R&M’s Enterprise Cabling Connects HC Securities Headquarters

Released on - Monday,19 July , 2010 -15:41 00

Reichle & De-Massari (R&M, www.rdm.com), the Swiss structured cabling specialist continues its successful series of project installations with a complete end to end enterprise cabling solution for HC Securities headquarters, the leading financial institution in the Middle East and North Africa.

HC Securities had chosen R&M’s high performance range of enterprise cabling to connect its entire network infrastructure for its office headquarters located in Cairo, Egypt. The project was completed by R&M’s long time implementation partner, Channel Computer Services, a well known Egyptian systems integrator and certified R&M installer.

HC Securities’ range of financial services include investment banking, asset management, securities brokerage, research and custody and requires a secure high performance network with no downtime to handle its trade and transactions procedures and data transmission efficiently.

R&M connected HC Securities entire office headquarters with more than 1,000 points utilizing its innovative Real10 Solution. Both the Real10 Solution and OM3 fiber cables have been developed according to the newest 10Gbit standards and allows for high speed data transmission over a distance up to a max of 300 meters.

Commenting on the announcement, Mr. Ahmed Ezz, IT Manager, HC Securities said, “Given our stringent requirements for a robust secure network with no downtime, R&M’s broad range of high performance enterprise cabling renowned for its zero defect components and future proof design has proven to be the optimal solution for us.”

Alfred Tharwat, Area Manager, Africa, noted “R&M is delighted to have connected HC Securities Headquarters with R&M’s latest range of enterprise cabling, comprising the innovative Real 10 Solution. Our forward looking and modular designs optimize network performance and deliver on the requirements in a finance sector environment where mission critical stability and security is imperative.”

The Swiss structured cabling specialist’s innovative product portfolio is designed for flexibility and ease of customization, and provides an ideal solution for a range of industry verticals such as finance, healthcare, industrial, data centers, and transportation. To meet growing network security requirements, R&M also offers a 3 level security system for its fiber and copper connectors. All components are Swiss engineered, compliant to next generation network transmission speeds.

“R&M’s product portfolio enables us the ability to customize installations easily versus other product ranges. Its Swiss quality and zero defect components due to its 100 percent testing methodology have also resulted in smooth installations and problem free networks post implementation,” concluded Mr. Antoine Nakhla, General Manager, Channel Computer Services.

Facts & Figures

Reichle & De-Massari AG (R&M) develops and produces cabling solutions for communications networks. R&M has earned a reputation as a quality leader with its excellent copper and fiber optical products. The company has its own marketing organizations in over 30 countries. It generates 78 percent of its sales abroad; EBIT was 7 percent. The company invests more than USD 9 million in research and development every year. R&M is one of the largest companies in Switzerland and currently has more than 600 employees. The company is wholly owned by the Swiss Reichle family and is now being run by the second generation as an independent family-owned company. For more information please visit: www.rdm.com

LINK Development Awarded Double International Recognition

Released on - Sunday,18 July , 2010 -10:44 00

Wins “Microsoft Country Partner of the Year” Award for Egypt and is Named to Microsoft Dynamics President's Club

LINK Development announced today that it has received two international accolades. The company won the 2010 Microsoft Country Partner of the Year Award for Egypt and for the fourth consecutive year, it was re-admitted into Microsoft Dynamics President’s Club 2010/2011.

The Microsoft Country Partner Awards, which were recently announced, recognize Microsoft partners that have developed and delivered exceptional Microsoft-based solutions over the last year. LINK Development was chosen out of Egypt’s top Microsoft partners and was honored at the Microsoft Worldwide Partner Conference which took place in Washington, D.C. on July 11, 2010.

Microsoft Awards were revealed in a number of categories, with winners chosen from a pool of almost 3,000 entrants worldwide. Through the Microsoft Country Partner of the Year Award, LINK Development was recognized as Microsoft foremost partner in Egypt for its superior technology, innovation, and subsidiary engagement.

The Microsoft Country Partner of the Year Award celebrates partners at the country level that have demonstrated business excellence in delivering Microsoft solutions to mutual customers over the past year. This award honors LINK Development for demonstrating effective engagement with its local Microsoft office in driving customer satisfaction, delivering innovation, winning new customers, and creating business impact.

Commenting on the award, Hanan Abdel Meguid, CEO of LINK Development, said, “We are honored and excited to be enthroned as Egypt’s top software development powerhouse in the first year that Microsoft introduces its Country Partner of the Year Award. This international recognition further demonstrates our distinguished industry-leading approach for delivering creative customer solutions using Microsoft technologies.”

Additionally, LINK Development’s outstanding customer commitment and sales achievement has maintained the company’s membership in the Microsoft Dynamics President's Club for the fourth year in a row. This elite club recognizes the top five percent of Microsoft Business Solutions partners worldwide. Membership is granted based on their constant dedication to achieving high levels of customer satisfaction, active pursuit of product and technological advancement, and impressive sales performance.

Abdel Meguid adds, "We are where we are today because of our deep understanding of ours customers needs and our high level of product expertise. By extending Microsoft Dynamics platform to our customers, they were able to grow their business and achieve new levels of success."

LINK Development was one of the first IT solutions and services providers to affiliate itself with Microsoft’s partner program since its debut 10 years ago. Since then, the company has been working closely with Microsoft to offer professional services and develop solutions for its growing clientele of government entities, leading local companies as well as large multinationals in the Middle East and Europe.

The recent accolade tops LINK Development’s long and impressive list of awards received from Microsoft. Last year, LINK Development was the only company from the region to receive three recognitions; Microsoft Dynamics ISV Partner of the Year Award for the Middle East and Africa (MEA), one of three worldwide finalists for Microsoft Dynamics Public Sector Partner of the Year- MEA and the readmission to the Microsoft Dynamics President's Club for 2009 / 2010.

“We are pleased to recognize LINK Development as Microsoft’s Egypt Country Partner of the Year,” said Allison Watson, Corporate Vice President, Worldwide Partner Group, Microsoft Corp. “LINK Development has demonstrated the highest level of excellence and innovation, by combining local market expertise with superior solutions and services that fulfill our customers’ needs.”

About LINK Development

LINK Development, an Orascom Telecom Holding company, is a leading software development powerhouse in the Middle East.

The company is a well established Egyptian development house with more than ten years of experience in the region. Through its offices in Egypt, the UAE, Saudi Arabia, Qatar and Italy, LINK Development has gained a well-founded understanding of the market and acquired a repertoire of clients including governments, multinationals and leading local companies operating on local, regional and international levels.

Its clients include Fortune 500 companies in the region such as Microsoft, Intel and Pfizer in addition to having successfully implemented cutting-edge solutions for leading regional and multinational businesses and governments such as the Egyptian

e-Government, Saudi Post, Dubai Bank, WIND Italy, EGYPTAIR, PEPSICO, Dubai Land Department and many more.

With a 400+-strong force of young employees, the company is one of the largest development houses in the region. Being a Microsoft Gold Certified Partner in six competency areas, the highest level of partner certification from Microsoft, LINK Development boasts best of breed team of .NET developers, designers, architects, project managers and quality engineers.

With the company’s long experience and its young and agile Microsoft certified professionals, its software development process has matured over the years and is improving to reflect its experience and impressive track record. Year on year, it continues to attain higher customer satisfaction levels. LINK Development is currently both ISO 9001:2000 certified and CMMI level 3 accredited.

LINK Development prides itself for receiving a number of worldwide and regional awards and recognitions from Microsoft as well as from leading government agencies, non-government organizations and independent industry players.

World Bank to lend 800 million dollars to Mexico

Released on - Thursday,22 July , 2010 -03:46 56

The World Bank will lend 800 million dollars to Mexico to help transform public transport to reduce emissions, and other programs, the bank's President Robert Zoellick said.

The loans include 450 million dollars for social, water and infrastructure programs, said Mexican Treasury Secretary Ernesto Cordero during a joint news conference in Mexico City on Wednesday.

Another 350 dollars, including 200 million from the Clean Technology Fund, a climate investment fund, would support the modernization of public transport across Mexico to reduce emissions and expand services, Cordero said.

Zoellick pointed to Mexico City's widely-lauded Metrobus system of rapid buses on dedicated lanes as an example of efforts already being made toward improving the environment here.

"I think that climate change is too important to wait for one formal accord," Zoellick said, ahead of the December UN climate summit in Cancun, which follows last year's Copenhagen meeting seen by many as a failure.

"I prefer to look at this (climate change) as an area where we need to try to make progress where we can, when we can."

Zoellick, who earlier this week took part in a Central American summit in El Salvador, also praised economic recovery in Mexico, where growth is predicted to rebound to 4.5 percent this year, after the economy shrunk 6.6 percent in 2009.

He repeated his message from Central America about the importance of involving the private sector in efforts to boost growth.

"If you reduce the costs of doing business, if you make it easier to start a business, if you make it easier for people to get credit, you can also create the basis for growth," Zoellick said.

The World Bank chief was due to meet with university students in Mexico City on Thursday.

Saudi SABIC hits two-week low as investors react to weak earnings

Released on - Tuesday,20 July , 2010 -16:18 36

Dubai – Saudi Basic Industries Corp (SABIC) tumbled to a two-week low as investors belatedly reacted to the petrochemical producer's disappointing earnings, while a fresh downturn on global markets also hurt local sentiment.

SABIC fell 3.4 percent to its lowest finish since July 7. Late Sunday, the firm reported a quarterly profit below consensus forecasts and a slowing global economic recovery is seen as likely weighing on demand for its products, analysts said.

"Investors gave a delayed reaction to SABIC's results - we expected it to fall yesterday and when it ended flat we almost gave up trying to predict the market," said a Riyadh-based analyst who asked not be identified.

"SABIC's numbers weren't a disaster, but it's all about what to expect in the third and fourth quarters and I think with European markets falling today, people woke up to that."

Rabigh Refining and Petrochemical Co fell 2.4 percent and Yanbu National Petrochemical Co's (Yansab) lost 2.7 percent.

Saudi Arabia's index fell 1 percent to 6,069 points.

Worries about the US economic recovery and bank exposure to risky debt combined with disappointing earnings on Tuesday to snuff out a world short stock rally and reverse gains in the euro.

Aabar Investments extended gains after the firm confirms it will pay minority investors an improved price to buy back shares, boosting Abu Dhabi's index, although Aldar Properties slumped to a 16-month low.

Aabar climbed 9.9 percent to AED1.89, nearing the AED1.95 price it says it will pay minority investors, markedly below its book value. Abu Dhabi stocks can move a maximum 10 percent up or down.

Aldar fell 3.4 percent to its lowest close since March 23, 2009, with market talk its latest drop was sparked by a bank closing portfolio holders' margin positions, while the outlook for the developer is uncertain.

"We don't forecast Aldar handing over much property in Q2 and the costs and interest expenses of carrying so much debt is dropping the bottom line into negative territory," said Chet Riley, Nomura property analyst.

"Aldar has increased the leverage on its balance sheet in recent quarters, not deleveraged."

Nomura expects Aldar will make a loss of AED130m in the second quarter.

Abu Dhabi's index rose 0.4 percent to 2,543 points, its third straight gain.

Property-related stocks slid, dragging Dubai's benchmark 0.6 percent lower to 1,510 points, its second decline in three days.

Emaar Properties fell 0.9 percent, builder Arabtec dropped 1.1 percent and Deyaar lost 1.3 percent.

"UAE property stocks have been sold off and are starting to look attractive, but the problem is that there's no earnings predictability - it's a black box because project handovers are usually delayed, we don't know the default rate or the selling or construction prices," added Riley.

Some banks made minor gains to help Qatar's index end higher for a second day, although trade is slight with most investors expected to stay away until after Ramadan.

Qatar Islamic Bank climbed 0.6 percent, trimming its losses to 3.6 percent since it reported a declining second-quarter profit, while Commercial Bank of Qatar added 0.9 percent.

"Volumes are really low and banks results were mixed - nothing too inspiring, but nothing too disastrous either," said a Qatar analyst who spoke on condition of anonymity.

He said bank and financial sector earnings per share fell 9 percent year-on-year in the second-quarter, but rose 11 percent quarter-on-quarter, adding he places more importance on the latter figure.

"Most banks had provisions in Q2, which would explain the year-on-year EPS fall. Quarter-on-quarter there was a pick up in loans, mostly driven by Islamic or government-relating borrowing," he said.

Banks' performance for the rest of 2010 will largely depend on provisions. These should fall but the outlook remains uncertain, the analyst said, pushing investors to stay out of bank stocks for the time being.

The index rose 0.2 percent to 6,935 points.

Kuwait's Global Investment House rose 9.8 percent to a four-week high after saying it had won a Dubai court case against a UAE bank.

Kuwait volumes are concentrated on small cap stocks, indicating the presence of day traders who tend to speculate in these names in the hope of turning a quick profit.

Most bluechips rose. National Bank of Kuwait and Kuwait Finance House gained 1.7 and 2 percent respectively.

Kuwait's benchmark slipped 0.1 percent to 6,494 points.

Agility was the main drag, falling 6.2 percent, with the stock remaining volatile as investors await a conclusion to its US fraud case. Agility is up 38 percent since July 4's six-year low.

Oman's index slipped 0.05 percent to 6,223 points.

Bahrain's benchmark ends 0.23 percent higher at 1,404 points.

Source: Arabian Business

ECB warns some eurozone jobs gone for good

Released on - Thursday,15 July , 2010 -22:23 28

The European Central Bank warned Thursday that some job losses caused by the economic crisis could be permanent and urged eurozone countries to speed up labour market reforms.

After employment fell by 2.6 percent between mid-2008 and late 2009, certain industrial sectors "may now need to be permanently downsized," the ECB said in its monthly bulletin for July.

The global crisis effectively reversed two years of job growth, the central bank added.

The sectors hit hardest were industry and construction, and after initially benefitting from real-estate booms, Ireland and Spain in particular then "suffered disproportionately large falls in employment," the report said.

It forecast that job losses could become entrenched, and that significant restructuring "will inevitably bring about permanent reductions in employment in these sectors."

German labour market economist Fabien Lindner from the Hans Boeckler Foundation predicted that Spain's construction sector would rebound owing to demographic growth however.

He also called for more fiscal stimulus, the opposite of what ECB officials now expect from eurozone member governments, saying public investment would raise overall growth and create jobs.

"We cannot wait for the next big crisis to happen to have some public infrastructure investment," Lindner told AFP, pointing to "huge problems at the moment" in Germany's education system and transport sector.

The eurozone unemployment rate rose from a March 2008 low of 7.8 percent to 10 percent by the end of May 2010, with the loss of around 3.9 million jobs.

"Without sectoral reallocation and greater wage flexibility, the euro area may take many years to generate sufficient employment growth to absorb those workers currently displaced," the ECB said.

Lindner, whose group is close to German unions, said: "If we had much higher overall GDP (gross domestic product) growth it would be much easier to transfer those people from construction and manufacturing sectors into other sectors."

Youth unemployment has been hit particularly hard, almost doubling to 20 percent for the 16-nation eurozone and reaching peaks of 40 percent in Spain, 35 percent in Slovakia and nearly 30 percent in Ireland and Italy.

Government reforms should now aim to restructure their economies, provide training for the unemployed and "improve the efficiency of job searching," the ECB report said.

"Employment growth will also depend on a restoration of competitiveness -- at firm, sectoral and national level," it concluded.

Boeing expects to deliver 460-470 planes this year: newspaper

Released on - Saturday,17 July , 2010 -21:23 44

US aerospace giant Boeing expects to deliver between 460 and 470 planes this year, a German newspaper cited chief executive officer Jim McNerney saying in an interview to appear Sunday.

The figure in the Die Welt am Sonntag newspaper, which quoted McNerney indirectly, is slightly more optimistic than the 460 to 465 deliveries Boeing announced in April when it presented its first quarter results.

The paper said that since the beginning of this year, Boeing had delivered 222 planes and taken orders for 177.

Asian and Middle Eastern companies put in most of the orders but McNerney said that "in the United States also airlines are recovering and we are seeing new orders," the paper said.

Philips report big profit on consumer electronics

Released on - Monday,19 July , 2010 -10:03 05

Dutch electronics group Philips reported on Monday a net profit of 262 million euros for the second quarter of 2010, boosted by sales of consumer lifestyle electronics.

The figure was nearly six times the profit for a year earlier and sales rose by 12 percent to 6.19 billion dollars from the first quarter, the group said in a statement.

Sales grew in all sectors of the group's activities, especially in consumer lifestyle electronics which grew by 20 percent compared to the second quarter of 2009, while lighting sales grew by 13 percent, it said.

Sales to emerging markets grew 29 percent.

Asia pushes higher after Europe 'stress tests'

Released on - Monday,26 July , 2010 -10:35 04

Asian stock markets mostly rose on Monday, finding reassurance in Europe's banking stress tests and a strong performance on Wall Street despite worries about a patchy global recovery.

Tokyo ended up 0.77 percent, with exporters helped by a weaker yen and optimism about upcoming earnings results -- the Nikkei business daily reported that Sony was likely to have swung back to the black in the first quarter.

The Nikkei index rose 72.70 points to 9,503.66, while the Topix index of major firms was up 0.55 percent.

While many analysts questioned the credibility of Europe's banking "stress tests", which came out on Friday, investors generally took the results in their stride, leaving European markets to react later. Related article: German banks did not reveal full debt details, says report

"Much of the negative news on Europe's financial and economic conditions was priced in since May so the market's focus is starting to shift away from the issue and on to earnings," Yoshinori Nagano, senior strategist at Daiwa Asset Management, told Dow Jones Newswires.

Sentiment around the Asia-Pacific region was helped by last week's solid gains on Wall Street, where the Dow reached its highest levels in a month.

Hong Kong's Hang Seng Index was up 0.49 percent in the afternoon, while Sydney closed up 0.62 percent, or 27.7 points, at 4,486.1.

Seoul ended up 0.63 percent, or 11.01 points, at 1,769.07, buoyed by data showing that South Korea's economy grew by a faster than expected 1.5 percent in the April-June quarter from three months earlier.

South Korea's central bank said growth in the nation, a star Asian economic performer in recent months, had returned to pre-crisis levels, although global uncertainties remained a concern.

"The Korean economy is continuing stronger than expected growth, indicating that growth has recovered to the pre-crisis level and the local economy may have entered an expansionary phase," said senior Bank of Korea official Kim Myung-Kee.

However the Shanghai Composite Index was down 0.33 percent in the afternoon after a strong performance last week, with uncertainty creeping in about whether Beijing will ease back on economic policy tightening measures.

Last week encouraging company earnings propelled Wall Street, with the Dow Jones index jumping 3.2 percent over the week.

However US economic statistics this week could temper optimism about the world's largest economy, including an advance estimate of second-quarter economic growth due on Friday.

Much attention will be focused on what European stock markets make of last week's stress tests. The results found that of 91 European Union banks only seven -- five in Spain and one each in Germany and Greece -- were under-capitalised and unprepared to absorb a new financial crisis.

Analysts were dismissive, saying examiners had set the bar too low to assess the capacity of European banks -- many of which hold bonds issued by debt-riddled governments -- to overcome fresh financial pressures.

The euro edged up against other currencies in Asia, trading at 1.2910 dollars, compared with 1.2906 in New York late Friday. It temporarily hit a seven-week high of 113.49 yen before easing back to 112.98 yen in mid-afternoon trade, compared with 112.80 in New York.

The dollar rose to 87.51 yen from 87.36.

Oil prices extended gains, with New York's main contract, light sweet crude for delivery in September, up nine cents to 79.07 dollars a barrel, while Brent North Sea crude for September delivery rose 19 cents to 77.64 dollars.

Gold opened at 1,191.40-1,192.40 US dollars an ounce in Hong Kong, down from Friday's close of 1,199.50-1,200.50 US dollars an ounce.

In other markets:

-- Taipei closed up 0.34 percent, or 26.23 points, at 7,787.45.

Formosa Petrochemical Corp lost 1.68 percent after a blaze broke out at one of its three refining units, potentially causing tens of millions of US dollars in damage. MediaTek was up 2.13 percent.

-- Wellington closed 0.87 percent, or 26.28 points, higher at 3,021.18.

Investors focused on the upcoming reporting season. Telecom closed one cent higher at 1.97 dollars, Fletcher Building was 10 cents up at 7.73 and Contact Energy rose three cents to 5.69.

German banks did not reveal full debt details: report

Released on - Monday,26 July , 2010 -10:24 16

European banking regulators say six German banks did not reveal full details of sovereign debt holdings as part of a key test of the sector's health, the Financial Times reported on Monday.

"We agreed with all supervisory authorities and with the banks in the exercise that there would be a bank-by-bank disclosure of sovereign risks," the FT quoted Arnoud Vossen, secretary general of the Committee of European Banking Supervisors (CEBS), as saying.

The six German banks included the biggest, Deutsche Bank, as well as Deutsche Postbank, which has the nation's largest retail network, and Hypo Real Estate, which failed the so-called "stress tests," the newspaper said.

The other German banks which did not disclose all the details on holdings of public debt were identified as the mutual banks DZ and WGZ and the regional state-owned lender Landesbank Berlin.

On Friday, CEBS released findings on 91 European banks which were checked to see if they had enough core capital to withstand another economic recession coupled with steep losses on loans, including sovereign debt.

Financial markets are concerned that a default by a eurozone country such as Greece could cause some banks to collapse, and the stress tests were aimed at showing where each stood to restore confidence and boost interbank lending.

Analysts are likely to assume that a refusal to make a full disclosure means the German banks have something to hide.

The German financial market regulator Bafin and central bank have said German law prevents them from forcing banks to release such details, though Postbank did provide some more information on Sunday, the report said.

Vossen did not say why the German banks had not provided full disclosure but told the FT he would be getting in touch with German authorities.

On Sunday, the European Commission reportedly "encouraged the few banks who had not disclosed the information to do so."

BP 'still to decide' on Hayward in wake of oil spill

Released on - Monday,26 July , 2010 -10:09 11

BP said Monday no final decision has been reached on a change of management, after reports claimed chief executive Tony Hayward would resign in the wake of the Gulf of Mexico oil spill disaster.

The British energy giant said it noted "the press speculation over the weekend regarding potential changes to management" as well as the charge for the costs of the spill.

"BP confirms that no final decision has been made on these matters," the company statement said.

It added that the board was meeting Monday evening ahead of the release of second quarter results on Tuesday.

Media reports at the weekend had suggested that BP might sacrifice Hayward within days as it tries to rebuild its image in the aftermath of the Gulf of Mexico oil disaster.

The BBC said Hayward was negotiating his exit and an announcement was likely by Monday when the BP board meets ahead of second quarter results expected to reveal a 30-billion-dollar provision for paying for the disaster.

In the Gulf, US oil spill chief Thad Allen said BP's long-awaited operation to permanently plug the leaking Gulf of Mexico well had been delayed until the week beginning August 2.

Originally expected as early as Tuesday, Allen said nothing major had happened to force the delay, it was just a "refined and revised" timeline from BP as it redeploys vessels and personnel following a recent storm.

The leak was sealed 10 days ago with a giant cap, but up to four million barrels (170 million gallons) of crude, and possibly more, had already spewed into the sea since a deadly rig explosion in April.

Toxic crude has washed up on the shores of all five US states on the Gulf Coast and vital tourism, fishing and oil industries in the region have been decimated by the disaster.

BP is facing a lengthy claims process and hundreds of lawsuits are pending against the British energy giant, not to mention hearings into the cause of the initial April 20 blast that should determine eventual liability.

The BBC report, which quotes a senior BP source, said there was a "strong likelihood" Bob Dudley, who took over the day-to-day management of the spill response from the Hayward last month, would be his replacement.

The Sunday Telegraph said there could be wrangling over Hayward's severance package, under which he is likely to be paid a minimum figure of just over one million pounds (1.5 million dollars, 1.2 million euros).

Asked about the BBC report, a BP spokesman told AFP he would not comment on speculation. He added: "Tony Hayward is our chief executive. He has the full support of the board and management."

A series of gaffes stretching back to the weeks after the BP-leased Deepwater Horizon exploration rig exploded and sank in April has made Hayward a deeply unpopular figure in the United States.

He enraged residents of the stricken Gulf states when he said in an interview with Britain's Sky News on May 18: "I think the environmental impact of this disaster is likely to be very, very modest."

Then on May 30 he was seen as particularly insensitive to the families of 11 US rig workers who died in the initial blast when he said he wanted the disaster over with so he could have his life back.

His pariah status was confirmed when he took part in a yacht race in June, prompting President Barack Obama's chief of staff Rahm Emanuel to say it had "just been part of a long line of PR gaffes and mistakes."

Accused of constantly trying to play down the impact of the disaster to minimize its liability, BP has recently found itself in the cross-hairs of a totally separate scandal.

The US Senate is examining claims by US lawmakers that BP pressured the British government for the Lockerbie bomber's release amid anger he remains alive in Libya almost a year after being released on compassionate grounds.

BP's efforts to permanently resolve the oil disaster in the Gulf were threatened last week by Tropical Storm Bonnie, but an evacuation was short-lived as the system weakened and ships and drilling rigs are now back on site.

The US government's on-scene coordinator for the spill, Admiral Paul Zukunft, told reporters that Bonnie had passed too quickly over the spill area to affect the natural breakdown of the oil on the ocean surface.

He said that after two overflights Sunday he only saw "very light concentrations of oil" at and near the wellhead, and that all spill-recovery vessels were back on scene and setting up for normal cleanup operations.

"By tomorrow (Monday) morning we'll be back to 100 percent response capability," he added.

BP and US officials plan two operations to kill the well. The first, a "static kill," involves pumping heavy drilling fluid known as "mud" from the top of the well.

A week later, using a similar process, the drilling fluid, which is denser than oil, will be pumped via a relief well deep under the seabed, checking the flow of crude and allowing the reservoir to be sealed with cement.

Before either can begin, the last section of the relief well must be secured with a 3,000-foot (900-meter) piece of casing, which has to be cemented in place.

Allen said the storm had delayed operations: "Regarding the overall impact, we're still working on that to revise it, but I would say probably about seven to nine days total."

Japan export growth slows but beats forecasts

Released on - Monday,26 July , 2010 -09:24 20

Japanese exports continued to rise in June on shipments to Asia but the pace of growth was the slowest this year amid signs that recovery may be losing steam as global demand falls, data showed Monday.

"We previously saw a robust, V-shaped recovery in exports after the financial crisis. Now the speed of the recovery is tapering off," said Atsushi Kamio, economist at the Daiwa Research Institute.

However, the slow-down was less sharp than economists had expected.

Exports rose 27.7 percent to 5.87 trillion yen, their seventh consecutive monthly rise, beating market expectations of a 23.1-percent increase but still below May's rise of 32.1 percent, the finance ministry said.

Imports jumped 26.1 percent to 5.18 trillion yen, led by crude oil, liquefied natural gas and non-ferrous metals.

Strong demand for automobiles, high tech products and factory parts have helped offset a weaker domestic picture, enabling Japan's biggest companies to return to profit and bring about a tentative economic recovery.

But anxiety remains about the impact that the withdrawal of global stimulus measures and European debt will have on Japanese exports, with equipment and components makers also facing a knock-on effect from falling demand for Chinese goods.

Analysts warn that risks to export demand remain as world leaders embrace tighter fiscal policies to help rebalance a global economy knocked off its axis by the financial crisis.

The recent appreciation of the yen versus the euro and the dollar may also pose a risk, government officials have warned recently, as it threatens to erode the overseas profits of exporters such as Sony and Honda."We have to monitor the effects of the global trend of fiscal tightening," said Kamio.

But he added that Japan's recovery was expected to continue despite external challenges, albeit more slowly.

Robust Asian demand for Japanese cars and steel also contributed to the seventh straight monthly increase in exports, the finance ministry said.

Japanese exports to Asia rose 31.7 percent, with those to China up 22.0 percent at 1.1 trillion yen, led by demand for automobiles and engines.

Imports from China also jumped 27.5 percent to 1.1 trillion, led by electronics and audio products.

The figures compared with US-bound exports valued at 914.5 billion yen, up 21.1 percent, and American imports to Japan estimated at 537.1 billion yen, up 9.6 percent.

However, Japan's exports to EU nations slowed more drastically. They increased just 9.0 percent to 611.2 billion yen, compared to a 17.4 percent rise in May.

Despite the comparatively weak figure, the overseas slowdown was unlikely to derail Japan's economy, Norio Miyagawa at Mizuho Securities Research & Consulting told Dow Jones Newswires.

"The economy has recovered to a good level. You don't need to worry that this slowdown in exports will lead to the double-dip recession or another severe economic downturn in Japan," he said.

Japan's trade surplus reached 687.0 billion yen (7.8 billion dollars) in June, marking the 13th straight month of improvement on year-earlier levels, according to the Ministry of Finance.

For the first half, Japanese exports reached 33.1 trillion yen, up 37.9 percent from a year ago, while imports rose 23.3 percent to 29.7 trillion yen.

Asia markets push higher after Europe 'stress tests'

Released on - Monday,26 July , 2010 -09:09 15

Asian stock markets mostly rose on Monday, finding reassurance in Europe's banking stress tests and a strong performance on Wall Street, despite worries about the patchiness of the global recovery.

Japanese shares were up 1.22 percent by noon with exporters gaining from a weaker yen and sentiment also boosted by optimism about Japanese firms' quarterly earnings.

The Nikkei index of the Tokyo Stock Exchange rose 115.05 points to 9,546.01, while the Topix index of all first-section shares was up 1.07 percent, or 8.99 points, at 850.28.

Sony was up 1.19 percent as the Nikkei economic daily reported the company was likely to report a return to the black for the April-June quarter in its official results on Thursday.

While many analysts questioned the credibility of Europe's banking "stress tests", which came out on Friday, investors generally took the results in their stride, leaving European markets to give their verdict later.

"Much of the negative news on Europe's financial and economic conditions was priced in since May so the market's focus is starting to shift away from the issue and onto earnings," Yoshinori Nagano, senior strategist at Daiwa Asset Management, told Dow Jones Newswires.

Helping sentiment around the Asia-Pacific region was last week's solid gains on Wall Street, in which the Dow Jones Industrial Average reached its highest levels in a month.

Hong Kong's Hang Seng Index was up 0.21 percent by lunch and Sydney's S&P/ASX 200 was up 0.36 percent in the afternoon.

The Shanghai Composite Index edged down 0.5 percent however after a strong performance last week, with uncertainty creeping in about whether Beijing will ease back on economic policy tightening measures, traders said.

However Seoul's KOSPI index was up 0.3 percent, buoyed partly by data showing that South Korea's economy grew by a faster-than-expected 1.5 percent in the April-June quarter from three months earlier.

South Korea's central bank said growth had returned to pre-crisis levels, although global uncertainties remained a concern.

"The Korean economy is continuing stronger than expected growth, indicating that growth has recovered to the pre-crisis level and the local economy may have entered an expansionary phase," said senior Bank of Korea official Kim Myung-Kee.

Last week encouraging company earnings propelled Wall Street stocks higher, with the Dow Jones Industrial Average jumping 3.2 percent over the week.

However US economic statistics this week could temper optimism about the world's largest economy, including an advance estimate of second-quarter economic growth due on Friday.

Much attention will be focused on what European stock markets make of last week's stress tests. The results found that only seven banks -- five in Spain and one each in Germany and Greece -- were under-capitalised and unprepared to absorb a new financial crisis.

Analysts were dismissive, saying examiners had set the bar too low to assess the capacity of European banks -- many of which hold bonds issued by debt-riddled governments -- to overcome fresh financial pressures.

The euro edged up against other currencies in Asia, trading at 1.2913 dollars from 1.2906 in New York late Friday and at 113.16 yen from 112.80. The dollar rose to 87.59 yen from 87.36.

Oil prices rose slightly: New York's main contract, light sweet crude for delivery in September, edged up 13 cents to 79.11 dollars a barrel, while Brent North Sea crude for September delivery gained 22 cents to 77.67 dollars.

Gold opened at 1,191.40-1,192.40 US dollars an ounce in Hong Kong, down from Friday's close of 1,199.50-1,200.50 US dollars an ounce.

China developing gas reserves, will cut imports

Released on - Monday,26 July , 2010 -09:00 23

China is aggressively developing its own massive gas reserves, which will lead to imported gas requirements falling dramatically, a newspaper reported Monday.

The country will need much less liquefied natural gas (LNG) from 2020 onwards than in the coming decade, said the Financial Times, citing a study by industry consultant Wood Mackenzie.

And it will need no additional gas transported by pipeline after 2020, added the paper.

"Beyond 2020 we expect to see significant volumes of indigenous unconventional gas entering the market and meeting much of China's incremental demand," said the study.

The news could come as a blow to international energy companies -- such as BG, Royal Dutch Shell, BP and ExxonMobil -- who are looking to China to grow their LNG business.

China is looking at various new sources, including shale gas and producing gas from coal, said the FT.

By developing these new sources, the country will cut its need for new tanker-delivered LNG to eight million tonnes a year from 2020 compared to 16 million tonnes annually over the coming decade, the report said.

"There is a clear imperative for LNG sellers to conclude deals with Chinese buyers in the next two or three years, or risk seeing China disappear as a potential foundation buyer for their projects," said Wood Mackenzie.

But there is an upside, as Beijing may need help from international firms with expertise in shale gas, said the consultant.

China "will require partnerships and technology in the initial phase of development, creating a window of opportunity for qualified foreign players," according to the study.

Sony likely bounced to black in first quarter: report

Released on - Monday,26 July , 2010 -06:54 21

Japan's Sony is likely to have swung back to the black in the first quarter with operating profit reaching 30 billion yen (342 million dollars) due to aggressive cost-cutting, a report said Monday.

That would compare with a 25.7-billion-yen loss in the same April-June period last year and represent the first profit in two quarters, the Nikkei business daily reported ahead of official results on Thursday.

Under chief executive and president Howard Stringer, the Japanese company has been streamlining operations and cutting costs to trim back the sprawling group, which was battered by the global downturn.

Plant consolidation and lay-offs saved the company more than 300 billion yen the previous fiscal year, making the company more resilient to blows such as the yen's recent rise against the euro, the Nikkei said.

Rebounding demand from China and other emerging companies helped lift sales of digital cameras, personal computers and video cameras, the report said.

Liquid crystal display televisions also sold well, and Sony's game and mobile phone divisions returned to profitability thanks to cost savings.

Stringer has promised to reinvent Sony -- the maker of the iconic Walkman -- and the group is revving up for the year-end holidays with the September launch of the "Move" motion-sensing controller for PlayStation 3.

The company is also banking on the mounting popularity of products that enable three dimensional viewing.

In April it released a software update enabling the PS3 to support 3D games. Televisions showing 3D images went on sale in Japan last month.

Sony has also released a 3D camera and its film studio Sony Pictures is rolling out 3D movies.

Shares in Sony were up 1.19 percent at 2,543 yen at noon in Tokyo.

Venezuela's Chavez threatens to cut off US oil

Released on - Monday,26 July , 2010 -05:29 15

Venezuelan President Hugo Chavez threatened to cut off oil supplies to the United States if it supports a Colombian military attack on Venezuela and warned Washington to stay out of the crisis.

Chavez broke off diplomatic relations with Bogota on Thursday in response to charges by President Alvaro Uribe that 1,500 Colombian guerrillas had set up camp inside Venezuela and were launching attacks from its territory.

The firebrand leftist leader said that if Colombia were to launch an attack "promoted by the Yankee empire, we would suspend oil deliveries to the United States, even if everybody over here has to eat stones.

"We wouldn't send even a single drop of oil" to the United States, he said.

Venezuela, a member of the Organization of Petroleum Exporting Countries (OPEC), is South America's largest oil producer and exporter.

Chavez said he had intelligence that "the possibility of an armed aggression against Venezuelan territory from Colombia" was higher than it has been "in 100 years."

"Everything points to the Colombian government, and even more so to the United States -- there you have the guilty one, there you have the great instigator," added Chavez, who is highly critical of a US-Colombian military base deal struck last year.

Chavez said Venezuela was ready to repel any aggression from Colombia.

Venezuela's armed forces along the border with Colombia were placed under "maximum alert" by Chavez, to prevent a possible military incursion.

At present, there are some 20,000 troops deployed along Venezuela's 2,000-kilometer (1,250-mile) border with Colombia, according to military officials.

The United States on Friday threw its support behind its key ally Colombia in its latest row with Venezuela, calling Chavez's decision to sever diplomatic relations with Colombia and put border troops on alert "a petulant response" to Bogota's accusations.

Chavez on Sunday hinted at a possible easing of tensions with Colombia when president-elect Juan Manuel Santos replaces Uribe on August 7.

"We must get clear and unambiguous signs that Colombia's new government has real political will to resume the path of dialogue (with Venezuela) without any tricks," Chavez wrote in an op-ed piece published in several newspapers.

Santos, who is on a tour of Latin America, has refused to comment on the crisis, referring the matter to the outgoing president.

Venezuela "will present a peace proposal for Colombia" at Thursday's foreign minister meeting in Quito of the Union of South American Nations (Unasur), Venezuela's Foreign Minister Nicolas Maduro said in a speech carried by Bogota's RCN radio.

Chavez also announced Sunday he would cancel a planned trip to Cuba in light of the crisis.

He was to attend Monday in Havana the 57th anniversary of Fidel Castro's rebel attack on the Moncada barracks that kicked off the revolution that brought him to power in 1959.

Venezuela's exports to the United States are almost entirely comprised of oil.

Last year oil exports alone reached 27.12 billion dollars, accounting for 96.5 percent of all products exported to the United States, which remains the number one consumer of Venezuelan oil.

However that was a steep drop compared to 2008, when the South American country exported 51.40 billion dollars worth of goods to the United States, the Venezuelan American Chamber of Commerce and Industry said earlier this year.

US imports in Venezuela also decreased in 2009, coming in at 9.36 billion dollars -- 27.7 percent less than the previous year.

In 2008, total trade between the two countries had reached a historical high of 64 billion dollars with the bulk of that amount -- 76.4 percent -- corresponding to oil sales.

Oil accounts for around 90 percent of revenue in Venezuela, South America's top exporter of crude oil.

S.Korea economy grows 7.2 pct year-on-year in Q2

Released on - Monday,26 July , 2010 -02:53 21

South Korea's economy grew 1.5 percent in the second quarter from three months earlier and 7.2 percent year-on-year, the central bank said Monday, in new signs of a solid recovery.

For the whole of the first half, gross domestic product grew 7.6 percent from the previous year, the Bank of Korea said in an advance estimate.

"Private spending showed solid growth (in the second quarter) and facility investment and overseas shipments of goods sharply expanded," the central bank said in a statement.

However, growth in April-June slowed from the first quarter on lower government stimulus spending. The economy had grown a revised 2.1 percent quarter-on-quarter in January-March, and 8.1 percent year-on-year.

The bank said manufacturing grew further in the second quarter from the previous quarter, but the construction sector recorded a decline due to a big fall in new home construction.

Government spending rose just 0.1 percent quarter-on-quarter in April-June compared to a 5.8 percent rise in January-March.

Construction investment fell 3.4 percent following a 1.3 percent rise in the first quarter.

But exports jumped 7.1 percent quarter-on-quarter in April-June after expanding 3.7 percent in the first quarter.

Private spending rose 0.8 percent compared with a 0.7 percent gain in the preceding quarter.

Capital investment increased 8.1 percent after advancing 2.4 percent in the first quarter.

Asia's fourth largest economy has been recovering fast from the global slowdown thanks to healthy exports and local consumption.

This month the central bank in a surprise move increased the key interest rate by 25 basis points from a record low -- the first rise since late 2008.

But bank governor Kim Choong-Soo said at the time that any subsequent rise would be done without hurting growth and would be within market expectations.

For the whole of this year the bank forecasts 5.9 percent growth, following a 0.2 percent increase last year.

China soars to forefront of foreign investors in Brazil

Released on - Sunday,25 July , 2010 -22:19 23

China's direct investment in Brazil has soared this year to a projected 12 billion dollars, catapulting it to the top of the South American giant's foreign investment heap, Globo news reported Sunday.

The flood of investments marks a major departure for China which pumped only 82 million dollars into Brazil in 2009 and 213 million dollars between 2001 and 2009, Globo's G1 website said, citing Central Bank figures.

The projected 12 billion dollars in Chinese direct investments in 2010 is more than double that of last year's leader, the Netherlands, whose investments in Brazil totalled five billion dollars in 2009.

Analysts attributed the surge from China to the impact of the global financial crisis on the United States and Europe.

"After China suffered from the contraction of the US and European markets, there was Latin America, which had not been explored much because of the distance and cultural differences," said Paul Liu, head of the Brazil-China Chamber for Economic Development.

"Since Brazil came through the crisis relatively well, it ended up being a target of the Chinese," he said.

Kevin Tang, director of the Brazil China Chamber of Commerce and Industry, said "the Chinese government clearly intends to make the point to businessmen that doing business in Brazil makes strategic sense, especially taking into account the World Cup and the Olympic Games."

Brazil is hosting those high profile sporting events in 2014 and 2016, respectively.

Chinese investments are concentrated mainly in the energy, mining, steel and oil industries.

One of the biggest investments is a 3.29-billion-dollar project by Wuhan Iron and Steel Corporation (Wisco) with local partner LLX to build a steel mill in the state of Rio de Janeiro.

Air India chairman expects profit by 2014-15

Released on - Sunday,25 July , 2010 -18:49 54

State-run carrier Air India, struggling to cut losses, is hopeful of swinging into profit in 2014-15 as its turnaround plan takes shape, its chairman said on Sunday.

Air India's board met Sunday to outline a growth strategy for the carrier to combat growing competition, as part of a five-year turnaround plan ending 2014.

"We are confident that as the turnaround plan gathers pace, we will have a positive balance sheet (by) year 2014-15," Air India chairman Arvind Jadhav told reporters on Sunday evening.

The airline saw a rise in passenger traffic revenue of 28 percent, or 5.4 billion rupees (115 million dollars), from a year ago, officials said without disclosing details.

Air India's passenger load factor, the percentage of seats filled by fare-paying passengers -- an important barometer for efficiency -- also improved on both domestic and international routes.

"Air India is on a firm path of recovery. The financial data shows a rebound for the industry," India's civil aviation minister Praful Patel said.

Last week, the country's largest private sector airline Jet Airways said it jumped to a net profit in the three months to June, from a loss a year earlier.

The government has promised extra capital to strengthen Air India's weak balance sheet, if it boosts operations and cuts losses.

"The latest figures suggest this, but more needs to be done," Patel told reporters in India's financial capital Mumbai.

An eight-billion rupee cash injection was given last fiscal year and an additional 12 billion rupees is planned for allocation this fiscal year.

Air India's once-dominant market share has shrunk to 16.9 percent in the face of fierce competition from private and low-cost carriers, after India liberalised its commercial aviation market in the 1990s.

The carrier reported a loss of 54 billion rupees for the fiscal year ending March 2010, according to the government figures.

The turnaround plan involves no job cuts, a growth strategy for its low-cost carrier Air India Express and revenue enhancement through more third-party business.

US' Geithner rejects fears of double dip recession

US' Geithner rejects fears of double dip recession

Released on - Sunday,25 July , 2010 -17:54 00

US Treasury Secretary Timothy Geithner dismissed fears of a double dip recession in an interview aired Sunday, but warned of a slow US recovery with the economy only gradually gaining strength.

Geithner was asked on NBC's "Meet the Press" whether he thought the economy would dip back into recession before things got better.

"No, I don't," he answered.

"I think the most likely thing is, you see an economy that gradually strengthens -- over the next year or two. You see job growth start to come back again," Geithner said.

"Again, investments expanding, manufacturing get a little stronger, exports better. Those are very encouraging signs."

However, he said there is still a long way to go and Americans are understandably cautious about the future.

"We're living still in a lot of challenge... 'cause the scars of this crisis ran so deep," he said. "And I think most Americans understand it's going to take some time to heal this."

Geithner was pressed on whether, in light of the poor prospects for growth and high unemployment, President Barack Obama's 787 billion dollar Recovery Act had been sufficient to lift the economy.

"There is a lot of stimulus still in the pipeline," he said.

"And we've got some long-term fiscal problems, they're going to be a challenge for the rest of the country. And we're going to work to fix those problems we inherited, but the best way to do that is to make sure we're growing, private investment starts to come back, private firms start to hire again.

"The government can help, but we need to make this transition now to a recovery led by private investment," he told NBC

The White House has said the stimulus has created up to 3.6 million jobs, but the Federal Reserve has forecast worse-than-expected growth and unemployment, currently at 9.5 percent, for the rest of this crucial congressional election year.

The US government on Friday lowered its 2010 federal budget deficit estimate by 84 billion dollars to 1.471 trillion dollars on projected spending declines.

That would still be a record-high deficit amid massive government spending to pull the economy out of the worst recession in decades.

The new deficit estimate amounts to 10 percent of gross domestic product, down from 10.6 percent of GDP in previous estimates for fiscal 2010, which ends September 30.

In addition, Federal Reserve chairman Ben Bernanke warned US lawmakers on July 21 that the outlook for the US economy was "unusually uncertain," saying the central bank could step in if the recovery fails.

Bernanke said the world's largest economy would see "moderate growth, a gradual decline in the unemployment rate and subdued inflation over the next several years."

Compounding fears of a painful exit from recession, he also warned that private sector hiring was growing at an "insufficient" pace.

Asked about the potential impact of the expiration of the tax cuts instituted under former president George W. Bush, Geithner said "the economy can withstand that, and I think it's good policy."

In a separate interview with ABC television, Geithner urged China to allow its currency, the yuan, to appreciate compared to the dollar, after Beijing announced on June 19 that it would make the yuan rate more flexible.

"That's very good for China. That's very good for the United States," Geithner told ABC. "What matters to us is how fast and how far they let it go."

For nearly two years, the yuan had been effectively pegged at about 6.8 to the dollar, which critics say undervalues the currency by as much as 40 percent and gives Chinese exporters an unfair trade advantage.

The robot ice sculptor

Released on - 5/4/2010 1:51:10 PM

Clearly, advances in robotic engineering will soon adversely impact the careers of artists in all sorts of fields! We remember the robot able to draw portraits, recently developed by Goldsmiths University in London. A gadget endowed with equally impressive abilities has been built by McGill University in Canada.

Dreamt up within the framework of a computer assisted architectural programme, FAB@HOME has the ability to create beautiful ice sculptures in a variety of shapes and sizes. The system could ultimately be used to decorate ice hotels, a new concept in tourism for adventurous souls who aren't afraid of the cold!

The Currency of the Future: P2P e-cash

Released on - 7/15/2010 1:16:24 PM

Once upon a time, the rich carried gold coins around in velvet pouches. Those bulky, heavy coins were then replaced with lighter, paper money. Then, people attempted to replace paper currency with e-gold. Now, get ready to deal with e-cash!

What is e-cash?
A sizzling new concept of cash now exists in an electronic form. Users trade and transact with one another using e-cash. A decentralized system exists of this P2P (peer to peer) e-cash system in which no central server exists. There are no trusted organisations like banks and safe deposits, the whole system is open source and yet, people are increasingly switching over to the new P2P e-cash. 

BitCoin P2P e-cash
Known as BitCoin, this system comprises value tokens which have distinctive features. For example, the tokens are unique, much like the paper money you carry in your wallet. P2P e-cash cannot be duplicated, as each token is an individual cryptographic digital entity. If you own the cryptographic key, then you can use the e-cash to transact and trade with other owners. 

Already, over a dozen companies accept Bitcoin as a form of payment. For example, you can use BitCoins to pay "Link2VoIP.com" and you can make donations to The F.A. Hayek Institute of Canada, which also accepts BitCoins.

BitCoins Are Almost Fraud-Proof 
Don't even think about e-thieves scamming the system just yet. There are checks and measures to ensure that they won't get away with it. For one, they cannot create multiple copies of your e-cash, and neither can you spend it more than once. All transactions that you enter into, no matter how small, are sent across a network that will immediately catch any duplicated spending of the same value tokens. A time-stamp stops any conflicts and each transaction is sent by your node to your P2P network. 

If you think a communication failure might result in a scam, and that all of your valuable e-cash might disappear into a large, black e-hole, then there are precautions against that too. The system is supposed to be fraud-proof, and the longer the system is in use the more difficult it will become for an e-thief to manipulate it.

If you are bursting with questions, then you can get a few answers here: www.bitcoin.org/faq and you can buy BitCoins here: www.bitcoin.org/trade.

Cleaner electricity? Look

Cleaner electricity?

Released on - 7/12/2010 6:37:48 PM

The French engineering group Alstom has established a steam turbine, gas turbine and turbo-generator production facility in Chattanooga (Tennessee). This facility is specifically for the North American nuclear and fossil fuel electricity generation market. The site is equipped with balancing equipment allowing the manufacture of the biggest turbines in the world, with a capacity of 1,700 MW.

The new site was designed to obtain the Gold certification for Leadership in Energy and Environmental Design (LEED), the North American benchmark system for outstandingly environment-friendly buildings. Skylights allow for a considerable reduction in the consumption of electricity for lighting. The heat generated by these skylights is used to enhance the efficiency of heating, ventilation and air conditioning systems.