As China's growth slows, US and world stand to lose

12 hours ago

CHINA DAILY / Reuters

A laborer polishes the bottom of a cargo ship at a shipyard in Qingdao, Shandong province July 1, 2013.

The continued decline in China's manufacturing activity, reflected in twin manufacturing surveys released on Monday, highlights the risk the world's second largest economy now poses to global growth.

China's official purchasing managers index (PMI) slipped to 50.1 in June from 50.8 in May, according to data from the National Bureau of Statistics. The final reading of HSBC PMI, meanwhile, fell to a nine-month low of 48.2, below the flash estimate of 48.3 and down from 49.2 in the previous month.

A reading above 50 indicates expanding activity and one below 50 signals contraction.

(Read More: Even Resilient Yuan Is Feeling China's Pain)

"I think the story for China is basically that there is no story left. Economic activity in China has peaked...," Sailesh Jha, chief strategist at Arcus Capital Singapore, told CNBC on Monday.

A weakening of both external and domestic demand weighed on manufacturers last month, with falling orders and rising inventories plaguing factories, HSBC said.

Both the official and HSBC employment sub-indexes showed that businesses shed more jobs last month. The pace of job cuts was the fastest since last August, the HSBC sub-index showed.

David Poh, regional head of asset allocation at Societe Generale Private Banking, said that rather than powering the world economy as it has done in recent years, China is now becoming a threat to global growth.

"China plays a very big part in the global growth ? if this trend continues to go down its really bad for the entire world," Poh said.

"33 percent of exports go to the euro zone, and we know the euro zone is still licking its wounds, Australian [mining] companies are highly dependent on Chinese growth. Latin America is the same thing. U.S. consumption may slow down too if the whole global economy isn't going as planned," Poh said.

(Read More: China PMI Slump Will Test Authorities' Resolve)

According to Nomura, softness in the manufacturing sector is set to continue as tight liquidity conditions dampen economy activity. The bank forecasts the official PMI will fall below 50 in July.

"The weak PMI reinforces our view that there is 30 percent chance GDP may drop below 7 percent in third quarter or fourth quarter," wrote Zhiwei Zhang, chief China economist at Nomura.

Hongbin Qu, chief economist, China & co-head of Asian economic research at HSBC agreed that growth is likely to continue slowing in the coming months as Beijing refrains from using stimulus. Last month, the bank downgraded its growth forecast for China from 8.2 percent to 7.4 percent, below the government's target of 7.5 percent.

(Watch Now: What China Has in Common With 1979 America)

China's president Xi Jinping said in a speech reported by Xinhua news agency at the weekend that the performance of leaders should not be evaluated simply by GDP growth, underscoring the government's recent reluctance to embark on further stimulus programs.

Xi said factors like welfare improvement, social development and environmental indicators should also be used to assess leaders.

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Surprise superconductor

July 1, 2013 ? Superconductivity is a rare physical state in which matter is able to conduct electricity -- maintain a flow of electrons -- without any resistance. This phenomenon can only be found in certain materials under specific low-temperature and high-pressure conditions. Research to create superconductors at higher temperatures has been ongoing for two decades with the promise of significant impact on electrical transmission.

New research from a team led by Choong-Shik Yoo at Washington State University -- and including Carnegie's Viktor Struzhkin, Takaki Muramatsu, and Stanislav Sinogeikin -- found unexpected superconductivity that could help scientists better understand the structural changes that create this rare phenomenon. Their work is published the week of July 1 by the Proceedings of the National Academy of Sciences.

The team found superconductivity in the solid form of a compound called carbon disulfide, CS2, which is sometimes used in liquid form as a chemical solvent or insecticide. They found that disulfide enters a superconducting state at about -449 degrees Fahrenheit (6.2 Kelvin) at pressures ranging from about 493,000 to about 1,698,000 times normal atmospheric pressure (50 to 172 gigapascals).

"What makes this discovery special is that it seems counter to the understanding of how superconductivity normally works," Yoo said.

Usually, but not always, superconductivity is present in highly ordered molecular structures. But in carbon disulfide, superconductivity arises from a highly disordered state, which is rare. Even more surprising, this disordered structure is preceded by a magnetically ordered state, which undergoes a structural change into the disorganized configuration when superconducting starts.

"These results show the interplay between superconductivity, magnetism and structural disorder," Struzhkin said. "We are already at work searching for other highly conducting states in similar molecular systems in close collaboration with Professor Choong-Shik Yoo's team."

Source: http://feeds.sciencedaily.com/~r/sciencedaily/top_news/~3/X_TsLDskrWo/130701151828.htm

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Apple France raided over claims that it gives resellers the cold shoulder

Few would doubt that Apple prioritizes its own stores -- they're ambassadors for the brand. However, France's Competition Authority has just raided Apple and its distributors over complaints that this preference comes at the expense of resellers. Recently bankrupt retailer eBizscuss claims that Apple both stalls on delivering products to third-party stores and denies those outlets any flexibility in pricing. In other words, it's allegedly impossible to compete fairly when Apple holds all the cards. We've reached out to Apple for comment, although the Competition Authority is so far willing only to confirm to Les Echos that the raids took place. Whether or not the searches lead to any substantive legal action, Apple may face extra heat in France -- the Authority is reportedly investigating accusations that the American firm unfairly hiked the minimum pricing for iBookstore periodicals.

Filed under: Cellphones, Desktops, Laptops, Tablets, Apple

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Source: Les Echos (translated)

Source: http://www.engadget.com/2013/07/01/apple-france-raided-over-concerns-it-neglects-resellers/?utm_medium=feed&utm_source=Feed_Classic&utm_campaign=Engadget

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Greece, lenders resume talks on 8.1 billion euro bailout tranche

By Harry Papachristou

ATHENS (Reuters) - Greece and its international lenders resume talks to unlock 8.1 billion euros ($10.5 billion) of rescue loans on Monday after a two-week break in which the government almost collapsed over bailout-related firings at state broadcaster ERT.

Greek officials including Prime Minister Antonis Samaras have said they expect the talks to conclude successfully, despite setbacks to the country's privatization program and delays in public sector reform.

The stakes are high. If the talks fail, the IMF might have to withdraw from Greece's rescue to avoid violating its own funding rules. Athens also needs the cash to help redeem about 2.2 billion euros of bonds in August.

The installment is one of the last big cash injections Athens stands to get under its 240-billion euro bailout which expires at the end of 2014.

Finance Minister Yannis Stournaras will have his first meeting with representatives of the European Union, the European Central Bank and the International Monetary Fund, also known as the "troika", at 10 a.m. ET.

Samaras wants to wrap up the talks quickly for the funds to be released by the end of this month. He appointed two ardent reformers, Kyriakos Mitsotakis and Adonis Georgiadis, in a cabinet reshuffle last week to push for reforms at key ministries, civil administration and health.

"The lenders will give us trouble but less so than in previous reviews," one government aide told reporters on Sunday.

MISSING TARGETS

The government plans to ask creditors to lower this year's privatisation target of 2.6 billion euros after failing to find a buyer for natural gas company DEPA. [ID:nL5N0EN16J]

Athens has also missed a June deadline to place 12,500 state workers into a so-called "mobility scheme", under which they are transferred or dismissed within a year.

A shortfall of more than 1 billion euros has emerged at state-run health insurer EOPYY, meaning automatic spending cuts may have to be agreed to bring it on an even keel.

Athens and the troika are also at loggerheads over an unpopular property tax and over a possible reduction in a consumption tax for restaurants.

Samaras has ruled out imposing new austerity measures after losing a coalition partner in the ERT crisis, with his majority in the 300-seat parliament shrinking to just three votes.

More measures will be impossible to steer through parliament, analysts and lawmakers have said, after four years of austerity which plunged Greece into its deepest peace-time recession with the jobless rate at a record 27 percent.

The economic crisis has also boosted support for anti-bailout parties such as the ultra-right Golden Dawn.

According to Greek officials, the country has enough spare cash to offset any short-term slippages in the bailout plan.

Helped by tight spending, the budget deficit was about 3 billion euros smaller than expected in January-May, Stournaras said last week, adding that the country had also money left over in bank rescue fund HFSF.

But even if it clears the ongoing troika review, Athens will require additional help to stand on its own feet after the current bailout expires at the end of 2014.

According to provisional EU/IMF estimates for 2015-2016, Greece must plug a budget shortfall of about 4 billion euros and a funding gap of up to 9.5 billion. These estimates are to be updated later this year.

The euro zone has already pledged to shave off part of Greece's debt to make it sustainable in the long term. But it is still unclear how much debt will be written off and how.

(Editing by Gareth Jones)

Source: http://news.yahoo.com/greece-lenders-resume-talks-8-1-billion-euro-002341707.html

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98% Before Midnight

All Critics (149) | Top Critics (38) | Fresh (146) | Rotten (3)

Hawke and Delpy remain as charming as ever, and their combined goofiness is more endearing than annoying.

Love is messy here, life cannot be controlled, satisfaction is far from guaranteed. Romance is rocky at best. But romance still is.

Though "Before Midnight" is often uncomfortable to watch, it's never less than mesmerizing - and ultimately, a joy to walk with this prickly but fascinating couple again.

"Before Midnight" is heartbreaking, but not because of Jesse and Celine. It's the filmmakers' passions that seem to have cooled.

Before Midnight is fascinating to watch, and so long as Celine and Jesse are communicating, there's still hope.

How (Jesse and Celine) try to rekindle that flame is what drives Midnight, a film that feels so authentic it's like overhearing a conversation you're not sure you should be hearing.

There's not a hint of melodrama or falsity in the Before series.

The 'Before' trilogy is a vacation for me. I am taken away, and it is never for long enough. I genuinely feel lucky to have these movies.

I'm not sure this is the end of Richard Linklater's 'Before' trilogy. It's perfection just as it is, but then again, Linklater has nine more years to work on the sequel.

Loving words mix with personal attacks, the magic moments with the unintended slights, as we witness the occasional desperation of imperfect people doing the best they can when life moves beyond meet-cute and courtship. That's authentic.

Linklater and his players bring an end to the fantasy and welcome the thrilling ups and bitter downs of reality to this love story.

Like the first two films, it reflects the real world in a way that seems almost preternatural. It's just that, here, the real world is a harsher, more disappointing place.

The duo, clearly so comfortable in their characters' skin, indulge in intelligent banter, sharp humour and emotional truths.

So much better written than contemporary novels, this film is a literary as well as cinematic achievement to cherish. For grown-ups.

As before, it's often very funny, with Jesse and Celine swapping Woody Allen-esque one-liners - nicely snarky, appealingly abrasive.

The acting, the dialogue and direction are superb.

None of the films is faultless in itself, but, tinted with complementary tones, the complete cycle comes as close to perfection as any trilogy in cinema history.

Marvelous. It's impossible to shake the feeling that we are merely eavesdropping on reality. Witty, wise, and -- most important of all -- truly romantic in ways that movies usually aren't.

It's been 18 years since Hawke, Delpy and Linklater introduced us to Jesse and Celine, and their story just gets richer, funnier and more punchy each time we see them. In 1995's Before Sunrise, they were idealistic 23-year-olds.

Hawke and Delpy are as believably real as any screen couple can ever be.

This is one of the few sequels for which the cliche 'eagerly awaited' is truly applicable.

Predictably, it's just as great as the first two.

By the end, Before Midnight inches towards a dawn of charm. But it's a troubled trip.

As an organic experiment in collaboration between actors and director, it is a triumph, co-created and co-owned by Delpy, Linklater and Hawke.

Hawke and Delpy, who are both credited on the script too, have never found co-stars to bounce off more nimbly or bring out richer nuances in their acting.

The performances and dialogue are wonderfully naturalistic; a reminder that the best special effects are often the cheapest.

Source: http://www.rottentomatoes.com/m/before_midnight_2013/

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Samsung dominates the iPhone when it comes to phone subsidies

Samsung have done quite well for themselves over the last couple of years, fighting against the near-invincible iPhone. How does it compare to Apple in regards to phone subsidies, something Apple usually have the most control over?

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Samsung are actually out and ahead, according to market research firm ABI Research and their latest report. They've said that the average implied carrier subsidy for a Samsung smartphone in the US is around 84%. What this means is that phone carriers cover 84% of the up-front costs of a Samsung phone when a consumer buys one on a contract.

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The carrier then makes the money back on the two-year contract you've just signed through various fees and monthly charges. HTC see a subsidy of around 80%, with the iPhone sitting at 74%. ABI analyst, Stuart Carlaw, says: "Samsung continues to squeeze its competitors at every turn. The Samsung [Galaxy S4] is now considered on a par with Apple's iPhone 5. Coupled with better subsidy, the breadth of its device portfolio, increasingly savvy marketing, and its excellence in channel execution, it is little wonder Samsung is dominating the mobile handset market from top to bottom."

Source: http://www.tweaktown.com/news/31462/samsung-dominates-the-iphone-when-it-comes-to-phone-subsidies/index.html

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Saturday Night Card Game (Would Zimmerman ... - Legal Insurrection

There was a concerted effort at the start of this case to frame the shooting as the result of racial profiling, and to use that narrative to pressure prosecutors to file the case after the police had refused to charge Zimmerman finding his claim of self-defense plausible.

From the false narrative of the hoodie, to the doctored NBC tape, to the false allegation that Zimmerman used the term ?coon,? conclusions were jumped to and the pressure was on the prosecutors.

All the racial narratives went in one direction before the evidence was heard in court.

Now it heads in the opposite direction:

Given the weakness of the State?s case so far ? at best conflicting eyewitness accounts which themselves create reasonable doubt as to what happened ? I can only wonder if the prosecution would have been brought at all had the racial narrative reflected what we now know.

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Saturday Night Card Game (Would Zimmerman case have been filed if ?creepy ass cracker? comment known?)

18 votes, 5.00 avg. rating (99% score)

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Source: http://legalinsurrection.com/2013/06/saturday-night-card-game-would-zimmerman-case-have-been-filed-if-creepy-ass-cracker-comment-known/

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