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.
SYDNEY |
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)
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.
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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.
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.
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Settlement talks between BP and lawyers for thousands of individuals and businesses who say they were damaged by the Deepwater Horizon oil spill are focused on roughly $14 billion left in a $20 billion compensation fund BP set up in 2010.
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Wal-Mart is on board to help with a movie-industry effort to get people to register their DVDs in an online library that consumers can access at home or on mobile devices.
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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 â 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 â such as climate, location, diet and genetics â 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 â 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 â 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 â many with psychological issues from trauma, adoption, depression â 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 â 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.”
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."
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