china

China January exports fall 0.5% yr/yr

by on February 11, 2012

menafn.com…

(MENAFN – Saudi Press Agency) China’s exports in January fell 0.5 percent from a year earlier, the official Xinhua news agency reported on Friday, well below market expectations for a rise of 4.8 …

Go here to read the rest:
China January exports fall 0.5% yr/yr

Find our Weekly Commercial Real Estate, Private Equity and Fund Newsletters at www.WeeklyBrief.net

{ 0 comments }

Huffington Post…

China bashing has become as much a part of the modern American political tradition as criticizing foreign producers of oil, yet it seems few have actually stopped to think about whether it is justified. The American electorate has become accustomed to the predictable torrent of anti-Chinese rhetoric from politicians of a variety of political persuasions — in large part because of a subtle and uncomfortable recognition that China is beating the U.S. at its own game; Some would even say the Chinese are better capitalists than Americans will ever be. Indeed, China has made remarkable economic progress over the past twenty years — in large part because of its embrace of ‘socialism with Chinese characteristics’ — otherwise known elsewhere as capitalism. A decade ago, American politicians bashed China largely for political reasons. Today, it is for primarily economic reasons. With China having become the second largest economy in the world last year, and poised to overtake the U.S. in economic size in the next decade, it is no wonder American politicians are on the offensive. It should be no surprise that Americans may bristle at the notion that capitalism has helped China slowly dominate the global economy. China is, of course, not above criticism, just like any other country, and American politicians do raise some valid points in criticizing China. For example, the Chinese yuan is undoubtedly overvalued, given that it does not freely float in the foreign exchange markets. And the Chinese government does control large parts of the Chinese economy through state-owned enterprises, which distorts the domestic market and gives some Chinese companies unfair competitive advantages. But China must compete in the global marketplace like any other country and it pays a price for supporting companies that should otherwise fail as a result of being poorly run, inefficient, and bloated. If the U.S. does not like the way China does business, it is free to do business somewhere else. What goes left unsaid, however, is that China has become too important for the U.S. do that, and what U.S. politicians fail to acknowledge is that the U.S. is becoming increasingly irrelevant to the economies of Asia, while China has become the cornerstone of Asia’s fantastic economic growth. China’s trade with the ASEAN countries jumped six-fold between 2000 and 2009, to US$193 billion, surpassing that of the U.S. China’s share of Southeast Asia’s total commerce for the period increased to 11.3 percent from 4 percent, whereas the U.S.’s share of trade with the bloc fell to 10.6 percent from 15 percent. Another thing that gets left unsaid is how important China has become as a destination of U.S. exports. According to the U.S. Treasury’s own report, “in the second half of 2009, U.S. exports to China increased by 15 percent on a year-over-year basis, while U.S. exports to the rest of the world fell by 13 percent. In the first quarter of 2010, U.S. goods exports to China rose by more than 40 percent compared to the same period the year before, while U.S. exports to the rest of the world rose by less than 20 percent.” China’s rapidly growing middle class is the single most important factor for the success of President Obama’s Nation Export initiative. The U.S. not only needs to tap China’s vast foreign currency reserves ( in excess of $3 trillion — more than 10 times that of the U.S.) in order to finance its trade deficit and fiscal deficit, it also needs access to China’s vast market in order to sustain its economic recovery and create much needed jobs for American workers. When was the last time you heard a U.S. politician admit that? Of course, both countries have legitimate criticisms of the other, but they know they need each other, and neither country is going to disappear. So instead of following predictable (and boring) scripts, why not turn the page on Cold War-esque rhetoric and find ways to join hands with China so as to mutually benefit from each other’s comparative advantages? The fact is, China needs and wants the U.S. to succeed economically — as the largest holder of U.S. Treasury Bills — and the U.S. should want China to succeed, so that it has a long-term marketplace for its exports. We are not talking here about some starry-eyed vision of utopia, but rather, a realistic and sensible approach to future bilateral economic relations. Rather than bashing China, U.S. politicians would be well advised to forge a stronger relationship with China. President Obama gets it. Last year he said : “I believe there is much to be gained from a closer working relationship with China. Indeed there are very few global challenges, if any, we can address effectively without China’s active cooperation. They are a global economic power, and engagement with China’s government is an important step in stemming the financial crisis that has devastated economies around the world. Both of our nations seek to lay a foundation for sustainable growth and lasting prosperity. My Administration is also working with China on a number of security issues, including stopping North Korea’s nuclear program, rolling back the advance of extremists in Pakistan, and ending the humanitarian crisis in Dar fur. The United States and China share common interests on a host of issues — including energy security and climate change, food safety and public health, and nuclear non-proliferation and counter-terrorism. We want to work with them to address these issues in the years ahead. Improved relations with China will require candor and open discussion about those issues on which we may disagree. We must address human rights, democracy, and free speech. We must also work to ensure that our nations play by the rules in open and transparent economic competition. These important matters will be essential elements of our ongoing dialogue with China.” The only Republican candidate for president we heard that kind of approach from was John Huntsman, who unfortunately failed to connect with American voters. A sustainable economic recovery in the U.S. cannot be achieved by isolating China. The U.S. and China may seem like the odd couple: the leading proponent of democracy and most individually-oriented nation and the leading communist and most communal-oriented nation. But considering what we can achieve together and what we will lose if we are pitted against each other, forming a Sino-American strategic alliance is critical to the future economic viability of both nations. American politicians, and the American people, would be much better off recognizing this, rather than using demagoguery to sow divisiveness between China and the U.S. The 21st century has no place for tiresome dated Cold War rhetoric. President Obama has the right approach. * Daniel Wagner is CEO of Country Risk Solutions, a cross-border risk consulting firm based in Connecticut (USA), Director of Global Strategy with the PRS Group, and author of the new book Managing Country Risk. Dee Woo is a lecturer in economics at the Beijing Royal School.

Continue reading here:
Daniel Wagner: China-Bashing Is a Tiresome Sport in American Politics

Find our Weekly Commercial Real Estate, Private Equity and Fund Newsletters at www.WeeklyBrief.net

{ 0 comments }

China Jan exports, imports down on weak global demand

February 10, 2012

(MENAFN) China’s customs said that last month, the country’s trade dropped due to a decline in global demand and the Lunar New Year holiday, reported AP. The customs added that in the period, …

Read the full article →

Chinese consumer prices rise to 4.5% in January

February 9, 2012

(MENAFN) China’s consumer prices rose to 4.5 percent in January from a year ago, which may dash hopes that the country’s central bank will easy monetary policy to boost growth, CNN …

Read the full article →

China’s Jan inflation rises to 4.5%

February 9, 2012

(MENAFN) China said that in January, the country’s inflation rebounded to 4.5 percent over a year earlier from 4.1 percent recorded in December, reported Khaleej Times. Moreover, in the period, …

Read the full article →

China and Canada sign a series of trade accords

February 9, 2012

(MENAFN – Saudi Press Agency) China and Canada on Wednesday signed a series of agreements to boost modest levels of bilateral trade, including a deal that Ottawa said should allow the immediate …

Read the full article →

More than just Great Firewall awaits Facebook in China

February 9, 2012

(MENAFN – Arab News) When it comes to China, Facebook should consider itself forewarned. Cracking the world’s biggest Internet population might seem an obvious ambition for the social networking …

Read the full article →

IMF Cuts China’s 2012 Economic Growth to 8.25%

February 8, 2012

(MENAFN – Qatar News Agency) The International Monetary Fund (IMF) has cut its forecast for China’s 2012 economic growth to 8.25% from the 9% projected in September, and it warned that exports would …

Read the full article →

Key U.S. House Panel Advances Keystone Pipeline Plan

February 7, 2012

* House Energy and Commerce approves plan, 33-20 * Would give permit power to FERC * Next step for bill: vote in full House * Senate Finance won’t attach bill to highway bill By Roberta Rampton WASHINGTON, Feb 7 (Reuters) – A plan to fast-track the stalled Keystone XL oil pipeline was passed by a key committee in the U.S. House of Representatives, as Republicans made yet another attempt to spur approval of the project that has become a major issue in the 2012 elections. The bill would wrest decision-making on the pipeline from the Obama administration and hand it to the Federal Energy Regulatory Commission, which would be compelled to issue approval permits quickly on the Canada-to-Texas project. But the plan would need to clear several more congressional hurdles, including getting through Democratic opposition in the Senate, before it could land on President Barack Obama’s desk for approval. In a decision last month that pleased environmental groups, Obama blocked TransCanada’s $7 billion project, citing the need for further review of its route as the line would have traversed sensitive lands and an aquifer in Nebraska. Republicans have made the pipeline a symbol of what they believe are unnecessary regulations that are stifling job creation and energy production in the United States. On Tuesday, the House Energy and Commerce Committee voted 33-20 to send its Keystone bill to the full House, where it will likely become part of a highway and infrastructure funding bill that House Speaker John Boehner wants to see passed this month. Republicans also have not ruled out trying to attach a Keystone provision to must-pass payroll tax-cut legislation. “We’re going to use all options, so we’ll see,” said Fred Upton, the Republican chair of the energy committee, who is also part of a joint Senate-House conference panel working on the payroll tax-cut compromise. GLUT IN MIDWEST The latest Keystone debate comes as a glut of crude oil in the U.S. Midwest widens the discount between what refiners pay for oil around the key delivery point of Cushing, Oklahoma, compared to the price paid by refiners on U.S. coasts and the rest of the world. Meanwhile, Canadian production is surging on expanding output from the oilsands. With exports to the United States up 34 percent year-over-year, existing pipeline capacity is full. The lack of pipeline space has pushed the discount between Canadian crude and benchmark prices to multi-year lows, eating into the profits of the Canadian oil industry, including its two largest producers, Suncor Energy Inc and Canadian Natural Resources Ltd. Canadian oil producers are desperately looking for alternative markets in Asia and elsewhere, though it will be years before any new export lines can be built. Canada’s Prime Minister Stephen Harper is leading a large, high-level trade mission to Beijing this week, and told Reuters that Canada will focus on exporting oil to China even if the U.S. decision on Keystone is reversed. KEYSTONE ROUTE IN SENATE UNCLEAR Republicans in the Democratic-controlled Senate also are trying to resurrect a quick start for the pipeline, but have not yet determined a strategy for advancing legislation. On Tuesday, Republican Senator Orrin Hatch withdrew a proposal to link Keystone to the Senate’s highway funding bill. “It is absolutely tragic that the prime minister of Canada is now negotiating with the Chinese to take their oil because we’re too stupid to allow a pipeline to go through,” Hatch said at a Senate Finance Committee hearing. Max Baucus, the Democratic chairman of the powerful panel, convinced Hatch to withdraw his measure. “The inclusion of Keystone would take down the bill,” Baucus said, although he noted he strongly supports the pipeline. LAWSUITS AHEAD? On Tuesday, House Democrats tried but failed to amend the bill to block exports of oil and refined fuels from the pipeline, and to bar TransCanada from having the ability to expropriate land for the pipeline from private owners. Also defeated was a proposal to postpone action on the pipeline pending results of a study, expected sometime in 2013, on whether pipelines carrying petroleum from Canada’s oilsands are at greater risk for spills than those carrying other types of crude. John Dingell, a Democrat from Michigan who supports the pipeline, argued the authority to approve the line should remain with the president rather than being fast-tracked by Congress. Dingell said he worries environmental groups would tie up the pipeline with lawsuits if the Republican plan goes ahead. “It’s going to infuriate the environmentalists who are going to be on this like a duck on a June bug,” Dingell said. The Natural Resources Defense Council panned the bill, saying it attempted to “jam” the project ahead in a rush. “We hope the Senate will use common sense and avoid trying to undermine proper review using politically motivated legislative maneuvers,” said Frances Beinecke, president of the group, in a statement. But Lee Terry, a Republican from Nebraska, said the Obama administration has dragged out the process for too long, making it essential for Congress to take charge. “It is the president that made this a political football,” Terry said.

Read the full article →

ArcelorMittal reports USD1.71b earnings in Q4

February 7, 2012

(MENAFN) Luxemburg-based ArcelorMittal posted the lowest quarterly profits in two years as slowing economies in China and Europe sapped demand for steel, leading to lower prices, Bloomberg …

Read the full article →

IMF lowers China’s 2012 economic growth to 8.25%

February 7, 2012

(MENAFN) The International Monetary Fund (IMF) said that it lowered its growth forecast for China’s economy in 2012 to 8.25 percent from earlier forecasts of 9 percent, reported Xinhua News. The …

Read the full article →

China bars airlines from EU emissions scheme

February 7, 2012

(MENAFN – Gulf Times) Air China planes pass each other on the tarmac and runway at Beijing International Airport yesterday. China yesterday barred its airlines from a European scheme to reduce …

Read the full article →

As Minnesota, Missouri, Colorado Vote, Republicans Talk Cuts Not Investment

February 6, 2012

Most politicians would brush aside their mother if it meant scoring a photo-op with a Minnesota businessman like John Van Dine. His 22-year-old company, SAGE Electrochromics, is in the middle of a $150 million expansion to double its workforce to total 250, all in Fairbault, Minn., and pulling in a decent wage. SAGE, which makes glass plates with electronic sensors that turn lighter or darker depending on the time of day, is even exporting to Asia and the Middle East. But Van Dine isn’t look to share the stage with any politician; he’s just hoping for more government investment in infrastructure, education and health care, all needed for a sustained economic recovery, he said. But as voters head to the caucuses and primaries on Tuesday in Minnesota, Colorado and Missouri, those aren’t the kinds of initiatives making headlines. Instead, the leading Republican candidates are hammering home the idea that cuts to government spending and fewer regulations are key to an economic rebound. “It’s not that they are not aware of the problems; it is that they haven’t provided the leadership,” said Van Dine, adding that politicians in both parties are to blame for not having the courage to propose investing on a large scale to fuel economic growth. Minnesota is in better shape than most of the rest of the country, including Colorado and Missouri. Unemployment is relatively low, at 5.7 percent. The state’s manufacturing sector has seen 16 straight months of growth, according to the Minnesota Department of Economic Development. Yet, according to the Bureau of Labor Statistics, job growth in Minnesota is slow, just 1 percent in 2011 — slightly higher than the national average. The state’s manufacturers employ fewer workers than before the recession, and these types of jobs are unlikely to be fully restored to pre-2008 levels, said Troy Walters, an economist at IHS Global Insight. In addition, Minnesota is experiencing cutbacks in government spending. There were 1.4 percent fewer government workers in this state by the end of 2011, compared with the tally at the end of 2010, according to the Bureau of Labor Statistics. Local government layoffs have hurt economic growth in the state, said Thomas Stinson, an applied economics professor at the University of Minnesota and an economist for the state. When workers in the public or private sector are laid off, they spend less, which then reduces employers’ demand for workers — hurting consumer demand even more, Stinson said. “It really starts a vicious circle.” Missouri and Colorado also lost government jobs last year, and Republican presidential candidates have made government job cuts part of their platforms. Romney wrote in his economic plan that if elected, he would slice the size of the federal workforce 10 percent and cap federal spending at just 20 percent of the U.S. gross domestic product, which would mean trimming federal spending about 17 percent. Romney and Gingrich have both said they would slash regulations, corporate taxes and government spending as a means of addressing America’s economic woes. The campaigns did not immediately return requests for comment. The other Tuesday primary states would love to be in Minnesota’s position. The total number of jobs in Missouri declined 0.1 percent in 2011, according to the Bureau of Labor Statistics. And among all states, Missouri is the 15th most pessimistic about the economy, according to Gallup. Colorado’s economy is doing better than Missouri’s, but it is still not healthy. Many of its job gains last year came within the leisure and hospitality sectors, where positions tend to be low paying. Manufacturing in Missouri and Colorado is starting to rebound, however. Last year manufacturing in Missouri grew the most quickly of any sector — attaining a 3.1 percent job growth rate, according to the Bureau of Labor Statistics. In Colorado, jobs manufacturing, comprising less than 6 percent of its total, grew 0.7 percent last year. Despite of Minnesota’s improving economic situation, Minnesotans are still very concerned about jobs and the economy, Stinson said. “If you haven’t got a job, if you’re worried about your job, the national debt is not what you’re concerned about,” he said. While Republican candidates have mainly proposed cutting government spending and regulation, at a New Hampshire debate in January Gingrich mentioned that the United States should focus on developing its technological infrastructure. “You cannot compete with China in the long run if you have an inferior infrastructure. You’ve got to move to a 21st-century model. That means you’ve got to be technologically smart, and you have to make investments,” he said , according to the Daily Caller . For his part, President Barack Obama said during his Jan. 24 State of the Union address that he would like to cut taxes for high-tech manufacturing companies that hire in the United States while establishing a minimum corporate tax rate. But economists and labor leaders say rebuilding the economy takes more than incentives; it will require new investment. Damon Silvers, policy director at the AFL-CIO, estimated in January that the economy needs a $4 trillion public investment program over 10 years — with spending focused on education and infrastructure — to make the economy competitive enough to support the middle class.

Read the full article →

Google, Facebook Cave To India’s Demands For Web Censorship

February 6, 2012

NEW DELHI (AP) — Google India has removed web pages deemed offensive to Indian political and religious leaders to comply with a court case that has raised censorship fears in the world’s largest democracy, media reported Monday. The action follows weeks of intense government pressure for 22 Internet giants to remove photographs, videos or text considered “anti-religious” or “anti-social.” A New Delhi court Monday gave Facebook, Google, YouTube and Blogspot and the other sites two weeks to present further plans for policing their networks, according to the Press Trust of India. For India’s more than 100 million Internet users, the government says, U.S. Internet standards are not acceptable. The case highlights the difficulty India faces in balancing conservative religious and political sentiments with its hope that freewheeling Internet discourse and technology will help spur the economy and boost living standards for its 1.2 billion people. Google India did not say Monday which sites were removed but had said it would be willing to go after anything that violated local law or its own standards. Indian officials have been incensed by material insulting to Prime Minister Manmohan Singh, ruling Congress party leader Sonia Gandhi and religious groups, including illustrations showing Singh and Gandhi in compromising positions and pigs running through Mecca, Islam’s holiest city. “There is no question of any censorship,” Communications Minister Sachin Pilot said in Bangalore. “They all have to operate within the laws of the country. … There must be responsible behaviour on both sides.” Anyone hurt by online content should be able to seek legal redress, he said. The government has warned it has evidence to prosecute 21 sites for offences of “promoting enmity between classes and causing prejudice to national integration.” The government has asked the sites to set a voluntary framework to keep offensive material off the Internet. Facebook India submitted a compliance report to the court Monday, but it also joined Yahoo and Microsoft in questioning its inclusion in the case, saying no specific complaints had been presented against them, PTI reported. The sites did not immediately comment after the hearing. Prosecutors, who sued on behalf of a Muslim religious leader who accused companies of hosting pages that disparage Islam, said they would provide the companies with all relevant documents. The court gave the companies 15 more days to report back. India is Facebook’s third-fastest growing market, after the U.S. and Indonesia. The California-based company, with $3.7 billion in revenues last year, has seen its hoped-for launch in China held back by rules requiring censorship of material seen by the Chinese government as objectionable or obscene. The issue of country-specific censorship sparked global outcry in recent weeks, after Twitter said it would allow tweets to be deleted in countries where the content breaks local law. Twitter insisted the new policy would help freedom of expression and transparency by preventing the entire site from being blocked. But dissidents and activists who have embraced Twitter in their campaigns accused the site of betraying free speech. Katy Daigle, The Associated Press

Read the full article →

Asian Activities Report for February 7, 2012: GCL-Poly Energy Holdings (HKG:3800) Forms a Joint Venture with NRG Solar to Enter the US Solar Market

February 6, 2012

http://www.abnnewswire.net/rss2/menafn/abn_menafn_en.asp GCL-Poly Energy Holdings Limited (HKG:3800), a leading polysilicon and wafer supplier as well as a top green energy enterprise in China, has …

Read the full article →

China to ban its carriers from paying EU carbon emissions tax

February 6, 2012

(MENAFN) The Civil Aviation Administration of China said that the country would ban its carriers from paying European Union tax on carbon emissions or other fees without government permission, …

Read the full article →

China’s 2011 exports, imports of electronics grow 11.5%

February 5, 2012

(MENAFN) China’s Ministry of Industry and Information Technology (MIIT) said that last year, the value of exports and imports of China-made electronics grew 11.5 percent from 2010 to USD1.13 …

Read the full article →

China’s non-manufacturing PMI falls to 52.9 in Jan

February 5, 2012

(MENAFN) China’s National Bureau of Statistics said that in January, the country’s non-manufacturing Purchasing Managers Index (PMI) fell to 52.9 from the 56 recorded in the previous month, reported …

Read the full article →

China’s PM: "No Discriminatory Rare Earth Supply Policies in Place"

February 5, 2012

(MENAFN – Qatar News Agency) China’s premier has said that his country does not discriminate against foreign companies in terms of rare earth supplies, stating that policies and quotas for both …

Read the full article →

China’s Chemical Industry Output to Reach 14 trillion yuan by 2015

February 5, 2012

(MENAFN – Qatar News Agency) China’s Petroleum and chemical industry output is expected to increase at an annual rate of 13% over the12th Five-year Plan 2011-2015, the Ministry of Industry and …

Read the full article →

Oil Exports to Top Agenda of Canadian PM’s China Visit

February 5, 2012

(MENAFN – Qatar News Agency) Canadian Prime Minister Stephen Harper will visit China next week to discuss the future of Canada’s oil products. The visit comes after the US rejected a pipeline …

Read the full article →

Plant Closure Won’t Stop Picketing Workers

February 4, 2012

Workers in London, Ont., say they’ll continue to picket even though the Electro-Motive Diesel plant is now officially closed, as the head of the Canadian Auto Workers calls for a public inquiry into the closure. Progress Rail Services Corp., a subsidiary of U.S. construction equipment conglomerate Caterpillar, announced the closure of the locomotive plant Friday. The company locked out 450 workers from the facility on Jan. 1. Costs were the main factor in the dispute, with the company pushing certain employees to take a 50-per-cent pay cut, despite making nearly $5 billion last year. Caterpillar said costs were too high. CAW union boss Ken Lewenza admits cost has meant the loss of many manufacturing jobs in Canada. “At the end of the day, if it’s all about competitiveness, then workers in Canada won’t win,” he said. “If it’s about productivity, if it’s about quality, then we will survive.” Union workers plan to stay on the picket line until they get a closure agreement from the company. Tony Biviano, one of the employees now out of work, said he’s confused. “It’s not an economic thing; I don’t think that at all,” he said. “There’s lots of money here.” It’s widely expected that Caterpillar is moving the jobs to its plant in Indiana; the company is holding a job fair there on Saturday. On Wednesday, Indiana passed a right-to-work bill, after pressure from Caterpillar, that allows workers to opt out of union membership. “I don’t think this timing is a coincidence,” London-based economist Mike Moffatt told CBC News. “Because Caterpillar got the legislation it wanted and the governor was then able to promote the jobs that legislation brought to Indiana.” Latest blow to manufacturing sector The plant’s closure is the latest blow to Canada’s struggling manufacturing sector, which is suffering under new competition from low-cost countries, a sluggish economic recovery and a strong loonie. Ten years ago, Canada’s dollar was worth as little as 61.79 cents US. Now the two currencies are worth about the same, taking away one reason for companies to do their manufacturing in this country. Michael Burt, director for industrial economic trends at the Conference Board of Canada, said the manufacturing sector has been improving since the lows of the 2008-9 recession, but noted it faced difficulties long before the downturn. “Before the recession, we saw no growth in broad manufacturing activity for much of the last decade,” he said pointing to the rising loonie and China’s growing role as the world’s factory. Prime Minister Stephen Harper had used Electro-Motive as a backdrop in 2008 to promote big tax breaks for industrial capital investments. NDP MP Robert Chisholm called on the federal government, which has said repeatedly that the Electro-Motive dispute is one between a private company and its workers, to do something. “The fact is that taxpayers have funded Caterpillar, the growth of Caterpillar in this country,” Chisholm said. “In fact, we’re funding the move of Caterpillar to the United States and, so I say, and I think Canadians would agree, that this government has a responsibility to hold that company accountable.” Andrew MacDougall, a spokesman for Harper, said the prime minister was disappointed and sympathized with the workers who are now without jobs. But he blamed the provincial government for not being able to mediate a solution to the dispute.

Read the full article →

Will There Be A ‘Cyber Cold War’?

February 3, 2012

By Peter Apps, Political Risk Correspondent LONDON (Reuters) – With worries growing over computer hacking, data theft and the risk of digital attacks destroying essential systems, western states and their allies are co-operating closer than ever on cyber security. But as they do so, the gulf between them and China and Russia — blamed for many recent hacks and with a very different and much more authoritarian view over the future of the Internet — grows ever wider. Last week, Chinese officials turned down invitations to a privately-run conference of military and civilian experts on cyber security in London, telling organizers Defense IQ they would not attend due to a “low tide” in relations with the U.S., particularly its military. A senior Russian official also pulled out at the last moment, citing a failure to obtain a UK Visa in time — although other attendees suspected that might simply have been an excuse. Western officials talk down such snubs. But they admit progress towards international agreement on “norms of behavior” in cyberspace remains a distant dream. “It is worrying,” says John Bassett, a former senior official at British signals intelligence agency GCHQ and now senior fellow at London’s Royal United Services Institute. “If anything, in the last year the differences have become more apparent and there seems to have been little success in tackling them. There is a risk it could end up damaging the wider relationship.” Russia and China, it seems, have little appetite to tackle data theft whilst the West has no intention of acquiescing to Russian and Chinese demands for a more controlled Internet. Jim Lewis, a former U.S. foreign service officer and now senior fellow at Washington DC think tank the Centre for Strategic and International Studies, participates in regular semi-official meetings with China on cyber. “There are several things coming together here,” he says. “There is the political difference over the freedom and future of the Internet. Then that gets tied together with the theft of commercial property — which itself becomes part of the wider trade issues..” Already, Western officials and academics involved in talks say discussions on cyber between East and West have become much more difficult and more complex than on any other issue. “This is going to be a very gradual process,” says Christopher Painter, the U.S. State Department lead official on cyber policy. “There are obviously some very different visions of the future of the Internet… On intellectual theft, I’m not going to single out China or Russia but it’s obviously something we take very seriously.” A November London conference organized by British Foreign Secretary William Hague was supposed to kickstart progress towards global consensus. But if anything, it looks to have simply exacerbated the differences. A follow-up conference in Budapest later this year could be similar, some fear. “The London conference did seem to show a “non-flexible” attitude from both the West and East,” says Tony Dyhouse, a leading cyber security specialist for UK defense firm Quinetiq. “Dare we coin the term “Cyber Cold War?”" INTELLECTUAL PROPERTY THEFT In public, U.S. and other Western officials almost always decline to detail where they believe the plethora of recent cyber attacks have come from. In the last year, they have included attempts to break into computer systems at the U.S. State Department and British Foreign Office and other highly publicized attacks on Lockheed Martin, Google, the NASDAQ and the International Monetary Fund amongst others. But privately and occasionally on the record, they frequently point the finger at Russia and China. Both angrily deny any involvement, saying they too are victims of hacking. But many Western security specialists say the evidence against both nations — particularly China — has become increasingly compelling. “China is currently engaged in a maximal industrial espionage effort that it justifies internally in terms of a catch up strategy (with the West),” says Thomas Barnett, chief analyst at political risk consultancy Wikistrat and a former strategist for the U.S. Navy. “The key question here is: can China assume the mantle of intellectual property rights respect fast enough to avoid triggering economic warfare of the West… If it can’t, then this is likely to get ugly.” PricewaterhouseCoopers consultant Tim Hind, a former intelligence chief at British bank Barclays, has few doubts. “I think government circles and organizations now… have very good attribution,” he says. “The question is what you do diplomatically with that attribution… I think our government sees our economic and political mission with China as more important than addressing the cyber issue.” Some believe the most promising avenue of negotiation might be to link it to one of Beijing’s primary worries — the buildup of U.S. military forces in Southeast Asia. “There is a deal to be made here involving the U.S. ceasing its intelligence gathering, naval and air activity off China’s coast,” Nigel Inkster, a former deputy chief of Britain’s Secret Intelligence Service (MI6) and now head of political risk and transnational threats at London’s International Institute for Strategic Studies, said late last year. But others suspect the scale of Chinese responsibility might be overstated. “One thing is certain — the “in thing” to do is blame China and hence it is likely that at least some of the actions blamed on China will not be of that origin,” said another European cyber security expert, speaking on condition of anonymity. “They’ve become a “no questions asked” scapegoat.” Because of the focus on China, some experts say the scale of hacking from Russian territory is often ignored. That, some suggest, is how Moscow was able to marshal so many “patriotic hackers” to paralyze Estonia’s Internet during a political face-off in 2007 as well as attacking Georgian websites during the 2008 war. More recently, such hackers have targeted dissident websites. VAST PHILOSOPHICAL GULF Perhaps even more serious than worries over hacking, however, is the vast philosophical gulf between East and West. Last year, both Russia and China saw a rise in Internet-fuelled unrest that they blamed in part on the West. Beijing’s censors increasingly struggled to control micro-blogging on their relatively tightly regulated Internet, whilst recent protests against Vladimir Putin are seen further fuelling Russian desire for control. In the run-up to the London meeting, Moscow and Beijing released a suggested “code of conduct” for the global Internet that would give national governments much more control over the Internet within their borders. But Western states swiftly shot down such suggestions. Despite British hopes the Chinese and Russians would not feel “ambushed” at the London summit, they would have found much to dislike there. “The Chinese see the Internet as an American construct, designed to provide the U.S. with military and commercial advantage,” said Lewis, adding that Beijing suspected the West of fostering dissent within its borders as well as building powerful cyber weaponry with which to attack. With almost every nation dramatically ramping up its military spending on cyber security — including offensive “cyber warfare” capabilities to attack essential networks, turn off power grids and cause massive disruption — some fear more serious confrontation. In a worst-case scenario, a single damaging cyber attack could spark a wider conventional war or even nuclear confrontation — with the risk a nation might wrongly blame a rival government for the actions of a single hacker and strike back. The 2009 Stuxnet computer worm attack on Iran’s nuclear program that reprogrammed sensitive equipment to tear itself apart was seen by many as a sign of things to come. As with any potential military conflict, experts have long said the key to avoiding accidental escalation is the creation of “confidence building measures” between all sides such as meetings, hotlines and shared discussions over threats. Senior officers from the newly launched U.S. Cyber Command and other officials have massively ramped up links with other military and civilian cyber agencies across NATO and the Western world. That process with China and Russia is at a much earlier stage, officials say. Some believe more should be done. “Even if you have long-running cyber arms control negotiations that never really went anywhere, that would give you the chance to get conversation and contacts going,” says former GCHQ official Bassett. For now, many believe the greatest risk is that paranoia sets in on both sides, further entrenching positions. “We are very tempted by a “Cold War” way of thinking,” says Lewis at the Centre for Strategic and International Studies. “The problem is that that can be very self-fulfilling.” (Additional reporting by William Maclean and Tim Castle) (Reporting By Peter Apps)

Read the full article →

China’s CNOOC plans to double oil, gas output by decade-end

February 2, 2012

(MENAFN) China National Offshore Oil Corp (CNOOC) said that by the end of the decade, the company would increase its oil and gas output to the double, reported Reuters. The state-owned firm added …

Read the full article →

China announces $2.5B fund for small businesses

February 2, 2012

(MENAFN – Khaleej Times) China announced more help Wednesday for its struggling private business sector, unveiling a $2.5 billion fund to finance new small businesses and promising tax breaks and …

Read the full article →

The Biggest Risk To Facebook’s Success: Mark Zuckerberg?

February 1, 2012

As part of its much ballyhooed S-1 filing on its road to going public , Facebook ($FB) also listed a set of “Risks Related to Our Business and Industry.” These risks are laid out as a sort of warning for investors, a litany of things that could go wrong for Facebook and bring it crashing back down from its sky-high valuation that could reach as high as $100 billion when the company begins officially trading publicly. Some of the risks listed should be no surprise — members becoming uninterested over time, rival startups stealing users away — while others are a bit more unexpected. (Example: One of the risks facing Mark Zuckerberg’s company: Mark Zuckerberg). Below, read why Zuckerberg could bring about the downfall of the company he created at age 19 in 2004, and check out the other major risks facing Facebook, including China, the U.S. government, and — gasp! — we the media! In all, the Facebook S-1 filing listed 38 major risk factors facing its “industry and business”; we’ve picked out the nine that caught our eye. Hungry for more Facebook facts, check out the most interesting new stats Facebook revealed in its S-1 . Read on to see how you helped Facebook get to where it is today .

Read the full article →

German industries urges China to lift restrictions on raw materials

February 1, 2012

(MENAFN – Saudi Press Agency) The Federation of German Industries (BDI) urged China on Tuesday to promptly lift restrictions on the export of important raw materials after losing a case before the …

Read the full article →

Anti-Iran oil sanctions, a delaying tactic that won’t work

February 1, 2012

(MENAFN – Arab News) The US and Europe’s attack on Iran’s oil industry and international banking system is self-defeating as long as Tehran retains eager customers like China, South Korea, Japan, …

Read the full article →

Women 2.0: Four Secrets to Building (or Rebuilding) a Great Team

January 31, 2012

About the guest blogger: Julia Hu is the Founder & CEO of LARK , a consumer electronics startup that helps couples sleep better together with the LARK product ( now in Apple stores across America ). Prior to LARK, she was National Sustainability Chair for global startup incubator Clean Tech Open , and ran international marketing in China for D.light Design . She received her Masters and Bachelors at Stanford and has half of a MBA from MIT Sloan (a dropout, but they’re nice enough to include her as a case study and speaker). Follow her on Twitter at @ourlark . You are always building, and rebuilding a great team. It is never in stasis — even when you are not hiring you are tweaking roles to better fit people within your company, or partnering with strategic partners, or letting people go. At the end of the day, your team is first (or a close second) in what makes your business successful. But, it’s definitely first in line for how happy you are everyday when you are slaving away on building something new. Here are four lessons that I have discovered building my own team at LARK , and hope I am living by: Lesson #1: Build a team based on values It wasn’t until our team was around seven and we were interviewing for our eighth teammate that I suddenly realized there was an unspoken common set of values that our team all seemed to share. We were still small enough that the whole team interviewed every single candidate independently. I then independently asked everyone for their yay or nay — and to my surprise, each candidate, even though some were incredible people, was unanimously voted in or out by the team. We all seemed to know who fit and didn’t fit in our company. It’s not that our team is similar — we’re all pretty quirky and consider ourselves independent thinkers, but it was the first time that I realized we had made our own set of values. For example, we valued people who listened and then were confrontational, we didn’t value someone being an independent rock star, that we valued a bit of mischief over poise. Be extremely methodological about articulating your core values so you can have a framework to prioritize equally “good values” and make hard decisions. What’s hard about this is that values are assumptions and norms that are unspoken, and everyone just takes it for granted. However, the larger your team becomes, the more conscious you need to be in institutionalizing these values. Lesson #2: Build a core team based on defensible strengths. Understand what you need to defend and develop to build a successful business, and think of everything else as a support system. In other words, hiring a team is risky — focus on hiring those that will lower your risk and outsource everything else. Only when you and your team are ready to be married to a motivated startup-type person and their skills are core to your business should you hire them as an employee. At LARK, our key defensible strengths are user experience, sleep, and mobile tech. To mirror that, our biggest employee teams are behavior change product people and mobile engineers. However, because sleep expertise is truly a complex academic subject, our amazing sleep experts that help us build out the product are also focused on leading cutting edge research for the top universities, so they are contracted advisors. Everything else we partner or outsource creatively. Partners have proven models of success, the know-how, and the relationships to de-risk your company. Find the right ones. Manufacturing is really hard for us — so we partnered with the top manufacturing supply chain company, PCH International , and created a new business unit (they never used to work with startups) to scale quickly. Lesson #3: Reward risk well but don’t forget the one year cliff! On the risk reward curve, there is the most risk at the beginning of the journey, and the least cash, social proof, and other great people to work with. The real toughness of a startup is at the moment that you need the best people, they are the hardest to hire. But this is exactly the time you can’t settle. You have to be the pickiest you will ever be in hiring to find the most risk-taking and nimble and sharp people to turn an idea into a business. And once you find those people that add some magic, then hire them as an employee, reward them with a rich stock package, and ask them to take a risk with you. However, while almost everything else has to be based on faith, I am a firm believer that everyone, including the CEO and founders, should take one-year cliff on four-year vesting. After being pretty naive, I realized that not all co-founders and teammates are equally vested in the success of a company. Not everyone will be willing to mortgage a home or work 16 hour days. And for those who don’t fit the bill, splitting up without splitting the baby is important. And that leads me to the last lesson that I learned the hard way, the one that stresses leaders out the most. Lesson #4: Firing is part of the job. Fire quickly, experiment often. In fact, it’s proven through lab research that leaders loathe nothing more than firing their team. I sure don’t — that’s why we don’t hire casually. Most people think about the sunk costs — how much training they’ve received, how much they know about the product, how they’re cool people and not that bad at their job — and hope the problem will solve itself. I’ve found that usually there’s two issues: They’re doing the wrong job. If you think they can be happier doing another job — help them experiment and move around. You’re just not happy with them. And the best advice I got about firing was — “Remember, they are not happy either. They deserve better: they deserve to be somewhere where they are happy.” Take risks, find amazing people who are unproven, but remember to fire when appropriate. There you have it — my four secrets to one of the hardest and most rewarding parts of building a company. Editor’s note: Guest blogger and LARK CEO Julia Hu is a speaker at the Women 2.0 PITCH Conference on February 14, 2012. Get your ticket now to join the biggest Women 2.0 event of the year!

Read the full article →

Mark Yzaguirre: Don’t Blame Liberal Arts Majors for High Unemployment

January 31, 2012

Virginia Postrel recently wrote a piece at Bloomberg.com that is an important addition to current discussions about higher education. Postrel wrote her article in response to critics of higher education who argue that unemployment rates for recent college graduates (namely, liberal arts and humanities majors) justify a cutoff of student loan funding for such majors. One of the critics Postrel mentions, Bill Frezza, decided to target art history majors as the focus of his criticisms. Now, I’m not a fan of the current student loan system. I’ve written about the issue of student loan debt and the negative effects of high student loan debt on college graduates. There are others who have written on the topic as well and I suggest that anyone interested in this subject spend some time looking at the public policy questions that are at issue here, such as in those discussed in this Rortybomb piece from a few months ago. But Postrel is correct when she says that: There’s nothing like a bunch of unemployed recent college graduates to bring out the central planner in parent-aged pundits. While college students should take hiring practicalities into consideration in picking their majors, the idea that unemployment among recent college graduates is primarily a function of their choice of major is simply not true and the idea that over-education leads to unemployment isn’t supported by the facts. First of all, college graduates in general have a lower unemployment rate than non-college graduates. While this doesn’t argue against the need for more vocational and technical training opportunities for young people (and I strongly support the expansion of such training opportunities) it does undermine claims that there may not be a college premium anymore in the job market. Further, while unemployment rates for recent liberal arts graduates are slightly higher than those in business or engineering, the gap is not vast and frankly one would think the gap to be greater because business and engineering are touted as the prime “practical” degrees. (Has there ever been a time when it was thought that someone with a B.A. in philosophy has the same job prospects as someone with a B.B.A. in finance?) In fact, according to the Georgetown report that is linked in the previous sentence, the degree with the worst recent unemployment problem is architecture, which is a pre-professional degree. Also, as Postrel points out, most college students seek out pre-professional, job-oriented majors “and art history majors are so rare they’re lost in the noise.” Whatever one can say about art history or gender studies majors, they aren’t a large part of the college student pool and they certainly aren’t a prime driver of college graduate unemployment. To claim otherwise might say more about the cultural or ideological assumptions of the person making the claim than the apparent facts. None of this minimizes the issue of student loan debt and how it is a strain on both the lives of those who graduate as debtors and on the general economy. But going for a sort of central planning in which the government picks the winners for funding of college majors isn’t the right solution. The fact that the Frezza article mentions the education policies of the People’s Republic of China as an inspiration doesn’t exactly inspire confidence. One way to bring market discipline into this equation is simple — allow student loan debt to be dischargeable in bankruptcy, after a waiting period (perhaps five or seven years) to prevent people from racking up huge debts for degrees in lucrative fields and then declaring strategic bankruptcy. The Rortybomb article I cite above goes into detail about this and how it would simply be a return to the manner student loan debt was handled for decades. Allowing bankruptcy would make lenders look at individual debtors and make decisions on whether to fund their debt, rather than using the very blunt instrument of government selection of entire majors to support or not support as the tool to handle this issue. Central planning doesn’t have a good track record when it comes to determining how millions of people should live their lives and I don’t see any reason to think that it would be a good tool for determining what majors should receive student loan funding. One can definitely argue that the existence of federally-backed student loan debt creates market distortions and maybe we would be better off without it. I wouldn’t agree with that, but if we are going to have federally-backed student loan debt, turning it into an even bigger social engineering tool is an even more distortive act. I would agree, however, that it’s probably not a good idea for a student to rack up six figures of student loan debt to get a degree in an interesting but generally not lucrative humanities field from a middle-tier private liberal arts college. But that’s not where most student loan debt is coming from. For one thing, most college students go to public universities where one can get a great education at a lower cost. Furthermore, public universities have created innovative programs in recent decades to create an environment in which liberal arts and humanities majors can thrive and not feel lost in massive survey classes. There’s been an expansion of excellent honors colleges at state universities all over the country and students at such honors colleges can get a liberal arts college environment at a state university price, especially in-state students. This is an avenue for students who want to study whatever they want to have an opportunity to do so without incurring massive debt. And if students go to honors colleges at schools like the University of Oklahoma or Louisiana State University , they can read Aristotle during the week and go see top-ranked football teams on the weekend. Try doing that at an expensive New England liberal arts college. I suggest that exposure to a liberal arts and humanities education is good for all who engage in such study, regardless of what they eventually choose to do with their lives. Such an education is in many ways the most traditional form of education. The purpose of a liberal arts and humanities education is to teach young people how to think critically and become thoughtful citizens, separate from any particular job preparation that may develop. There’s nothing wrong with studying engineering or finance. Our society needs people who excel at both. But we also need historians, poets and writers in our society and an appreciation for such work among the general public. Let’s not allow current economic travails to pull American higher education even further away from encouraging learning for its own sake in favor of simple job training. While there’s plenty of room to improve higher education in the United States, attacking and defunding the liberal arts and humanities isn’t the way to improve higher education and it certainly isn’t the way to fight joblessness in any real capacity.

Read the full article →

China’s PMI manufacturing unexpectedly expands in December

January 31, 2012

China’s PMI manufacturing was unexpectedly expanded in December, as the new orders increased, indicating that the world’s second economy is surviving Europe’s debt crisis and a …

Read the full article →

China’s Sinovel’s 2011 net profits drop by 50%

January 31, 2012

(MENAFN) China’s Sinovel said that in 2011, net profits plunged by 50 percent from 2010′s USD453 million to nearly USD222 million, reported Xinhua News. The country’s largest wind turbine maker …

Read the full article →

Eric D. Isaacs: Smart Manufacturing Key to American Innovation

January 31, 2012

After stunning sales in the last quarter, Apple just became the most valuable publicly-traded company in the world, with a market value of $419 billion — proving yet again that American ingenuity and technological know-how remain unsurpassed in the global economy. So why were almost all of the 70 million iPhones, 30 million iPads and 59 million other products Apple sold last year manufactured overseas? The conventional wisdom would say that manufacturing jobs are leaving the United States to chase cheap labor, and that America will never again be able to compete with China or other nations where workers are willing to work 12 hours a day, six days a week, for just $1 or $2 an hour. This grim future of American manufacturing was summed up memorably by the straight-talking (fictional) presidential candidate Jack Stanton in the movie Primary Colors : “We now live in a world without economic borders. Push a button in New York and a billion dollars moves to Tokyo. In that world, muscle jobs go where muscle labor is cheap, and that is not here.” There’s just one problem with the conventional wisdom: It’s wrong. It reflects old-fashioned notions of assembly-line manufacturing that rely on human labor to insert tab A into slot B, thousands of times per shift. But while repetitive, unskilled, mind-numbing human labor may have powered the manufacturing economy of the last century, today’s factories replace unskilled labor with high-tech automation that can provide spotless precision 24 hours a day, seven days a week. So if low-cost human labor is not the deciding factor, why is America’s manufacturing sector leaving our shores — and more important, what can we do to bring it back home? These are tough questions, with complicated, multiple-choice answers. But one thing is clear: Other countries are producing huge numbers of highly skilled, well-educated workers to oversee high-tech manufacturing, and America is falling behind. As the Council on Competitiveness noted in its recent report, Make: An American Manufacturing Movement , “American manufacturers lack people with the necessary education and know-how to fill thousands of jobs, including skilled laborers, technicians, scientists and engineers.” The recent article in the New York Times on Apple’s decision to outsource production summed up the problem in a single anecdote: When the iPhone was first going into production, “Apple’s executives had estimated that about 8,700 industrial engineers were needed to oversee and guide the 200,000 assembly-line workers eventually involved in manufacturing iPhones. The company’s analysts had forecast it would take as long as nine months to find that many qualified engineers in the United States. “In China, it took 15 days.” Something is very wrong when good jobs go overseas because American corporations can’t find enough qualified Americans to fill them here. Let me stress: This problem has nothing to do with the ability or intelligence of American workers. We simply haven’t been providing the training those workers need to fill those spots — and we haven’t been working in partnership with U.S. companies to make sure those jobs will be here when those workers complete their diplomas or training certificates. We have to solve this problem, and we have to do it fast. Partly, we need to make sure that Americans who want to work have the skills they need to fill the available jobs. That means investing in community colleges and training programs that are tightly aligned with the current and anticipated needs of our high-tech companies. But even more important, we need to “reshore” American manufacturing to create the kinds of productive innovation ecosystems that are powering our overseas competitors. U.S. companies cannot expect to prosper with an “Invent it here, make it there” business model. We need to invest in new hubs of industrial innovation that will bring together researchers, inventors, investors, manufacturers — and factory workers. When designers and engineers at high-tech companies share a roof, a campus or a zip code with their factory foremen, it creates opportunities to discuss ideas, test theories and solve problems. Ultimately, those ideas flowing back and forth between the R&D department and the factory floor result in better consumer products, increased sales, and higher profits. As the fictional Jack Stanton noted, to compete successfully in the new global economy, “You have to exercise a different muscle — the one between your ears.” That’s true for American workers, and it’s true for American companies. We can never hope to be the world’s cheapest labor force. Our only hope is to become the world’s smartest — and that, I believe, we can do.

Read the full article →

Valerie Keller: ‘Era of Hybrid Leadership’: Davos Dames Call for Generals and Consensus-Builders

January 30, 2012

Archbishop Desmond Tutu is quoted as saying if he had one wish to change the world, he would have more women leaders. At Davos this year, joking that he may need security to escort him offstage, he suggested, “What we need is a revolution led by women. I think women ought to be saying to us men: ‘You have made a mess, just get out and let us in.’” While radical revolution was not on the agenda at the World Economic Forum’s Women Leaders Dinner, the question of leadership for the messy world was. As posited by moderator Laura Liswood, Secretary-General CWWL, in these turbulent times do we need the bold John Wayne style of leadership or do women see — and bring — something different? The conversation was taken up to a refreshingly higher level than the stale ‘what will it take for women to be leaders,’ or ‘how are women better or different leaders than men?’ Instead, the question we lived in was ‘what kind of leadership is demanded in these challenging times?’ It is the right question to ask. As large swaths of the world lurched from one crisis to another through the last five years, our paradigms of leadership have been challenged. At Davos last year and again this year, people groused that our current political leaders do not seem fit to lead and that global corporations are often filling the vacuum of political leadership. One participant put it bluntly, “people are scared; they have forgotten how to lead.” The women leaders assembled agreed that this environment calls for ‘an era of hybrid leadership.’ As Michelle Bachelet, UN Women Executive Director and former Chilean president, said, “We can’t generalize. For good leadership in changing times, one day they need to be the general, the next the consensus-builder.” Her comments were echoed by Josette Sheeran, UN World Food Program Executive Director and new board member of the World Economic Forum, “Today’s leadership still needs to be hierarchical but also needs to be flexible.” If the leadership establishment is equated with inflexibility or in many cases, immobility, we need leaders — especially women — who can offer flexibility of thought, facilitate creative new solutions in a fast-changing world, rally resources and think in new ways. And I agree with those who feel our perpetually shifting environment calls for leadership that is more decisive and crisis-oriented than slow and consensual. As Diezani Alison-Madueke, Nigeria’s Minister of Petroleum Resources, said, “We need [leaders] to have thick skin.” I have rarely sat through a discussion of women’s leadership where the conversation did not drift to ‘masculine v. feminine’ leadership styles. Although that dissection still surfaced plenty at Davos, many felt this framing is passé. As summed up nicely by Valerie Germain, Heidrick & Struggles Managing Partner, Head of Strategy and Business Development, “the discussion of male versus female leadership traits is stopping progress. There is a style of leadership that is needed: flexibility.” UN Undersecretary-General Bachelet said, “We don’t believe we need to make a trade off between being feminine and tough. Women are of course capable of strong and tough decisions.” In this vein, some women argued that equating leadership to people in positions of authority was also passé, that the true definition of leadership is mobilizing and facilitating various resources toward progress. As posited by a member of the Forum’s ‘Global Shapers Community,’ we often keep individualizing leadership but leadership does not happen without teams. The ability to lead from within or outside a hierarchical structure is more possible and more critical given the current technologies and global culture shifts toward the importance of civil engagement. Through this leadership lens, our workplace gender equality metrics and measurements are incomplete when we focus on how many women are (or are not) in the C-suite or board seats. If we really buy into this concept that ‘leaders are people mobilizing resources,’ not just those with powerful titles, then perhaps we have more women leading then we currently measure. The ability of leaders to mobilize resources takes an ability to synthesize which in turn takes an ability to listen and to be inclusive, all characteristics identified as essential for the current contexts. Valerie Germain argues that the kind of diversity that is most critically needed is ‘diversity of thought.’ “The strategic priorities at Davos reflected what we’re hearing from our clients globally. The theme is the next generation of talent and how we continue to pursue a more diverse workforce. Getting to optimal solutions requires the right mix of diverse perspectives and most [corporations] are currently far from equilibrium. Gender is part of that diversity of thought and experiences — the future state of the world is going to built on new perspectives, skills.” The Davos discussion on women’s leadership was eloquently stitched up by Beth Brooke, Ernst & Young Global Vice-Chair, Public Policy: “We need to focus on what we can do collectively, but also individually. Do women leaders exercise the power we have?” One of the Forum’s Young Global Leaders, Mina Guli, founder of Peony Capital and CEO of Thirst, argued eloquently for not neglecting the steps women can take immediately and personally. “I’m so focused on action right now launching a global movement on water conservation and doing it from China. So it’s fine to talk about the esoteric nature of leadership, but individually we need to look now at how we can be the best leaders we can be. Are you the best you can be, and if not, why not? We should focus on strengthening our strengths, mitigating weaknesses.” I completely concur with Beth and Mina. There is still plenty of need to focus on removing systemic and cultural blockages that prevent diversity of thought (including gender equality) in organizations and politics. But individually, when we spend time looking at barriers around us in our workplace or society, barriers is what we will see — and if ‘seeing is believing,’ focusing on barriers often limits our personal vision of what we can achieve. One of the Davos sessions asked the question, ‘Do women have a vision?’ For our vision of a better world, we should have a vision for diversity of thought in organizations and politics. We should have a vision for leaders who can listen, synthesize and then act decisively. And as those leaders in action now, we should have a vision of ourselves continuously improving our own abilities to be the best change agents we can be.

Read the full article →

Chinese securities firms’ 2011 profits halved to USD6.24b

January 30, 2012

(MENAFN) The Securities Association of China (SAC) said that in 2011, annual profits of the country’s securities firms almost halved to USD6.24 billion due to gloomy capital markets in China, …

Read the full article →

Yu Zhou: Bring Fair Trade to Electronics

January 30, 2012

Reports about the inhumane or dangerous working conditions in Chinese factories that manufacture the innovative products for Apple, Inc. — most recently by the New York Times — have brought publicity Apple probably does not want. For this student of China’s high-tech industry, however, the revelations are not surprising. In fact, the Chinese media has reported on many of the problems ever since the 2010 spate of suicides at the factories of the Foxconn Technology Group, the Taiwan-headquartered conglomerate that assemble products in China for Apple and many other foreign high-tech companies. Debates in the United States in response to these disclosures have been how to assign blame or whether consumers can force Apple to be more ethical. This is not enough. The problems are certainly not limited to Apple or Foxconn. The case highlights the evident flaws of the model of corporate social responsibility standards, enforced almost entirely by the global companies bent on maximizing their profits. Here is the global structure of the electronic industry: Supply chain has shifted largely to Asia, and is dominated by the Original Equipment Manufacturing (OEM) model, in which the lead western companies focus on design and marketing while Asian contractors manufacture high quality and quantity of the products, with extreme flexibility and speedy delivery. The largest OEM is Foxconn, with more than 300,000 workers at its Shenzhen site alone. In this system, pricing power resides primarily at Apple, which could shift or divide orders to other OEM manufacturers in Asia with relative ease. Given that OEM profit margins are razor thin, reduced scales would seriously hurt the OEM companies. In addition, to have such a demanding company as Apple being its clients provides the “seal of approval” for the manufacturers. So they do their best to satisfy Apple. The “breath-taking” flexibility cited by the Times article comes not just from the hard driving OEM manufacturers; it is also achieved by the subcontracting system which can be mobilized quickly when demand grows and contracts just as quickly if particular parts or procedures become obsolete. This makes it extremely difficult for Apple, or anyone, to monitor the entire networks of subcontractors. While the system clearly has worked for consumers and shareholders, the impact on workers and the environment is much less sanguine. To avoid negative publicity, the current model of corporate social responsibility requires leading companies to demand the practices in their supply chains be improved. Companies such as Apple or Wal-Mart Stores have adopted codes of conduct and audit their suppliers frequently for ethical behavior. Some suppliers have mended their ways; Foxconn, for example, has increased salaries and provided more social support. Yet the relentless pressure to cut costs has not changed, nor have the bargaining positions for the suppliers. With Apple allowing suppliers “only the slimmest of profits” and demanding cost cuts year after year, it is not surprising that suppliers “often try to cut corners, replace expensive chemicals with less costly alternatives, or push their employees to work faster and longer, ” according to the Times. Improved human and environmental responsibilities involve increased costs. Yet the enforcement of corporate social responsibility standards by lead companies essentially shifts such costs down the supply chain. Suppliers are forced to fulfill existing conditions of the orders as being larger, better, faster and cheaper, while also meeting strict ethical and environmental standards. Hence consumers can have guilt-free use of the products without paying higher prices, and — in the case of Apple — not sacrifice a profit margin which according to an estimate by researchers at Asian Development Bank was a staggering 64 percent for the iPhone in 2009. While the largest OEMs, such as Foxconn, have some bargaining power with Apple, the same cannot be said for its own downstream suppliers. Among these subcontractors, there are bound to be recurring rules violations concerning workers’ health, working conditions and environmental protection when the pressures on price and timing remain so intense. And when audits do find violations, it is entirely at Apple’s discretion to decide what action, if any, to take. It can punish suppliers if it chooses, but likely will drop them only if the overall supply system isn’t affected and substitutes are available. So what to do? Fundamentally, the current model of corporate social responsibility system is flawed. Critics could demand that Beijing apply its own labor and environmental standards more rigorously. Yet monitoring millions of factories with expertise and vigilance is a challenging task, even under the best circumstances. China is a vast developing country with huge variations in regional economies and law enforcement. Most Chinese officials at the local level are not interested in giving factories there a hard time. Western ethical standards took decades, if not centuries, to establish; Chinese practices won’t change quickly no matter how hard domestic or foreign critics insist. But there is another possibility, a version of the fair trade system developed for coffee growers and some other agricultural products. In this system, a third-party investigation sets floor prices based on responsible humane and environmental protection methods. In the electronics industry, the suppliers could use such reference pricing to increase their bargaining positions, and buyers could pay above the fair prices to claim meeting ethical standards. This should not be difficult in the electronics industry, where those in the trade know very well the prevailing prices and costs of particular products. And prices could be revised regularly to reflect technological innovation or wage increases. If some suppliers try to cheat the system by charging the fair price, but with substandard practices, their competitors will soon find out and the negative publicity could lead to contract cancellation. The beauty of the system is to use the subcontracting networks to monitor the contractors as competitors would always be on the lookout for cheating. Fair trade price does not eliminate market competition but curb its worst excesses and reward the responsible players. One barrier is the electronics industry’s prevailing secrecy; its executives are reluctant to describe their supplier networks. However, the corporate responsibility movement already has eroded such secrecy, even for tight-lipped companies like Apple. This barrier should not be insurmountable. Regardless of whether a fair trade system is the best alternative, it is important to recognize that we must move beyond the existing corporate social responsibility system monitored entirely by profit-maximizing corporations. If they are part of the problem, they cannot be counted on to fix it. Yu Zhou is a professor of geography at Vassar College, author of ” The Inside Story of China’s high-tech industry: Making Silicon Valley in Beijing .”

Read the full article →

Kirsty Hughes: US, China and the Rest – Is the Global Order Really Changing?

January 30, 2012

This year, the elites in Davos – debating the future of capitalism – faced a little more self-doubt than usual as to whether they have the best ideas to run the world, not least in the face of the intractable euro crisis. But the future of capitalism is just one big global challenge among many facing today’s world including climate change, poverty, conflict, instability and oppression. And one big part of the answer as to how – and how well or badly – we deal with these challenges in the coming decades will depend on who takes global decisions. Much ink has been spilt already on the emerging multipolar world order. But there is no agreement as to how big a change the rise of China and others represents, let alone how much it will change the power of the US or the role of multilateral institutions not least the UN. Will this be a more complex, unstable, power-hungry world or will it stay the mixture of national-interest, alliances, values, rules and ad-hockery we see today? In a recent article Robert Kagan argues the decline of the US is a myth . The rest may be rising, he says, but US economic and military strengths will continue. Joe Nye makes a similar point about the future of power – and predicts that China will grow but will not surpass US power. He describes a three-dimensional chessboard, with the US dominant on the first level – military power; on the second level – economic power – he says a multipolar world already exists, and then on the third level – transnational relations with all sorts of transnational actors from NGOs to multinationals to organised crime – there is something more like chaos than clear powers. How much does size matter? As China has grown to be the second largest economy after the US, much attention has been given to rankings by economic size – with predictions of ‘the West’ shrinking as China, India, Brazil, Mexico and others catch up. These changes are big, and will surely impact on geopolitics, global power relations, who has an influential voice at the UN or G20 or WTO and so on. But change is often slower than it seems. And it depends how you measure things – including unknowns like future growth rates. So let’s take just one set of estimates – from the respected Carnegie think tank – of rankings of the top ten by their gross domestic product (and note, they rank countries in so-called market prices not the ‘purchasing power parity’ – PPP – measures which adjust for the fact that costs of food or housing are so much cheaper in India or China; PPP measures always rank the emerging economies higher). This Carnegie 2010 study estimates economic size in 2030 and 2050 compared to 2009. And yes by 2050, China is bigger than the US. But what is interesting is how little the country names in the top ten change. By 2030, Canada and Italy have fallen off the list, and Mexico and Russia are on it. But interestingly it’s the same names in 2030 and 2050 – though crucially with the order changed: 2030 ranking: US, China, Japan, India, Germany, UK, France, Russia, Brazil, Mexico 2050 ranking : China, US, India, Japan, Brazil, Mexico, UK, Germany, France, Russia And of course there’s always a European question – if the European Union survives the euro crisis and its single market remains, then counted as one ‘country’, the EU would be in the top five in 2030 and 2050. So what’s new? Quite a lot is the answer, even from this simple list by economic size. Diverging economic views: Firstly, in the past, economic size and wealth has tended to go together – the biggest economies also had amongst the highest incomes per head. But China, India and Brazil have a long long way to go to catch up with US or European standards of living. The UN’s overarching measure of human development (which considers, wealth, health, education and more) in 2010 has the US ranked number four, China at 89, Brazil at 73 and India at 119. In that sense, the US may be more of a global model and leader – but it will have lost some relative clout as others catch up in size. And China, Brazil, Mexico and India as they grow – and if they keep growing – will surely have increasingly influential voices in places like the G20 and WTO. But their views on what global decisions should be taken on free trade, or climate change or development assistance may differ a lot from the US and Europe – not just because of different political systems or foreign policy priorities but because they are at different stages of development. And, as and when the world fully emerges from the global economic crisis and the euro fiasco, where will different countries stand on protectionism, on interventionist industrial policies, on regulating finance or exchange rates? Wherever the new global consensus settles (if it does) these emerging powers will be much more influential than before. And creating a consensus – as the limited success so far of the G20 shows – will be more difficult. Diverging interventionist views: Secondly, while the US for now is by far the dominant military power in the world, even in the face of rising Chinese defence spending, the experience of the last ten years shows clearly that there is little convergence on whether, when, why and how to intervene in other countries. The recent Libya intervention saw China, Russia, Brazil, India and Germany abstain – with Russia clearly now wishing it had vetoed the UN resolution. Brazil and India are democracies and more supportive of human rights than China or Russia. But they are wary of supporting UN human rights resolutions that target particular countries, wary of international intervention even in words. Where will the emerging world order end up on defence of human rights, or on military interventions – a mixture of principles, self-interest, ad-hoc alliances and occasional UN endorsement like today, or more just a power-based/Hobbesian world? Tackling Poverty? The biggest providers of development aid today remain the wealthiest countries but countries like China, Brazil and India are getting into the aid business too. But with 75% of the poor now in middle-income countries – not in the poorest countries – it looks likely that the development sector will change a lot too. How long will India or Brazil continue to welcome western NGOs into their country or accept policy-lessons from the World Bank or US or EU? Whether that is good news for the world’s poor is another big question but change is on the agenda for development too. Climate catastrophe? By 2050, on current trends global temperatures will have risen by more than 2 degrees and could be heading for a three or four degree rise in the years after that, with huge effects on many countries. The most affected will mostly be in poorer countries, with much of sub-Saharan Africa set to face migration, drought, conflict in a three or four degree scenario. But even a quick look at big rivers across the borders of India, China and Pakistan show that climate change could create big conflicts in the coming decades. Will the emerging multipolar order be any better than we are today at tackling climate change or at tackling its fall-outs if temperatures go over two degrees? The 2009 Copenhagen summit – which fell apart without agreement – suggests not. The more recent 2011 Durban summit which made a breakthrough to agree to aim at a global deal, though not til 2020, suggests movement (even if so far not enough) is possible. A New Global Settlement? After the second world war in 1945, there was a whole new global deal – the UN was founded, the Bretton-Woods institutions – the World Bank, IMF – were set up, Keynesian economics, welfare states, the Marshall plan meant active regulatory government were the order of the day. After the 1975 economic crisis, the Keynesian order gave way to the neoliberal economic approach of Reagan and Thatcher. So after today’s economic crisis, and in the face of a changing global political scene, what sort of new global settlement will we see? The ‘West’ – the US and Europe – are having to share their global influence and voice with more countries both east and south. Will these countries come together to forge a clear new system or will the current one adjust and shift a bit, setting up bodies like the G20? And in either case, will there be more difference and diversity – and will that be creative or conflictual, liberal or repressive? The answers are not clear and will be debated for years to come. But the answers will depend on political choices and arguments made today, not only on economic size, or military clout. And they will determine the sort of world we live in over the next decades.

Read the full article →

For First Time, Income Inequality An Issue At Davos

January 29, 2012

DAVOS, Switzerland — Europe’s crippling debt crisis dominated the world’s foremost gathering of business and political leaders, but for the first time the growing inequality between the planet’s haves and have-nots became an issue, thanks largely to the Arab Spring uprisings, the Occupy movement and other protests around the globe. The mood at the end of the five-day meeting in Davos was somber, and more than 2,500 VIPs headed home Sunday concerned about what lies ahead in 2012. Plenty of champagne flowed in this alpine ski resort – but the atmosphere was flat and the bubbling enthusiasm of some past World Economic Forums was noticeably absent. Despite some guarded optimism about Europe’s latest attempts to stem the eurozone crisis, fears remain that turmoil could return and spill over to the rest of the world. And there were no answers to the widening inequality gap, but a mounting realization that economic growth must include the poor, that job creation is critical, and that affordable food, housing, health care and education need to part of any solution. Just before the forum began, the International Monetary Fund reduced its forecast for global growth in 2012 to 3.3 percent from the 4 percent pace it projected in September. Many other economic forecasters also predict a slowing economy, including New York University’s Nouriel Roubini, who is widely acknowledged to have predicted the crash of 2008 and who said he might be “even slightly more bearish” on the new IMF forecast. Asia is expected to remain the engine for global growth though at a slower rate, with China leading the way at more than 8 percent, followed by India and Indonesia. IMF Managing Director Christine Lagarde warned that the eurozone crisis is not the region’s problem alone. “It’s a crisis that could have collateral effects, spillover effects, around the world,” she said. “What I have seen, and what the IMF has seen in numbers and forecasts, is that no country is immune and everybody has an interest in making sure that this crisis is resolved adequately.” The IMF is the world’s traditional lender-of-last-resort and Lagarde is trying to increase its resources by $500 billion so it can help if more lending is needed in Europe or elsewhere. European countries have said they’re prepared to give the IMF $150 billion, but that means the rest of the world will have to come up with $350 billion. At a closing panel Sunday, Paul Polman, CEO of Unilever, said a readjustment in Europe is essential “because, if you want to really simplify it, we’ve lived above our means, and we’ve done that for too long, and the moment of truth has arrived.” Vikran Pandit, CEO of the global bank Citi, said the euro crisis “is costing us about 1 percent in GDP around the world. You do the math. You do the math and say: ‘How many jobs is that? How many people are not working because of that? What can we do to go after the biggest question we’ve got for this decade which is jobs?’” The world needs 400 million new jobs between now and the end of the decade, not counting the 200 million needed just to get back to full employment, so “that should be our number one priority,” he said. To keep the spotlight on jobs and poverty at the forum, the Occupy movement that began on Wall Street and spread to dozens of cities around the world set up a protest camp in igloos in Davos. They demonstrated in front of City Hall. In a separate protest, three Ukrainian women were arrested when they stripped off their tops – despite temperatures around freezing – and tried to climb a fence surrounding the invitation-only gathering holding banners saying: “Poor, because of you” and “Gangsters party in Davos.” Citi’s Pandit said to create the conditions for growth, economic uncertainty must end and that means quickly resolving the eurozone crisis, ending regulatory uncertainty, and getting the public and private sector together to build infrastructure that can create jobs. Unilever’s Polman said it’s unacceptable that more than 1 billion people are hungry every day while another billion are obese. “How do we pull up the people that are excluded from the work force, at the bottom of the pyramid?” he asked. “That we haven’t quite figured out yet.” Sheryl Sandberg, CEO of Facebook, said the Internet sector has been creating hundreds of thousands of jobs and to keep up innovations in technology “great scientists” need to be educated all over the world, investment in infrastructure is critical, and regulations must not stifle growth or access. Nobel economics laureate Peter Diamond, an economics professor at the Massachusetts Institute of Technology, said in an Associated Press interview that in the U.S. there is “an unemployment crisis,” especially among young people who aren’t accumulating experience. He said the government should fix the Social Security system, fix aging infrastructure, spend on research, and start fixing the education system. When the forum opened, its normally upbeat founder Klaus Schwab said he remained a deep believer in free markets but that capitalism is out of whack and needs to be fixed “to serve society.” He welcomed critics’ ideas of how to fix it – including from the Occupy protesters, though they walked out of a side event where a representative had been invited to talk. This year for the first time, the forum invited about 60 “Global Shapers” – young leaders under 30 – to the forum to try to address issues confronting the generation that will be running the world in decades to come. Among the younger generation also at Davos were Chelsea Clinton, daughter of the former U.S. president and present secretary of state, who moderated a panel on philanthropy and philanthropist Howard Buffett, son of Warren Buffett, whose foundation focuses on promoting agriculture and fighting hunger, especially in Africa. The possibility of Iran developing nuclear weapons was among top concerns at Davos this year. There were also several follow-up panels on the Arab Spring and a session moderated by Schwab with Israeli President Shimon Peres and Palestinian Prime Minister Salam Fayyad, which demonstrated the deep divisions over getting peace negotiations back on track. But although the conflict in Syria – where the U.N. estimates a crackdown on anti-government protesters has killed some 5,400 people over the past year – came up in the Arab Spring panels, it wasn’t a hot issue. Julia Marton-Lefevre, director general of the International Union for the Conservation of Nature, said that this year for the first time at Davos “the environment is not treated so much as separate topic, which I think is a good thing.” “We are moving towards a more integrated approach to the world’s challenges,” she said. “Environment is not a side issue, it’s really a part of everything. For me, of course, nature is a life support system – and finally it is being recognized as being a part of the solution.”

Read the full article →

Daniel A. Bell: Memo from Davos: Elites Within Elites

January 29, 2012

Davos is supposed to be the gathering ground for the global elite. I was reminded the first day, when I went to register for the forum. I entered a tent and submitted my passport to an elderly Swiss woman at the front desk and she could not find my name among the group of registered participants. Then she checked further and said I was a “media leader.” I immediately said no, I’m not a leader. She insisted, however, noting that I went to the wrong tent; she is supposed to register representatives of the media, and media leaders are supposed to go to a different tent. I wanted to explain that my own father was a journalist, some of my best friends are journalists, I learn as much from talking to them as they learn from me, it’s not a question of leading anybody, but I could tell she was getting impatient. So I went to the bigger tent next door to register as a “leader.” I soon found out, however, that not all leaders are equal. The “Summer Davos” is held in China every year, and it alternates between Dalian and Tianjin. I had been to the Dalian forum on a couple of occasions and it is indeed a smoothly run operation. All participants are flown in business class, and we are whisked from our five-star hotels to the conference site along wide boulevards with lanes blocked off just for the forum participants. In Beijing, I’d be upset at traffic jams caused by lanes blocked off for high-level government officials, but I confess it felt good to be on the other end of the hierarchical system. Of course I realized the whole thing was artificial and that the Cinderella-like ball would end at midnight (in my case), but I never did get a sense that I was a less-than-equal member of the “global elite” during the ball itself. In Davos, it’s a different story. Most academics stay in a three-star hotel. The most telltale sign that we are not so important is that there is no security at the door. Political leaders and CEOs stay at five-star hotels with security guards outside, and an airport like scanner at the entrance. Those without electronic World Economic Forum badges are refused entrance. I once forgot my badge and was refused entry for a dinner talk I had signed up for at one of the hotels. I tried to talk my way in, but the burly policeman waved me off and told his mate, in French, that I was annoying him. I switched to French and he seemed to lighten up a bit. Finally, he let me phone a WEF staff member who sorted out the problem. Davos is a bigger deal, with more state leaders and CEOs than “regional” WEF meetings. The initial invitation letter noted that the forum includes political leaders from “G20 and other important countries.” I felt bad for the not-so-important countries. Which ones did they have in mind, I wonder? Azerbaijian, perhaps? Turns out that my guess was wrong. My hotel room included gifts from Azerbaijian, which meant that they must have a delegation here. The town itself is crawling with security forces. There are over 40 state leaders and they obviously need to be protected. But some countries seem to perfect the gangster look, with state leaders surrounded by seven-foot tall bodyguards with dark sunglasses (worn indoors), and one guesses it must be countries like Azerbaijian. After one session in an exclusive hotel, I was about to step into an elevator when a huge guy blocked my way. He told me, in broken English, it’s the president, make way for him. I did not argue. Davos is perhaps the only global forum where state leaders are not keynote speakers. This time, only Angela Merkel delivered a keynote address. Other leaders are put in rooms that vary in size, depending on perceptions of the country’s power. The leader of Singapore was put in a small room for a half hour interview with Fareed Zakaria. The leader of Mexico was put in a huge room that was filled to capacity, but I guessed that the real draw was Bill Gates, who interviewed the president. My guess proved to be correct, because the Mexican leader was followed by the Canadian Prime Minister, and the room emptied. The Canadian leader is a right-wing conservative and I’m not supposed to like him, but my nationalist feelings kicked in. I really felt horrible, and his uninspired speech did not lift my spirits. The next day, the (Toronto-based) Globe and Mail reported on his speech with the headline “Prime Minister Harper unveils grand plan to reshape Canada” and I was reminded of the infamous award-winning entry for the most boring headline contest, “Worthwhile Canadian Initiative.” The article itself didn’t mention the sparse crowd. Still, at least I could take comfort from the fact that other countries seemed to be even lower down in the global pecking order. The president of Azerbaijian was put on a panel with three other not-so-important countries. I didn’t go to that panel. Of course, such feelings of superiority are not justified from a moral point of view, and last night Azerbaijian took its revenge. I dreamt I was lost in a tall building in Davos, and I had forgotten my WEF badge. A mammoth of a man from Azerbaijian blocked my way. I tried to explain I was a participant at Davos, but he ignored my pleas. He brought me to the edge of the building and was about to throw me over. I woke up, bathed in sweat.

Read the full article →

China heads toward more monetary loosening

January 29, 2012

China heads toward more monetary loosening by holding off on a reduction in bank reserve requirements, which was predicted by some economists that it would come before a week-long holiday ending in …

Read the full article →

China’s change: Sweet and sour

January 29, 2012

(MENAFN – Khaleej Times) This year China faces its first leadership change in a decade. Maintaining a dynamic economy is, of course, a key aim of the Chinese Communist Party. But politics are tense, …

Read the full article →

Twitter’s New Censorship Policy Ignites Global Outrage

January 28, 2012

NEW YORK — Twitter, a tool of choice for dissidents and activists around the world, found itself the target of global outrage Friday after unveiling plans to allow country-specific censorship of tweets that might break local laws. It was a stunning role reversal for a youthful company that prides itself in promoting unfettered expression, 140 characters at a time. Twitter insisted its commitment to free speech remains firm, and sought to explain the nuances of its policy, while critics – in a barrage of tweets – proposed a Twitter boycott and demanded that the censorship initiative be scrapped. “This is very bad news,” tweeted Egyptian activist Mahmoud Salem, who operates under the name Sandmonkey. Later, he wrote, “Is it safe to say that (hash)Twitter is selling us out?” In China, where activists have embraced Twitter even though it’s blocked inside the country, artist and activist Ai Weiwei tweeted in response to the news: “If Twitter censors, I’ll stop tweeting.” One often-relayed tweet bore the headline of a Forbes magazine technology blog item: “Twitter Commits Social Suicide” San Francisco-based Twitter, founded in 2006, depicted the new system as a step forward. Previously, when Twitter erased a tweet, it vanished throughout the world. Under the new policy, a tweet breaking a law in one country can be taken down there and still be seen elsewhere. Twitter said it will post a censorship notice whenever a tweet is removed and will post the removal requests it receives from governments, companies and individuals at the website chillingeffects.org. The critics are jumping to the wrong conclusions, said Alexander Macgilliviray, Twitter’s general counsel. “This is a good thing for freedom of expression, transparency and accountability,” he said. “This launch is about us keeping content up whenever we can and to be extremely transparent with the world when we don’t. I would hope people realize our philosophy hasn’t changed.” Some defenders of Internet free expression came to Twitter’s defense. “Twitter is being pilloried for being honest about something that all Internet platforms have to wrestle with,” said Cindy Cohn, legal director of the Electronic Frontier Foundation. “As long as this censorship happens in a secret way, we’re all losers.” State Department spokeswoman Victoria Nuland credited Twitter with being upfront about the potential for censorship and said some other companies are not as forthright. As for whether the new policy would be harmful, Nuland said that wouldn’t be known until after it’s implemented. Reporters Without Borders, which advocates globally for press freedom, sent a letter to Twitter’s executive chairman, Jack Dorsey, urging that the censorship policy be ditched immediately. “By finally choosing to align itself with the censors, Twitter is depriving cyberdissidents in repressive countries of a crucial tool for information and organization,” the letter said. “Twitter’s position that freedom of expression is interpreted differently from country to country is unacceptable.” Reporters Without Borders noted that Twitter was earning praise from free-speech advocates a year ago for enabling Egyptian dissidents to continue tweeting after the Internet was disconnected. “We are very disappointed by this U-turn now,” it said. Twitter said it has no plans to remove tweets unless it receives a request from government officials, companies or another outside party that believes the message is illegal. No message will be removed until an internal review determines there is a legal problem, according to Macgilliviray. “It’s a thing of last resort,” he said. “The first thing we do is we try to make sure content doesn’t get withheld anywhere. But if we feel like we have to withhold it, then we are transparent and we will withhold it narrowly.” Macgilliviray said the new policy has nothing to do with a recent $300 million investment by Saudi billionaire Prince Alwaleed bin Talal Mac or any other financial contribution. In its brief existence, Twitter has established itself as one of the world’s most powerful megaphones. Streams of tweets have played pivotal roles in political protests throughout the world, including the Occupy Wall Street movement in the United States and the Arab Spring uprisings in Egypt, Bahrain, Tunisia and Syria. Indeed, many of the tweets calling for a boycott of Twitter on Saturday – using the hashtag (hash)TwitterBlackout – came from the Middle East. “This decision is really worrying,” said Larbi Hilali, a pro-democracy blogger and tweeter from Morocco. “If it is applied, there will be a Twitter for democratic countries and a Twitter for the others.” In Cuba, opposition blogger Yoani Sanchez said she would protest Saturday with a one-day personal boycott of Twitter. “Twitter will remove messages at the request of governments,” she tweeted. “It is we citizens who will end up losing with these new rules … .” In the wake of the announcement, cyberspace was abuzz with suggestions for how any future country-specific censorship could be circumvented. Some Twitter users said this could be done by employing tips from Twitter’s own help center to alter one’s “Country” setting. Other Twitter users were skeptical that this would work. While Twitter has embraced its role as a catalyst for free speech, it also wants to expand its audience from about 100 million active users now to more than 1 billion. Doing so may require it to engage with more governments and possibly to face more pressure to censor tweets; if it defies a law in a country where it has employees, those people could be arrested. Theoretically, such arrests could occur even in democracies – for example, if a tweet violated Britain’s strict libel laws or the prohibitions in France and Germany against certain pro-Nazi expressions. “It’s a tough problem that a company faces once they branch out beyond one set of offices in California into that big bad world out there,” said Rebecca MacKinnon of Global Voices Online, an international network of bloggers and citizen journalists. “We’ll have to see how it plays out – how it is and isn’t used.” MacKinnon said some other major social networks already employ geo-filtering along the lines of Twitter’s new policy – blocking content in a specific jurisdiction for legal reasons while making it available elsewhere. Many of the critics assailing the new policy suggested that it was devised as part of a long-term plan for Twitter to enter China, where its service is currently blocked. China’s Communist Party remains highly sensitive to any organized challenge to its rule and responded sharply to the Arab Spring, cracking down last year after calls for a “Jasmine Revolution” in China. Many Chinese nonetheless find ways around the so-called Great Firewall that has blocked social networking sites such as Facebook. Google for several years agreed to censor its search results in China to gain better access to the country’s vast population, but stopped that practice two years after engaging in a high-profile showdown with Chain’s government. Google now routes its Chinese search results through Hong Kong, where the censorship rules are less restrictive. Google Executive Chairman Eric Schmidt declined to comment on Twitter’s action and instead limited his comments to his own company. “I can assure you we will apply our universally tough principles against censorship on all Google products,” he told reporters in Davos, Switzerland. Google’s chief legal officer, David Drummond, said it was a matter of trying to adhere to different local laws. “I think what they (Twitter officials) are wrestling with is what all of us wrestle with – and everyone wants to focus on China, but it is actually a global issue – which is laws in these different countries vary,” Drummond said. “Americans tend to think copyright is a real bad problem, so we have to regulate that on the Internet. In France and Germany, they care about Nazis’ issues and so forth,” he added. “In China, there are other issues that we call censorship. And so how you respect all the laws or follow all the laws to the extent you think they should be followed while still allowing people to get the content elsewhere?” Craig Newman, a New York lawyer and former journalist who has advised Internet companies on censorship issues, said Twitter’s new policy and the subsequent backlash are both understandable, given the difficult ethical issues at stake. On one hand, he said, Twitter could put its employees in peril if it was deemed to be breaking local laws. “On the other hand, Twitter has become this huge social force and people view it as some sort of digital town square, where people can say whatever they want,” he said. “Twitter could have taken a stand and refused to enter any countries with the most restrictive laws against free speech.” ___ Associated Press writers Paul Schemm in Rabat, Morocco; Michael Liedtke in San Francisco; Peter Orsi in Havana, Cuba; Cara Anna in New York and Ben Hubbard in Cairo contributed to this report.

Read the full article →

Why China Won’t Buy American

January 27, 2012

The first time I visited China, in 2005, an American businessman living there told me that the country was so huge and was changing so fast that everything you heard about it was true, and so was the opposite. That still seems to be the case. China is the fastest-growing consumer market in the world, and American companies have made billions there. At the same time, Chinese consumers aren’t spending nearly as much as American companies had hoped. China has simultaneously become the greatest boon and the biggest disappointment.

Read the full article →

Jasmine Whitbread: Will Inequality Finally Top the Agenda at Davos?

January 27, 2012

As the global elite gathers for the World Economic Forum this week, the “Occupy” igloos popping up around Davos, Switzerland should serve as a great visual reminder that inequality can no longer be ignored. For the last several years I ticked the box “Inequality” in the pre-Davos survey checking out what participants are most concerned about — while fervently wishing (though doubting) it would then appear as a major trend in the summarized results. Before and after the crash of 2008, other issues topped the agenda, but last year, for the first time, a majority of invitees shared disquiet about the rising levels of inequality in the world. Of course, this might be because the captains of industry and world leaders attending were probably not the ones dutifully filling out surveys, but still… Last year was also the first year that an issue more squarely in the sights of global development organizations — cutting maternal and child mortality rates — finally made it to the main stage (the norm being that health, education, and poverty discussions take place in the margins). It was great to see government and business leaders pounding fists over real life-and-death issues that affect millions of too-often-unheard women and children at the bottom of the economic scale. This helped set the agenda for the win later in the year, when funding pledges for the (at-the-time-ailing) Global Alliance on Vaccines and Immunization actually exceeded the target. And that primed the pump for a much-needed push toward universal coverage to guard against killer diseases such as measles, even in the poorest communities. At the same time, it was disappointing how poorly the world’s elite grasped the significance of what was then unfolding in Tunisia. I recall the words of a young Iranian-American woman I met, who promised that this was the kick-off and that momentum was building right across the Arab world — but no one was listening to her then. Given the tumultuous year that followed, it’s no surprise that the theme for this year’s forum, “The great transformation — shaping new models,” virtually admits that last year’s challenge to agree on “shared norms for the new reality” was pretty much overtaken by events. In the run-up to this year’s conference, the issue of inequality has gone mainstream in a big way — at least it seems that way in London, where the media, the politicians, and even some brave bankers are vying to respond to the sense of injustice and inequality permeating the economic gloom. But will this translate in the global arena? Despite the Occupy movement, the discourse was quite different in the United States when I visited last month, and I notice many more U.S. companies signed up for Davos this year, for some reason. Brazil, Russia, India, and China — those large, emerging economies known as the BRICs — will see it differently, too. But the truth is, inequality is a major problem in all these countries. And as UNICEF’s 2011 report on global inequality demonstrated, “inequality is also strongly associated with political instability.” However, even if the argument to address inequality is well-made at Davos, many will argue that the priority has to be growth, and that development assistance can’t be afforded in a downturn, or that increased domestic investment in social sectors needs to wait for growth. I’ll be arguing for health and education investments in the next generation, not just as a moral obligation or a political necessity but because it’s smart economics. The evidence is there: between 30 and 50 percent of Asia’s growth between 1965 and 1990 has been attributed to improvements in reproductive health and to reductions in child mortality and fertility rates, and malaria alone is estimated to cost Africa $12 billion a year in lost revenue. It’s one thing when Save the Children makes this argument, but fortunately, an increasing number of business leaders are getting behind the message. They are responding to what their employees and customers are looking for: a more holistic interpretation of their mission and a more intuitive sense that building a fairer world has got to be good for business.

Read the full article →

6 Coal-Fired Power Plants Closing

January 26, 2012

AKRON, Ohio — FirstEnergy Corp. said Thursday that new environmental regulations led to a decision to shut down six older, coal-fired power plants in Ohio, Pennsylvania and Maryland, affecting more than 500 employees. The plants, which are in Cleveland, Ashtabula, Oregon and Eastlake in Ohio, Adrian, Pa. and Williamsport, Md., will be retired by Sept. 1. They have generated about 10 percent of the electricity produced by FirstEnergy over the last three years, the company said. In a statement James Lash, head of the company’s generation unit, indicated that a review of the company’s coal-fired plants determined it would not be cost-effective to get the older ones into compliance with environmental regulations the U.S. Environmental Protection Agency announced in December. The new standards are designed to reduce emissions of mercury and other toxic pollution from coal- and oil-fired power plants. An Associated Press survey found that the changes were likely to result in the mothballing of dozens of units in the Midwest and in the coal belt – Kentucky, West Virginia and Virginia. The Obama administration was under court order to issue a new rule, after a court threw out an attempt by the Bush administration to exempt power plants from controls for toxic air pollution. Two factors have made it easier for utilities to shut old coal plants in recent years. Power demand has been weakening in recent years because of the slow economy and energy efficiency programs. And natural gas prices, which have fallen to decade-low levels in recent weeks, have allowed utilities to switch from coal to natural gas without impacting customer bills. Meanwhile, demand from China and elsewhere has driven up the price of coal. FirstEnergy said its decision would directly affect 529 employees. Some of them could end up transferring to other FirstEnergy facilities and work sites, while others could take advantage of a retirement benefit being offered to employees 55 years and older, the company said. FirstEnergy has a total of 17 coal power plants, including those that will close by September. The plants targeted to shut down have been producing less power over the last few years, mainly during times of peak demand, the company said. Eastlake, a community of about 18,500 people and located alongside Lake Erie northeast of Cleveland, will lose $590,000 a year in taxes, or about 4.5 percent of its regular budget, Mayor Ted Andrzejewski said. With about 100 good-paying jobs, the plant was among the top employers in the community, according to the mayor. Most communities weren’t caught off guard by the decision to shutter the plants. “This wasn’t much of a surprise,” said Michael Beazley, city administrator in the Toledo suburb of Oregon where about 80 people will lose their positions. A message requesting comment from the Utility Workers Union of America in Cleveland was not immediately returned on Thursday. FirstEnergy’s electric system has 6 million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and Virginia. Coal and nuclear power plants generate about 80 percent of the company’s output. The company employs about 17,000 people. The new EPA rules include setting standards for mercury and other toxic pollutants that billow out of smokestacks and reducing air pollution in states downwind from the power plants. FirstEnergy has taken steps at several of its coal-burning plants to make them cleaner for the environment. It said that once the closings are completed, nearly all of its power will come from low emission sources. Last month, an Associated Press survey found that more than 32 mostly coal-fired power plants in a dozen states will be forced to shut down and an additional 36 might have to close because of the new federal air pollution regulations. Together, those plants produce enough electricity for more than 22 million households, the AP survey found. _______ Energy reporter Jon Fahey in New York contributed to this report.

Read the full article →

Raymond J. Learsy: King Abdullah, Why Isn’t the OPEC Cabal Responding?

January 26, 2012

The Organization of Petroleum Exporting Countries (OPEC) has swept aside your target of what a fair price for oil should be. And perhaps, the worst miscreant in that coven of reprobates is Your own benighted subject, Saudi Arabia�s Oil Minister, Ali al-Naimi. The man shows no respect. Why, only not that long ago he brayed to all who would listen, that You in Your wisdom viewed a price of $75 a barrel as a fair price, a price he vested with the term as being �noble� (Please see �OPEC�s Noble Cause� 12.17.08). And just last week he let it be known, clearly in contravention to his Monarch�s proclamation, that the current price of $100 for oil quoted on the New York Mercantile Exchange, is just fine, and $110 for Brent quoted in London is even better (please see �Saudi Arabia Targets $100 Crude Price� Financial Times� 01.16.12). Especially so, we are given to understand, the big public spending increases needed to forestall the political unrest sweeping the Middle East (makes you feel warm and cozy up there in Maine?). Cunningly, he put it in such a way, that we should be happy to have oil at these levels (leading to near $4.00/gallon gasoline at the pump Stateside), considering all the troubles with Iran and those narrow Straits of Hormuz. King Abdullah, it is not befitting Your regal eminence, that You are �overcut� so heedlessly, relegating Your royal pronouncements into the dustbin, and makes one wonder who truly is in charge; You, Your Highness or Your peripatetic Oil Minister? Also, Your Highness, this is not good timing. Everyone is concerned about those messianic fanatics situated across from You on the far shore of the Persian Gulf. No telling what they are up to these days. One thing is for sure, were it not for our �good ole� U.S. Naval Flotilla steaming off your shores in the Persian Gulf they�d be knocking at Your Palace door much to Your displeasure, unless of course, You would enjoy be paraded down Main Street in Teheran. And if You tolerate the machinations of Your Oil Minister in pushing the price of oil to levels beyond what You, Yourself said is a fair price, and he forever waiting to bestir it ever higher, the price of Your inaction may become intolerably high for You and Your many Princely cousins. You see, we have an election coming over here, and all that may entail. That said, and with this nation�s growing volition to disengage our foreign entanglements, we will be reexamining many of our policies and decide the price of oil at current levels and the much more than $100 million/day it costs the American public to keep a task force in the Persian Gulf to safeguard your coast line, is more than we are willing to handle. That we may just have or task force weigh anchor and leave you to your own devices. And in case Mr. Ali al-Naimi didn�t tell you, we are at the cusp of becoming energy independent. In the last few years, with new drilling techniques, efficient hybrid cars, wind and solar and vast resources of coal we are quickly veering toward energy independence. To the point, as the development of shale gas and shale oil grows, the United States will become an important exporter of fossil fuels and energy commodities. In natural gas alone the expansion of proven resources using the new technology is enough to service this nation�s needs for 150 years, and growing. Your Highness, just in case you have not been doing Your sums consider the following; where natural gas and crude oil were traditionally priced in tandem almost step by step, with the vast new supplies of natural gas here, that relationship has now changed dramatically. Natural gas has become so abundant that its price has retreated to levels last seen some ten years ago. Today the price is $2.75/mmbtu, a price at which it delivers an energy quotient equivalent to crude oil priced at less than $17/barrel- or levels reflecting quoted crude oil prices a little over 10 years ago! While Your Mr. Ali al-Naimi wants us to pay $100 per barrel and more, please understand we are not that stupid to sit idly by. If he wants to keep oil prices at that level we will have Compressed Natural Gas powered trucks and then cars traveling our roads in short order -please see �What is CNG� (http://www.cngnow.com/what-is-cng/Pages/default.aspx). And please Your Highness, do not have Your Mr. Ali al-Naimi then ask around what he should do with all Your oil, as the answer would not be adequately elegant.

Read the full article →

Asian stocks advance on Feds rate pledge, while Greece talks resume 

January 26, 2012

While volumes continue to be thinner since markets in Australia, India, China and Taiwan are closed for public holidays, gains were seen across Asia as Greek debt talks resume, while the Feds …

Read the full article →

ConocoPhillips to pay USD 159 million for north China oil spill

January 26, 2012

(MENAFN – Kuwait News Agency (KUNA)) China National Offshore Oil Corp. (CNOOC) has reached an agreement with ConocoPhillips China and the Ministry of Agriculture to settle compensation claims …

Read the full article →

Dave Johnson: President Puts American Manufacturing Front and Center in State of the Union

January 26, 2012

President Obama put American manufacturing literally at the front and center of his State of the Union speech. American manufacturing was at the front of the speech and at the center of a “blueprint” for bringing back jobs and strengthening our economy. By placing manufacturing front and center he has taken this conversation further than any president before him. There is good reason to cheer, but also good reason to ask for even more. He outlined steps to stop the outsourcing and start the insourcing, but there is not yet a comprehensive, overall government strategy to fix trade and capture the industries of the future. The Speech Right up front the president talked about building “an America that attracts a new generation of high-tech manufacturing and high-paying jobs.” Then, “Tonight, I want to speak about how we move forward and lay out a blueprint for an economy that’s built to last, an economy built on American manufacturing, American energy, skills for American workers, and a renewal of American values. This blueprint begins with American manufacturing.” Bob Borosage, in ” The Obama State of the Union: A Progressive View ,” On the economy, the speech led with more discussion of manufacturing than anyone has heard in years. The president wanted and deserved credit for saving Detroit — a key to his campaign in the Midwest — and wanted to highlight the uptick in manufacturing jobs and “insourcing,” the movement of some jobs back to the U.S. Again, his agenda focused on mostly symbolic measures of populist appeal. In addition to the tax on multinationals, he promised a new trade enforcement effort to challenge China and others who trample global trade rules. With Romney promising to cite China for currency violation on day one if elected, the administration seems likely to finally challenge China, at least symbolically. Steps, But Not an Overall Picture The President outlined steps to stop the outsourcing and start the insourcing. There are things that the Congress can do right now . These include but are not limited to, Eliminate existing tax deductions for outsourcing Big multinational corporations should pay a minimum tax Use some of the money this brings in to cover the expenses of bringing jobs home Pass tax cuts for manufacturing here A trade enforcement unit to look at bringing cases against countries like China that cheat, use piracy, give subsidies Steps to train skilled workers, with a national commitment to train 2 million with skills that will lead to a job Do something about the maze of confusing training programs Turn our unemployment system into a reemployment system Instead of bashing teachers and laying them off, give schools resources to keep good teachers Reduce the cost of college. Stop student loan interest rates from doubling in July. Condition federal assistance on lowering tuition. This “blueprint” has a number of good, solid steps that will help stop the outsourcing and start the insourcing. But it is not a comprehensive national industrial/economic strategy that addresses the overall picture of all of the components of a national manufacturing ecosystem. To begin to address this, the president has established a cabinet-level Office of Manufacturing Policy to coordinate efforts of various government agencies. Coordinating the efforts of various government agencies to help American exports is important, but this does not address the development of a national plan, like other countries have. We need this, too. A national plan would seek to cover all the elements of a healthy ” industrial commons ” — meaning all of the components of a healthy manufacturing ecosystem. These include government efforts to make sure the components are ready, funded and functioning: The necessary educational components to provide people ready to do all of the jobs an industry requires; The financing to build factories and obtain inventory; The modern infrastructure of roads, electrical power, Internet, posts and airports, to support the companies; Trade and tax policies to help these companies locate and export; R&D facilities and researchers for innovation and design; Local suppliers to support the companies; Legal structures and fully-funded and staffed court systems to support the industry; The entire “chain of experience” located in an area, often around a “cluster” of businesses, required for an industry to develop and thrive. Countries like China are engaged in national efforts to get all of these components lined up to capture industries like the new green energy revolution that is taking place. China is working to capture solar and wind energy manufacturing. They are working to capture high-speed rail manufacturing. The news about the reasons Apple and other high-tech manufactures have had to locate in China show how hard China has worked to capture that industry — and not without quite a bit of cheating that we are not stopping. Our competitors are engaging in national efforts to line up all of these components to capture other new industries as they emerge. We are not. Ideology Holds Us Back From Competing This list of components of a national industrial/economic policy describes the kind of national effort that competitors like China are engaged in, and is the reason they are bringing in such a share of new industrial growth. To address this we have to see ourselves as a country, as China does, mutually supporting each other to be able to embark on an undertaking like this. We have to abandon the “each of us on our own” and selfish, “in it only for ourselves” mentality that has set us apart, preventing national government efforts like other countries engage in. Some of us hold on to an ideological fantasy that government is only in the way, but other countries do not. So the result is that we keep sending our companies out on their own against national systems. Even our largest companies cannot compete on their own against countries with national efforts to put all of these components in place. It takes a unified government effort. We have to move to a “we are in this together” understanding of ourselves and our country if we want to bring back the shared prosperity we used to have, and can have again. Update — White House fact sheet: FACT SHEET: President Obama’s Blueprint to Support U.S. Manufacturing Jobs, Discourage Outsourcing, and Encourage Insourcing . This post originally appeared at Campaign for America’s Future (CAF) at their Blog for OurFuture . I am a Fellow with CAF. Sign up here for the CAF daily summary .

Read the full article →

Michael Farr: Apple &#43 Fed = Gains!

January 25, 2012

Apple’s better-than-expected earnings have driven a $25+ rally in today’s share price to over $446 per share . This move carried Apple’s market capitalization, currently at $416 billion, past Exxon’s to become the most-highly valued corporation in the world. Thanks to the big move in shares of Apple, the NASDAQ Composite gained the most vs. other market indices. Uninspired by either the President’s State of the Union speech or Republican Governor Mitch Daniels’ response, markets traded lower from the opening bell. Concerns over continued economic deterioration in Europe and tough-but-toothless comments from German Chancellor Angela Merkel seemed to inspire moderate selling throughout most of the day. At 12:35 pm EST the Federal Reserve’s Open Market Committee released its much anticipated statement, which was almost identical to its December 2011 release. The notable change was that the “exceptionally low levels for the federal funds rate” are now expected to extend “at least through late 2014″ as compared to the December projection of “at least through mid-2013.” And like a Ben-in-the-box, stock and bond prices sprang up in reaction to the change. This is in keeping with our long-held view that share prices continue to rely on every utterance and funding promise by governments and central banks. Looking forward, markets are now beginning to price in some probability of further quantitative easing (QE3) by the Fed’s March or April meeting. At some point, the music has to stop. Until investors return their focus to improving corporate fundamentals, volatility is likely to continue. The Fed released a new report at 2 pm: a collection of rate expectations by FOMC members covering the next few years. Long gone are the days when the preponderance of analysts would take hours to parse the multisyllabic circumlocutions of Chairman Alan Greenspan. It will be interesting to see how this new approach will be greeted by market participants. While transparency makes intuitive sense, we intuitively suspect that there may have been very good reasons for the more cloaked comments of past Federal Reserve Boards. Does anybody reasonable expect the Fed to stick by its interest rate projections when faced with drastically changed circumstances, which most certainly will be the case? And if not, what new information did we really get today? From Europe to Washington to Florida to China to Apple and earnings season; investors are barraged by an assault of major stunning stories. Thus stunned, how are mere mortals to decide what is noteworthy and, toughest of all, what should they do with their money? The answer for today, and for many recent days as well, was “buy.” Buy stocks and buy bonds. Farr’s View : In tumultuous conditions, head for terra firma. We favor companies with strong balance sheets, cash flow, and earnings growth. Reasonable valuations and attractive dividends point us toward large-cap multi-national stocks. Our strategy has been serving us well, and we will stick with it. Peace, Michael

Read the full article →