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Archive for February, 2012

EU Hopes To Build Financial ‘Firewall’

29 Feb

Story By: by Eric Westervelt

European Union leaders gather at the end of the week, but have delayed a decision on whether to build a bigger financial firewall after giving Greece another bailout.

 
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China tells banks to roll over local govt loans: report

29 Feb


SYDNEY |
Sun Feb 12, 2012 10:30pm EST

SYDNEY (Reuters) – China has told its banks to start a huge roll-over of loans to local governments, the Financial Times reported, aiming to give itself more time to deal with a $1.7 trillion debt hangover from the global financial crisis.

The move underscores China’s determination to contain its 10.7 trillion yuan debt mess and forestall a potential loan crisis in the world’s No. 2 economy, analysts say.

As early as June 2011, the Chinese government had vowed to clean up its local debt either by shifting 2-3 trillion yuan of debt off local governments, forcing state banks to take some bad debt losses and selling select projects to private investors, sources told Reuters earlier.

Investors worry that China’s banks would suffer billions of bad loan losses and hobble the world’s growth engine at a time of anaemic global economic growth.

China’s mountain of local debt piled up after the 2008-09 financial crisis when Beijing ordered local governments to spend massively on infrastructure projects to buoy economic growth, which they did by borrowing heavily.

Analysts say Chinese banks are already rolling over or restructuring troubled loans to cash-strapped local governments unable to repay their debt. But the amount of loans being rolled over is not known as banks — and Beijing — are tight-lipped.

Worse, analysts say Chinese banks are hiding troubled loans by adamantly refusing to mark them as non-performing loans in financial statements before restructuring them, as per global best practice.

“This is bad regulation but I don’t think we are going to get a bank crisis,” said a bank analyst in Hong Kong.

In some cases, loans are being restructured by extending their maturities by as much as four years, the Financial Times said, citing bankers and analysts familiar with the matter.

Not all local government loans would be rolled over, the paper said, citing a person with knowledge of the plan.

Banks would determine if there was real demand for the investment. Continued funding for the construction of highways would be approved but less important projects, like massive city squares, might be cut off.

Banks would also consider whether investments were consistent with the government’s five-year plan for industrial upgrading and cleaner growth.

China has said that about half of the 10.7 trillion yuan of loans will mature over the next three years.

(Reporting by Richard Pullin in MELBOURNE and Koh Gui Qing in SINGAPORE, Editing by Dean Yates & Kim Coghill)

© 2011 REUTERS (www.reuters.com)
 
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Abu Dhabi hotel occupancy boosted by events

29 Feb

Dubai: Abu Dhabi’s 127 hotels, hotel apartments and resorts generated Dh408 million ($111 million) in revenues in January, an increase of 11 per cent over January 2011.

The number of guests staying in the hotels and resorts rose 29 per cent over the same month last year, according to the latest figures released by the Abu Dhabi Tourism and Culture Authority.

Last month there were 198,139 guests, with the number of guest nights rising 20 per cent to 571,672.

"The strong increase in guest arrivals and guest nights appears to have been significantly influenced by January’s dynamic events calendar, which included the hosting of the Volvo Ocean Race and the fortnight of activities staged to coincide with it, the Abu Dhabi HSBC Golf Championship and the World Future Energy Summit, which attracted some 650 exhibiting companies to the Abu Dhabi National Exhibition Centre," Mubarak Al Muhairi, director general of the Abu Dhabi Tourism and Culture Authority, said.

Article continues below

© 2011 Gulf News (www.gulfnews.com)
 
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Israel-Iran Relations: A Native Poet’s Perspective

29 Feb

Story By: Weekend Edition Saturday

Poet Roya Hakakian is both Iranian and Jewish, and in an op-ed in Sunday’s New York Times, she argues that the two nations share an intertwined history that should discourage the prospect of war. Host Scott Simon speaks with Hakakian, author of Land of No, about the looming possibility of war between Iran and Israel.

 
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Empresários doam dinheiro ao Ocupar Wall Street

29 Feb

Um grupo de empresários de destaque, incluindo Ben Cohen e Jerry Greenfield, da cadeia de sorveterias Ben & Jerry’s, e o ex-manager do Nirvana, Danny Goldberg, estão planejando doar quantias substanciais ao movimento Ocupar Wall Street, na esperança de manter os protestos acesos e promover mudança política.

Daniella Zalcman for The Wall Street Journal

Ben Cohen, esq., e Jerry Greenfield, dir., dos sorvetes Ben & Jerry’s, reuniram-se domingo com manifestantes do Ocupar Wall Street.

O objetivo deles é fornecer algum lastro a um movimento amorfo que capturou a atenção do mundo com protestos ininterruptos em dezenas de cidades, mas que vem tendo dificuldades para manter o impulso inicial.

Os mais recentes patrocinadores do Ocupar Wall Street se intitulam Grupo de Recursos para o Movimento e já conseguiram levantar cerca de US$ 300.000, que serão divididos em doações para os manifestantes, disse Cohen. O objetivo dos empresários é captar US$ 1,8 milhões.

Um pouco mais de dois terços foi doado pela Fundação Ben & Jerry’s e membros do comitê diretor do grupo, que inclui Dal Lamagna, fundador da empresa Tweezerman, Richard Foos, executivo da indústria entretenimento, e Judy Wicks, fundadora do White Dog Café em Filadélfia, além de Cohen, Greenfield e Goldberg.

O restante, cerca de US$ 60.000, veio de doadores individuais, incluindo Norman Lear, produtor de televisão e filantropo, e Terri Gardner, ex-diretor geral e executivo principal da empresa de produtos para cabelo Soft Sheen.

“Muitos de nós vêm trabalhando em prol de uma mudança social progressista”, disse na segunda-feira Cohen, um proeminente defensor das causas liberais. “Está faltando um ingrediente crítico.”

Desde o início, o movimento popular gerou críticas em alguns círculos devido à sua mensagem ambígua. Além disso, alguns locais onde os manifestantes acamparam tiveram episódios de violência e levantaram questões de saneamento e segurança pública.

“Não creio que o movimento Ocupar tenha apresentado um programa específico. O que ele não tem sido é uma força capaz de unir”, disse Josh Barro, de 27 anos, membro graduado do Instituto Manhattan, um centro de estudos de Nova York sobre política governamental que promove o livre mercado.

O grupo vai fazer doações de até US$ 25.000 a manifestantes de todo o país, depois de um processo de seleção dos pedidos, que começa em março. O grupo, juntamente com cinco ativistas do Ocupar, vai examinar os pedidos.

Cohen e outros membros do grupo se reuniram com manifestantes em uma igreja de Manhattan domingo à noite para lançar a ideia para os ativistas mais dedicados. Nem todos tiveram boa impressão, argumentando que isso iria apenas acrescentar mais burocracia.

“Basicamente, este é um grupo de pessoas muito ricas que escolheram alguém para lidar com o movimento Ocupar Wall Street”, disse Ravi Ahmed, de 34 anos, um manifestante que trabalha como administrador acadêmico. “Eles recriaram o que há de errado com as estruturas das organizações filantrópicas e sem fins lucrativos.”

Goldberg, de 61 anos, disse que concorda com a mensagem do movimento.

“Tentaremos crescer com vocês e trabalhar com vocês”, disse ele.

© 2011 Wall Street Journal (www.wsj.com)
 
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What a Little Lace Can Do

29 Feb
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Paul Costello (Interior); F. Martin Ramin for The Wall Street Journal, Styling by Anne Cardenas (Bedding)

DOSE OF DOILY | A lace-y bedspread offers the right amount of frill in fashion designer Miguelina Gambaccini’s bedroom.

You are what you sleep on. Preppies share a fascination with D. Porthault patterned sheets, while bohemian free spirits worship John Robshaw’s batik bedding. Tony uptown types prefer their linens monogrammed from Léron or Leontine.

I usually fall somewhere between puritan and gypsy, gravitating toward crisp white sheets from Olatz paired with a little noisy exotica like a suzani coverlet. This season, though, I’ve been leaning hard into my 18th-century European grande dame side, working my new favorite bedding upgrade: lace-trimmed sheets.

Historically, hand-sewn sheets were serious business. Embroidered and monogrammed linens, considered a cornerstone of any lavish trousseau, would help to secure a well-heeled husband. Sets of sheets—roughly 12 for a wealthy family and six for a middle class one—would be worked on for years, said Robin Molbert, owner of antique linen and lace purveyor Fleur d’Andeol. “Linens were a huge part of family life from the 16th century until the early 20th century, especially in Europe, where a good piece of handmade lace was often worth the price of a château,” Ms. Molbert added. Up until the 1950s, trousseaus were still being passed down from mother to daughter.

Sheets and shams with a spot of something delicate are exactly what a room full of sleekness needs.

I inherited a fine set of lace-edged pillow shams that sat in deep-drawer exile for years. While I appreciated the bespoke craftsmanship, actually making a bed with all that frill seemed too far off baseline—suggesting I might have a secret passion for Victorian dolls (sublime in some freaky places, just not my own).

The lacy shams were liberated when, at the 11th hour on a photo shoot for an interiors magazine, a touch of granny was required. The room in question had a sleek platform bed, two boxy iron bedside tables with task lights, a 1930s chest of drawers and a giant antique French mirror leaning against the wall. The pieces were working individually—proportion, shape and height all in harmony—but the room looked unbalanced. The gold-leaf mirror with baroque carvings had no one to talk to. In a flash I jumped on the subway back to my apartment and dug through drawers looking for the solution. The banished lace pillowcases! As soon as they were on the bed, the photographer and I sensed triumph.

Lately I have been pairing a bit of lace with everything from rugged French industrial moving blankets to prettily patterned Peruvian bedspreads. Sheets and shams with a spot of something delicate—lace, crochet or embroidery—are exactly what a room full of sleekness needs. However, overdoing it, especially on the bed, with too much all at once, can tip the look into “Pretty Baby” boudoir bordello territory. Like everything else in life, enjoy your lace in moderation.

—Ms. Ruffin Costello is a writer and design consultant based in New Orleans.




Cluny Duvet Cover, Queen for $545, King for $595, matteohome.com


Bella Notte Linens, Linen with Crochet Lace Standard Sham, $123 each, laylagrayce.com


Bedsheet Set (includes top sheet, two pillows and bottom sheet), $1,500, losencajeros.es


Ruched Muslin Cloud Coverlet, Full/Queen for $450, King for $490, coyuchi.com


Bella Notte Linens, Linen Quilted Queen Coverlet,$629, laylagrayce.com


Battenburg Lace Sheet Set, $60, domestications.com


F. Martin Ramin for The Wall Street Journal, Styling by Anne Cardenas

F. Martin Ramin for The Wall Street Journal, Styling by Anne Cardenas

F. Martin Ramin for The Wall Street Journal, Styling by Anne Cardenas

F. Martin Ramin for The Wall Street Journal, Styling by Anne Cardenas

F. Martin Ramin for The Wall Street Journal, Styling by Anne Cardenas

F. Martin Ramin for The Wall Street Journal, Styling by Anne Cardenas


Copyright 2012 Dow Jones & Company, Inc. All Rights Reserved

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© 2011 Wall Street Journal (www.wsj.com)
 
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Can Gardening Help Troubled Minds Heal?

29 Feb

Story By: by Kristofor Husted

Women’s Correctional Community Center inmate Lilian Hussein checks on ti leaves she planted as part of the prison’s farming and gardening program in Kailua, Hawaii. The green ti leaves are often used to wrap food or weave into leis.

If you haven’t noticed, gardens are popping up in some unconventional places – from prison yards to retirement and veteran homes to programs for troubled youth.

Most are handy sources of fresh and local food, but increasingly they’re also an extension of therapy for people with mental health issues, such as post-traumatic stress disorder, or PTSD; depression; and anxiety.

It’s called horticultural therapy. And some doctors, psychologists and occupational therapists are now at work to test whether building, planting, and harvesting a garden can be a therapeutic process in its own right.

Horticulture therapy dates back to Socrates, but it didn’t become a scientific pursuit until the 18th century. That’s when Benjamin Rush, a psychiatrist and Declaration of Independence cosignatory, began documenting how gardening benefited his mentally ill patients.

Much of the science behind just how gardening affects the mind and brain still remains a mystery. What scientists do know is that gardening reduces stress and calms the nerves. It decreases cortisol, a hormone that plays a role in stress response. So what about the biological mechanism behind mental disorders? That’s a bit tougher.

Variables in the environment — such as climate, location, diet and genetics — have complicated some of the early research on horticultural therapy. So to pinpoint a causal relationship between gardening and mental rehabilitation, researchers have to use a balance of qualitative and quantitative studies, according to Elizabeth Diehl, editor-in-chief of the Journal of Therapeutic Horticulture.

A 2011 study at a juvenile rehabilitation center in southwestern Ohio with a gardening program showed that horticulture therapy helped the kids see themselves in a more positive light and helped them better manage their emotional and behavioral problems. And most of the kids said they would continue gardening after the program, according to the findings in the Journal of Therapeutic Horticulture.

One 2007 study in the journal Neuroscience found a bacteria found in soil linked with increased serotonin production in the brain — a sign that gardening could increase serotonin levels and improve depression.

Social scientists have also been looking at gardens built by and for the homeless, ex-convicts on probation and hospital patients. The results of early studies suggest they have a positive impact. Most people tend to not revert back to bad behavior and many make changes in their lives for the better, the studies show.

For now, that evidence seems to be enough to fuel the burgeoning field — programs like a camp for troubled teens in Hawaii, called Pacific Quest. Program staff tell The Salt they believe the garden is a beneficial tool to emotionally engage the kids.

For a few months, students — many with psychological issues from trauma, adoption, depression — band together and run a garden from the seed to the dinner plate. “They are introduced to the garden by eating the food planted by [a camper] who was in their shoes just a few months ago,” Travis Slagle, a Horticultural Therapy Association member and land supervisor for Pacific Quest, tells The Salt. “That builds their curiosity.”

Horticulture therapy offers at least one big advantage for the kids: The garden setting never changes. This gives them ample time to connect with their surroundings and feel at home.

“With the garden, you’re living in a place and learning about the community and building a community,” he says. That stable environment can help the kids let their guard down.

Students build the garden beds, plant the seeds, care for the seedlings and cook the food — all with minimal help from the staff. The teens learn how to problem solve on their own, as well. Slagle says they build rock walls for support and plant companion plants for certain veggies or fruit.

“They can see the parallel of the garden and relate it to their own lives,” he says. “It provides ways to engage in conversation and life lessons.” The kids, who meet with counselors and therapists regularly throughout the process, are learning to prepare for the moment but also to plan for the future, he says. Doing both at the same time requires maturity, and wisdom and that’s something the garden brings out, he says.

The kids take the extra passion fruit, kale, onions, carrots, beets, bananas, and pineapples to the local farmer’s market to sell. The profit is donated to a local charity. “The garden allows them to recognize that it’s not something that’s just going to benefit themselves,” he says. “It teaches that in an experiential way.”

 
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Country profile: The Maldives

29 Feb

The Maldives is made up of a chain of nearly 1,200 islands, most of them uninhabited, which lie off the Indian sub-continent.

None of the coral islands measures more than 1.8 metres (six feet) above sea level, making the country vulnerable to a rise in sea levels associated with global warming.

With its abundant sealife and sandy beaches, The Maldives is portrayed by travel companies as a tropical paradise.

The economy revolves around tourism, and scores of islands have been developed for the top end of the tourist market.

Aside from the island capital Male, outsiders are only permitted onto inhabited islands for brief visits, thereby limiting their impact on traditional Muslim communities.

Most tourists are taken straight to their island hideaway by seaplane or speedboat, where they are free to drink alcohol and get luxurious spa treatments, insulated from the everyday Maldives, where alcohol is outlawed and skimpy beachwear frowned upon.

Many Maldivians live in poverty. However, the country has developed its infrastructure and industries, including the fisheries sector, and has boosted health care, education and literacy.

The Maldives was hit by the December 2004 Asian tsunami. Homes and resorts were devastated by the waves, precipitating a major rebuilding programme.

There is a fear that as sea levels rise, island countries such as the Maldives, and some Pacific territories, will simply be swamped and disappear.

© 2011 BBC News (www.bbc.co.uk)
 
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Burgan Bank converts existing B-Dinar ATM cards to debit MasterCard Payroll EMV Cards

28 Feb

MasterCard Worldwide together with Burgan Bank announced the conversion of Burgan Bank’s existing proprietary B-Dinar Payroll ATM card to the B-Dinar Debit MasterCard Payroll Card. The B-Dinar Debit MasterCard Payroll card combines all the uses of a standard ATM card, like access to cash and banking transactions, with the added convenience of shopping at local merchant locations within Kuwait.

As a convenient and secure alternative to cash and checks, B-Dinar cardholders in Kuwait, will be able to access their salary in a more efficient manner using the ATM or Point of Sale machines available throughout Kuwait. Cardholders will also be able to benefit from greater control over their finances.

The B-Dinar Debit MasterCard Payroll card program will provide businesses with the advantage of paying their employees’ salary through a secure and convenient MasterCard Payroll payment card. For businesses in Kuwait, the card program is a smart alternative to issuing payroll checks. By simply posting employees’ salaries to an account tied to their personal Burgan Bank B-Dinar MasterCard Payroll card, businesses will be able to increase cost-efficiencies, while delivering a whole new array of benefits to their employees. It can also help to reduce payroll processing when it comes to, for example, expense management and one-off and final salary payments.

“As an enhancement to our existing B-Dinar ATM card program, we are delighted to launch an innovative payment solution in collaboration with MasterCard,” said Raed Al Haqhaq – Chief Banking Officer at Burgan Bank.

“The B-Dinar Debit MasterCard Payroll card is a great alternative solution to using cash or cheques. Employees will be able to now benefit from receiving their salary, while going about their daily lives, making purchases securely and conveniently in Kuwait.”

“This is a great way for the banked or unbanked individuals in Kuwait to receive their monthly salary,” said Safdar Khan, Market Manager, Qatar, Oman & Kuwait, MasterCard Worldwide.

“Consumers will be able to benefit from a secure and convenient payment solution that will bring them additional benefits when making purchases and managing their finances. We are delighted to support Burgan Bank in offering a payment solution that will bring valuable benefits to the working population in Kuwait.”

The B-Dinar MasterCard Payroll card from Burgan Bankwill also featurean EMV chip, which means higher levels of card and data security when making purchases over at Point-of-Sale (POS) terminals.

© 2011 AMEINFO (www.ameinfo.com)
 
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Chinese architecture firm opens Abu Dhabi office

28 Feb

Abu Dhabi: Shanghai Xian Dai Architectural Design (Group) Co, China’s largest architectural design company by revenue, has opened a branch in Abu Dhabi.

It has partnered with the Bin Abbood Group to achieve business diversification and to bid for projects in the region.

"We are attracted by the boundless potential of the local market. We will bid for contracts that we deem attractive," Honghua Yan, chairman of Shanghai Xian Dai, told Gulf News.

"As a first step into the Middle East market, the Abu Dhabi branch will act as a channel through which we will explore the opportunity of collaboration with the clients and local architectural design companies."

Article continues below

© 2011 Gulf News (www.gulfnews.com)
 
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