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BUSINESS
China imports, exports slump in March
Agence France-Presse
BEIJING - Chinese exports and imports fell sharply in March, data showed Thursday, as officials noted that the world’s second-largest economy faces headwinds from tougher regional competition and “friction” with trade partners. The figures are potentially another cause for concern about the the economy, which has shown signs of weakness recently with a string of disappointing indicators on trade, industrial output and consumer spending. Imports slumped 11.3 percent year-on-year to $162.4 billion while exports fell 6.6 percent to $170.1 billion, the General Administration of Customs announced, resulting in a surplus of $7.7 billion. China recorded a surprise deficit of $884 million in March last year.
The results confounded market expectations, which had been for growth of 4.2 percent in exports and 2.8 percent in imports, according to the median forecasts in a survey of 16 economists by Dow Jones Newswires. China recorded an unexpected trade deficit of almost $23 billion in February, which authorities blamed on the Chinese New Year holiday season. That result was China’s first monthly deficit in 11 months. “Currently our foreign trade indeed is having some difficulties,”
Customs spokesman Zheng Yuesheng said in a statement. “China’s foreign trade has seen its competitive advantages in traditional trade being eclipsed due to negative factors including rising competition posed by neighbouring countries and regions and increasing trade friction with major trade partners.” But Zheng urged calm, saying the setback will be “temporary and short-lived” and adding: “We cannot jump to the conclusion that our foreign trade is having a recession.”
For the first three months of 2014, China recorded a trade surplus of $16.7 billion -- down sharply from $43.1 billion the year before -- as exports fell 3.4 percent to $491.3 billion and imports rose 1.6 percent to $474.6 billion, the figures showed. Analysts cautioned that the latest trade figures continued to be affected by fake reporting of exports seen early last year. “We believe that China’s trade growth in the first few months would be distorted as the export overinvoicing activities last year have inflated the base for comparison,” ANZ Bank economists Liu Li-Gang and Zhou Hao said in a research note. Import growth, however, was expected to remain a problem.
“At first glance, the weakness appears to be broad based, with both imports for processing and re-export and imports for domestic use contracting year-on-year,” Julian Evans-Pritchard, China economist at Capital Economics, said in a note. Premier Li Keqiang on Thursday expressed confidence authorities can steer the economy through any troubles. “With all the principles established and policy options at our disposal, we can handle all possible risks and challenges,” Li said, according to the state-run Xinhua news agency. But despite those tools, Li also discounted any expectations for significant pump-priming even after some limited measures were announced last week.
Toyota, GM recalls push US to near-record pace
In this Friday, Dec. 12, 2008, file photo, rows of cars sit on the lot at the Lordstown, Ohio. Big U.S. recalls by General Motors and Toyota have put the auto industry on a record pace as companies try to avoid bad publicity and punishment from an increasingly aggressive government.
Associated Press
DETROIT — Big U.S. recalls by General Motors and Toyota have put the auto industry on a record pace as companies try to avoid bad publicity and punishment from an increasingly aggressive government. On Wednesday, Toyota announced it was recalling nearly 1.8 million vehicles in the U.S. to fix a spate of problems, including air bags that might not inflate. It’s part of a worldwide recall of 6.4 million cars and trucks. So far this year, automakers have recalled about 9 million vehicles in the U.S. If that pace continues, the nation would break the record of 30.8 million recalled vehicles set in 2004. Most of the recalls are from Toyota and General Motors, two automakers that are under government scrutiny and facing bad publicity and allegations that they concealed safety issues. Toyota’s latest recalls were announced before the company even developed specific repairs. They come two weeks after the Justice Department skewered the Japanese automaker for covering up problems that caused unintended acceleration in some cars starting in 2009. Toyota agreed to pay $1.2 billion to settle that case, but federal prosecutors can resurrect a wire fraud charge if the company fails to comply with the terms of the settlement.
AP Photo/Mark Stahl
Toyota’s actions come as rival GM recalls 2.6 million small cars for defective ignition switches the company links to at least 13 deaths. Of those, 2.2 million are in the U.S. As that crisis unfolded, GM announced recalls of another 3.4 million U.S. vehicles. GM is facing a Justice Department investigation, and last week its new CEO was grilled by Congress over its handling of
the ignition recalls. It also faces fines of $7,000 per day for missing a deadline to answer questions from the National Highway Traffic Safety Administration. Clarence Ditlow, executive director of the nonprofit Center for Auto Safety, said automakers historically have been quick to fix safety problems when faced with government investigations and bad publicity.
“The manufacturers as a whole look through their inventory of defective vehicles and recall some of the ones that they had passed over before,” he said. After highly publicized cases in the past, such as Toyota’s unintended acceleration problems and Ford’s trouble with Explorers and Firestone tires in the late 1990s, automakers at first quickly issued recalls. But recalls dropped off as
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Friday, April 11, 2014
the bad publicity faded, Ditlow said. The high number of recalls could also be attributed to the use of common parts across an automaker’s entire vehicle lineup, she said. When something goes wrong, more parts have to be replaced. Through Wednesday, GM had recalled about 5.6 million cars and SUVs in the U.S. this year, while Toyota was at 2.85 million.
Friday, April 11, 2014
Legislative election become a betting exchange Bali Post
SEMARAPURA - Legislative election this year is in fact used as a betting arena by investors. Such information increasingly blows more intense before the voting on Tuesday (Apr 8). Unmitigatedly the betting value reached hundreds of millions of rupiahs. Reportedly, the investors had long observed the strength of each legislator candidate in four subdistricts in Klungkung. For example, the candidate considered to have high electability and a chance to win in Klungkung subdistrict were Komang Suantara as the incumbent legislator from Gerindra Party and Ni Luh Ayu Ari Ningrum from Golkar Party. Meanwhile, for Dawan subdistrict was between the incumbent legislators of Hanura Party Komang Gede Ludra against his colleague equally from Hanura Party Ni Kadek Suryani or against the candidate from Gerindra Party Putu Juliarta. Reportedly, who got more votes among them, such candidate would
come out as the winner. There were also people who took advantage of the legislative candidate who could or could not win a chair rather than the opponent legislative candidates. It did not only apply for the candidates contesting at the county level, but also at the provincial and national level. When asked for his confirmation regarding the betting exchange of the legislative candidate, Komang Gede Ludra admitted if he also heard such information. Even, the information was recognized to be getting more intense ahead of the voting last Tuesday. “I heard the bet value reaches hundreds of millions,” he said. However, it was not known who and where the big
investor was from. He also admitted to have heard if his name was competed with other candidates considered to have high electability and the chance of winning towards the Klungkung House. In addition, there were also some candidates who expressed their wish to bet on him, presumably due to large investors behind him. However, this legislative candidate of Dawan subdistrict admitted that he did not want to respond and rejected it directly. “I do not want to get involved in betting exchange like that. I just want to focus and do not want to get involved in betting,” he explained. He considered that legislative candidate should not make the public
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confidence a betting arena. It was tarnishing the public trust that had been willing to come to polling station and use their voting right. Similar opinion was expressed by another legislative candidate from Klungkung subdistrict, Komang Suantara. As a legislative candidate, it was not appropriate to get involved in betting arena using public confidence as a parameter. Suantara himself claimed not to hear if he was taken advantage as ‘fighting cock’ in the betting arena with Ningrum because she was from the same electoral district. He also admitted there was no large investor who had come to him wishing to participate and offer betting with other legislative candidates. “Similarly, there is no other legislative candidates inviting met to bet. If any, it should not be responded,” he said. Meanwhile, another legislative candidate, Luh Ayu Ari Ningrum, was surprised when asked for her
confirmation if the legislative election was alleged to have been used as betting arena by a number of legislative candidates and investors. She claimed she preferred to focus with the winning team on the implementation of legislative election, Wednesday (Apr 9). When asked about the opportunity, she chose to be realistic and look at the results after the voting day. If there were parties who benefited from the results she got, or was even harmed, it would not become a burden. She said that she did not want to get involved in betting arena. They were of three hoped the election could run well. Thus, it could result in people’s representatives who could bring about a change. Such betting exchange also blew previously in the election of Klungkung leader last year. At that time, there was a bet between the winning team of each candidate. (kmb31)
from extinction, Balinese people associate them with mythology. For instance, the animals are regarded as the property (duwe) of God such as the white cow, ape, fruit bats, snake and so on. Through the mythology, devotees are actually encouraged to conserve the wildlife by preserving them based on religious concepts. Mythology seems much more powerful than a call or an appeal to preserve the endangered species.
In the Hindu concept, no single thing is without the power of God. Inside them lie the jivatman or the soul. On that account, the concept of developing compassion for all the God’s creatures should be continued. Through the celebration Tumpek Kandang, people should develop them well for the benefit of life and preserve the endangered species in order not to become extinct. (kmb)
Tumpek Kandang:
A ritual of animal conservation Hindus in Bali commemorate a festivity of Tumpek Kandang. The festivity falling every Saniscara (Saturday) Pon Wuku Uye actually has a meaning to develop compassion for all the God’s creatures, especially animals. Through the Tumpek Kandang ritual, people are expected to develop the livestock sector to strengthen the economic foundations. Then, how should devotees interpret the Tumpek Kandang? In the Sunarigama palm-leaf manuscript is stated that on Saniscara Pon Uye pinaka prakertining sarwa sato. In other words, the day should be made the milestone for preserving all kinds of animals. Celebration of the Tumpek Kandang ritual is not meant to worship the animals. It is a religious festival dedicated to worship Lord Shiva Pasupati, a manifestation of God who has created the animals. On Tumpek Kandang, animals especially cattle are made some celebratory oblations. Essentially, devotees worship the Lord Shiva
Pasupati as manifestation of God serving as the king of all the living things. In the ritual procession, devotees invoke blessing in order their cattle could be bestowed with prime healthy and safety. However, philosophically the Tumpek Kandang celebration implies that people should develop compassion for all the living creatures. In the economic context, the procession mandates that agricultural sector in the broader sense (livestock) can be developed to strengthen the economic foundations of society. Sarasamusccaya says that Ayuwa tan masih ring sarwa prani, apan prani ngaran prana, which means not to ignore any care to animals because they are a force of nature. In other words, people must develop compassion for all beings. Especially on Tumpek Kandang, devotees worship God in His manifestation as Lord Shiva Pasupati in order the cattle could be blessed with welfare. Similarly, the prayers are also recited for other livestock such as pigs, goats, chickens and ducks. Even, a pig for the Hindu community in Bali is often used as a sort of saving or piggy bank. When people hold celebrations, the pigs are slaughter or in emergency case they can be sold to meet the needs. As the animals destined for human food, chickens, ducks, pigs and so forth are often used as a protein
source to support the human life. To that end, those animals should be constantly developed. However, other specific animals, especially those belonged to the endangered species, should be preserved. For example, they are green turtles, Bali starlings, deers, monkeys and so forth. These rare animals must be maintained so as not to become extinct. To keep the endangered species
IBP/File Photo