Sunday, July 21, 2013

China to lift lending rate controls

China's central bank says it will lift controls on lending interest rates and allow financial institutions to set them, in a step toward liberalising the financial sector.

"The People's Bank of China has decided, as of July 20, 2013, to completely relinquish control of the lending rates of financial institutes," it said on its website on Friday.

As of Saturday the bank will allow institutions to "set lending rates themselves based on commercial principles".

The moves will lower financing costs for businesses and support China's long-term economic restructuring, the bank said.

The bank added it would not adjust policies on mortgages in order to promote "healthy development of the housing market".

Property prices have continued to rise in recent years despite several measures to try to control them.

Mark Williams, chief Asia economist at Capital Economics, called the change a "significant development for China's financial sector".

In principle more credit-worthy borrowers could now enjoy better rates, although "in practice the immediate difference will be small", Williams added.

Bigger firms have already been able to access alternative sources of credit thanks to a fast-growing corporate bond market, he said.

China economist Zhiwei Zhang of Nomura called the move a "positive" but also "relatively moderate measure".

Earlier this year Premier Li Keqiang called liberalising interest rates a major reform goal for 2013, and Friday's move suggested that China "intends to take a gradual approach", Zhang said.

Source: http://finance.ninemsn.com.au/newsbusiness/aap/8692821/china-to-lift-lending-rate-controls

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Saturday, July 20, 2013

Column: Will China's slowing growth lead to unrest? - Ian Bremmer

By Ian Bremmer

(Reuters) - Recently, it seems no developing country is safe from sudden, unexpected protests.

In Brazil and Turkey, empowered middle classes pushed back against perceived governmental injustice. Protests erupted, and leaders' approval ratings dropped precipitously. In Egypt, the economic picture was as ugly as the political one, and the military's ouster of President Mursi has fomented conflict and instability.

China may look like a candidate for the type of protests currently sweeping the developing world. Not only is a newly empowered middle class demanding better services and more accountability from government but economic growth has also tapered off in recent quarters. Don't hold your breath. At least for the time being, China is well-positioned to navigate such challenges far better than its emerging market competitors.

Let's start with the economy. For years pundits, and many Chinese government officials, thought that if China's GDP growth rate ever fell below 8.0 percent, it would set off an unemployment crisis that would raise the risk of social and political instability in the country. Well, China's finance minister was in Washington last week and said that the Chinese economy could handle 7.0 percent or even 6.5 percent growth, a lower rate than China has experienced in 23 years.

But unlike many other emerging markets, China views slower growth as a manageable challenge. The government actually recognizes that a slowdown is necessary to meet its reform and rebalancing goals, and is working now to score political points among the population by arguing that it's doing so.

In particular, Beijing hopes that the slowdown will force industrial consolidation and less resource consumption. This could slow environmental degradation which has been a major point of political vulnerability for the government. Slower growth should also calm the real estate sector, where rising prices have been a major sore point for urban Chinese. China's new leadership is betting that progress on these fronts will outweigh the downside risks they'll face as job losses tick up in the face of slower growth.

From a global perspective, there is a strong case to be made that China's slowing growth rate is actually a good sign. The fact that Beijing hasn't just reflexively pumped capital into the system to keep growth rates up shows that it is willing to begin undertaking modest economic reforms. It is, in effect, letting bubbles shrink rather than grow until they pop. This approach is characteristic of the new leadership that took charge in March of this year. They are less risk averse and they have a more long-sighted handle on the necessary economic changes that China will have to undertake.

The new president himself is a cause for optimism. Xi Jinping has a more assertive, off-the-cuff style. He is a more spontaneous, charismatic leader than his predecessors, and early reviews in China's blogosphere suggest a favorable first impression. Xi is using this boldness to work to consolidate his support within the Communist Party. And the extent to which he is successful will mean even more capacity for even more reform over time.

All of this doesn't mean that China's stability should be taken for granted, or that there aren't looming problems on the horizon. The very fact that China doesn't face significant near-term instability could lead to complacency and give it wiggle room to delay necessary reforms. China still needs long-term and significant economic and political transformations to get it from "developing" to "developed." It has too many changes coming to its demographics, manufacturing costs, and environmental needs to get away with ignoring them in perpetuity. (The U.S. can sympathize.)

While it's a good sign that the current leadership is allowing lower growth rates in order to implement some economic reform, thus far all changes are happening inside the system, not to the system itself. Easy growth was the low-hanging fruit for China over the past thirty years. Now the government is reaching a bit further up the tree. But they still have a very long way to go to get to the upper branches.

China's other major threat is the stratification that any developing country has to navigate. As I've written in the past, the growth of the Chinese economy has created a new middle class that has different demands from the largely rural population that China is still trying to lift out of poverty. In the near term the new government's tolerance for slower growth is actually positive for helping to address some of these concerns. But eventually, Beijing will have to reconcile two increasingly divergent populations. This, again, is a long-term issue. But as these issues go unaddressed, and as more Chinese become rich enough to prioritize new sorts of rights and privileges, the chances of unrest will rise.

Don't believe the idea that China is a ripe victim for this wave of developing world protests, or that China's slowing growth rate is a sign of an imminent hard landing. China's near-term picture looks surprisingly bright. But after that, the larger question still looms: Can Xi Jinping and his government handle the looming storm clouds while they are still a good way off?

(Ian Bremmer is the president of Eurasia Group, the leading global political risk research and consulting firm. Bremmer created Wall Street's first global political risk index, and has authored several books, including the national bestseller, The End of the Free Market: Who Wins the War Between States and Corporations?, which details the new global phenomenon of state capitalism and its geopolitical implications. He has a PhD in political science from Stanford University (1994), and was the youngest-ever national fellow at the Hoover Institution. )

(Ian Bremmer is a Reuters columnist but his opinions are his own.)

(Ian Bremmer)

Source: http://news.yahoo.com/column-chinas-slowing-growth-lead-unrest-ian-bremmer-214710919.html

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Pioneering journalist Helen Thomas dies at 92

In this photo taken Oct. 16, 2007, veteran White House correspondent Helen Thomas smiles as she leaves the White House after attending a briefing. Thomas, a pioneer for women in journalism and an irrepressible White House correspondent, has died. She was 92. A friend said Thomas died at her apartment in Washington on Saturday morning. Thomas made her name as a bulldog for United Press International in the great wire-service rivalries of old. She used her seat in the front row of history to grill nine presidents _ often to their discomfort and was not shy about sharing her opinions. She was persistent to the point of badgering; one White House press secretary described her questioning as "torture" _ and he was one of her fans. (AP Photo/Ron Edmonds)

In this photo taken Oct. 16, 2007, veteran White House correspondent Helen Thomas smiles as she leaves the White House after attending a briefing. Thomas, a pioneer for women in journalism and an irrepressible White House correspondent, has died. She was 92. A friend said Thomas died at her apartment in Washington on Saturday morning. Thomas made her name as a bulldog for United Press International in the great wire-service rivalries of old. She used her seat in the front row of history to grill nine presidents _ often to their discomfort and was not shy about sharing her opinions. She was persistent to the point of badgering; one White House press secretary described her questioning as "torture" _ and he was one of her fans. (AP Photo/Ron Edmonds)

FILE - In this Aug. 2, 2006, file photo, President Bush, right, greets veteran White House correspondent Helen Thomas during the final briefing in the press briefing room in the West Wing of the White House in Washington before its renovation. Thomas, a pioneer for women in journalism and an irrepressible White House correspondent, has died Saturday, July 20, 2013. She was 92. (AP Photo/Charles Dharapak, File)

FILE - In this March 26, 2009, file photo veteran White House reporter Helen Thomas asks White House Press Secretary Robert Gibbs a question during the White House daily briefing in Washington Thomas, a pioneer for women in journalism and an irrepressible White House correspondent, has died. She was 92. Thomas made her name as a bulldog for United Press International in the great wire-service rivalries of old. She used her seat in the front row of history to grill nine presidents _ often to their discomfort and was not shy about sharing her opinions. (AP Photo/Charles Dharapak, File)

FILE - In this Aug. 4, 2009, file photo, veteran White House reporter Helen Thomas, left, celebrates her 89th birthday with President Barack Obama, celebrating his 48th birthday, in the White House Press Briefing Room in Washington. Thomas, a pioneer for women in journalism and an irrepressible White House correspondent, has died Saturday, July 20, 2013. She was 92. (AP Photo/J. Scott Applewhite, File)

FILE - In this Nov. 12, 2008 file photo veteran White House correspondent Helen Thomas is helped to her front row seat in the White House Brady Press Briefing Room in Washington, as she returns after a recent illness. Thomas, a pioneer for women in journalism and an irrepressible White House correspondent, has died. She was 92. She made her name as a bulldog for United Press International in the great wire-service rivalries of old. Thomas used her seat in the front row of history to grill nine presidents _ often to their discomfort and was not shy about sharing her opinions. (AP Photo/Gerald Herbert)

(AP) ? Helen Thomas, the irrepressible White House correspondent who used her seat in the front row of history to grill 10 presidents and was not shy about sharing her opinions, died Saturday. She was 92.

Thomas, who died at her apartment in Washington, had been ill for a long time, and in and out of the hospital before coming home Thursday, according to a friend, Muriel Dobbin.

Thomas made her name as a bulldog for United Press International in the great wire-service rivalries of old, and as a pioneer for women in journalism.

She was persistent to the point of badgering. One White House press secretary described her questioning as "torture" ? and he was one of her fans.

Her refusal to conceal her strong opinions, even when posing questions to a president, and her public hostility toward Israel, caused discomfort among colleagues.

In 2010, that tendency finally ended a career which had started in 1943 and made her one of the best known journalists in Washington. On a videotape circulated on the Internet, she said Israelis should "get out of Palestine" and "go home" to Germany, Poland or the United States. The remark brought down widespread condemnation and she ended her career.

In January 2011, she became a columnist for a free weekly paper in a Washington suburb, months after the controversy forced her from her previous post.

"What made Helen the 'dean of the White House Press Corps' was not just the length of her tenure, but her fierce belief that our democracy works best when we ask tough questions and hold our leaders to account," President Barack Obama, the last president she covered, said in a statement Saturday.

In her long career, she was indelibly associated with the ritual ending White House news conferences. She was often the one to deliver the closing line: "Thank you, Mister President" ? four polite words that belied a fierce competitive streak.

Her disdain for White House secrecy and dodging spanned five decades, back to President John Kennedy. Her freedom to voice her peppery opinions as a speaker and a Hearst columnist came late in her career.

The Bush administration marginalized her, clearly peeved with a journalist who had challenged President George W. Bush to his face on the Iraq war and declared him the worst president in history.

After she quit UPI in 2000 ? by then an outsized figure in a shrunken organization ? her influence waned.

Thomas was accustomed to getting under the skin of presidents, if not to the cold shoulder.

"If you want to be loved," she said years earlier, "go into something else."

There was a lighter mood in August 2009, on her 89th birthday, when Obama popped into in the White House briefing room unannounced. He led the roomful of reporters in singing "Happy Birthday to You" and gave her cupcakes. As it happened, it was the president's birthday too, his 48th.

Thomas was at the forefront of women's achievements in journalism. She was one of the first female reporters to break out of the White House "women's beat" ? the soft stories about presidents' kids, wives, their teas and their hairdos ? and cover the hard news on an equal footing with men.

She became the first female White House bureau chief for a wire service when UPI named her to the position in 1974. She was also the first female officer at the National Press Club, where women had once been barred as members and she had to fight for admission into the 1959 luncheon speech where Soviet Premier Nikita Khrushchev warned: "We will bury you."

The belligerent Khrushchev was an unlikely ally in one sense. He had refused to speak at any Washington venue that excluded women, she said.

She also pushed open the doors for women at the White House Correspondents' Association dinner. At her urging, Kennedy refused to attend the 1962 dinner unless it was open to women for the first time. The tactic worked. More than a decade later, Thomas was the first woman to serve as the association's president.

"Women and men who've followed in the press corps all owe a debt of gratitude for the work Helen did and the doors she opened," Steven Thomma, the association's current president said in a statement Saturday. "All of our journalism is the better for it."

Thomas fought, too, for a more open presidency, resisting all moves by a succession of administrations to restrict press access.

"People will never know how hard it is to get information," Thomas told an interviewer, "especially if it's locked up behind official doors where, if politicians had their way, they'd stamp TOP SECRET on the color of the walls."

Born in Winchester, Ky., to Lebanese immigrants, Thomas was the seventh of nine children. It was in high school, after working on the student newspaper, that she decided she wanted to become a reporter.

After graduating from Detroit's Wayne University (now Wayne State University), Thomas headed straight for the nation's capital. She landed a $17.50-a-week position as a copy girl, with duties that included fetching coffee and doughnuts for editors at the Washington Daily News.

United Press ? later United Press International ? soon hired her to write local news stories for the radio wire. Her assignments were relegated at first to women's news, society items and celebrity profiles.

Her big break came after the 1960 election that sent Kennedy to the White House, and landed Thomas her first assignment related to the presidency. She was sent to Palm Beach, Fla., to cover the vacation of the president-elect and his family.

JFK's successor, Lyndon Johnson, complained that he learned of his daughter Luci's engagement from Thomas's story.

Bigger and better assignments would follow for Thomas, among them President Richard M. Nixon's breakthrough trip to China in 1972.

When the Watergate scandal began consuming Nixon's presidency, Martha Mitchell, the notoriously unguarded wife of the attorney general, would call Thomas late at night to unload her frustrations at what she saw as the betrayal of her husband John by the president's men.

It was also during the Nixon administration that the woman who scooped so many others was herself scooped ? by the first lady. Pat Nixon was the one who announced to the Washington press corps that Thomas was engaged to Douglas Cornell, chief White House correspondent for UPI's archrival, AP.

They were married in 1971. Cornell died 11 years later.

Thomas stayed with UPI for 57 years, until 2000, when the company was purchased by News World Communications, which was founded by the Rev. Sun Myung Moon, leader of the Unification Church.

At age 79, Thomas was soon hired as a Washington-based columnist for newspaper publisher Hearst Corp.

A self-described liberal, Thomas made no secret of her ill feelings for the penultimate president she covered ? the second President Bush. "He is the worst president in all of American history," she told the Daily Breeze of Torrance, Calif.

Thomas also was critical of the U.S.-led invasion of Iraq, asserting that the deaths of innocent people should hang heavily on Bush's conscience.

"We are involved in a war that is becoming more dubious every day," she said in a speech to thousands of students at Brigham Young University in September 2003. "I thought it was wrong to invade a country without any provocation."

Some students walked out of the lecture. She won over others with humorous stories from her "ringside seat" to history.

In March 2005, she confronted Bush with the proposition that "your decision to invade Iraq has caused the deaths of thousands of Americans and Iraqis" and every justification for the attack proved false.

"Why did you really want to go to war?" she demanded.

When Bush began explaining his rationale, she interjected: "They didn't do anything to you, or to our country."

"Excuse me for a second," Bush replied. "They did. The Taliban provided safe haven for al-Qaida. That's where al-Qaida trained."

"I'm talking about Iraq," she said.

Her strong opinions finally ended her career.

After a visit to the White House, David Nesenoff, a rabbi and independent filmmaker, asked Thomas on May 27, 2010, whether she had any comments on Israel. "Tell them to get the hell out of Palestine," she replied. "Remember, these people are occupied and it's their land. It's not Germany, it's not Poland," she continued. Asked where they should go, she answered, "They should go home." When asked where's home, Thomas replied: "Poland, Germany and America and everywhere else."

The resulting controversy brought widespread rejection of her remarks. White House spokesman Robert Gibbs called them "offensive and reprehensible." Many Jews were offended by her suggestion that Israelis should "go home" to Germany, Poland and America because Israel was initially settled in 1948 by Jews who had survived or escaped Hitler's attempt to kill all the Jews in Germany and in neighboring conquered countries.

Within days, she retired from her job at Hearst.

Not long after, Nicholas F. Benton, the owner and editor of the Falls Church News-Press, approached her about writing again. Benton, who had published Thomas' column for years when she was syndicated, said Thomas was initially dubious about continuing to write for the free weekly paper, which at the time had a circulation around 25,000.

"She said, 'You don't want me. I'm poison," he said in a telephone interview Saturday.

He responded that he could handle any criticism, and her column started running in January 2011. She continued to write about national issues, from Social Security to the State of the Union address and the low capital gains tax, which she blamed for creating "a bigger divide between the haves and the have-nots, leaving not much of a middle class in America."

Benton said some of his advertisers got threatening calls, but he said he received more positive letters than negative ones by "quite a wide margin." And Benton said she continued to be "sharp as a tack," sometimes asking if she could get her column in after deadline because she wanted to monitor some late-breaking development. She wrote for the paper for a year, until her health prevented her from continuing.

"She was just the kind of person who really did want to fight to the finish," he said of her return to writing.

___

Associated Press writer Jessica Gresko contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2013-07-20-US-Obit-Helen-Thomas/id-5a057a2a644f470688ce69d931904a8c

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NSA, Military Beef-Up Cybersecurity Measures in Wake of Leaks

The National Security Agency and the U.S. military are taking significant steps to tighten their databases and cybersecurity in the wake of serious breaches, including Edward Snowden's leak of top-secret surveillance programs.

According to the New York Times, the NSA is establishing new procedures to restrict the sharing and downloading of top-secret information from its computer networks.

http://www.nytimes.com/2013/07/19/us/military-to-deploy-units-devoted-to-cyber-operations.html?ref=politics&_r=0

The new "two-man rule" would require two computer-systems administrators to work simultaneously when they are inside systems that contain highly classified material.

Other changes will include encrypting the most sensitive data and a reduction in the number of system administrators with the authority to move data throughout the nation's intelligence agencies and the Defense Department, the Times reported.

The new arrangements will seek in particular to address weaknesses in the NSA's database security that allowed the Snowden breaches.

Speaking at the Aspen Security Forum, an annual meeting on security issues, Deputy Secretary of Defense Ashton Carter said the Snowden affair was an example of "a failure to defend our own networks," according to the Times.

"It was not an outsider hacking in, but an insider," he said.

Meanwhile, Carter said, the military has begun to deploy roughly 4,000 people in a new unit of the Pentagon devoted to cyber-offense and cyber-defense operations. It?s an area, according to Carter, that will be a spending priority despite military spending cuts.

"These teams are new, and they are in addition to the NSA workforce," Carter said.

The program has rarely been discussed publicly, given that it's designed to fend off attacks on America by foreign powers. It could help defend the U.S. against cyberattacks from foreign powers such as China, which has been accused of hacking U.S. targets and stealing corporate secrets and intellectual property from American companies.

? 2013 Newsmax. All rights reserved.

Source: http://www.newsmax.com/US/NSA-Military-cybersecurity-leaks/2013/07/19/id/515984

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Missing Persons (Plot)

Ok so I'm not going to be too too formal with this and I will try and put some detail into this but I want to leave room for the plot to go which ever way IC content takes it.

The plot will take place on the Sullen Enterprise Confederation Home world and might have a small lapse on Terra in the beginning stages. The general Idea is a lot of people start to go missing. Disappearing out of the blue not only physically but there seems to be no trace on paper or electronics of their existence. The only link between the kidnapped is that they all seem to have some form of supernatural or distinguishing characteristic.

Image

So I'm looking for interested parties to make or use a character. There will be three separate parts that will all cross paths. First is the Kidnapped, the second is the loved ones/friends and the third is the kidnappers and or scientists. I have a few surprises and will add twists and turns as well.

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(There is no set limit for either parties.)

Kidnapped:
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SEC/Mercenaries :
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Loved ones/ Others
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Expected Start Date: August 9th(Subject to Change)

Please post any questions or PM me If you have a character in mind link them below or you can create one and link them in a profile. You may have more than one character involved.

Source: http://feedproxy.google.com/~r/RolePlayGateway/~3/wGo-FZmdBV4/viewtopic.php

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Microsoft skids on Surface, earnings disappoint

LOS ANGELES (AP) ? Less than a year after Microsoft entered the tablet computer market with the Surface, the cracks are starting to show.

The software giant on Thursday booked a large write-off to its Surface RT business after it slashed prices on the tablets to stimulate demand this week. Its quarterly earnings results also showed that Windows 8, an operating system designed to bridge the divide between PCs and tablets, has been so poorly received that it contributed to a revenue drop in its operating system software unit.

The missteps in both strategic product lines disappointed Wall Street and shares plunged nearly 7 percent to $33.10 in after-hours trading Thursday.

The write-down for expected losses on the Surface RT tablet amounted to $900 million. Even without it, Microsoft's results would have fallen short of expectations.

The results came a week after the company announced a major reorganization to help it transform into a "devices and services" company that is less reliant on providing software for personal computers. The earnings miss raised new questions as to whether the transition will succeed.

"It doesn't inspire a lot of confidence," said Nomura Securities analyst Rick Sherlund. "You're in the hardware business now, and pretty shortly after entering it you have a pretty big write down. That's embarrassing."

Both Windows 8 and the Surface tablet represent Microsoft's big bets on the tablet computer market as PC sales continue to decline. Research firms IDC and Gartner said last week that global PC shipments fell 11 percent in the April-June quarter. It was the fifth consecutive quarterly decrease.

Acknowledging the company's difficulties with the change, Microsoft Chief Financial Officer Amy Hood told investors on a conference call that "this journey will take time."

"We know we have to do better," she said. "We are confident we are moving in the right direction."

Microsoft cut the price of Surface RT from $499 to $349 on Sunday, a move designed to spur sales amid sluggish demand.

Microsoft began selling Surface tablets in October. The company shipped about a million tablets in the first three months of 2013, according to research firm IDC. That includes about 260,000 of the slimmed-down RT version and 750,000 of the Pro version of Surface, which is compatible with older Windows programs.

The shipments gave Microsoft a meager 2 percent share of the tablet market. Apple Inc. remained the leader with 39.1 percent and was followed by Samsung Electronics Co., AsusTek Computer Inc., Amazon.com Inc. and Acer Inc.

Microsoft also saw revenue from its flagship Windows operating system decline 6 percent in the recent quarter after excluding the late recognition of revenue from last year, when it offered discounted upgrades to users of older versions of Windows.

Consumers haven't responded well to Microsoft's latest operating system, Windows 8, and the results reflect the poor reception. IDC has said the new operating system is contributing to the longest slump in the history of personal computer sales. Gartner disagrees that Windows 8 is to blame.

Brendan Barnicle, an analyst with Pacific Crest Securities, said the entire PC market is undergoing a massive shift, especially as device makers increasingly develop their own operating systems, like Apple Inc. and Google Inc. do for their tablets and personal computers.

"Microsoft can't charge $100 per device for Windows the way they could 20 years ago," Barnicle said.

In a sign that Microsoft is adjusting, the company said it expects to derive 65 percent of Windows revenue from third party computer manufacturers in the July-September quarter, down from 75 percent a year ago, prior to the Surface launch. More Windows revenue is coming from its own Surface line.

Revenue and profitability improved in Microsoft's other lines of business, including enterprise software, servers and tools, the Xbox video game division and the Bing search unit, but those results also fell short of analysts' forecasts.

Net income in the April-June quarter came to $4.97 billion, or 59 cents per share, reversing a loss of $492 million a year ago when it wrote down almost the entire value of its 2007 purchase of online ad service aQuantive.

Excluding the negative 7-cents-per-share Surface charge, earnings were 66 cents per share, short of the 75 cents per share expected by analysts polled by FactSet.

Revenue grew 10 percent to $19.90 billion, also below the $20.72 million expected.

Source: http://www.timesunion.com/business/technology/article/Microsoft-skids-on-Surface-earnings-disappoint-4673045.php

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