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Ugg boots ukTOKYO, Dec. 9 () -- Tokyo stocks retreated Friday, with the benchmark Nikkei stock index losing 1.48 percent following increased concerns about the debt crisis in the eurozone which was compounded by the European Central Bank (ECB) saying it wasn't legally bound to increase its purchasing of government bonds and dashing investor hopes for a decisive rescue plan for the region and sending them fleeing from riskier assets.Brokers here said investor sentiment turned increasingly negative following ECB chief Mario Draghi saying the central bank in Europe had in no way agreed to any form of "Grand Bargain" with leaders in the E.U. and that the bank was not legally required to rescue member states from debt."We have a treaty and Article 123 prohibits financing of governments. It embodies the best tradition of the Bundesbank. We shouldn't try to circumvent the spirit of the treaty," Draghi said.Global markets had been keenly awaiting a potential move by the ECB to augment its facilities and further help sovereign states in need of rescuing, but analysts said that the latest stance was something of a U-turn as Draghi had previously indicated that if the E.U. leaders could unite on issues of fiscal discipline and control, then the ECB would increase its key bond purchases."The ECB outcome means the European issues won't be solved easily," said Juichi Wako, a senior strategist at Nomura Holdings Inc. "The best scenario that the market had expected was for the ECB to decide to expand purchases of government bonds and then for the European Union to strengthen finance regulations at a summit being held in Brussels," Wako said.Bond yields in Italy and Spain spiked following the ECB's lack of decisive action, and the bank's extension of unlimited credit to banks and halving of its reserve ratio to create more liquidity, did little to inspire market confidence.Strategists here maintained that the meeting served as largely "window dressing" and solutions to Europe's crippling debt-crisis remained a long way off as the latest E.U. summit, seen by global markets as critical in solving the debt crisis, yielded tepid, lackluster results."Except for the fiscal integration, not a single thing was decided and it was all announced in very vague, political talk. In the end, there was no real development," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley.The 225-issue Nikkei Stock Average fell 128.12 points from Thursday to 8,536.46, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange lost 6.99 points, or 0. 94 percent, to finish at 738.12.Exporters with a wide exposure to European markets lost ground on the last trading day of the week, with Sony Corp. falling 3.3 percent to 1,405 yen and Panasonic Corp. relinquishing 2.8 percent to 694 yen.Financial issues retreated en masse with Mizuho slumping 1.9 percent to 104 yen and Dai-ichi Life Insurance Co. declining 3.2 percent to 82,000 yen. Daiwa Securities Group Inc. retreated 3.4 percent to 255 yen and Nomura Holdings fell 3.0 percent to close at 257 yen.Japan's major shipping lines were pressured by a decline in the TSE's shipping subindex which sank 2.3 percent sending Kawasaki Kisen KK 5.4 percent lower to 139 yen. Mitsubishi UFJ Morgan Stanley cut its price estimate on the firm's stock on slumping cargo rates to European destinations.Trading volume on Friday rose to 2.57 billion shares on the Tokyo Exchange's First Section, up from Thursday's volume of 1.73 billion shares, with declining issues outnumbering advancing ones by 950 to 553.
BEIJING, Dec. 13 () -- Local governments should take immediate action to make school buses more safe, China's safety watchdog said Tuesday following a third school transport tragedy in less than a month.Local governments should start to check school buses and correct problems with management now, rather than wait until relevant regulations are passed, Huang Yi, spokesman for the State Administration of Work Safety said.Huang's words came after 15 children died when their bus crashed on Monday in eastern China's Jiangsu province, the second day after the State Council released draft regulations aimed at improving school bus safety.The draft, which has been released to solicit public opinions over the course of the next month, stipulates that local governments above county level should take overall responsibility to ensure the safety of school transport systems.It also stated the central government will establish a system of mandatory technical standards to test the quality of school buses.School buses should adhere to stricter standards and be of higher quality than average coaches, said Huang, who described recent tragedies as "saddening."The government should clamp down on illegal and unsafe "school buses," forbidding them from carrying students any longer, he said.Meanwhile, the draft proposes that school buses should have prioritized right of way in traffic under the command of police, enjoying privileges including the use of bus lanes in rush hour and private cars being forbidden from overtaking them when the buses are picking up children.In addition, Huang called on parents to report on flawed school buses.Also on Monday, a school bus carrying 59 pupils was hit by a truck in the city of Foshan in south China's Guangdong province, injuring 37 students.Last month, 19 preschoolers and two adults were killed when a nine-seater school van packed with 64 people collided head-on with a coal truck in western Gansu province.Premier Wen Jiabao later pledged to "rapidly" issue safety regulations and standards for the country's school buses while further improving the design, production, and distribution of the vehicles.
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Choice Movie Actor: Drama - Robert Pattinson.(Photo: CRI Online)                                    BEIJING, Aug. 10 (net) -- The vampire romance franchise "The Twilight Saga" has dominated this year's Teen Choice Awards by winning a total of 12 prizes including choice fantasy movie and villain.    Meanwhile, the horror television series "Vampire Diaries," which has been a huge hit since it started, followed in second place with seven surfboard trophies.    Katy Perry, the host of the ceremony, said that the awards should change their name to the vampire awards.    "This is what this night is all about," said Katy Perry, "Vampires."    Of Robert Pattinson's four wins, one was not for the role of Edward Cullen in "The Twilight Saga". He also won the choice drama movie actor for "Remember Me."    Pattinson said, "It's great to win something outside of 'Twilight.'"    Taylor Lautner, who plays the werewolf Jacob Black in the "Twilight" films, took awards for male hottie, red-carpet icon and choice smile.    The Teen Choice Awards gained 85 million online votes this year from teenagers in support of their favorite shows and stars in movies, television, music, sport and fashion.                   1 2 3 4 5 6 7      1 2 3 4 5 6 7
NAIROBI, Feb. 20 () -- Kenyan President Mwai Kibaki opened a meeting of the world's environment ministers on Monday, calling for an elevated status of the Nairobi-based U.N. Environmental Programme (UNEP) to better manage the world's environmental matters.The Kenyan leader also called for the raising of the status of the ministerial meeting to become the ultimate voice on the environment across the globe."It is for this reason that the African Union has taken a common position to support the transformation of UNEP into a specialized UN agency," said Kibaki."I would like, therefore, to call upon the UNEP Governing Council to support the African Union position and endorse the transformation of UNEP into a specialized organization based here in Nairobi," he said.The Kenyan leader joined the Chairman of the African Union (AU) Committee of 10 Heads of State and Government spearheading climate change negotiations on behalf of Africa, in calling for the transformation of the UNEP into a special agency of the U.N. to coordinate environmental matters.Congo Republic's President Denis Sassou Nguesso, in a speech delivered for him by his minister Henry Jombo, said the management of the environment on a global scale was affected by duplication of duties and inefficiencies, which should be eliminated with the transformation of UNEP into a specialized body."It also underlines the need to set the world on a low carbon pathway which incorporates natural ecosystems," Kibaki told the more than 100 environment ministers attending the 12th special session of the UNEP Governing Council meeting, which also doubles as the Global Ministerial Environment Forum.Kibaki said such a transformation will create a broader legitimacy through universal membership and result in better coherence in decision-making and also enable more efficient implementation of decisions.President Kibaki said several other countries had managed to achieve a level of climate change resilience by putting in place measures to deal with greenhouse gas emission and cited Kenya as one of those which have prioritized "green growth.""Achieving green development and environmental development requires strong institutions. The AU has taken a common position to support UNEP transformation into a specialized UN agency," Kibaki said.President Kibaki is a member of the AU's Committee of 10 Heads of State and Government, tasked with the responsibility of spearheading Africa's common search for a binding global treaty on environmental management.President Kibaki decried the environmental degradation that continues to limit development options to many countries especially the developing nations despite the many advances made over the past 40 years."The scale and frequency of environmental disasters are often beyond national capacities to manage since they affect and even reverse the gains made in poverty eradication and sustainable development objectives. Sadly, the natural capital, which is the basis wealth for many nations and especially the poor, is being lost at alarming rates," he said.President Sassou-Nguesso said the transformed UNEP should enjoy similar status as the International Labour Organisation (ILO) and the World Health Organisation (WHO).He said such an institution must remain autonomous and be governed by one-country, one vote, but with adequate powers to coordinate the implementation of multilateral agreements.Kibaki also hoped that by transforming the institution, more capacity to deal with urgent environmental matters and the implementation of the international decisions reached worldwide would be effectively implemented.The Kenyan leader insisted that achieving green development and reversing environmental degradation requires strong institutions."We believe that a green economy must foster accelerated economic development, address poverty eradication and improve social welfare," he stated.Kibaki stressed the need to intensify efforts towards environmental conservation and protection, adding that it also underlines the need to set the world on a low carbon growth pathway which he said incorporates the real values of natural ecosystems.Kibaki said Kenya has embraced green growth as a national priority to guide the country's future development and achieve climate resilience due to the belief that a green economy fosters accelerated economic development, addresses poverty eradication and improves social welfare.The Kenyan leader said since the 1972 Stockholm Conference and the Rio Summit held in 1992, the world has had a better understanding of how to progress towards sustainable development.The meeting opened with a song by students from the Swedish School in Nairobi who sang a song "I have a dream" by ABBA, a former Swedish singing quartet to trace the path of the birth of the world body in 1972 in Stockholm.The meeting also evoked the memory of the late Nobel Peace Laureate and environmental campaigner Wangari Maathai who was described by UNEP Executive Director Achim Steiner as an individual who left the world a better place than she found it. Special Report: Global Climate Change
Manolo blahnikCOLOMBO, Dec. 13 () -- Aiming to spur economic growth, the Sri Lankan Central Bank has relaxed regulations of foreign investments in corporate debentures of local firms and foreign borrowings by local firms, it said in a statement on Tuesday.In the case of corporate debentures raised by local companies, the ceiling imposed on the interest rate of the debentures has been removed and the requirement for the maintenance of a sinking fund by the issuing company has been removed, according to the statement.These new procedures are expected to support alternative financing needs at a competitive cost. In addition, the minimum tenure of the debentures has been reduced from the current level of five years to two years.In the case of foreign borrowing, the current limit on borrowing applicable to a local firm has been increased from 20 million U.S. dollars to 50 million U.S. dollars and local firms have been permitted to raise foreign loans against corporate or bank guarantees."Other borrowing arrangements of a short-term nature and those by newly incorporated firms would also be considered for approval by the central bank, based on the merits of each case," said the statement.Sri Lanka's economy is projected to grow at a steady 8 percent in 2012, helped by a post-war tourism boom and heavy government infrastructure investment.
NEW YORK, June 27 () -- U.S. stocks opened slightly higher on Wednesday as data showed that durable goods orders rebounded in May.The U.S. Commerce Department reported that durable goods orders increased more than expected by 1.1 percent in May, suggesting that U.S. business activities improved.The National Association of Realtors is expected to report pending home sales data for May later on Wednesday. Investors expect the figure to increase.Also catching investors' attention, The EU will kick off a summit on Thursday. However, the expectations of the meeting are low as German Chancellor Angela Merkel has reiterated that she opposes the idea of common Eurobonds, which is supported by France, Italy and Spain.The yield of Italy's six-month government bonds rose to 2.957 percent, the highest level since last December, adding to investors' concerns about the country's solvency ability.The Dow Jones industrial average gained 44.20 points, or 0.35 percent, to 12,578.87. The Standard & Poor's 500 was up 5.56 points, or 0.42 percent, to 1,325.55. The Nasdaq Composite Index rose 11.70 points, or 0.41 percent, to 2,865.76.
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