17:13' 06/05/2008 (GMT+7)
The government will not let a rice fever happen again, confirmed Minister of Agriculture and Rural Development Cao Duc Phat on the sideline of the 3rd NA session in Hanoi on May 6.
Rice price storm over
The Ministry of Agriculture and Rural Development (MARD) and the government have taken tough measures to control rice prices but the prices haven’t fallen to the previous levels. We are not experiencing a rice shortage but the prices are still increasing. What will the Ministry do?
The rice prices have been influenced by the international market, psychological impacts, and speculation so there was a rice ‘fever’ recently. The government has taken tough measures to force the prices down. However, rice prices in some places are still higher than the previous levels of between VND1,000-3,000, depending on rice quality. We are keeping an eye on the rice market to not let another rice fever happen.
So we have to accept higher prices for rice after the recent rice ‘fever’?
Rice prices are decided by the supply-demand balance in the local and international markets. Our rice market is under the daily influences of the global market so adjustments must follow the market and market tools.
What do you think about imports of low-quality rice from China and Cambodia?
The Ministry (MARD) assigned a working group to go to Lao Cai province to survey the situation and they saw both low-quality and good rice.
Vietnam can export 5 million tonnes of rice but the government has reduced rice exports from 4.5 to 4 million tonnes. Will we change the export target again?
4.5 million tonnes is a forecast figure. In the Red River, the rice crop is good but nearly 400,000ha of rice has been attacked by insects. The Ministry and local governments are trying to deal with this.
Our viewpoint is ensuring food security at home first, then exporting rice, but we have to strictly keep track of rice production and consumption.
The central and northern regions were recently hit by natural calamities and epidemics so we may have a poor crop in these regions. Would the rice output of the Mekong Delta be enough for the whole country?
I confirm that we have enough rice for local consumption and for export in large volumes.
There is information about the establishment of a rice cartel which gathers rice exporting countries, including Vietnam. Could you reveal something about this plan?
I’ve heard that news from the media only. This issue is related to trade. At present MARD and the Ministry of Trade and Industry have nothing to say about this.
Tuesday 6 May 2008
PM emphasises spending cut and strict control of public investment
17:02' 06/05/2008 (GMT+7)
In his 60-minute speech delivered at the third session of the 12th National Assembly, which opened in Hanoi this morning, May 6, Prime Minister Nguyen Tan Dung proposed that the NA reduce the growth target to around 7% this year.
The PM explained that at the end of 2007, the prices of crude oil, food and many other kinds of materials suddenly rose in the international market. The global economy, especially the largest economies in the world such as the US, Japan and China, is seeing signs of recession.
Vietnam is heavily influenced by the world economy so its CPI in the first four months of 2008 increased 11.6% while its trade deficit rose 71%.
“These are the highest levels in many years, threatening macro-economic stability and adversely impacting production, jobs, incomes and the lives of people, especially the poor,” Dung said.
Besides outside influences, Vietnam experienced record cold spells and cattle and poultry epidemics. The PM also identified five other internal reasons, stressing the Government’s fumbling in carrying out monetary and financial policies.
The PM also said that the government is weak at market research and forecasting. “At the end of 2007, the government saw a lot of advantages and opportunities and didn’t forecast new challenges and difficulties so it asked the NA to approve a high growth rate target for 2008 (8.5-9% of GDP growth) and the lower increase of CPI than GDP growth,” Dung said.
He said that some targets set at the 2nd NA session were no longer appropriate and he proposed the NA reduce the GDP growth target to around 7%.
“The focus and urgent mission is curbing inflation and stabilising macro economics, supporting the poor and victims of natural calamities,” the PM emphasised.
To realise social-economic goals in 2008, the PM introduced eight groups of solutions, stressing a tightened financial policy which concentrates on spending cuts, strict control of public investment. Another important solution is promoting exports and decreasing the trade deficit.
The PM confirmed that the government will not increase power, petroleum, coal, clean water, airfare, train and bus fares till inflation is controlled.
“For the petroleum price, if the price in the international market suddenly climbs, the government will consider specific and appropriate measures,” Dung said.
As regards social welfare policies, the PM said the government will amend the salary increase roadmap, continue allocating rice for victims of natural calamities and maintain the levels of school and hospital fees.
According to Dung, the government allocated around 80,000 tonnes of rice for disadvantaged families in 2007 and the first four months of 2008, the highest level so far.
The NA Economic Committee agreed with the PM’s proposal of cutting the economic growth target but it asked the government to comprehensively research the subject before approving the amendment because slow economic growth may influence job creation and people’s incomes.
In his 60-minute speech delivered at the third session of the 12th National Assembly, which opened in Hanoi this morning, May 6, Prime Minister Nguyen Tan Dung proposed that the NA reduce the growth target to around 7% this year.
The PM explained that at the end of 2007, the prices of crude oil, food and many other kinds of materials suddenly rose in the international market. The global economy, especially the largest economies in the world such as the US, Japan and China, is seeing signs of recession.
Vietnam is heavily influenced by the world economy so its CPI in the first four months of 2008 increased 11.6% while its trade deficit rose 71%.
“These are the highest levels in many years, threatening macro-economic stability and adversely impacting production, jobs, incomes and the lives of people, especially the poor,” Dung said.
Besides outside influences, Vietnam experienced record cold spells and cattle and poultry epidemics. The PM also identified five other internal reasons, stressing the Government’s fumbling in carrying out monetary and financial policies.
The PM also said that the government is weak at market research and forecasting. “At the end of 2007, the government saw a lot of advantages and opportunities and didn’t forecast new challenges and difficulties so it asked the NA to approve a high growth rate target for 2008 (8.5-9% of GDP growth) and the lower increase of CPI than GDP growth,” Dung said.
He said that some targets set at the 2nd NA session were no longer appropriate and he proposed the NA reduce the GDP growth target to around 7%.
“The focus and urgent mission is curbing inflation and stabilising macro economics, supporting the poor and victims of natural calamities,” the PM emphasised.
To realise social-economic goals in 2008, the PM introduced eight groups of solutions, stressing a tightened financial policy which concentrates on spending cuts, strict control of public investment. Another important solution is promoting exports and decreasing the trade deficit.
The PM confirmed that the government will not increase power, petroleum, coal, clean water, airfare, train and bus fares till inflation is controlled.
“For the petroleum price, if the price in the international market suddenly climbs, the government will consider specific and appropriate measures,” Dung said.
As regards social welfare policies, the PM said the government will amend the salary increase roadmap, continue allocating rice for victims of natural calamities and maintain the levels of school and hospital fees.
According to Dung, the government allocated around 80,000 tonnes of rice for disadvantaged families in 2007 and the first four months of 2008, the highest level so far.
The NA Economic Committee agreed with the PM’s proposal of cutting the economic growth target but it asked the government to comprehensively research the subject before approving the amendment because slow economic growth may influence job creation and people’s incomes.
Sunday 4 May 2008
Over 200 dies in violent cyclone in Myanmar
22:29' 04/05/2008 (GMT+7)
A total of 222 died in the violent cyclone storm Nargis that swept Myanmar's five divisions and states on Friday and Saturday, the State Radio and Television reported Sunday evening.
Altogether 92,006 people were left homeless, the report said.
The deadly cyclone, which occurred over the Bay of Bengal, entered Myanmar on Friday morning and lashed areas in southwestern coastal areas of Haing Gyi Island, Pathein, Myaungmya, Laputta, Mawlamyinegyun, Kyaiklat, Phyarpon, Bogalay.
On the same day, the Nargis, at a wind speed of about 192 kilometers per hour with a diameter of 240 km, hit the biggest city Yangon starting from midnight until Saturday noon, lasting for over 10 hours.
Some five vessels capsized in the Yangon Port, official report said earlier.
Myanmar has declared five divisions and states, namely Yangon, Bago, Ayeyawaddy, Kayin and Mon, as natural-disaster-hit regions.
A national central committee for prevention of natural disaster was also formed with Prime Minister General Thein Sein as chairman to promptly and effectively carry out relief and resettlement tasks.
According to the report, Thein Sein made a field trip to the disaster-hit areas Sunday.
A total of 222 died in the violent cyclone storm Nargis that swept Myanmar's five divisions and states on Friday and Saturday, the State Radio and Television reported Sunday evening.
Altogether 92,006 people were left homeless, the report said.
The deadly cyclone, which occurred over the Bay of Bengal, entered Myanmar on Friday morning and lashed areas in southwestern coastal areas of Haing Gyi Island, Pathein, Myaungmya, Laputta, Mawlamyinegyun, Kyaiklat, Phyarpon, Bogalay.
On the same day, the Nargis, at a wind speed of about 192 kilometers per hour with a diameter of 240 km, hit the biggest city Yangon starting from midnight until Saturday noon, lasting for over 10 hours.
Some five vessels capsized in the Yangon Port, official report said earlier.
Myanmar has declared five divisions and states, namely Yangon, Bago, Ayeyawaddy, Kayin and Mon, as natural-disaster-hit regions.
A national central committee for prevention of natural disaster was also formed with Prime Minister General Thein Sein as chairman to promptly and effectively carry out relief and resettlement tasks.
According to the report, Thein Sein made a field trip to the disaster-hit areas Sunday.
NA Chairman urges Hanoi to create sharp changes in following President Ho’s exemplary morals
17:17' 04/05/2008 (GMT+7)
"Greater efforts should be made to bring about practical and lasting changes in implementing the "Study and Follow President Ho Chi Minh's Exemplary Morals" campaign," National Assembly Chairman Nguyen Phu Trong told leaders of Hanoi on May 2.
Chairman Trong was speaking at a working session with the Hanoi Municipal Party Committee to review one year of implementing the campaign in Hanoi and 23 other localities.
It was reported at the meeting that the movement, launched one year ago, has had a profound and positive impact on the entire political system, helping raise the awareness of cadres and receiving strong support from Party members and the public.
Chairman Trong asked the campaign organisers in Hanoi to set specific standards for different sectors and areas of work and avoid superficial behaviours.
"Leaders and business managers in Hanoi should be leading this movement," urged the NA leader.
From now until the end of the year, the Hanoi Party Committee will hold contests such as telling moral stories about Ho Chi Minh and open short courses on his ethics for civil servants as well as the public. The committee will focus on Ho Chi Minh Thought about practising thrift and fighting corruption and wastefulness.
The campaign is aimed at enhancing officials' willingness to go forward and contribute more actively to national construction. It is also expected to encourage cultured lifestyles and gradually help ward off social vices by co-ordinating work with political and social organisations more effectively at grassroots level.
A large-scale campaign aimed to remove unethical practices and wrongdoings, especially among State employees, will be launched on a larger scale.
"Greater efforts should be made to bring about practical and lasting changes in implementing the "Study and Follow President Ho Chi Minh's Exemplary Morals" campaign," National Assembly Chairman Nguyen Phu Trong told leaders of Hanoi on May 2.
Chairman Trong was speaking at a working session with the Hanoi Municipal Party Committee to review one year of implementing the campaign in Hanoi and 23 other localities.
It was reported at the meeting that the movement, launched one year ago, has had a profound and positive impact on the entire political system, helping raise the awareness of cadres and receiving strong support from Party members and the public.
Chairman Trong asked the campaign organisers in Hanoi to set specific standards for different sectors and areas of work and avoid superficial behaviours.
"Leaders and business managers in Hanoi should be leading this movement," urged the NA leader.
From now until the end of the year, the Hanoi Party Committee will hold contests such as telling moral stories about Ho Chi Minh and open short courses on his ethics for civil servants as well as the public. The committee will focus on Ho Chi Minh Thought about practising thrift and fighting corruption and wastefulness.
The campaign is aimed at enhancing officials' willingness to go forward and contribute more actively to national construction. It is also expected to encourage cultured lifestyles and gradually help ward off social vices by co-ordinating work with political and social organisations more effectively at grassroots level.
A large-scale campaign aimed to remove unethical practices and wrongdoings, especially among State employees, will be launched on a larger scale.
NA Chairman urges Hanoi to create sharp changes in following President Ho’s exemplary morals
17:17' 04/05/2008 (GMT+7)
"Greater efforts should be made to bring about practical and lasting changes in implementing the "Study and Follow President Ho Chi Minh's Exemplary Morals" campaign," National Assembly Chairman Nguyen Phu Trong told leaders of Hanoi on May 2.
Chairman Trong was speaking at a working session with the Hanoi Municipal Party Committee to review one year of implementing the campaign in Hanoi and 23 other localities.
It was reported at the meeting that the movement, launched one year ago, has had a profound and positive impact on the entire political system, helping raise the awareness of cadres and receiving strong support from Party members and the public.
Chairman Trong asked the campaign organisers in Hanoi to set specific standards for different sectors and areas of work and avoid superficial behaviours.
"Leaders and business managers in Hanoi should be leading this movement," urged the NA leader.
From now until the end of the year, the Hanoi Party Committee will hold contests such as telling moral stories about Ho Chi Minh and open short courses on his ethics for civil servants as well as the public. The committee will focus on Ho Chi Minh Thought about practising thrift and fighting corruption and wastefulness.
The campaign is aimed at enhancing officials' willingness to go forward and contribute more actively to national construction. It is also expected to encourage cultured lifestyles and gradually help ward off social vices by co-ordinating work with political and social organisations more effectively at grassroots level.
A large-scale campaign aimed to remove unethical practices and wrongdoings, especially among State employees, will be launched on a larger scale.
"Greater efforts should be made to bring about practical and lasting changes in implementing the "Study and Follow President Ho Chi Minh's Exemplary Morals" campaign," National Assembly Chairman Nguyen Phu Trong told leaders of Hanoi on May 2.
Chairman Trong was speaking at a working session with the Hanoi Municipal Party Committee to review one year of implementing the campaign in Hanoi and 23 other localities.
It was reported at the meeting that the movement, launched one year ago, has had a profound and positive impact on the entire political system, helping raise the awareness of cadres and receiving strong support from Party members and the public.
Chairman Trong asked the campaign organisers in Hanoi to set specific standards for different sectors and areas of work and avoid superficial behaviours.
"Leaders and business managers in Hanoi should be leading this movement," urged the NA leader.
From now until the end of the year, the Hanoi Party Committee will hold contests such as telling moral stories about Ho Chi Minh and open short courses on his ethics for civil servants as well as the public. The committee will focus on Ho Chi Minh Thought about practising thrift and fighting corruption and wastefulness.
The campaign is aimed at enhancing officials' willingness to go forward and contribute more actively to national construction. It is also expected to encourage cultured lifestyles and gradually help ward off social vices by co-ordinating work with political and social organisations more effectively at grassroots level.
A large-scale campaign aimed to remove unethical practices and wrongdoings, especially among State employees, will be launched on a larger scale.
Microsoft withdraws offer for Yahoo
22:30' 04/05/2008 (GMT+7)
Microsoft announced Saturday it is withdrawing its offer for Yahoo in a surprise that stunned many industry analysts and Wall Street investors.
In a letter to Yahoo Chief Executive Jerry Yang, Microsoft CEO Steve Ballmer said his company decided to give up its acquisition efforts after the negotiations between the two companies got bogged down.
"After careful consideration, we believe the economics demanded by Yahoo do not make sense for us, and it is in the best interests of Microsoft stockholders, employees and other stakeholders to withdraw our proposal," Ballmer said.
Microsoft was willing to pay 47.5 billion dollars, or 33 dollars per share, up from the bid's current value of 29.40 dollars per share. But Yahoo demanded at least 53 billion dollars, or 37 dollars per share, the letter said.
"Despite our best efforts, including raising our bid by roughly five billion dollars, Yahoo has not moved toward accepting our offer. Clearly a deal is not to be," Ballmer said.
Microsoft had set April 26 as the deadline for Yahoo to respond to Microsoft's offer, or it was to launch a proxy fight to take control of Yahoo's board of directors. But this week passed with no escalation of the takeover fight, which has been dragging on for three months.
Microsoft also said it doesn't intend to mount a battle to replace Yahoo's board of directors, although some observers had thought its bid would turn hostile in the absence of a deal.
Yahoo had repeatedly rejected Microsoft's offer as being too low. It has also aggressively sought alternatives such as a tie-up with Time Warner Inc.'s AOL unit and a partnership with rival Google Inc.
Ballmer said last week that Microsoft would not pay "a penny" more than the company thought Yahoo was worth, and it seems he kept his word.
In the letter, Ballmer also expressed disappointment with Yang that the deal had fallen through, but said Microsoft was prepared to go it alone.
"By failing to reach an agreement with us, you and your stockholders have left significant value on the table," he wrote.
Meanwhile, Yang responded in a statement posted on the Yahoo website, saying that Yahoo is able be focus on an important transition in its history now that "the distraction of Microsoft's unsolicited proposal is behind us."
Investors will be watching to see how Yahoo's stock performs on Monday. It had jumped about 50 percent since Microsoft announced its proposal to buy Yahoo in February.
However, industry analysts said that although Ballmer told Yangthat "clearly a deal is not to be," Microsoft's withdrawal of its bid doesn't necessarily end all hope that the two companies could unite.
Observers have predicted that Microsoft could withdraw its bid as a bargaining tactic, in hopes that Yahoo's stock would plunge enough that its management team would finally agree to do a deal on Microsoft's terms.
Microsoft's effort to buy Yahoo is seen widely as the software giant's latest attempt to challenge Google's dominance of the lucrative online search and advertising markets
Microsoft announced Saturday it is withdrawing its offer for Yahoo in a surprise that stunned many industry analysts and Wall Street investors.
In a letter to Yahoo Chief Executive Jerry Yang, Microsoft CEO Steve Ballmer said his company decided to give up its acquisition efforts after the negotiations between the two companies got bogged down.
"After careful consideration, we believe the economics demanded by Yahoo do not make sense for us, and it is in the best interests of Microsoft stockholders, employees and other stakeholders to withdraw our proposal," Ballmer said.
Microsoft was willing to pay 47.5 billion dollars, or 33 dollars per share, up from the bid's current value of 29.40 dollars per share. But Yahoo demanded at least 53 billion dollars, or 37 dollars per share, the letter said.
"Despite our best efforts, including raising our bid by roughly five billion dollars, Yahoo has not moved toward accepting our offer. Clearly a deal is not to be," Ballmer said.
Microsoft had set April 26 as the deadline for Yahoo to respond to Microsoft's offer, or it was to launch a proxy fight to take control of Yahoo's board of directors. But this week passed with no escalation of the takeover fight, which has been dragging on for three months.
Microsoft also said it doesn't intend to mount a battle to replace Yahoo's board of directors, although some observers had thought its bid would turn hostile in the absence of a deal.
Yahoo had repeatedly rejected Microsoft's offer as being too low. It has also aggressively sought alternatives such as a tie-up with Time Warner Inc.'s AOL unit and a partnership with rival Google Inc.
Ballmer said last week that Microsoft would not pay "a penny" more than the company thought Yahoo was worth, and it seems he kept his word.
In the letter, Ballmer also expressed disappointment with Yang that the deal had fallen through, but said Microsoft was prepared to go it alone.
"By failing to reach an agreement with us, you and your stockholders have left significant value on the table," he wrote.
Meanwhile, Yang responded in a statement posted on the Yahoo website, saying that Yahoo is able be focus on an important transition in its history now that "the distraction of Microsoft's unsolicited proposal is behind us."
Investors will be watching to see how Yahoo's stock performs on Monday. It had jumped about 50 percent since Microsoft announced its proposal to buy Yahoo in February.
However, industry analysts said that although Ballmer told Yangthat "clearly a deal is not to be," Microsoft's withdrawal of its bid doesn't necessarily end all hope that the two companies could unite.
Observers have predicted that Microsoft could withdraw its bid as a bargaining tactic, in hopes that Yahoo's stock would plunge enough that its management team would finally agree to do a deal on Microsoft's terms.
Microsoft's effort to buy Yahoo is seen widely as the software giant's latest attempt to challenge Google's dominance of the lucrative online search and advertising markets
Thursday 1 May 2008
Scientists create missing circuit element "memristor"
| 23:07' 01/05/2008 (GMT+7) |
American electronics experts have finally succeeded in proving the existence of a fourth fundamental unit of electronic circuits: the "memristor," short for "memory resistor." Researchers in California succeeded in creating a real, working example of the memristor 37 years after its existence was first suggested in 1971, according to the May 1 issue of Nature available on Wednesday. The memristor was created by Stan Williams of HP Labs in Palo Alto, California, and his colleagues while experimenting with very tiny circuits, who sandwiched a nanoscopic film of a semiconductor(titanium dioxide) between two slivers of metal (platinum). Those are standard materials, the trick is to make the component just 5 nanometers wide, about 10,000 times thinner than a human hair. It's only at the nanoscale that the behavior of memristors begins to be detectable, said Williams who reported the memristor's creation in Nature. That's probably one reason why the idea has mouldered on the shelf for 37 years, said Leon Chua, the electrical engineer at the University of California, Berkeley, who first postulated the existence of memristors in a 1971 paper, the report said. Pleased that his theory has finally been proved, Chua was quoted as saying "I was very excited -- I never thought I would live to see this happen." Williams explained: "A memristor is essentially a resistor with memory. The actual resistance of the memristor changes depending on the amount of voltage and the time for which that voltage has been applied to the device." The memristors behave just like ordinary resistors, where resistance is equal to the voltage divided by the current. That means that a computer created from memristive circuits can "remember" what has happened to it previously, and freeze that memory when the circuit is turned off. This quality could allow computers to turn off and on again in an instant, as all the components could revert to their last state instantly, rather than having to "boot up," he said. The researchers hope that the new components could revolutionize computing, promising an end to frustrating waits for your computer to boot up. Most computers use "volatile memory" to perform their running functions, because this offers faster access to data than the non-volatile memory used to store data on hard disks and flash devices such as iPods. Building computers with memristors might allow a full switch to non-volatile memory, doing away with power-sapping "running memory" and allowing devices to consume far less power when operating. |
Kate Hudson tops list of most beautiful people
| 23:03' 01/05/2008 (GMT+7) | ||
Kate Hudson has topped the World's Most Beautiful People list in People magazine, landing the cover of the annual beauties issue. People editors chose Hudson as their cover model for her natural beauty, pointing out that the actress "doesn't owe her famous sun-kissed looks to thousands of hours logged at a spa." Hudson beat Salma Hayek, Mary J. Blige and Bruce Willis and Demi Moore's eldest daughter Rumer Willis, who poses provocatively on a picnic table, wearing a gothic dress and ankle-length dominatrix boots for her People picture. Also named on the new World's Most Beautiful People list are comedian Sarah Silverman, Christina Applegate, new mom Isla Fisher, the cast of TV phenomenon Gossip Girl and celebrity couples Jessica Alba and Cash Warren and Eva Longoria and Tony Parker. |
Ronaldo loses fiancee following scandal involving transvestites
| 22:44' 01/05/2008 (GMT+7) | ||
Maria Beatriz Antony, who had been dating the player for a year, was staying in his apartment in the Barra da Tijuca district, Rio's west zone, when she acknowledged that Ronaldo had spent Sunday evening in the company of three transvestites. According to the press, the player himself gave his fiancee the bad news. Antony moved to her parents' home in Brasilia on Monday. The scandal exploded when Andrea Albertino, one of the three transvestites, told the police that Ronaldo had refused to pay for her services after acknowledging she was not a woman. The Milan forward, who is currently in Rio on a leave following a knee surgery, admitted to the police that he had gone out with Albertino and her friends because he thought they were female prostitutes. In his testimony, he explained that he needed to "have fun and relax" with "people from outside his circle." Ronaldo also said that Albertino tried to extort 50,000 reais (29,900 U.S. dollars) from him in exchange for not calling the police or the press, which was confirmed by one of the other two prostitutes. On Tuesday, Albertino was interviewed by newspapers and networks in Brazil. While waiting for another participation in a TV show in Sao Paulo, the prostitute, whose ID name is Andre Luis Albertino, got involved in another event that led her to show up at a police precinct for the second time in two days. She was charged with damaging some equipment of Brazilian broadcaster Rede TV, after reacting violently to questions made by a comedian that hosts a show on that TV channel. |
World’s longest sea bridge opens in east China
| 22:08' 01/05/2008 (GMT+7) | ||
China inaugurated the world's longest cross-sea bridge on Thursday as part of its effort to boost economic integration and development in the Yangtze River Delta. Hundreds of people attended the opening ceremony for the 36-kilometer bridge spanning Hangzhou Bay near Shanghai on Thursday afternoon. It was held in the middle of the bridge. Zhao Hongzhu, secretary of the Zhejiang Provincial Committee of the Communist Party of China, declared the opening of the bridge at 3:40 p.m., followed by ceremonial fireworks. Tens of thousands of local residents gathered on both banks of the bay, many of whom performed dragon dances in traditional costume to celebrate the span's opening. The bridge will open to traffic on a trial basis at midnight. Trucks, overloaded vehicles and vehicles that carry dangerous chemicals will be barred from passing through the bridge during the trial operation period in a bid to ensure smooth traffic and visitor safety. "The bridge has become well-known and is expected to attract many visitors," said Jin Jianming, deputy chief commander of the bridge construction project. "We haven't decided how long the trial operation period will last. That depends ... on the bridge condition, and we need time to improve management of its operation." 'MADE-IN-CHINA' BRIDGE The bridge has been hailed as a "Made-in-China" model in large infrastructure construction that fully uses homegrown technologies and demonstrates the country's architectural expertise. Wang Yong, head of the bridge project, said the design had led to more than 250 technological innovations and engineering breakthroughs. The project survived 19 severe challenges, including typhoons, sea tides and geological problems, during construction, he said. Jin added the complicated climate conditions in Hangzhou Bay made the construction one of the most difficult in the world. "That is the biggest difference from the Lake Pontchartrain Causeway Bridge in southern United States." He was referring to the 38.4-km bridge across Lake Pontchartrain in New Orleans, considered the world's longest water-spanning structure. The cross-sea bridge in China links Haiyan, Jiaxing City, with Cixi, Ningbo City in Zhejiang Province. It will cut the length of the road trip from Shanghai to Ningbo,a busy port, by 120 km. It is designed to last 100 years. The bridge, with a 32-km section spanning the sea, is a cable-stayed structure built at a cost of 11.8 billion yuan (1.69 billion U.S. dollars). Private investors funded almost 30 percent of the project, the first time China's private sector had invested in a major public infrastructure project in the country. Construction of the six-lane bridge, which will allow a maximum speed of 100 km per hour, started on Nov. 14, 2003 and was completed on June 26, 2007. A waste water disposal plant with a daily capacity of 270,000 tons has been built near the bridge in Jiaxing to collect and treat waste water from neighboring areas. "Taking environmental protection into account, the top priority for us is to prevent the Hangzhou Bay water from being polluted," said Qiu Dongyao, Jiaxing executive vice mayor. GREAT CHANGES EXPECTED As a shortcut between Zhejiang and Shanghai, the bridge is expected to greatly alleviate traffic flow in the booming Shanghai-Hangzhou-Ningbo triangle. "It's predicted the transportation costs will be reduced by 40 billion to 50 billion yuan in the coming 10 years for Zhejiang," said Huang Renwei, Shanghai Municipal Academy of Social Sciences deputy head. "In addition, another 55 billion to 60 billion yuan will be saved because of the reduction in fuel use," he said. The bridge is also expected to help boost economic integration and development in the Yangtze River Delta, which covers almost 100,000 square kilometers of land comprising Shanghai, Zhejiang and Jiangsu. It is home to 72.4 million people. "I think it will be easier for our company to recruit high-caliber employees in the future, who always prefer working in small cities like Cixi but living in big cities like Shanghai," said Sun Ningwei, vice president of the Xinhai Electric Co. Ltd. based in Cixi, Ningbo. "They can leave Shanghai for Cixi in the morning and go back in the afternoon. It's only about 1.5 hours' drive," she said. Sun Bingdui, a resident from Cixi's Tian'an Village located near the bridge, anticipated a better life after its opening. "There used to be a desolate beach near our village. Later many factories were built there due to the bridge," he recalled. "I opened a seafood restaurant a few years ago, drawing many nearby factory workers." "I was one of the poorest in the village in the past. Now, I'm one of the richest," he said. |
U.S. Fed cuts key interest rate to 2%
| 22:19' 01/05/2008 (GMT+7) | ||
The U.S. Federal Reserve decided Wednesday to cut a key interest rate by one quarter percentage point to 2.0 percent to prevent the economy from slipping into recession. Traders in the Eurodollar options pit of the Chicago Mercantile Exchange in Chicago, Illinois signal orders shortly after the Federal Open Market Committee lowered short-term interest rates March 18, 2008. The U.S. Federal Reserve decided Wednesday to cut a key interest rate by one quarter percentage point to 2.0 percent to prevent the economy from slipping into recession. The Wednesday action, the seventh straight move since Sept. 18,2007, could be the last one for a while as soaring energy and food prices heighten inflation concerns, according to analysts. As a result of the Fed actions in the past seven months, the federal funds rate, which commercial banks charge each other on overnight loans, have been cut by a combined 3.25 percentage points. The quarter-point rate cut would trigger a similar reduction in banks' prime lending rate, the benchmark for millions of consumer and business loans. That means borrowing costs for consumers and businesses would be lowered to 5 percent from 5.25 percent. The Fed action came hours after a government report showed that the U.S. economy grew at an annual rate of 0.6 percent in the first three months of this year, the same pace as in the previous quarter but slightly stronger than the 0.2 percent growth rate forecast by analysts. The growth paces in the past two quarter were far below the brisk 4.9 percent registered in the third quarter of last year. A growing number of economists believe the economy is in a recession and is indeed contracting now. On the other hand, however, inflationary pressures are rising. The government report also showed that core prices, which exclude volatile energy and food, rose at a rate of 2.2 percent in the first quarter. That was outside the Fed's comfort zone of one percent to 2 percent. Analysts say that the Fed is walking a tightrope. It is trying to shore up economic growth and at the same time it is mindful that it can not let inflation get out of hand. In a brief statement announcing the rate cut, the Fed said Wednesday that recent information indicates that "economic activity remains weak." Household and business spending has been subdued and labor markets have softened further, it said. Financial markets remain under considerable stress, and tight credit conditions and the deepening housing contraction are likely to weigh on economic growth over the next few quarters. While saying the central bank expected inflation to moderate incoming months, the Fed noted that "uncertainty about the inflation outlook remains high." "It will be necessary to continue to monitor inflation developments carefully," it said. The Fed also expressed its hope that interest rate cuts to date, combined with other measures to foster market liquidity, can "help to promote moderate growth over time and to mitigate risks to economic activity." It will continue to monitor economic and financial developments and will "act as needed" to promote sustainable economic growth and price stability, the Fed said. In a related action, the Fed unanimously approved a quarter percentage point reduction in the discount rate, the interest rate that the central bank charges to make direct loans to banks, to 2.25 percent. |
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