Monday, November 21, 2011

Singapore predicts sharp economic slowdown in 2012

(AP) ? Singapore warned Monday that its economy will likely suffer a sharp slowdown next year as export demand from developed countries wanes.

Gross domestic product growth will probably drop to between 1 percent and 3 percent in 2012 from 5 percent this year, the Trade and Industry Ministry said.

"Singapore's externally oriented sectors such as electronics and wholesale trade will continue to perform poorly," the ministry said in a statement. "Although resilient domestic demand in emerging Asia will provide some support to global demand, it will not fully mitigate the effects of an economic slowdown in the advanced economies."

Singapore, an island of 5.1 million people off the southern tip of the Malay Peninsula, relies on exports, finance and tourism to maintain one of the world's highest levels of GDP per head.

Because of its high reliance on trade, Singapore is often a bellwether for the rest of Asia.

The economy grew 6.1 percent in the third quarter from a year ago and a seasonally-adjusted annualized 1.9 percent from the previous quarter, the ministry said.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-11-20-AS-Singapore-Economy/id-cfa2d27dc23c41119a245c559c8c0912

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Egypt: Police, protesters in bloody clash

Clashes erupted between protesters and police in Cairo and two other Egyptian cities, killing two people and wounding hundreds in the biggest security challenge yet for the country's ruling generals days before scheduled elections.

In scenes reminiscent of the 18-day uprising that toppled Hosni Mubarak from three decades of power in February, hundreds of youths chanted "The people want to topple the regime" on Saturday as they rushed towards riot police, who fired rubber bullets and tear gas.

Protesters broke chunks of cement from pavements and hurled them at police in clashes in which police lost control of Cairo's landmark Tahrir Square twice in the day.

A blaze broke out around midnight at the huge Mogamma state administration building overlooking Tahrir.

As police fired round after round of tear gas at protesters near the interior ministry, closer to Tahrir protesters laid sheets of metal to block roads into the square.

"They unleashed 20 trucks to forcefully disperse a few dozen peaceful protesters this morning," Salah Saeed said as he handed out vinegar-doused napkins to protect protesters against the tear gas.

"Now thousands of Egyptians are protesting in Tahrir. We don't need the corrupt interior ministry or the military council," he said.

Staggered voting is due to begin on Nov. 28 but could be disrupted if violence spreads.

'Violence breeds violence'
Witnesses said the clashes began when riot police dismantled a small tent camp set up to commemorate the hundreds of protesters killed in the uprising and attacked around 200 peaceful demonstrators who had camped in the square overnight in an attempt to restart a long-term sit-in there.

"Violence breeds violence," said Sahar Abdel-Mohsen, an engineer who joined in the protest after a call went out on Twitter urging people to come to Tahrir to defend against the police attacks. "We are tired of this and we are not leaving the square."

One 23-year-old protester died from a gunshot, said Health Ministry official Mohammed el-Sherbeni. At least 676 people were injured, he said.

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Crowds swarmed an armored police truck, rocking it back and forth and setting it ablaze.

After nightfall, protesters swarmed back into the square in the thousands, setting tires ablaze in the street and filling the area with an acrid, black smoke screen. Police appeared to retreat to surrounding areas, leaving protesters free to retake and barricade themselves inside the square. The air was still thick with stinging tear gas.

Prime Minister Essam Sharaf urged the protesters to clear the square.

"What is happening in Tahrir is very dangerous and threatens the course of the nation and the revolution," the Cabinet warned in a statement.

Video: Vehicle set on fire, police spray rubber bullets in Egypt (on this page)

Saturday's confrontation was one of the few since the uprising to involve police forces, which have largely stayed in the background while the military takes charge of security. There was no military presence in and around the square on Saturday.

The black-clad police were a hated symbol of Mubarak's regime.

"The people want to topple the regime," shouted enraged crowds, reviving the chant from the early days of the uprising. Crowds also screamed: "Riot police are thugs and thieves" and "Down with the Marshal," referring to Field Marshal Hussein Tantawi, Egypt's military ruler.

Some of the wounded had blood streaming down their faces and many had to be carried out of the square by fellow protesters to waiting ambulances.

Human rights activists accused police of using excessive force.

One prominent activist, Malek Mostafa, lost his right eye from a rubber bullet, said Ghada Shahbender, a member of the Egyptian Organization for Human Rights.

'A crime'
At least four protesters were injured in the eyes as a result of what Shahbender said were orders to target protesters' heads.

"It is a crime," she said. "They were shooting rubber bullets directly at the heads. ... I heard an officer ordering his soldiers to aim for the head."

A videojournalist for the Egyptian newspaper Al-Masry al-Youm, Ahmed Abdel-Fatah, was also hit in the eye by a rubber bullet and was undergoing surgery.

Police arrested 18 people, state TV reported, describing the protesters as rioters.

Protests were also held Saturday in the Red Sea port city of Suez, where a crowd of thousands attacked a police station, with some hurling firebombs at the building, said protester Ahmed Khafagi.

In Alexandria, hundreds of people threw stones at the main security headquarters, said protester Ahmed Abdel-Qader. He said it felt like the revolution was starting all over again.

"We only managed to bring down the head of the regime. The rest of the tree is still standing," he said.

A day earlier, tens of thousands of Islamists and young activists had massed in Tahrir Square to protest Egypt's ruling military council, which took control of the country after Mubarak's ouster and has been harshly criticized for its oversight of the bumpy transition period.

Friday's crowd, the largest in months, was mobilized by the Muslim Brotherhood and focused its anger on a document drafted by the military that spells out guiding principles for a new constitution.

Under those guidelines, the military and its budget would be shielded from civilian oversight. An early version of it also said the military would appoint 80 members of the 100-person constitutional committee ? a move that would vastly diminish the new parliament's role.

Reuters and The Associated Press contributed to this report.

Source: http://www.msnbc.msn.com/id/45369813/ns/world_news-mideast_n_africa/

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EU's Barnier: Tougher rules must precede euro bonds (Reuters)

PARIS (Reuters) ? Michel Barnier, the European Union's markets commissioner, said on Sunday he was in favor of euro zone countries pooling their debt together but warned that tougher oversight of national budgets was needed first.

The European Commission will suggest on Wednesday that it take on new powers of oversight of national budgets in exchange for accepting that euro zone members issue debt jointly through so-called eurobonds, EU sources told Reuters this week.

"The precondition for shared bonds, for common debts, which to me seems like a fair idea, is to have coordination, oversight, common governance and a larger European budget," he told France 5 television in an interview.

Asked if Germany, which is opposed to the idea of eurobonds, would make concessions on the idea, he said: "Germany will move as soon as it has confidence in our capacity to manage the economy together."

(Reporting By Nicholas Vinocur; Editing by Kavita Chandran)

Source: http://us.rd.yahoo.com/dailynews/rss/eurobiz/*http%3A//news.yahoo.com/s/nm/20111121/bs_nm/us_eurozone_bonds

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Sunday, November 20, 2011

Turkey tries to duck out (Star Tribune)

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Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/163944138?client_source=feed&format=rss

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U.S. deficit deal still possible: Republican (Reuters)

WASHINGTON (Reuters) ? A key member of a stalemated congressional panel urged Democrats Saturday to join an attempt by his fellow Republicans to craft a deal to cut the U.S. deficit before next week's deadline.

"We have what is truly a once-in-a-lifetime opportunity to pass legislation that will generate millions of jobs, create a simpler, fairer tax system with lower rates for everyone and put our government on a path toward fiscal sanity," said Republican Senator Patrick Toomey.

Toomey's remarks, in his party's weekly radio address, amounted to a plug for how Republicans on the 12-member "super committee" on deficit reduction would draft a deal by a deadline of midnight Wednesday (12 a.m. EDT).

Democrats have rejected Toomey's approach, complaining it relies too much on spending cuts and needs far more in the way of tax hikes on the wealthy.

After nearly three months of talks, time is running out for the panel's six Democrats and six Republicans to agree on how to cut the deficit by at least $1.2 trillion over 10 years.

Doubts are growing that the panel will get there. Failure will trigger automatic spending cuts.

Financial markets and voters hope for a deal to slow the growth of government debt that last week topped $15 trillion.

They are also looking for signs that a sharply divided Congress is finally ready to work together on one of the nation's most difficult issues.

"The hour is late," Toomey said. "By law, our work on this committee must be completed this coming week. But I remain hopeful that we can meet our goal."

Despite Toomey's words of urgency, little in the way of negotiations was expected this weekend, aides said.

But several committee members, including Toomey, planned to be on the Sunday TV talk shows.

Toomey won a Senate seat just last year with the help of the anti-Washington Tea Party movement and quickly emerged as a key player on the "super committee" that is packed with congressional veterans.

While long a stalwart of Republican opposition to any tax hikes, Toomey offered a plan that backers said would generate $300 billion in new revenue.

Democrats were encouraged that Toomey put tax hikes on the table but rejected his proposal as woefully inadequate.

(Reporting by Thomas Ferraro; Editing by John O'Callaghan)

Source: http://us.rd.yahoo.com/dailynews/rss/gop/*http%3A//news.yahoo.com/s/nm/20111119/pl_nm/us_usa_debt_republican

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Saturday, November 19, 2011

'Fixies,' skinny jeans, and irony swarm Jakarta's streets

American hipster culture is gaining popularity in Jakarta, most evident in the flood of bespectacled bikers on 'fixies' on the city's clogged streets.?

? A local, slice-of-life story from a Monitor correspondent.

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Every other Sunday morning, Jakarta?s major thoroughfare becomes a bike?superhighway. Thousands of residents reclaim the streets from the grinding traffic that makes the megacity a chore to navigate.

But amid the tide of lycra-clad racers, mountain bike riders, and teens on BMX bikes is a new sight: the colorful, fixed-gear velodrome bikes known as ?fixies.? Popularized in American hipster culture, fixies have crossed the Pacific. Male riders sport jean shorts, moustaches, beanies, and black-rimmed glasses.?

More than half of the nation?s 230 million people now have cellphones with access to the Internet and the latest trends overseas. With a more open society in the past 10 years, Western influence is everywhere.?

Hipster-oriented stores appear in Jakarta?s Western-style malls. At the youthful FX Sudirman mall, teenagers seek out skinny jeans, ironic T-shirts, and salons specializing in the latest New York look. In nearby Kemang, university students flock to such stores as Monka Magic Vinyl, where the latest record from Arcade Fire is sold alongside fixie bikes. ?

?Indonesia is becoming homogenized,? says Eka Annash, advertising art director and singer for the popular punk-rockabilly band The Brandals. ?We?re borrowing culture from the US.??

Source: http://rss.csmonitor.com/~r/csmonitor/globalnews/~3/8swQi6EJSJU/Fixies-skinny-jeans-and-irony-swarm-Jakarta-s-streets

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NFL teams pass big money to politicians (Star Tribune)

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