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Saturday, May 21, 2005

In an effort to ease complaints by the U.S. and Europe about a heavy influx of low priced Chinese goods, China will raise export tariffs on 74 categories of textile products in June. This follows plans from the U.S. to impose quotas on Chinese textiles and clothing.

Products likely to see an increase from the Chinese move include synthetic fiber shirts, trousers, knit shirts and blouses, cotton shirts, and combined cotton yarn. Last week, similar restrictions were imposed by the U.S. on cotton trousers, knit shirts, and underwear. Currently, a 2.5 cent charge per item is imposed; the new tariff will raise this to the equivalent of 12 cents per piece now. While this is a fourfold increase, it is not expected to affect consumer prices. Because of this, some doubt the tariff will have any effect on correcting the trade imbalance.

This move is in response to U.S. trade quotas imposed due to concerns that increased Chinese goods would put U.S. textile manufacturers out of business. According to Auggie Tantillo, executive director of the American Manufacturing Trade Action Coalition, a textile industry group in the U.S., the move will preserve 10,000 U.S. jobs. The new U.S. trade quota will limit the growth of Chinese textile imports to 7.5 percent compared with shipments over the past year.

Prior to January 1, a global quota system helped regulate the trade. With the quota system gone, fears have arisen that a flood of Chinese goods could undercut U.S. competitiveness in the market. China is able to market its goods cheaply due to an artificially weak yuan. The U.S. Treasury criticized the China yuan policy as “highly distortionary”, posing a major risk to China’s economy itself and to global economic growth. They challenged China to revalue its currency to bring it to a level they believe will allow fairer competition between global manufacturers.

China has disputed the charges of the U.S. Treasury. Chinese Commerce Minister Bo Xilai said, “I believe they are not reasonable”.

Laura Jones, a representative of large retailers, also criticized the move, saying “These restrictions on imports from China will do absolutely nothing to help the U.S. textile industry — and the government knows it.”

China has seen a boom in economic growth in recent years due to growing trade surpluses with the West, but economists worry that the trade gap will cause longer term global economic problems. China’s textile and apparel exports are the most noteworthy example, with exports up over 1,000 percent in some categories this year and the rapid loss of marketshare and jobs by U.S. textile manufacturers.

Beginning in 1978, the Chinese economy has been transforming from a Soviet-style centrally planned economy to more of a free market style system, under the rigid political control of Communist Party of China.

To this end, the government has leveraged foreign trade to stimulate economic growth. The result has been a fourfold increase in GDP, making China the sixth largest economy in the world. By 2012 the People’s Republic of China may have the highest GDP in the world.

According to U.S. statistics, from 1999 to 2004 China’s trade surplus with the U.S. doubled to $170 billion. Wal-Mart is China’s seventh largest export partner, just ahead of the United Kingdom.

However, the gains from their “socialist market economy” have not been without problems. The Chinese leadership has often experienced the worst results of socialism and capitalism: bureaucracy, lassitude, corruption, and inflation. Inflation rates have been an on-going challenge, reaching as high as 17% in 1995.

Environmental deterioration is a longer-term threat to economic growth. In 1998, the World Health Organization reported that China had seven of the 10 most-polluted cities on Earth. Another concern among some economists is that China’s economy is over-heating, and due to its global economic expansion this could have major repercussions among other nations.

Typically, wages have been low and working conditions poor, with workers living in restrictive dormitories and working at boring factory jobs. However, recent labor shortages have started improving conditions, and raising the minimum wage towards the equivalent of 100-150 US dollars per month. The labor shortages are in part a result of a demographic trend caused by strict family planning.

• “Economy of the People’s Republic of China” — Wikipedia, May 22, 2005
• “China raises tariffs on textile exports. Beijing hoping to counter criticism from U.S., Europe.” — CNN, May 21, 2005
• “China to increase export tariffs” — CNN, May 19, 2005

Sunday, April 25, 2010

At least ten people are dead after a large, destructive tornado tore through Yazoo City, Mississippi yesterday. The tornado has been rated an EF4 on the Enhanced Fujita Scale, and is estimated to have had at most 170 mph winds.

Five of the deaths were in Choctaw County, four in Yazoo County, and one in Holmes County. 21 people have been hospitalized as a result of the storm, and others have been trapped in cars and houses. Multiple injuries resulted from cars being blown off of Interstate 55 during the storm.

The tornado moved along a path 97 miles long and 1.75 miles wide at its widest point. Among damaged or destroyed buildings included at least twenty houses, a church, and several businesses. According to Yazoo City mayor McArthur Straughter, the storm ripped the roofs off of every building in the area. Fallen trees and debris are hindering access to some parts of Yazoo City and Yazoo County. Before ravaging the city, the tornado damaged a chemical plant in Louisiana, causing a nitrogen leak and several injuries.

The Salvation Army is aiding relief efforts by providing hot meals, coffee, cold drinks, and spiritual counseling to tornado victims in Yazoo and Warren Counties.

The tornado occurred on the third, and most active, day of a severe weather outbreak that had previously affected areas of Colorado, Kansas, Oklahoma, Texas, Arkansas, and Louisiana, the latter two of which were also effected during Saturday’s outbreak. The Storm Prediction Center has received 104 reports of tornadoes so far during this outbreak.

Sunday, September 5, 2010

The Office of Gas and Electricity Markets (Ofgem), the regulator of the electricity and gas markets in Great Britain, has launched an investigation into four of the largest British energy suppliers over suspicions that they not be complying with face-to-face and telephone sales regulations. The four organisations facing scrutiny could be fined up to 10% of their annual turnover if it is found that they are breaking sales regulations. Scottish Power, npower, Scottish and Southern Energy and EDF Energy are all to face questioning by the organisation.

Ofgem has urged customers of the four companies to alert the energy regulator, “if they are concerned about the sales approach any domestic suppliers have taken when selling energy contracts, either face-to-face or by telephone,” according to a statement. “As part of the investigation process Ofgem will examine any evidence of non-compliance and consider whether there are grounds for exercising enforcement powers.”

New regulations on sales tactics by energy suppliers were recently introduced, and, Ofgem has said, energy suppliers must be “proactive in preventing misselling to customers both face to face and over the phone. Also, if suppliers are selling contracts face to face they must provide customers with an estimate before any sales are concluded. In most circumstances customers should also receive a comparison of the supplier’s offer with their current deal.” Only one in five consumers consider energy suppliers to be trustworthy, and 61% of people feel intimidated by doorstep sales people from energy companies. According to the organisation Consumer Focus, “complaints have declined since new rules came into effect this year, but suppliers still seem to be flouting the rules. Some customers are still being given misleading quotes and information, which leave them worse off when they switch provider.”

The newspaper The Guardian has reported that “householders are reporting that sales agents working for the energy suppliers are giving them misleading information and quotes which leave them worse off when they switch supplier.” Consumer Focus has said that if energy companies continue to break the rules, they could be banned from doorstep-selling completely. The report goes on to say that “new figures from helpline Consumer Direct show that while the number of complaints has fallen since last year, about 200 cases of mis-selling are being reported each month.” However, Scottish Power said it insists on “the highest standards possible for all of our sales agents”, and npower told the Financial Times that it was “confident that the processes we have in place mean that we comply with our regulatory obligations”. EDF added that it was “fully compliant with all obligations regarding sales of energy contracts”.

According to the regulator, the obligations are serious and must be followed by energy supplies, or they will face “tougher sanctions than those available under more general consumer protection law.” Ofgem has published a guide advising consumers what they should do should an energy salesperson contact them in person of by telephone. Improper sales tactics are still common in the industry—in 2008 an Ofgem investigation found that 48% of gas customers and 42% of electricity customers were worse off after switching supplier on the doorstep. Npower was fined £1.8 million in 2008 by the organisation, and Ofgem insists that they are “committed to taking action” over improper sales activities by energy companies. “Suppliers have existing obligations to detect and prevent misselling and new licence conditions were brought in following our probe to further increase protection for customers,” said Andrew Wright, a Senior Partner of the regulator. “We expect all suppliers to comply with these tougher obligations but if our investigations find otherwise we will take strong action.”

Head of energy at Consumer Focus, Audrey Gallacher, called the investigation “a welcome step … to address years of customers getting a bad deal on energy prices on their doorstep. While many doorstep sales people will do a good job, the pay and rewards system continues to encourage mis-selling, despite years of regulation and voluntary initiatives. If better advice for customers and enforcement of the tougher rules doesn’t end the flagrant abuse of this form of selling the big question will be whether it should be completely banned.” Christine McGourty, director of Energy UK, which represents the leading gas and electricity companies, said that “the companies involved will collaborate with the Ofgem investigation and are awaiting further details from the regulator. Any sales agent in breach of the code will be struck off the approved energy sales register.” Which? chief executive, Peter Vicary-Smith, has said he considers the situation “shocking”, saying that the investigation “will do nothing to improve consumer trust in energy suppliers. We’re pleased that Ofgem has promised tough measures against any firms guilty of mis-selling. We hope it uses this opportunity to tighten rules around telesales so they are in line with those for face to face sales.”

SNP Westminster Energy spokesperson Mike Weir MP, however, said that the investigation “does nothing to tackle the real problem of fuel prices which leave many Scots facing great difficulty in heating their homes … Rather than tinkering around the edges Ofgem should be looking at how to reduce prices for vulnerable households.” Gareth Kloet, Head of Utilities at Confused.com, one of the UK’s biggest and most popular price comparison services, also welcomed the inquiry. “It is unacceptable for energy companies to mislead customers like this,” he said, adding that Confused.com has previously “urged energy providers to either stop the practice of doorstep selling or make it very clear to households that better deals are available online. There is no reason why door-to-door salesmen can’t show people online deals and even help households switch to them.”

“Our research reveals customers could end up paying £167 more than they need to as door-to-door salesmen are unable to offer the discounts that are applied online. The changes that have been made to date are a welcome addition to safeguard customers; however this review has been much needed for a long time. Hopefully it will mark the end of customers being overcharged and missold,” Kloet continued. “Our message to energy consumers remains the same: they should shop around online to make sure they’re getting the best deal possible and turn these salesmen away.”

Wednesday, April 2, 2008

“Localization of ‘SEMI Safety Guideline'”, executed by Safety and Health Technology Center of Taiwan (SAHTECH) and supervised by Semiconductor Equipment and Materials International (SEMI), was announced today in Hsinchu, Taiwan.

This localization included several fields on health and safety of semiconductor manufacturing, certification testing on electrical devices, evaluations on fire or natural diseases, and environmental issues on semiconductor manufacturing devices, etc.. Companies and manufacturers from the semiconductor industry also paid more attentions on this guideline because issues on carbon-savings, earthquakes, fire diseases, and environment-efficiencies were included into this guideline.

On the other side of the incoming trade show of 2008 SecuTech Expo, scheduled after 2 weeks at Taipei World Trade Center, not only main fields on security devices, information security, and fire & disease preventions, the digital monitoring will be a hot topic in security industry. For applications on fire & disease preventions, because its issues contained industrial applications and ESH (Environmental, Safety & Health) managements, if a company want to decrease the ratio of fire disease or earthquake, companies from safety and related industries should pay more attentions on disease preventions.

Tuesday, August 16, 2011

A new law which seeks to utilise reusable energy and minimise cost impact on consumers is under development in Japan. The new law, which would be effective from July 1 next year, would seek to reduce Japan’s dependency on nuclear power.

The new legislation would urge power utilities to cut costs by purchasing renewable energy from outside companies and private businesses. Japan’s decision has been referred to as opening the door on renewable energy, which currently only contributes to six percent of Japan’s energy sources.

Politicians have amended the bill, allowing the revised bill to pass through parliament later this month. Prime Minister Naoto Kan who is pushing for the bill to be passed in return for his resignation, has stated that the ‘feed-in-tariff on renewable energy will be set at a fixed price so that utilities are limited to purchasing electricity from renewable power generators. Kan hopes that this will encourage more business and private corporate partners to enter into the renewable energy market.

“As a medium-term revolutionary energy and environmental strategy, we have decided to start a thorough review of nuclear power policy and draw a roadmap for a reduction of the dependence on nuclear power” Mr Kan said.

Large companies are concerned about the new legislation as it will continue to affect profit margins which are low due to power shortages and high priced exports. The bill was changed to reduce the surcharge for large power companies after complaints from the Japanese steel industry. If the scheme is launched then consumers will face an increase on electricity bills as utilities can pass their costs onto end-users. Despite the governments promise to cap the surcharge for the next ten years, there is no reference to it in the revised bill.

Lawmakers hope that by adding a provision requiring utilities to streamline their operations, the impact on consumers will be minimized.

A third party group will be set up within the under the Agency for National Resources and Energy to ensure that the setting of fixed prices are fair and just.

Monday, December 2, 2013

Police in the West Midlands in England today said nearly 200 kilograms worth of drugs with value possibly as great as £30 million (about US$49 million or €36 million) has been seized from a unit in the town of Brownhills. In what an officer described as “one of the largest [seizures] in the force’s 39 year history”, West Midlands Police reported recovering six big cellophane-wrapped cardboard boxes containing cannabis, cocaine, and MDMA (“ecstasy”) in a police raid operation on the Maybrook Industrial Estate in the town on Wednesday.

The seized boxes, which had been loaded onto five freight pallets, contained 120 one-kilogram bags of cannabis, 50 one-kilogram bags of MDMA, and five one-kilogram bricks of cocaine. In a press release, West Midlands Police described what happened after officers found the drugs as they were being unloaded in the operation. “When officers opened the boxes they discovered a deep layer of protective foam chips beneath which the drugs were carefully layered”, the force said. “All the drugs were wrapped in thick plastic bags taped closed with the cannabis vacuum packed to prevent its distinctive pungent aroma from drawing unwanted attention.” Police moved the drugs via forklift truck to a flatbed lorry to remove them.

Detective Sergeant Carl Russell of West Midlands Police’s Force CID said the seizure was the largest he had ever made in the 24 years he has been in West Midlands Police and one of the biggest seizures the force has made since its formation in 1974. “The impact this seizure will have on drug dealing in the region and the UK as a whole cannot be underestimated”, he said. “The drugs had almost certainly been packed to order ready for shipping within Britain but possibly even further afield. Our operation will have a national effect and we are working closely with a range of law enforcement agencies to identify those involved in this crime at whatever level.”

Expert testing on the drugs is ongoing. Estimates described as “conservative” suggest the value of the drugs amounts to £10 million (about US$16.4 million or €12 million), although they could be worth as much as £30 million, subject to purity tests, police said.

Police arrested three men at the unit on suspicion of supplying a controlled drug. The men, a 50-year-old from Brownhills, a 51-year-old from the Norton area of Stoke-on-Trent in Staffordshire, and one aged 53 from Brownhills, have been released on bail as police investigations to “hunt those responsible” continue. West Midlands Police told Wikinews no person has yet been charged in connection with the seizure. Supplying a controlled drug is an imprisonable offence in England, although length of jail sentences vary according to the class and quantity of drugs and the significance of offenders’ roles in committing the crime.

Thursday, July 3, 2014

Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.