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niuyear
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24-Mar-2011 13:14
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Some   signs   that US citizens are buying smaller cars! Good job.    Gasoline price is escalating so as fuel charges.    |
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krisluke
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24-Mar-2011 13:13
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most of the simpler  citiizens may wonder PAP  olso stands for Pay And Pay , i mean wallet watch,  exclude " Okong" (fine)... |
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krisluke
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24-Mar-2011 13:06
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Foo Mee Har’s strength highlights PAP’s weaknessTOC Editorial A genuinely impressive candidate makes the deadweight look bad A glimmer of light has emerged from the People Action Party’s (PAP) much flogged “4G” batch of candidates”: Ms Foo Mee Har, the Head of Premier Banking in Standard Chartered. Ms Foo’s CV shows an impressive array of local and overseas experience at the top rungs of the corporate ladder. She headed the China branch of Standard Chartered’s Consumer Banking in China, and can boast a stint as President and CEO of Standard Chartered Bank in Thailand. Unfortunately for the PAP, the rest of the candidates put forward so far pale in comparison. Homogeneity exposed Ms Foo has everything that we haven’t seen in the “new” PAP candidates so far: the solid private sector credentials of a person with the guts to make it to the top. More importantly, Ms Foo comes across as a breath of fresh air just by virtue of her not being the relative of someone famous (Janil Puthucheary, Ong Ye Kung, Desmond Choo, Desmond Lee Ti-Seng) or having come from the Labour movement (Ong Ye Kung, Desmond Choo, Steve Tan). Mr Steve Tan’s claim to fame is being the head of the NTUC’s “youth wing” at the youthful age of 38. Mr Desmond Lee, a career government lawyer, is former Cabinet Minister Lee Yock Suan’s son. Or maybe the PAP this time has set the bar very low. The two batches that have been introduced so far have displayed a remarkable homogeneity, hinting at the dearth of the talent pool the PAP is fishing from. Half the candidates so far have been from the NTUC, and if media reports are accurate, as many as nine NTUC people will be part of the new slate. At this evening’s press conference, Deputy Prime Minister Wong Kan Seng asked Singaporeans to consider carefully what the motivations of the opposition were in wanting to win a Group Representation Constituency (GRC). The question would be more aptly put to those running on the PAP ticket: it is these new and untested characters that have to explain why they deserve to ride on the coattails of heavyweight Ministers into Parliament. How can we be sure that the new candidates are really in this for public service? This is an especially pertinent question given that the PAP has consistently maintained that it is difficult to attract talent without sky-high pay. Does this apply to the people they’ve recruited? Ms Foo, at least, has nothing to prove on that account. Oh my god, she’s a woman! The media buzz the PAP has created around Ms Foo is also revealing. She’s being touted as the first female PAP candidate to be introduced. That this warrants a headline is alarming. If the opposition rolled out another female opposition leader, it would be unlikely to turn heads. Hazel Poa of the National Solidarity Party, Sylvia Lim of the Workers’ Party and Chee Siok Chin of the Singapore Democratic Party are an accepted and un-remarked upon feature of the opposition political landscape. Nobody goes around exclaiming how unique it is that they are female, because the reality is that, as even the government-owned Straits Times has acknowledged, the opposition tends to field far more female candidates than the PAP. TOC highlighted as far back as March 2008 that the lack of a full female Minister in Cabinet is a travesty for a developed country like Singapore. If the PAP knows what’s good for it, Ms Foo will have a substantial role to play in the party’s future. |
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krisluke
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24-Mar-2011 13:02
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New candidates, but no principles?TOC Editorial / The ruling party’s attempt to create some excitement with their new slate of candidates might actually have done the opposite: entrench negative stereotypes of the party as one that encourages uniform thought and economic growth at the expense of principles. Ever obliging, the government friendly Straits Times gave them three full pages (including the front page) of coverage. While the faces were fresh, the message was stale. One bragged about the values he lost, the other spurned his father’s legacy and defended detention without trial, and the third made nary an impression. The PAP has been touting “renewal” as the watchword of this GE. The first three candidates suggest that the PAP might have confused this with the word “replacement”. Unless the PAP is pursuing a strategy of getting their least attractive candidates through the public glare before scrutiny shifts, it is difficult to see what value the new candidates bring to the table. Mr Principal private secretary, what are your principles? Mr Ong Ye Kung, the assistant Secretary-General of the National Trades Union Congress (NTUC), claims political pedigree from having been the Prime Minister’s principal private secretary. The Straits Times tells us: “In 2004, when he was the principal private secretary to Prime Minister Lee Hsien Loong, he told Mr Lee he disagreed with the idea of casinos in Singapore. Later, he changed his mind when he saw the thousands of jobs they brought in”. A thinking member of the public would come to the conclusion that Mr Ong, like several PAP members of Parliament who opposed the casino, objected to it on principled grounds. However, Mr Ong seems keen to give the impression that these principles count for nothing in the face of bringing in jobs. The logical question to ask would be what type of industries Mr Ong would be willing to tolerate to bring in jobs.    Vice, anyone? Mr Ong’s story of a Farewell to Principles brings a wrenching reminder of how passionately some PAP MPs spoke in Parliament opposing the casino: that passion counted for nothing when they folded like flimsy deckchairs in the face of the party whip. New candidates bringing change from the inside? Dream on. Detention without trial? Yes please! Mr Dominic Puthucheary’s son, Janil, waxed lyrical about “pragmatic implications for our security, for our country” when explaining how indefinite detention without trial was necessary. Quite apart from the fact that Mr Puthucheary raises shades of American neo-conservatives who talk National Security but have never served in the military, the historically educated would have to wonder whether Mr Puthucheary would be able to say exactly the same thing with a straight face if his father was Mr Said Zahari. Mr Zahari was a contemporary of the elder Mr Puthucheary, and who was held without trial for 17 years. Mr Janil Puthucheary seems keen to write off the government’s sweeping powers under the Internal Security Act (ISA) as a historical aberration that is now used solely for the noble purpose of fighting terrorism. If the younger Puthucheary had been in Singapore at the end of the 1980s, he would have lived through first-hand the government’s abuse of the ISA to lock up Catholic lay persons and opposition party sympathizers as Marxists. Ironically, part of the reason he wasn’t in Singapore was probably the Singapore government’s ban on the elder Mr Puthucheary entering Singapore. Perhaps poetically, several of those who bore the brunt of the government’s abuse of the ISA might be fielded as opposition candidates in this coming election. It will now be up to the silver haired Ms Teo Soh Lung and Mr Vincent Cheng, as well as Mr Michael Fernandez from the elder Mr Puthucheary’s generation to remind young Janil of the legacy he has spurned. It will be the ultimate inversion of the PAP’s claim to be representing new ideas for their new candidate to receive tutelage in progressive politics from his elders in the opposition. One wonders whether his promise to “discuss his views on the matter (the ISA) within the party” will cut any ice. And again, as a post-script, a promise that the party line would be toed: “The PAP works on the basis of cohesiveness and internal discussions for a united front”. |
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krisluke
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24-Mar-2011 13:00
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Leong Sze Hian/ I refer to the report “Labour movement shows it cares for community“  (Channel News Asia, Mar 19). It states that:
This means that on the average each affiliate including NTUC donated  $446 each. If this is the forerunner and indication of the other 49 projects, how  significant will the help be to the community. How many community projects were done last year, and in previous years? Workers’ issues Whilst it is always good to have more projects to help the needy, as I  understand that the historical primary objective of the unions is to  protect workers’ rights, I would like to suggest that our unions  re-focus on some workers’ issues, such as:
Lastly I would like to point out that  NTUC Care and Share’s effort to raise S$10 million to provide relief for low—income union members and their families – while admirable – could be put to more effective use, such as ensuring living wages for union members. Support TOC! Buy Leong Sze Hian’s book  here! |
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krisluke
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24-Mar-2011 12:58
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Have flat, but no money to retire? Whilst we have the highest public housing ownership rate in the world, on the flip side, practically every study on retirement, indicates that Singaporeans have one of the lowest retirement income replacement rates in the world, despite having the highest pension (CPF) contribution rates in the world. So, what’s the point of having home ownership, when many Singaporeans end up being in financial stress in your retirement years? In this connection, I would like to refer to the recent Committee of Supply debate on the Ministry of Manpower in Parliament. The Manpower Minister said that:
If a Singaporean worker starts work at age 21, with a starting salary of $1,100 a month and his or her salary increase at 2 per cent per annum, at the CPF contribution rate of 36 per cent, if the return is 5 per cent, the accumulated sum at age 65 would be $1,001,290. So, every Singaporean should be a millionaire when they retire at age 65. So, why is it that only about 20 per cent of active CPF members can meet the current MS of $123,000 at age 55 fully in cash, about 40 per cent including their property pledge, and about 60 per cent if all the amounts withdrawn from housing are added back? By the way, there are also 1,646,700 inactive CPF members, out of the total CPF members of 3,291,300 in 2009, (Department of Statistics Labour and Productivity Report)  who may have very little in their CPF, when they retire. Good debt? Mr Mah also wrote:
Since the HDB does not give regular statistics of HDB loan and bank loan mortgages in arrears, I estimate from the last available statistics that about 40,000 households may be in arrears over three months. We also do not have statistics on how many households have sold their HDB flats in the open market because they could not pay their mortgages, were foreclosed by banks, compulsorily acquired by the HDB, etc So, how do we evaluate whether it has been a “good debt”, when we do not have the above-mentioned statistics? Unlock your flat value? The minister added:
Let me illustrate the issue of Lease Buyback with an example. In the example cited by the Today newspaper of 2 March, 2009 (“I can’t take the flat with me when I die”) , a 62 year old male with a 3-room HDB flat, will get $5,000 cash and $5,000 to his CPF, followed by a lifelong monthly income of $530. In a normal reverse mortgage, the home-owner draws income and is charged interest. On death, the market value of the property is offset against the amounts withdrawn plus interest owing to the financial institution. Assuming an interest rate charge of five per cent, the sum owing after 30 years is $465,274. If the value of the flat appreciates at 5 per cent, the market value after 30 years is $1.02 million. So, does it mean that in a sense, the flat-owner may lose $554,726 ($1.02 million minus $465,274)? Wouldn’t the flat-owner be better off renting out one room for about $450, and retain the equity on the flat? Historically, I understand that HDB flats have always increased in value as there has always been upgrading to new flats under the Selective En-bloc Resettlement Scheme (SERS), for older HDB flats that reach around 40 years old or lesser. Another alternative may be to downgrade to a studio HDB flat costing say $70,000, to obtain $166,000 to fund one’s retirement. (Existing HDB flat $236,000 – new HDB studio flat $70,000) Assuming a rate of return of say 4 or 5 per cent, the $166,000 sale proceeds can give a perpetual monthly income of $553 or $692 without consuming any of the $166,000 capital. The more flats we sell – the more we lose? Mr Mah then claimed:
On 7 November, 2009, he explained why the HDB had incurred a $2 billion loss  that year, which was twice that of the previous year. (“Ample supply of housing in private market, says Minister Mah”,  Nov 7, 2009, Channel News Asia). He said:
The report went on:
Mr Mah’s remarks seem to contradict the statistics   provided in the HDB’s annual report. According to the annual report, HDB revealed that “the number of flats sold under the home ownership scheme that year was 4,738, which was 7,253 less than the previous year. According to its section titled “Key statistics”, the “demand for flats” was 9,870 Home Ownership flats for 2008/2009, compared to 12,449 for 2007/2008 and the “Building statistics – Dwelling units” was 3,154 in 2008 compared to 5,063 in 2007. All these numbers show that the number of flats sold have declined, rather than increased. The number of flats sold under the home ownership scheme declined by 60 per cent, “Demand for flats” declined by 21 per cent, and “Building statistics – Dwelling units” declined by 38 per cent, for the previous year. So, how is it possible then that the reason for the high deficit ($2 billion) was because more flats were offered for sale  that year, compared to the year before” when the HDB statistics show that flats’ building, demand and sales, all declined substantially that year compared to the year before? Can the Minister clarify his statement on the reasons for the doubling of the deficit from $1 billion to $2 billion for that year? As for Mr Mah’s assurance that HDB “sells flats lower than their cost price”, the HDB has not disclosed the breakdown of the cost of building flats, despite letters to newspaper forums requesting for this information, almost every year. The last time this information was disclosed was in 1981, when the then National Development Minister Mr Teh Cheang Wan, disclosed the land and construction cost, as well as the subsidy and selling price, of the various flat types in six districts. For example, a three-room flat in the central core region, cost $53,700 to construct and incurred a land cost of $40,000, and sold for $57,100. End of Part 1 Mr Leong has beaten Mr Mah by publishing a book in 2008. It has no pictures but at 186 pages (with Chinese translation), is more value for money. You can buy it  here! |
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krisluke
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24-Mar-2011 12:54
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Straits Times! Why you edit until like that?Posted by theonlinecitizen on March 24, 2011 The Straits Times (ST) has been regularly accused of recontextualising letters in its forum section. People in the realms of alternative opinion have shown as to how letters of a critical yet constructive nature (particularly at the establishment) have been edited to a point where the intended meaning is either blunted or removed. Critics of ST and the PAP would have scoffed at Mr Samuel Wee’s letter published in ST. The letter tells of Mr Wee’s emphatic approval of Education Minister Dr Ng Eng Han’s comments on Singapore’s education system. However, Mr Wee’s original letter has now been circulating around the web. A quick read would reveal the most obvious of ST’s biased editing and fabrication. The original article had Mr Wee describing the misleading presentation of statistics made by the ST report on social mobility. Here are some excerpts: Original Letter – It is indeed heartwarming to learn that  only 90% of children from one-to-three-room flats do not make it to university. ST-edited Letter – It is indeed heartwarming to  learn that almost 50 per cent of children from one- to three-room flats make it to university and polytechnics. ————- Original Letter – His statement is backed up with the statistic that 50% of children from the bottom third of the socio-economic ladder score in the bottom third of the Primary School Leaving Examination. ST-edited Letter – His statement is backed by the statistic that about  50 per cent of children from the bottom third of the socio-economic bracket score within the top two-thirds of their Primary School Leaving Examination cohort. ———— There’s even a paragraph that didn’t exist in the original letter. Original Letter – Therefore, it was greatly reassuring to read about Dr Ng’s great faith in our “unique, meritocratic Singapore system”, which ensures that good, able students from the middle-and-high income groups are not circumscribed or restricted in any way in the name of helping financially disadvantaged students. ST-edited Letter - Therefore, it was reassuring to read about Dr Ng’s own experience of the ‘unique, meritocratic Singapore system’: he grew up in a three-room flat with five other siblings, and his medical studies at the National University of Singapore were heavily subsidised later, he trained as a cancer surgeon in the United States using a government scholarship. ——————- The original letter is satirical. Obviously, it is atypical in terms of ST’s writing style. This begs the question as to why the letter  was published on paper and screen and with such a extreme make-over. Knowing ST’s tendency to ‘change’ letters, the original letter should have been written in a unambiguous and clear manner. This would leave little room for the forum editors to wriggle out and ‘interpret’ the letter to the establishment’s liking. Nevertheless, it still doesn’t excuse the hack job the letter received. Any counter-argument of ST’s forum editors not understanding the satirical nature of the letter is ludicrous seeing that, as editors of the country’s award-winning and highest-selling newspaper, they should clearly recognize and understand satire. With such prestigious industrial standing, the editors should know not to drastically edit, fabricate and completely change the meaning of the letter. If the letter is too satirical for ST or that the editors are doubtful (highly improbable), then it shouldn’t be published. It’s simple as that. The late author and New York Times columnist, William Safire, defined spin as “deliberate shading of news perception attempted control of political reaction.” Is ST’s editing of Mr Wee’s letter an example of journalistic spin? Well yes, a close one. It’s no secret that our education system favours students of a upper socio-economic status. Often, we are thrown statistics to demonstrate otherwise. Mr Wee’s original letter challenged ST’s framing of such statistics. Is ST’s editing of Mr Wee’s letter an example of  bad journalism? Yes, in every sense of the word. In this case, any journalism student would know that it’s a fundamental no-no to alter the entire meaning of a reader’s letter. This raises more questions. How many of ST’s forum letters have received such manufactured make-overs? Why was Mr Wee’s edited letter published when it is significantly different from the original? Prime Minister Lee Hsien Loong said, “If you read something in the Straits Times or on CNA, you must know that it’s real”. Well sir, I have read Mr Wee’s letter in ST and I know for a fact that it is not real nor is it the truth. |
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krisluke
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24-Mar-2011 12:50
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Japan quake becomes world's costliest natural disaster
Fisherman Ryusuke Isogai, 75, walks in front of his damaged ship at the Kawajiri port in Hitachi
  TOKYO (Reuters) - The Japanese government on Wednesday estimated the direct damage from a deadly earthquake and tsunami that struck the country's northeast this month at as much as $310 billion (190 billion pounds), making it the world's costliest natural disaster.   The first official damage estimates will serve to map out disaster relief plans and emergency budgets to fund recovery costs.   Tokyo said the estimate covered damage to roads, homes, factories and other infrastructure, and eclipses the losses incurred by other natural disasters such as the 1995 Kobe quake and Hurricane Katrina in 2005.   The figure could go even higher, as the estimate does not include losses in economic activity from planned power outages or the broader impact of a crisis at a stricken nuclear power plant in Fukushima, which economists say pose the biggest risks to the economy.   " The impact from the planned power outages is likely to be significant," Fumihira Nishizaki, director of macroeconomic analysis at the Cabinet Office told reporters.   The upper end of the 16-25 trillion yen (121-189 billion pound) estimate range would amount to about 6 percent of Japan's gross domestic product.   " This quake will cause the condition of Japan's economy and output to be severe," Bank of Japan Governor Masaaki Shirakawa told a parliamentary committee.   Speaking separately, central bank board member Ryuzo Miyao repeated the bank's pledge to take appropriate policy action if needed to support the world's third-largest economy.   " We need to be mindful that the quake's negative impact on the economy, at least on the supply side, may be bigger than the Kobe quake 16 years ago, and be prolonged," he added.   In its initial response to the disaster, the central bank doubled the funds earmarked for purchases of a range of assets and started pumping record amounts of cash into the money market to prevent it from seizing up.   It later followed up by joining forces with other G7 central banks in a rare coordinated move to keep a rallying yen from inflicting further damage to the economy.   SPENDING PLAN NEXT   With interest rates near zero and banks' cash balances at records above levels seen in 2001-2006 when the BOJ sought to flood the banking system with cash to spur lending, there is not much more the central bank can do to help the economy.   " The ball is in the government's court," said Yasunari Ueno, chief market economist at Mizuho Securities in Tokyo. " Currency intervention was one thing. The next thing it needs to do is to come up with a credible fiscal spending plan."   Officials from the ruling coalition have said that at least two and perhaps more emergency budgets would be needed to pay for the reconstruction, with the first focussed on immediate disaster relief, possible in April or May.   The government has yet to decide how it will finance those budgets, which some analysts say may exceed $100 billion and most certainly will require new borrowing.   Yet with its debt already twice the size of its $5 trillion economy -- the highest among industrialised nations -- Japan should not rush to borrow to pay for the reconstruction, Finance Minister Yoshihiko Noda said.   " With our public finances in a severe situation, we'll closely watch how it (the quake) could affect tax revenues," Noda was quoted by a government official as telling a cabinet meeting. " As for financial resources for reconstruction, we need to ensure market confidence and should not rely too readily on debt issuance," he said.   Economists and rating agencies say Tokyo should have little trouble raising extra funds, but some analysts say there is a risk that additional supply of government bonds could push up Tokyo's borrowing costs.   BLACKOUTS RISK   While economists expect Japan's biggest reconstruction push since the post-World War Two period to give the hard-hit economy a badly needed lift in the second half of the year, they warn that power shortages are the greatest risk to such a scenario.   The 9.0 magnitude quake that struck on March 11 unleashed a deadly tsunami that wiped out whole communities, leaving nearly 23,000 people dead or missing and 350,000 homeless, and crippling the biggest power utility in Japan and Asia.   Tokyo Electric Power Co, which serves Tokyo and the surrounding area that accounts for 40 percent of Japan's economic output, lost about 20 percent of its operating thermal and nuclear power generation and is unlikely to get enough back online to meet peak summer demand.   The utility is unable to get much surplus power from operators in the undamaged western part of the country because they operate with a different power frequency.   Toyota Motor Co, the world's top automaker, could be losing about $74 million of profit for every day its 12 assembly plants remain shut, Goldman Sachs estimated, and it is just one of dozens, if not hundreds, of Japanese manufacturers facing disruptions.   Many analysts see a ripple effect from the disaster with disruption to production, both inside Japan and abroad, and the impact of fears of radiation and food contamination hurting business and consumer sentiment worldwide.   ($1 = 81.065 Japanese Yen)   (Additional reporting by Tetsushi Kajimoto Writing by Tomasz Janowski Editing by Kim Coghill and Jeremy Laurence) |
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krisluke
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24-Mar-2011 12:39
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Brent falls to $115 as Portugal rekindles euro-zone woes
* Brent falls as much as 0.5 pct to $115 on Portugal worries
  * Middle East unrest poses biggest upside risk -analyst   * TECHNICALS: Brent target at $118.50/bbl aborted   By Alejandro Barbajosa   SINGAPORE, March 24 (Reuters) - Brent crude fell for a second day on Thursday, shedding as much as 0.5 percent towards $115, after the resignation of Portugal's prime minister rekindled euro-zone concerns, prompting oil traders to unwind long positions and take profits.   Still, the market was still vulnerable to spikes as attention remained focused on turmoil across the Middle East and North Africa, which together with a larger-than-expected drop in U.S. gasoline inventories, drove WTI crude to its highest settlement since 2008 on Wednesday.   May Brent fell as much as 55 cents to $115 a barrel and was down 42 cents at $115.13 at 0335 GMT. U.S. benchmark West Texas Intermediate declined 60 cents to $105.15.   " The market today is taking a breather, with traders still in the sidelines trying to evaluate what is going to happen next in North Africa and the Middle East," said Serene Lim, a Singapore-based oil analyst at ANZ Bank.   " Whether there will be a bailout for Portugal or not has some consequences on how things will pan out in Europe. Risks in the euro-zone seem to be increasing."   Portuguese Prime Minister Jose Socrates resigned on Wednesday and warned of grave consequences for the country after parliament rejected his government's latest austerity measures aimed at avoiding a bailout.   The resignation was seen as increasing the likelihood that Portugal will join Greece and Ireland in requiring a bailout from the European Union.     In top oil consumer the United States sales of new homes sank to a record low in February and prices were the weakest in just over seven years, underscoring the housing market's lingering malaise, which could slow the economic recovery.   But simmering tensions across the Middle East kept a floor under prices, as Western warplanes hit Libya for a fifth night. The U.N.-backed assault has so far failed to stop Muammar Gaddafi's tanks shelling rebel-held towns or dislodge his armour from a strategic junction in the east.   Palestinian rockets struck two cities deep in Israel on Wednesday, prompting Prime Minister Benjamin Netanyahu to threaten lengthy " exchanges of blows" with the Hamas-ruled Gaza Strip.   Syrian forces killed six people in an attack on protesters in a mosque complex in the southern city of Deraa, and later opened fire on hundreds of youths marching in solidarity, witnesses said.   In the Arabian peninsula, Yemen's president offered to step down by the end of the year in a bid to appease mounting demands for his resignation, but opposition groups showed no sign of easing up on efforts to force him out.   U.S. trading activity in crude was 45 percent below the 30 day average on Wednesday, the sixth day in a row it has traded below that level.   U.S. crude on Wednesday was boosted by data from the Energy Information Administration which confirmed a late Tuesday report from the American Petroleum Institute showing a steep drop in gasoline inventories for the week to March 18.   Gasoline stockpiles in the first three weeks of March have shown the steepest decline for the period on records stretching back to 1990, as refiners shed stockpiles of winter grade gasoline ahead of the shift to summer grades.   (Editing by Ed Lane) |
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krisluke
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24-Mar-2011 12:36
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EU prepares to help banks amid worries on Ireland
* EU Leaders to call for plan to support stricken lenders
  * Pledge will come as Ireland tests health of banks   * Uncertainty ahead of release of Irish financial checks (Adds diplomat comment)   By John O'Donnell and Julien Toyer   BRUSSELS, March 23 (Reuters) - European Union leaders will agree this week to prepare to recapitalise banks that fail upcoming stress tests, according to a draft statement obtained by Reuters on Wednesday.   Thursday's EU leaders' summit is supposed to sign off on a programme of better economic governance. But urgent issues such as whether a crisis in Irish banks is worse than believed are likely to dominate discussions on the sidelines.   German Chancellor Angela Merkel will meet Irish Prime Minister Enda Kenny at the summit, with concerns growing that Ireland may need more than the 35 billion euros already set aside under an EU/IMF bailout to prop up its banks.   But with Irish bank stress tests still under way and any preliminary findings under wraps, Kenny is unlikely to be able to sooth such worries.   " There is almost certainly not going to be a resolution of the Irish issues tomorrow or Friday," said one European diplomat, who spoke on condition of anonymity.   " The feeling is that the outstanding issues for Ireland, which is not just the interest rate (on EU-IMF loans) but the banking question, are better dealt with as a package," he added, saying countries may have to meet again to tackle the matter.   In a draft statement due to be published after the March 24/25 summit, the leaders will outline only their broad ambition to agree on a plan to restructure troubled banks and decide how governments can help them.   " Member states will prepare, ahead of the publication of the results, specific and ambitious strategies for the restructuring of vulnerable institutions, including private sector solutions (direct financing from the market or asset sales)," the draft says.   The announcement will be a direct response to demands from the top EU regulator, the European Banking Authority, for backstops to be in place before it publishes pan-EU stress test results of 90 banks in June.   But the leaders will leave many questions unanswered, including how Ireland could be helped further if its existing bailout loans are not enough.   Ireland is stress testing its banks and will have the results by the end of this month, though it remains unclear how high the hurdles to pass the financial health checks will be.   In the last round of tests, Irish banks were given a clean bill of health -- only months before the EU and International Monetary Fund were called to provide a bailout.   The European Central Bank, which is supporting Irish banks by lending them money they would normally borrow from peers, is watching the situation closely, aware that a deterioration could rattle euro zone investors further.   ECB loans to banks in Ireland hit 117 billion euros last month, more than a third higher than a year ago. The Irish central bank has also more than quadrupled its lending to the country's banks, to 70 billion euros, over the same time.   " A credible solution to the continuing problems in the Irish banking sector is probably the one issue that is very urgent," said Sony Kapoor, of London think tank Re-Define. " The leaders know they have to deliver."   Of the countries facing banking difficulties, only Spain has announced a concrete plan to recapitalise lenders. Others, such as Germany, are under less pressure because the EU's top economic power can more easily afford to clean up bank problems.   Germany and France are also fighting a separate battle to force Ireland to cut its corporate tax rate, but this will not stand in the way of tackling a serious bank crisis that has threatened to spill over to Portugal, Greece and elsewhere. (Additional reporting by Carmel Crimmins in Dublin Editing by Dan Grebler) |
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krisluke
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24-Mar-2011 12:34
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Euro pressured by Portugal shares mostly gain
Global Markets
  * Nikkei down 0.2 percent, MSCI Asia ex-Japan up 0.7 percent   * U.S. stocks rise modestly on back of base metals gains   * Euro falls below $1.41, yen sits around 81 per dollar   * Oil eases 0.3-0.5 percent, gold steady near record   By Alex Richardson   SINGAPORE, March 24 (Reuters) - The euro was under pressure on Thursday after Portugal's prime minister resigned following parliament's rejection of his austerity plans, while Asian stocks outside Japan rose as higher commodities prices lifted materials shares.   The resignation of Prime Minister Jose Socrates was seen as increasing the likelihood that Portugal will join Greece and Ireland in requiring a bailout from the European Union.   An official euro zone source estimated in January that if Portugal asked for international aid, it might need between 60 billion to 80 billion euros (up to $113 billion).   Tokyo's Nikkei fell 0.2 percent. It remains 8 percent below its close on March 11, when a 9.0 magnitude earthquake and tsunami hit northeast Japan, leaving around 25,600 people dead or missing and cutting powers to millions of homes and factories   The estimated $300 billion in damage makes it the costliest natural disaster in history, and Japan is still grappling with the worst nuclear crisis since Chernobyl after the quake and tsunami crippled a power plant 240 km (150 miles) north of Tokyo.   " We are unlikely to see further gains in the near future, unless there's an end to the nuclear crisis in sight," said Takashi Hiroki, chief strategist at Monex Securities.     Disruptions in the global supply chain after the Japan quake continue to be felt around the world, most notably for auto makers and electronics firms. Toyota Motor said overnight it will slow some North American production because of parts shortages.   MSCI's measure of Asia Pacific shares outside Japan rose 0.7 percent, with Australia's resources-heavy index gaining 0.8 percent after a rally in prices of base metals such as copper.   Gains for materials shares lifted Wall Street on Wednesday, with the Dow Jones industrial average rising 0.6 percent and the broader S& P 500 gaining 0.3 percent.     DEBT CRISIS   The political upheaval in Portugal, along with looming elections elsewhere, was expected to prevent European leaders from taking tough decisions to address the region's sovereign debt crisis when they meet at a summit this week.   Instead, they are unlikely to come up with a plan to strengthen the euro zone's bailout fund until June, which may also undermine the single currency.   " If the EU leaders fail to come up with measures to enhance the safety net that markets have wanted in their summit meeting, the euro could face further pressure down the road," said Sumino Kamei, senior currency analyst at Bank of Tokyo-Mitsubishi UFJ.   The euro bought around $1.4085 , having dropped as far as $1.4075 on electronic trading platform EBS in late New York trade on Wednesday.   The yen sat near 81 per dollar, a level it has hugged tightly in recent days with markets still wary of further central bank intervention to curb the Japanese currency if it strengthens past 80.50.   Leading central banks launched the first coordinated market intervention in more than a decade last week to reverse a run that had seen the yen hit a record 76.25 on expectations Japan -- a net creditor to the rest of the world -- would see a wave of funds being repatriated to pay for earthquake reconstruction.   Oil eased despite continued political unrest in parts of the Middle East, with U.S. crude down 0.5 percent to $105.24 a barrel and Brent crude off 0.3 percent at $115.19.   Spot gold traded around $1,437.35 an ounce, in sight of its record $1,444.40 set earlier in the month. ($1 = 0.707 Euros) (Editing by Kim Coghill) |
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krisluke
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24-Mar-2011 12:32
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China manufacturing growth rebounds in March -HSBC flash PMI
BEIJING, March 24 (Reuters) - Chinese factories have stepped up a gear this month while their price increases have slowed, indicating that the government has made some progress in taming inflation without unduly harming growth, a survey showed on Thursday.
  The HSBC flash manufacturing purchasing managers' index (PMI), the earliest available indicator of China's industrial activity, rose to a two-month high of 52.5 in March, up from a final reading of 51.7 in February. A figure above 50 points to expansion on the month.   The flash PMI, designed to provide a preview of the final data, which is due a week later, suggested that China's manufacturing sector had yet to feel much, if any, impact from the disruption to global supply chains after Japan's devastating earthquake.   " This should reduce concerns about a sharp slowdown in growth," Qu Hongbin, HSBC's chief China economist, said in a statement.   " Meanwhile, the increase in both input and output prices sub indices started to slow, implying Beijing's policy tightening is working to contain inflationary pressures without choking off growth," he added.   ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ HSBC China PMI (seasonally adjusted):   Mar Feb Jan Dec Nov Oct Sep Aug Jul   52.5* 51.7 54.5 54.4 55.3 54.8 52.9 51.9 49.4   * flash PMI final March data due on April 1   ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^   Even as turmoil in the Middle East and North Africa has pushed up oil prices, it has dented most other commodities, and the net effect appears to have been an easing of imported inflationary pressure. The sub-index measuring input prices was on track to fall to its lowest in half a year.   The flash PMI, compiled by British research firm Markit, is based on up to 90 percent of total responses to the monthly survey and is designed to be an accurate snapshot of the final data, which is usually released on the first working day of every month.   This is the second month that HSBC has published a flash PMI for China. In February, the flash reading was 51.5, which turned out to be 0.2 points lower than the final figure. (Reporting by Simon Rabinovitch Editing by Ken Wills) |
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krisluke
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24-Mar-2011 12:26
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Factbox - Restrictions on Japanese food imports
(Reuters) - The United States became the first nation to block produce from Japan's radiation zone, saying on Wednesday it will halt milk, vegetable and fruit imports from areas near the tsunami-damaged nuclear plant because of contamination fears.
  Food makes up 1 percent of Japanese exports, according to World Bank data.   Graphic: http://link.reuters.com/kar68r   Following are steps countries have taken to test or block Japanese food imports:   * AUSTRALIA   Australia's government is set to restrict food imports from areas near the nuclear power plant, but said the risk to consumers was negligible due to the limited amounts being brought in.   Australia's regulator Food Standards Australia New Zealand (FSANZ) said on its website that it was a " precautionary measure, and consistent with approaches internationally."   * CANADA   Canada intensified safety inspections of food imported from four provinces near the reactors to make sure it has not been contaminated with radiation.   Milk, fruit and vegetables from the area will require documents verifying their safety before it can be allowed into Canada, the Canadian Food Inspection Agency said.   GERMANY   Germany has started extra checks on Japanese food imports to ensure they are free from radioactivity, Germany's Agriculture and Consumer Protection Ministry said on Wednesday.   No suspect food has yet been found.   FRANCE   France has started testing for the level of radioactivity of all fresh food products from Japan, such as shellfish and fish, there had been no direct imports from Japan into France since the earthquake, the farm ministry said on Tuesday.   A ban on food imports is not envisioned unless a test proves positive.   BRITAIN   Britain said it is screening food imports from Japan, mainly fish and shellfish, for the presence of radioactive material. No contaminated food has yet been found.   NETHERLANDS   The Dutch Food and Consumer Product Safety Authority said it has started extra checking Japanese food imports for radiation. These checks will be implemented at Amsterdam's Schiphol Airport and Rotterdam port, Europe's biggest.   At this stage, no contaminated food has been found in the Netherlands.   CHINA   Monitoring food imported from Japan for signs of radiation.   HONG KONG   Bans food and milk products from five prefectures in Japan after samples of turnip and spinach were showed contaminants 2.6 to 10 times over the permissible limit.   MALAYSIA   Testing all consignments from Japan. Health Ministry is monitoring the situation daily but has no plans to ban so far.   PHILIPPINES   Not recommending any ban on food imports from Japan but will continue to conduct random tests for radiation.   SINGAPORE   Testing imported Japanese produce for possible radiation, its agri-food and veterinary authority said.   SOUTH KOREA   Is " actively" considering banning food imports from Fukushima and three nearby prefectures due to concerns about possible radiation contamination, Yonhap news agency said on Wednesday.   It is already testing for signs of radiation in fresh agricultural produce, dried agricultural and processed food from Japan.   Korea Food & Drug Administration (KFDA) said earlier on Wednesday it would not ban Japanese food at this stage.   TAIWAN   Taiwan's Fisheries Agency has advised local boats not to fish in Japanese waters after radiation was detected in the sea around the Fukushima nuclear plant.   The agency will check all catches on fishing boats returning from Japanese waters and destroy any catches with radioactivity exceeding permitted limits.   UNITED STATES OF AMERICA   The United States will block imports of milk and fresh produce from areas of Japan near the crippled nuclear power plant.   All milk and milk products and fresh fruits and vegetables from four Japanese prefectures -- Fukushima, Ibaraki, Tochigi and Gunma -- will be stopped from entering the United States, the Food and Drug Administration said.   (Reporting by Reuters bureaux Compiled by Daniel Magnowski and Sanjeev Miglani) |
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krisluke
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24-Mar-2011 12:24
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Western air strikes fail to dislodge Gaddafi armour
By Maria Golovnina and Michael Georgy
  TRIPOLI (Reuters) - Western warplanes hit Libya for a fifth night on Thursday, but have so far failed to stop Muammar Gaddafi's tanks shelling rebel-held towns or dislodge his armour from a strategic junction in the east.   Gaddafi's tanks rolled back into Misrata under the cover of darkness and began shelling the area near the main hospital, residents and rebels said, resuming their attack after their guns were silenced in daylight hours by Western airstrikes.   Government snipers in the city, Libya's third largest, were undeterred by the bombing raids though and had carried on firing indiscriminately throughout, residents said. A rebel spokesman said the snipers had killed 16 people.   " Government tanks are closing in on Misrata hospital and shelling the area," said a doctor in Misrata who was briefly reached by phone before the line was cut off.   It was impossible to independently verify the reports.   A loud explosion was heard in the Libyan capital Tripoli early on Thursday and smoke could be seen rising from an area where a military base is situated.   Libyan officials took journalists to a Tripoli hospital early on Thursday to see what they said were the charred bodies of 18 military personnel and civilians killed by Western warplanes or missiles overnight.   The U.S. military said it had successfully established a no-fly zone over Libya's coastal areas and had moved on to attack Gaddafi's tanks. The allies flew 175 sorties in 24 hours, with the U.S. flying 113 of those, a U.S. commander said.   French Defence Minister Gerard Longuet said France had destroyed some 10 Libyan armoured vehicles over three days.   The U.N. Security Council resolution he said, " stipulates that the coalition has all means available to protect the civilians. What's threatening the population today is the tanks and artillery," he said in an interview with Le Figaro.   The Libyan government denies its army is conducting any offensive operations and says troops are only defending themselves when they come under attack.   But a resident in Zintan, southwest of Tripoli said Gaddafi forces were bringing up more troops and tanks to bombard the rebel-held town. Rebels forces in the east meanwhile were still pinned down outside the strategic junction at Ajdabiyah after more than three days of trying to recapture it.   Libyan state television said Western planes had struck in Tripoli and in Jafar, southwest of the capital.   " Military and civilian targets were attacked by colonialist crusaders," the television said.   Libyan government officials have accused Western powers of killing dozens of civilians, but have not shown reporters in the capital any evidence of such deaths. U.S. military officials deny any civilians have been killed in airstrikes.   NATO IN FOURTH DAY OF TALKS   While the fighting raged, NATO again failed to agree to take over command of the military operations from the United States, chiefly because of objections from Turkey, diplomats said.   The United States, with its forces already tied up in Iraq and Afghanistan, said it wants to give up its lead role in Libya in a " matter of days" and wants NATO to play an important role in the command of the operation, though the exact structure of its role was still under discussion.   " I think this is going to be a matter of days in which you see a movement towards the transition with regard to command and control," a top aide to President Barack Obama told reporters.   Washington, London and Paris agreed on Tuesday that the alliance should play a key operational role, but the assent of all 28 NATO states is needed. Objections from Muslim NATO member Turkey have held up agreement on the alliance's role for three days and a fourth day of talks in Brussels is due on Thursday.   Turkey said it did not want NATO to take responsibility for offensive operations that could cause civilian casualties or be in charge of enforcing a U.N.-mandated no-fly zone while coalition aircraft were simultaneously bombing Libyan forces.   France wants an ad hoc steering group of coalition members, including the Arab League, to exercise political control. All nations are welcome to join, a French presidential source said.   " We need to have a place where all those who want to commit to help Libyans build a future can meet and discuss a political framework," he said. " It's about accompanying the military process with a political one."   The group is due to meet in London next Tuesday.   " We've launched the idea of a contact group and apparently it's a big success," the French source said.   (Reporting by Mohammed Abbas and Angus MacSwan in Benghazi, Maria Golovnina and Michael Georgy in Tripoli, Hamid Ould Ahmed and Christian Lowe in Algiers, Tom Perry in Cairo, David Brunnstrom in Brussels, Phil Stewart in Moscow, Andrew Quinn in Washington, Catherine Bremer, Emmanuel Jarry and Yves Clarisse in Paris writing by Peter Millership and Jon Hemming editing by Jon Boyle and Jodie Ginsberg) |
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krisluke
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24-Mar-2011 12:22
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Giving Back to Japan: How Gamers Are Doing Their PartMarch 22, 2011 | 11:04:17 am
  A woman mourns the devastation of Natori, Miyagi Prefecture, in northern Japan on March 13. Source: Asahi Shimbun, Reuters Recent times have been trying for Japan, after the country suffered its worst earthquake in 100 hundred years, shocking the region at a frightening 9.0 Richter scale. While Japan and world powers are actively doing their part to restore the Nation’s confidence and stability, other communities in the world have been quietly contributing to this humanitarian cause as well.   One of these, the Gaming community, has turned into a real fraternity with its active efforts in gathering donations for injured Japan. Japan popularized household names like Mario, Sonic, Pac-man and many other memorable characters that gamers all over the world have come to associate their childhoods with. Since the unfortunate disaster, Zynga - best known for their massively popular games CityVille and Zynga Poker – has used its leading market position in social gaming to source for donations that would go directly to alleviating this tragedy. Zynga asked users to donate money through the purchase of virtual goods in FarmVille, CityVille, FrontierVille and its other games, from which all proceeds would be donated to Save the Children’s Japan relief efforts. In a record 36 hours, Zynga managed to raise USD $1 million through their sales. Zynga has raised millions of dollars in recent years through similar campaigns, most notably for the relief efforts in Haiti.   Bungie Games is also taking big steps to contribute to Japan’s relief. The makers of Halo 3 are putting together a campaign on their company’s website to drive donations through the sale of wrist bands. These wrist bands have the words “Ganbare Nippon” on them, spreading the spirit of unity, spiritual strength and endurance. The campaign will continue until 30th Apr, 2011. Read more about this here.
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SGG_SGG
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24-Mar-2011 10:43
Yells: "karma karma karma chameleon" |
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You are back! Thanks for all the regular news updates krisluke  |
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krisluke
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24-Mar-2011 10:41
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Baltic Dry Index: Advanced to an 11-week high on higher rents for iron-ore carriers. The gauge rose 1.4% to 1,565 points. Hire rates for capesize ships, the biggest tracked by the index, led gains with a 5.8% climb. Pareto Securities however noted that gains could be limited, due to insufficient fresh inquiry to match vessel supply…. Meanwhile, we note that beneficiaries of a rising BDI include Mercator Lines, Courage Marine and STX P.O and Cosco, while Co’s tipped to be negatively affected by a high BDI would include CWT and Goodpack, which could see their margins depressed. |
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krisluke
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23-Mar-2011 20:10
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what is singapore military? The Singapore Army focuses on leveraging technology and weapon systems as " force-multipliers" . It has some of the most advanced military hardware in the Southeast Asia region.[citation needed] The Singapore Army is capable of conducting amphibious operations with a highly developed logistics force, across all three services of Army, Navy and Air Force, as seen in the relief work in Aceh, Indonesia, after the 2004 Indian Ocean earthquake. Aside from hardware, the Singapore Army heavily invests in its " software" . Largely made-up of tertiary-educated conscripts and professional regulars, the army has a good breed of soldiers, able to receive high levels of training, both in theory and practice.[citation needed] To equip all soldiers with practical fighting experience, large-scale exercises, up to division level are conducted several times a year, exposing almost every fighting unit to full-spectrum, full-scale war scenarios. Some of these exercises also involve the air force and navy, in order to familiarise its troops with its combined arms, tri-service operations. Due to space constraints, such exercises are usually conducted overseas unilaterally. Bilateral training and exchanges are also common between friendly nations. The Singapore Army also professionally conducts " tough, realistic and safe training in order to fulfill the Army’s mission." [citation needed] The Singapore Army is currently undergoing the transformation into a 3rd Generation fighting force[4]. The SAF's evolution into its 3rd Generation involves combining advances in technology and training while using networking to integrate the tri-services into an integrated fighting force. This will provide even greater operational-readiness and flexibility during war and peace time. Classification by Branches The army consists of the following Combat Arms, which are integrated with one another to form the Divisional and Non-divisional assets: These are bolstered by Combat Service Support Units which consist of the following:
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krisluke
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23-Mar-2011 20:03
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WHAT IS " ANG MO" CONVENTIONS ON HUMAN RIGHTS? The European Conventions on Human Rights are included in an international treaty that was started in order to protect the rights and freedoms of people in Europe. The Council of Europe wanted to bring better unity between its members. One of the ways in which it chose to reach this goal was with greater preservation and a greater comprehension of human rights and the fundamental freedoms of human beings. The first three articles of the European Conventions on Human Rights deals with the protection of a person’s right to his or her life, the protection of a person from being tortured and the protection of people’s rights in general. With the exception of lawful executions, a person will not be intentionally deprived of his or her life. The conventions state that people are not to be subjected to inhumane treatment.   The next articles of the European Conventions on Human Rights state that people are not to be held as slaves, and people have a right to a fair trial as well as rights to liberty and security. Human beings are not to be forced into labor and if they have been accused of a crime, then they have the right to receive an honest and justly trial. A person's liberty can be subject only to lawful arrest or detention. According to the European Conventions on Human Rights, a person cannot be punished for something that he or she has done if the act was not a criminal offense during the time that it was committed. People have the right to their own privacy and the freedom of choosing their own religion. They cannot be punished for having certain thoughts or beliefs, and they cannot be forced into a religion or a belief. Under the European Conventions on Human Rights, people are allowed to express themselves as they please, as long as it is in a lawful manner. They have the freedom of assembly and association. Men and women have the right to marry and begin a family, as long as they have reached the appropriate age. Articles 13-15 of the European Conventions on Human Rights deal with the effective remedy of rights violations, discrimination and derogation. The conventions protect the rights of both men and women of all statuses. People cannot be discriminated against because of any status, including their race, religion or gender. The 16th article of the European Conventions on Human Rights limits the political activity of people who are from other countries. The next articles forbid people from interpreting the rights within the European Conventions on Human Rights to aid them in destroying any of the rights with which the people have been presented. The conventions also forbid people from using these rights for any purpose other than what the rights provide. According to the European Conventions on Human Rights, people have the right to the protection of their properties, the right to have an education and the right to have fair elections. They cannot be imprisoned for breaching a contract. They have the right to move freely within their country, and they cannot be expelled from entering their home country. The death penalty must be restricted, and people may not have a re-trial if they have already been acquitted or convicted of a crime. |
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krisluke
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23-Mar-2011 20:00
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WHAT IS EU ? The European Union, or EU, is a collaborative effort between 27 European countries to form a mutually beneficial economic and policy community. Since 1993, the EU has worked to increase economies and spread human rights advances worldwide. The goals of the European Union include uniting Europe toward common goals and providing aid to developing nations. After World War II, Europe was a fractured area, divided by political and cultural differences. Several attempts to promote a regional governing body met with varying success, including the European Coal and Steel Community and the European Community. Because of the power ideological and political differences between Western and Eastern Europe, a true community could not be formed until after the end of the Cold War.   In 1992, the Maastricht Treaty was signed by member nations, bringing the European Union into effect. The treaty outlined three pillars of the union: European Communities, Common Foreign and Security Policy, and Justice and Home Affairs. The treaty also made provisions to admit many of the nations of Eastern Europe. In 2001, the Treaty of Nice further expanded provisions for new nations. To become a member of the European Union, a nation must be in conformance with a series of standards called the Copenhagen criteria. These detail geographic and political necessities for member nations. Included standards dictate human rights laws, democracy, protective law for minorities, and a market economy. As of 2008, three states are candidates undergoing review: Turkey, Croatia, and the Republic of Macedonia. Several other nations are identified as potential candidates for future admission, including Albania and Serbia. One of the greatest achievements of the European Union is the establishment of a single market economy. Between member nations, trade is largely unrestricted. While nations maintain separate laws on taxation and trade standards, EU members agree to basic trade laws between their countries. Almost all products created by one nation are legal for trade in all of the other countries. Most nations belonging to the EU have adopted a common currency, called the Euro. The Euro is overseen by the European Central Bank, in an effort to promote all economies that incorporate the use of the currency. As of 2008, 15 nations use the Euro, collectively called the Eurozone. Other EU members must meet specific financial and economic standards before being allowed to adopt the currency. Slovenia was the first of the countries from the 2004 expansion to meet euro criteria. In addition to increasing economic stability, the European Union sets member policy on a variety of social and political issues. Agriculture, energy policy, anti-terrorism efforts, environmental issues, and education are among the serious areas covered by various EU committees. The EU’s goal of creating a neighborhood community of nations is still in its infancy, but measurable impacts are already apparent in the economic and social arenas.   |
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