détention d'ici à fin 2014.

Les investisseurs de l'archipel risquent-ils de se détourner de la dette de leur pays ?

  Attirés par une hausse des taux longs américains une partie des investisseurs nippons pourrait alors se détourner de la dette de leur pays pour placer leur argent sur des actifs plus rémunérateurs.

Dans le pire des scénarios, cela pourrait déclencher une hausse des coûts auxquels le Japon se finance, voire, un effet boule de neige, avec un emballement de l'endettement que le gouvernement ne pourrait plus maîtriser.

Il doit agir pour rendre la trajectoire de la dette à nouveau soutenable. Cela passera d'abord par une sérieuse consolidation budgétaire.

Propos recueillis par Marie Charrel, Interview a Audrey Gasteuil-Rougier, économiste à la Société Générale

Le Monde

L’amende record de JPMorgan évitera-t-elle la prochaine crise des subprimes?

Comment éviter que les banques précipitent le monde dans un nouvel engrenage infernal du type des subprimes ? L’administration Obama a choisi sa méthode. Elle s’est résolue, tardivement, à faire payer très cher les établissements qui ont été pris les doigts dans le pot de confiture.

Aucun autre pays ne frappe aussi fort. Il est vrai que l’épicentre de cette crise mondiale de 2008 était à Wall Street. Mais, les banques britanniques et surtout les allemandes qui avaient participé à l’orgie paraissent à l’abri de ces demandes de comptes, cinq ans après les faits.

JPMorgan Chase, la première banque outre-Atlantique, a annoncé un accord avec le département américain de la justice pour payer 13 milliards de dollars (9,6 milliards d’euros) d’amende. Un montant record, que personne ne pouvait imaginer il y a six mois.

Sur ce montant, 7 milliards portent sur des accords conclus ces dernières semaines pour indemniser les investisseurs. L’honorable banque leur avait fourgué ces titres à hauts risques sans les informer de leur véritable nature. Quelque 2 milliards supplémentaires seront répartis par les procureurs de Sacramento, en Californie.

L’addition est salée

Le dernier volet de cette transaction historique négocié avec le département de la justice concerne les particuliers pour une enveloppe de 4 milliards de dollars. La moitié sera consacrée à réduire la valeur des hypothèques réclamées aux propriétaires déchus. L’autre moitié servira à financer la réduction des taux d’intérêt des crédits en cours et des nouveaux accordés aux acheteurs à faible revenu.

Source: Le Monde

AUTOMOTIVE: Urbee 2 to attempt US crossing using ten gallons of fuel

Urbee 2, the first road-ready, fuel-efficient car built using 3D printing, is the subject of a collaboration between design firm KOR EcoLogic, direct digital manufacturers RedEye On Demand, and 3D-printing manufacturer Stratsys. Their aim is to put the 7 hp (5 kW) three-wheeled, rear-steering eco-hybrid on the roads by 2015, and then demonstrate its capabilities by crossing the US using only ten gallons (38 L) of fuel.

The first Urbee, introduced in 2010, combined a fuel-efficient 5 hp (3.8 kW) hybrid drive and a 3D-printed body with excellent aerodynamic performance to achieve over 200 mpg on the highway. However, the original 3D-printed body was made using a great deal of excess material to produce strength without the benefit of careful designing. The safety of the car in a crash was also questionable. As a result, the Urbee was a successful concept car, but stopped there.

Stopped, that is, until the Urbee 2 came along. Urbee 2 shares the same general design, being a three-wheeled two-seater that is steered by a single wheel in the rear of the vehicle. It will weigh about 1,200 lbs (550 kg), some thirty percent less than the original Urbee.

Urbee 2 is a series-parallel hybrid vehicle, meaning it combines more than one energy source to propel the vehicle. In the city, the Urbee runs on electricity stored in its batteries, which are expected to store about 10 hp-hours (7.6 kWh). The front wheels are driven by a pair of 36 volt electric motors, which together provide a cruising power of 8 hp (6 kW) and a peak power of 16 hp (12 kW).

The kinetic energy of the vehicle is largely recovered by a regenerative braking system and stored in a set of ultracapacitors with a capacity of about 0.05 hp-hour (35 W-hr). The pure electric driving range is likely to be in the neighborhood of 40 miles (64 km). Should the batteries start to die during the commute home, an internal combustion engine will run an alternator to charge them.

At highway speeds, Urbee utilizes an internal combustion engine, as such an engine is most efficient when running at about 60 percent of its peak power. This powertrain will allow the Urbee 2 to cruise comfortably at about 70 mph (110 km/h). Although an engine has not yet been selected, it is likely to be a 7-8 hp single-cylinder diesel which can also be run on ethanol. Roughly speaking, this is a very efficient lawnmower engine. When passing or on uphill stretches, additional power is obtained by operating the electric and diesel engines in parallel.

Source: Gizmag

U.K. National Grid keeps dividend policy under new price regime

UK-based energy distributor National Gridsaid on Thursday thebusiness was performing in line with expectations under a new price control regime and it would continue a policy of Udividends that match or exceed British consumer inflation.

Its profit before tax fell 7 percent to 979 million pounds for the six months to September 30, the first period the company has operated under the new formula for controlling its UK prices until April 2021, but it maintained the interim dividend payout at 14.49 pence a share.

British energy regulator Ofgem introduced price controls in April to set returns on National Grid's regulated UK power and gas assets over eight years, versus an earlier five-year period.

Source: Reuters