Strong quake kills 300; destroys homes on Tibet plateau

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• Strong quake kills 300; destroys homes on Tibet plateau
• Nigerian kidnappers free 4 foreign workers - police
• Thai protesters on move to "final battleground"
• Russia says needs time to develop political system
• Cargo aircraft crashes in northern Mexico; 5 dead
• Obama hails nuclear agreement
• Strong quake kills 300; destroys homes on Tibet plateau
• Thai protesters vow "final battleground"
• Nigeria leader has 'no contact' with president
• Thai deaths rise to 23, red shirts vow final battle
• Russia says needs time to develop political system
• EXCLUSIVE - Climate change could raise cost of U.S. allergies
• Strong quake kills 67; destroys homes on Tibet plateau
• Iran complains to UN over U.S. nuclear "threat"
• Pilots hailed as heroes for averting Hong Kong air disaster
• <font>red>Latest</font> -- Singapore lifts GDP forecast, revalues currency http://www.btimes.com.my/articles/20100414103915/Article/ http://www.btimes.com.my/articles/20100414103915/Article/ Wed, 14 Apr 2010 10:41:07 +0800 SINGAPORE: Singapore said Wednesday it expects the economy to grow up to 9.0 per cent this year, sharply raising its forecast after a hefty 13.1 per cent expansion in the first quarter. The Ministry of Trade and Industry said in a statement gross domestic product (GDP) is seen expanding 7.0-9.0 per cent this year, higher than its previous forecast of 4.5-6.5 per cent. Trade-reliant Singapore's revised growth target comes amid signs that the global economy is continuing to recover from the financial and economic crisis that struck in late 2008 and extended well over into last year. Singapore's economy, the first in Asia to slip into recession, contracted 2.0 per cent last year. Preliminary estimates from the trade ministry showed GDP in the three months to March expanded 13.1 per cent from a year ago and 32.1 per cent on a quarter-on-quarter seasonally adjusted basis. The first quarter surge marked a strong turnaround from the same period last year when GDP shrank 9.4 per cent annually and 7.1 per cent from the previous three months. Manufacturing led the way with a 30-per cent year-on-year expansion in the first quarter as external demand for information technology-related products improved. Construction grew 11.3 per cent annually and services-producing industries surged 8.4 per cent, the trade ministry said. The outlook for the global economy has shown further signs of improvement, it said. While downside risks remain, such as a sovereign debt crisis in Europe or a slowdown due to withdrawal of fiscal measures, these have been outweighed by stronger signs that global economic conditions are improving. In a separate statement Wednesday, the Monetary Authority of Singapore (MAS) said it was adopting a tighter monetary policy stance to tame inflation as the economic recovery gains traction. Singapore's monetary policy is conducted via the local currency, which is traded against a basket of currencies of its major trading partners within an undisclosed band known as the nominal effective exchange rate. MAS, the country's central bank, said it will shift the policy band from that of a zero per cent appreciation to one of modest and gradual appreciation. The Singapore economy has rebounded from the downturn and is expected to continue on its firm recovery path given the more favourable global economic outlook, it said. At the same time, inflationary pressures are likely to pick up, driven by rising global commodity prices as well as some domestic cost factors. Singapore uses the local currency, rather than interest rates, to conduct monetary policy because of the economy's huge reliance on external trade. -- AFP ADB sees robust recovery for Asia http://www.btimes.com.my/articles/ADBforecast/Article/ http://www.btimes.com.my/articles/ADBforecast/Article/ Wed, 14 Apr 2010 00:45:23 +0800 HONG KONG: Developing Asia's economies were on track for a robust recovery, the Asian Development Bank (ADB) said on Tuesday, with India and China working as the engines of growth. However, it warned that the region could still be at risk if stimulus measures introduced to counter the global downturn were removed too soon or if the world economy suffered any further jolts. The bank said developing Asia would grow 7.5 per cent this year although this will slow slightly to 7.3 per cent in 2011. The forecast is still below the region's record 9.6 per cent expansion seen in 2007. Developing Asia's recovery has taken firm hold and a return to stronger and sustainable growth is now in sight if the region can meet the challenge of strengthening domestic demand, said ADB chief economist Jong-Wha Lee. The region's prospects improved after better-than-expected growth in the second half of 2009, a boost driven by the strong performances of the Chinese and Indian economies, the bank said. (The region) can look ahead to a robust recovery in the next two years, the bank said. Fiscal stimulus measures designed to counter the global financial meltdown will likely continue to lure foreign investment, while rising incomes and lower unemployment should get consumers spending more, it added. That spending will likely boost inflation to about four percent this year and again in 2011, up from 1.5 per cent in 2009, the bank said. However it said: There is concern that as stimulus measures are unwound, particularly in the major economies, the strength of private demand is not healthy enough to take over. Lee told a press conference in Hong Kong that appreciation of the Chinese yuan could support the stability of the region's economy and curb inflationary pressure. Maybe this is the right time to increase the exchange rate (of the yuan). Increasing the exchange rate flexibility will not only help China, but the region as a whole, he said. The bank is concerned that the region's early recovery is attracting volatile capital flows, complicating macroeconomic management. We are concerned that the increase in asset prices in Hong Kong and China will spread to other countries in the region. That will be very risky, Lee said. Rising food prices, which disproportionately affect the poor, also pose a risk, the ADB said. The report warned that government policy makers must steer their countries through an uncertain environment with a timely return to sound and responsible fiscal and monetary policies. These served the region well when the crisis broke, and authorities need to adapt them appropriately as recovery takes hold and the crisis recedes, it said. East Asia - including Hong Kong, China, Korea, and Taiwan - is forecast to lead the region with an 8.3 per cent rise in gross domestic product in 2010, up from 5.9 per cent in 2009, the report said. Southeast Asian economies will grow 5.1 per cent this year, from 1.2 per cent in 2009, as countries including Thailand, Cambodia, and Malaysia see an upswing in exports, the bank said. India will lead South Asia's 7.4 per cent GDP increase this year, the bank said, up from a 6.5 per cent rise in 2009. Central Asia, including Kazakhstan and Georgia, will see 4.7 per cent economic growth compared with 2.7 per cent last year, the bank said. - AFP China will make own call on yuan, Hu tells Obama http://www.btimes.com.my/articles/yuanup1/Article/ http://www.btimes.com.my/articles/yuanup1/Article/ Wed, 14 Apr 2010 00:25:48 +0800 BEIJING/WASHINGTON: China will chart its own course in reforming the yuan, President Hu Jintao said as US President Barack Obama renewed his call for a more flexible Chinese currency. The two heads of state, meeting for the first time since Sino-US tensions over the yuan threatened in recent months to escalate into a serious trade dispute, chose their words carefully and, in the view of investors, left the door open for Beijing to resume appreciation in the coming weeks. Hu said that China would not be pushed by external pressure and would instead base any decision on the yuan on its own economic needs. But he also made clear that it was committed to reform. China will firmly stick to a path of reforming the yuan's exchange rate formation mechanism, Hu told Obama, according to the official Xinhua news agency account of their discussion. In making reforms, we will give careful consideration to global economic developments and changes, as well as to China's economic condition, Hu said. The yuan edged down in the offshore forwards market for a second day on Hu's comments, but investors were still positioning themselves for a gradual resumption of the currency's appreciation. Beijing has frozen the yuan's exchange rate against the US dollar since mid-2008 to help cushion its economy from the global downturn, but the strength of China's recovery has fuelled criticism of this policy and market expectations that it is about to resume appreciation. Notable by its absence in Hu's reported comments was a declaration, previously a stock phrase for Chinese leaders, that a stable yuan was benefiting the global economy. Obama, for his part, touched only delicately on the yuan, with his focus more on the summit at hand and securing Chinese backing for tougher sanctions against Iran's nuclear activities. The president reaffirmed his view that it is important for a ... sustained and balanced worldwide economic recovery that China move toward a more market-oriented exchange rate, Jeffrey Bader, a top White House adviser, told reporters. - Reuters Indonesia seeks LNG buyers http://www.btimes.com.my/articles/BPMIGAS/Article/ http://www.btimes.com.my/articles/BPMIGAS/Article/ Wed, 14 Apr 2010 00:23:18 +0800 JAKARTA: Indonesia's energy watchdog, BPMIGAS, is seeking buyers of liquefied natural gas (LNG) in 2011 because it expects excess capacity of 2.5 to 3 million tonnes when an existing contract ends, an agency official said on Tuesday. Indonesia, the world's third-biggest LNG exporter after Qatar and Malaysia, has an 8.4 million tonnes per year (tpy) contract due to expire in 2010 and a 3.6 million tpy deal ending in 2011, both with a group of Japanese firms. In February 2009, six Japanese firms reached a deal in principle to extend their term contract for Indonesian LNG from 2011 for 10 years, and agreed to purchase a combined 3 million tpy of LNG from 2011 to 2015, and 2 million tpy from 2015 to 2020. Budi Indianto, the deputy head of BPMIGAS, told reporters the LNG will be supplied from Bontang plant in East Kalimantan. We will seek LNG buyers for possible short-term contracts until the local LNG receiving terminal operations are ready. We don't know when the receiving terminal will be ready, he said. Indianto said he would ask state oil and gas firm Pertamina and local gas distribution firm PT Perusahaan Gas Negara (PGN), to give clear timing for when their LNG receiving terminal will be in operation. We have prepared the LNG to supply the local receiving terminal but it is not clear when they will begin operation, he said. Pertamina will build a floating receiving terminal near Jakarta, in a joint venture PGN. Pertamina will also build a receiving terminal in East Java, and PGN will build a terminal in North Sumatra. Indonesia is seeking non-oil energy sources such as natural gas and coal to meet rising domestic demand for power and to reduce consumption of crude oil as its reserves dwindle. - Reuters IMF expands credit facility http://www.btimes.com.my/articles/IMFlift/Article/ http://www.btimes.com.my/articles/IMFlift/Article/ Wed, 14 Apr 2010 00:23:50 +0800 WASHINGTON:The International Monetary Fund (IMF) set on Monday a tenfold growth in its standing credit with member nations to US$550 billion (US$1 = RM3.22) to boost lending capacity. The IMF executive board approved the expansion of the borrowing arrangements, a year after the Group of 20 developed and developing nations pledged to triple IMF resources, to US$750 billion, the IMF said in a statement. The board expanded the Fund's so-called New Arrangements to Borrow (NAB) and transformed the Fund's premier standing credit arrangement into a more flexible and effective tool of crisis management, the IMF said. The NAB had previously been just US$50 billion . The expanded NAB will become operational when it gets formal acceptances from the required proportion of participants, which will require legislative backing in some cases, the IMF said. The board action came a day after eurozone countries agreed on a financial rescue plan for debt-stricken Greece, which may involve a loan from the IMF. - AFP China bags Canada oil sands stake http://www.btimes.com.my/articles/sipec/Article/ http://www.btimes.com.my/articles/sipec/Article/ Wed, 14 Apr 2010 00:24:25 +0800 NEW YORK: China's not done shopping the globe for oil. On Monday, a Beijing-backed oil producer announced the country's largest deal yet in North America, paying ConocoPhillips US$4.65 billion (US$1 = RM3.22) for its minority stake in a Canadian oil sands project. Oil is a primary target for China, given the country's huge appetite for energy. The agreement with ConocoPhillips continues a trend of aggressive buying by the Chinese for energy resources, said Fadel Gheit, an analyst with Oppenheimer and Co. They're going for big chunks of assets, Gheit said. For ConocoPhillips, the sale of its 9.03 per cent stake to Sinopec, which is the international division of China Petroleum and Chemical Corp, is part of its plans to sell about US$10 billion in assets by 2011. The company is paring back an expansion undertaken in the middle of last decade. As China's economy grows, the country has expanded its reach around the globe for raw materials. China already passed the US as the largest market for new cars. Last month, sales of passenger jumped 63 per cent in China from a year earlier. In March, China National Offshore Oil Corp. said it would pay US$3.1 billion for a 50 per cent stake in an Argentine energy firm. That same month, Arrow Energy Ltd, an owner of gas assets in Australia, agreed to a joint takeover bid from Shell and PetroChina worth US$3.15 billion. In November, Cnooc bought part of Statoil ASA's interests in the Gulf of Mexico. Cnooc was stymied in its bid for US oil and gas producer Unocal Corp. in 2005. The Chinese company withdrew its US$18.5 billion offer after US lawmakers compalined about how the sale would jeopardise national security. Syncrude, located in Alberta, is the world's largest oil sands project. Industry officials estimate the region could yield as much as 175 billion barrels of oil, which would make Canada second only to Saudi Arabia in crude oil reserves. But the process of making the thick oil in the sands thin enough to transport to the surface by pipeline is costly. China, with its large reserves of cash and hunger for energy, is willing to pay a premium for the Conoco stake. They're buying with cash, which they have a lot of, Gheit said. For them, cash is trash. They don't want it. They want to convert it into real assets. China doesn't seem to share others' environmental concerns about crude from the oil sands, which emits more carbon dioxide than other sources of oil, said Jim Byrne, an analyst with BMO Capital Markets-Canada. The Syncrude joint venture includes Canadian Oil Sands Ltd, Imperial Oil Resources, Mocal Energy Ltd, Murphy Oil Co, Nexen Oil Sands Partnership, Suncor Energy Inc. It employs more than 5,000 people. Last year, Syncrude produced 102.2 million barrels of crude. Canadian Prime Minister Stephen Harper didn't have an immediate reaction, but noted that the government has a process for approving large foreign investments. ConocoPhillips got a good price, said Byrne. The Chinese have an insatiable thirst for oily assets. They're still resource poor. - AP
• Strong quake kills 4; destroys homes on Tibet plateau
• Obama to outline revamped space policy in Florida
• Nuclear stock security tightened
• FACTBOX - National commitments promised at nuclear summit

Strong quake kills 300; destroys homes on Tibet plateau Posted: 14 Apr 2010 01:01 AM PDT BEIJING (Reuters) - A magnitude 6.9 earthquake on Wednesday killed about 300 people in the mountainous Tibetan Plateau in southwest China and left more than 8,000 injured as houses, schools and offices collapsed.

Nigerian kidnappers free 4 foreign workers - police Posted: 14 Apr 2010 01:01 AM PDT PORT HARCOURT, Nigeria (Reuters) - Nigerian kidnappers released four Syrian and Lebanese construction workers, five days after they were taken near the oil hub Port Harcourt, a police spokeswoman said on Wednesday.

Thai protesters on move to "final battleground" Posted: 14 Apr 2010 12:52 AM PDT BANGKOK (Reuters) - Thailand's anti-government protesters on Wednesday started to congregate at a ritzy Bangkok shopping district, preparing for a "final battleground" in their campaign to oust army-backed Prime Minister Abhisit Vejjajiva.

Russia says needs time to develop political system Posted: 14 Apr 2010 12:52 AM PDT WASHINGTON (Reuters) - Russian President Dmitry Medvedev said on Tuesday that he and Barack Obama have "changed the atmosphere" in Russian-U.S. ties, but demanded more American support on issues from the economy to Afghan drugs.

Cargo aircraft crashes in northern Mexico; 5 dead Posted: 14 Apr 2010 12:52 AM PDT MEXICO CITY (Reuters) - A cargo aircraft crashed late Tuesday near the airport in the northern Mexican city of Monterrey, killing five people, Mexican emergency authorities reported.

Obama hails nuclear agreement Posted: 14 Apr 2010 12:23 AM PDT Nearly 50 world leaders attended and agreed to a four-point plan to secure all loose nuclear materials within four years. Mr Obama said the summit would help prevent nuclear material falling into the hands of terrorists.

Strong quake kills 300; destroys homes on Tibet plateau Posted: 13 Apr 2010 11:44 PM PDT BEIJING (Reuters) - A magnitude 6.9 earthquake on Wednesday killed about 300 people in the mountainous Tibetan Plateau in southwest China and left more than 8,000 injured as houses, schools and offices collapsed.

Thai protesters vow "final battleground" Posted: 13 Apr 2010 11:14 PM PDT BANGKOK (Reuters) - Thailand's anti-government protesters said on Wednesday they would all congregate at a single site in a ritzy Bangkok shopping district, preparing for a "final battleground" with the authorities.

Nigeria leader has 'no contact' with president Posted: 13 Apr 2010 10:32 PM PDT Nigeria's acting leader, Goodluck Jonathan, has said that he hasn't heard from or met the country's ailing president since being appointed to oversee the government in February.

Thai deaths rise to 23, red shirts vow final battle Posted: 13 Apr 2010 10:14 PM PDT BANGKOK (Reuters) - Thailand's "red shirt" protesters ruled out talks with the government and said they would concentrate on one site in the capital Bangkok in readiness for a final battle to oust the country's prime minister.

Russia says needs time to develop political system Posted: 13 Apr 2010 09:50 PM PDT WASHINGTON (Reuters) - Russian President Dmitry Medvedev said on Tuesday that he and Barack Obama have "changed the atmosphere" in Russian-U.S. ties, but demanded more American support on issues from the economy to Afghan drugs.

EXCLUSIVE - Climate change could raise cost of U.S. allergies Posted: 13 Apr 2010 09:50 PM PDT WASHINGTON (Reuters) - Climate change could push the cost of U.S. allergies and asthma beyond the current $32 billion annual price tag, conservation and health groups reported on Wednesday.

Strong quake kills 67; destroys homes on Tibet plateau Posted: 13 Apr 2010 09:18 PM PDT BEIJING (Reuters) - A magnitude 6.9 earthquake on Wednesday killed at least 67 people and trapped many others in collapsed houses in the mountainous Tibetan plateau in southwestern China.

Iran complains to UN over U.S. nuclear "threat" Posted: 13 Apr 2010 08:45 PM PDT UNITED NATIONS (Reuters) - Iran complained to the United Nations on Tuesday over what it called a U.S. threat to attack it with atomic weapons, accusing Washington of nuclear blackmail in violation of the U.N. charter.

Pilots hailed as heroes for averting Hong Kong air disaster Posted: 13 Apr 2010 08:45 PM PDT HONG KONG (Reuters) - The pilots of a Cathay Pacific flight who managed to steer an Airbus A330 plane to safety at Hong Kong's airport after both its engines malfunctioned, have been hailed as heroes by colleagues.

<font>red>Latest</font> -- Singapore lifts GDP forecast, revalues currency http://www.btimes.com.my/articles/20100414103915/Article/ http://www.btimes.com.my/articles/20100414103915/Article/ Wed, 14 Apr 2010 10:41:07 +0800 SINGAPORE: Singapore said Wednesday it expects the economy to grow up to 9.0 per cent this year, sharply raising its forecast after a hefty 13.1 per cent expansion in the first quarter. The Ministry of Trade and Industry said in a statement gross domestic product (GDP) is seen expanding 7.0-9.0 per cent this year, higher than its previous forecast of 4.5-6.5 per cent. Trade-reliant Singapore's revised growth target comes amid signs that the global economy is continuing to recover from the financial and economic crisis that struck in late 2008 and extended well over into last year. Singapore's economy, the first in Asia to slip into recession, contracted 2.0 per cent last year. Preliminary estimates from the trade ministry showed GDP in the three months to March expanded 13.1 per cent from a year ago and 32.1 per cent on a quarter-on-quarter seasonally adjusted basis. The first quarter surge marked a strong turnaround from the same period last year when GDP shrank 9.4 per cent annually and 7.1 per cent from the previous three months. Manufacturing led the way with a 30-per cent year-on-year expansion in the first quarter as external demand for information technology-related products improved. Construction grew 11.3 per cent annually and services-producing industries surged 8.4 per cent, the trade ministry said. The outlook for the global economy has shown further signs of improvement, it said. While downside risks remain, such as a sovereign debt crisis in Europe or a slowdown due to withdrawal of fiscal measures, these have been outweighed by stronger signs that global economic conditions are improving. In a separate statement Wednesday, the Monetary Authority of Singapore (MAS) said it was adopting a tighter monetary policy stance to tame inflation as the economic recovery gains traction. Singapore's monetary policy is conducted via the local currency, which is traded against a basket of currencies of its major trading partners within an undisclosed band known as the nominal effective exchange rate. MAS, the country's central bank, said it will shift the policy band from that of a zero per cent appreciation to one of modest and gradual appreciation. The Singapore economy has rebounded from the downturn and is expected to continue on its firm recovery path given the more favourable global economic outlook, it said. At the same time, inflationary pressures are likely to pick up, driven by rising global commodity prices as well as some domestic cost factors. Singapore uses the local currency, rather than interest rates, to conduct monetary policy because of the economy's huge reliance on external trade. -- AFP ADB sees robust recovery for Asia http://www.btimes.com.my/articles/ADBforecast/Article/ http://www.btimes.com.my/articles/ADBforecast/Article/ Wed, 14 Apr 2010 00:45:23 +0800 HONG KONG: Developing Asia's economies were on track for a robust recovery, the Asian Development Bank (ADB) said on Tuesday, with India and China working as the engines of growth. However, it warned that the region could still be at risk if stimulus measures introduced to counter the global downturn were removed too soon or if the world economy suffered any further jolts. The bank said developing Asia would grow 7.5 per cent this year although this will slow slightly to 7.3 per cent in 2011. The forecast is still below the region's record 9.6 per cent expansion seen in 2007. Developing Asia's recovery has taken firm hold and a return to stronger and sustainable growth is now in sight if the region can meet the challenge of strengthening domestic demand, said ADB chief economist Jong-Wha Lee. The region's prospects improved after better-than-expected growth in the second half of 2009, a boost driven by the strong performances of the Chinese and Indian economies, the bank said. (The region) can look ahead to a robust recovery in the next two years, the bank said. Fiscal stimulus measures designed to counter the global financial meltdown will likely continue to lure foreign investment, while rising incomes and lower unemployment should get consumers spending more, it added. That spending will likely boost inflation to about four percent this year and again in 2011, up from 1.5 per cent in 2009, the bank said. However it said: There is concern that as stimulus measures are unwound, particularly in the major economies, the strength of private demand is not healthy enough to take over. Lee told a press conference in Hong Kong that appreciation of the Chinese yuan could support the stability of the region's economy and curb inflationary pressure. Maybe this is the right time to increase the exchange rate (of the yuan). Increasing the exchange rate flexibility will not only help China, but the region as a whole, he said. The bank is concerned that the region's early recovery is attracting volatile capital flows, complicating macroeconomic management. We are concerned that the increase in asset prices in Hong Kong and China will spread to other countries in the region. That will be very risky, Lee said. Rising food prices, which disproportionately affect the poor, also pose a risk, the ADB said. The report warned that government policy makers must steer their countries through an uncertain environment with a timely return to sound and responsible fiscal and monetary policies. These served the region well when the crisis broke, and authorities need to adapt them appropriately as recovery takes hold and the crisis recedes, it said. East Asia - including Hong Kong, China, Korea, and Taiwan - is forecast to lead the region with an 8.3 per cent rise in gross domestic product in 2010, up from 5.9 per cent in 2009, the report said. Southeast Asian economies will grow 5.1 per cent this year, from 1.2 per cent in 2009, as countries including Thailand, Cambodia, and Malaysia see an upswing in exports, the bank said. India will lead South Asia's 7.4 per cent GDP increase this year, the bank said, up from a 6.5 per cent rise in 2009. Central Asia, including Kazakhstan and Georgia, will see 4.7 per cent economic growth compared with 2.7 per cent last year, the bank said. - AFP China will make own call on yuan, Hu tells Obama http://www.btimes.com.my/articles/yuanup1/Article/ http://www.btimes.com.my/articles/yuanup1/Article/ Wed, 14 Apr 2010 00:25:48 +0800 BEIJING/WASHINGTON: China will chart its own course in reforming the yuan, President Hu Jintao said as US President Barack Obama renewed his call for a more flexible Chinese currency. The two heads of state, meeting for the first time since Sino-US tensions over the yuan threatened in recent months to escalate into a serious trade dispute, chose their words carefully and, in the view of investors, left the door open for Beijing to resume appreciation in the coming weeks. Hu said that China would not be pushed by external pressure and would instead base any decision on the yuan on its own economic needs. But he also made clear that it was committed to reform. China will firmly stick to a path of reforming the yuan's exchange rate formation mechanism, Hu told Obama, according to the official Xinhua news agency account of their discussion. In making reforms, we will give careful consideration to global economic developments and changes, as well as to China's economic condition, Hu said. The yuan edged down in the offshore forwards market for a second day on Hu's comments, but investors were still positioning themselves for a gradual resumption of the currency's appreciation. Beijing has frozen the yuan's exchange rate against the US dollar since mid-2008 to help cushion its economy from the global downturn, but the strength of China's recovery has fuelled criticism of this policy and market expectations that it is about to resume appreciation. Notable by its absence in Hu's reported comments was a declaration, previously a stock phrase for Chinese leaders, that a stable yuan was benefiting the global economy. Obama, for his part, touched only delicately on the yuan, with his focus more on the summit at hand and securing Chinese backing for tougher sanctions against Iran's nuclear activities. The president reaffirmed his view that it is important for a ... sustained and balanced worldwide economic recovery that China move toward a more market-oriented exchange rate, Jeffrey Bader, a top White House adviser, told reporters. - Reuters Indonesia seeks LNG buyers http://www.btimes.com.my/articles/BPMIGAS/Article/ http://www.btimes.com.my/articles/BPMIGAS/Article/ Wed, 14 Apr 2010 00:23:18 +0800 JAKARTA: Indonesia's energy watchdog, BPMIGAS, is seeking buyers of liquefied natural gas (LNG) in 2011 because it expects excess capacity of 2.5 to 3 million tonnes when an existing contract ends, an agency official said on Tuesday. Indonesia, the world's third-biggest LNG exporter after Qatar and Malaysia, has an 8.4 million tonnes per year (tpy) contract due to expire in 2010 and a 3.6 million tpy deal ending in 2011, both with a group of Japanese firms. In February 2009, six Japanese firms reached a deal in principle to extend their term contract for Indonesian LNG from 2011 for 10 years, and agreed to purchase a combined 3 million tpy of LNG from 2011 to 2015, and 2 million tpy from 2015 to 2020. Budi Indianto, the deputy head of BPMIGAS, told reporters the LNG will be supplied from Bontang plant in East Kalimantan. We will seek LNG buyers for possible short-term contracts until the local LNG receiving terminal operations are ready. We don't know when the receiving terminal will be ready, he said. Indianto said he would ask state oil and gas firm Pertamina and local gas distribution firm PT Perusahaan Gas Negara (PGN), to give clear timing for when their LNG receiving terminal will be in operation. We have prepared the LNG to supply the local receiving terminal but it is not clear when they will begin operation, he said. Pertamina will build a floating receiving terminal near Jakarta, in a joint venture PGN. Pertamina will also build a receiving terminal in East Java, and PGN will build a terminal in North Sumatra. Indonesia is seeking non-oil energy sources such as natural gas and coal to meet rising domestic demand for power and to reduce consumption of crude oil as its reserves dwindle. - Reuters IMF expands credit facility http://www.btimes.com.my/articles/IMFlift/Article/ http://www.btimes.com.my/articles/IMFlift/Article/ Wed, 14 Apr 2010 00:23:50 +0800 WASHINGTON:The International Monetary Fund (IMF) set on Monday a tenfold growth in its standing credit with member nations to US$550 billion (US$1 = RM3.22) to boost lending capacity. The IMF executive board approved the expansion of the borrowing arrangements, a year after the Group of 20 developed and developing nations pledged to triple IMF resources, to US$750 billion, the IMF said in a statement. The board expanded the Fund's so-called New Arrangements to Borrow (NAB) and transformed the Fund's premier standing credit arrangement into a more flexible and effective tool of crisis management, the IMF said. The NAB had previously been just US$50 billion . The expanded NAB will become operational when it gets formal acceptances from the required proportion of participants, which will require legislative backing in some cases, the IMF said. The board action came a day after eurozone countries agreed on a financial rescue plan for debt-stricken Greece, which may involve a loan from the IMF. - AFP China bags Canada oil sands stake http://www.btimes.com.my/articles/sipec/Article/ http://www.btimes.com.my/articles/sipec/Article/ Wed, 14 Apr 2010 00:24:25 +0800 NEW YORK: China's not done shopping the globe for oil. On Monday, a Beijing-backed oil producer announced the country's largest deal yet in North America, paying ConocoPhillips US$4.65 billion (US$1 = RM3.22) for its minority stake in a Canadian oil sands project. Oil is a primary target for China, given the country's huge appetite for energy. The agreement with ConocoPhillips continues a trend of aggressive buying by the Chinese for energy resources, said Fadel Gheit, an analyst with Oppenheimer and Co. They're going for big chunks of assets, Gheit said. For ConocoPhillips, the sale of its 9.03 per cent stake to Sinopec, which is the international division of China Petroleum and Chemical Corp, is part of its plans to sell about US$10 billion in assets by 2011. The company is paring back an expansion undertaken in the middle of last decade. As China's economy grows, the country has expanded its reach around the globe for raw materials. China already passed the US as the largest market for new cars. Last month, sales of passenger jumped 63 per cent in China from a year earlier. In March, China National Offshore Oil Corp. said it would pay US$3.1 billion for a 50 per cent stake in an Argentine energy firm. That same month, Arrow Energy Ltd, an owner of gas assets in Australia, agreed to a joint takeover bid from Shell and PetroChina worth US$3.15 billion. In November, Cnooc bought part of Statoil ASA's interests in the Gulf of Mexico. Cnooc was stymied in its bid for US oil and gas producer Unocal Corp. in 2005. The Chinese company withdrew its US$18.5 billion offer after US lawmakers compalined about how the sale would jeopardise national security. Syncrude, located in Alberta, is the world's largest oil sands project. Industry officials estimate the region could yield as much as 175 billion barrels of oil, which would make Canada second only to Saudi Arabia in crude oil reserves. But the process of making the thick oil in the sands thin enough to transport to the surface by pipeline is costly. China, with its large reserves of cash and hunger for energy, is willing to pay a premium for the Conoco stake. They're buying with cash, which they have a lot of, Gheit said. For them, cash is trash. They don't want it. They want to convert it into real assets. China doesn't seem to share others' environmental concerns about crude from the oil sands, which emits more carbon dioxide than other sources of oil, said Jim Byrne, an analyst with BMO Capital Markets-Canada. The Syncrude joint venture includes Canadian Oil Sands Ltd, Imperial Oil Resources, Mocal Energy Ltd, Murphy Oil Co, Nexen Oil Sands Partnership, Suncor Energy Inc. It employs more than 5,000 people. Last year, Syncrude produced 102.2 million barrels of crude. Canadian Prime Minister Stephen Harper didn't have an immediate reaction, but noted that the government has a process for approving large foreign investments. ConocoPhillips got a good price, said Byrne. The Chinese have an insatiable thirst for oily assets. They're still resource poor. - AP Posted: 13 Apr 2010 08:25 PM PDT

Strong quake kills 4; destroys homes on Tibet plateau Posted: 13 Apr 2010 08:13 PM PDT BEIJING (Reuters) - A magnitude 6.9 earthquake on Wednesday killed at least four people and trapped many others in collapsed houses in Yushu, Qinghai province, on the mountainous Tibetan plateau.

Obama to outline revamped space policy in Florida Posted: 13 Apr 2010 07:41 PM PDT WASHINGTON/CAPE CANAVERAL, Fla. (Reuters) - President Barack Obama will outline a revamped space policy on Thursday aimed at speeding development of a new heavy-lift rocket, increasing the number of human spaceflight missions, creating 2,500 new jobs and ultimately voyaging to Mars.

Nuclear stock security tightened Posted: 13 Apr 2010 07:00 PM PDT The leaders of almost 50 countries have pledged to secure all vulnerable nuclear material within four years.

FACTBOX - National commitments promised at nuclear summit Posted: 13 Apr 2010 07:13 PM PDT Following is a list of some of the commitments:

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