US cargo plane crashes in Dubai

 

A UPS cargo plane has crashed in an unpopulated area between two highways in Dubai of the United Arab Emirates. The crash killed the two pilots on board.

The Boeing 747-400 operated by the US logistics company, UPS, crashed shortly after takeoff into a military compound near the airport. The aircraft caught fire, hitting a covered parking lot, and then crashing.

There were no injuries on the ground. The United Arab Emirates civil aviation authority said the bodies of the two crew members were recovered.

Boeing said on its website it would send a team to provide technical support to the investigation upon invitation from the authorities.

 

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Dave Lindorff | Investors Are a Wacky Bunch, and the Financial Press Is Largely a Shill Game

One of the great mantras of the modern economics profession is that markets know best, and that the collective “wisdom” of investors is generally correct.

I’ve never really believed that, having spent years writing about business and finance. In fact, my interviews with market strategists, Wall Street economists and portfolio managers have convinced me that it’s the rare investor or analyst who has done much serious reading of history, political science or even economics and finance for that matter. Sure, some people can be very good at analyzing the worth and the potential of a specific company, but when it comes to macroeconomic trends, most of the explanations you get are very narrowly focussed and ignorant, showing little concern for or understanding of the great drivers of history, economics or politics.

That said, I’m still left scratching my head at today’s roughly 3% jump in the US equities market, which the investment analyst community is attributing to a report by the relatively obscure Institute for Supply Management, which announced that its index of manufacturing activity in the US had risen a bit to 56.3, instead of dipping slightly, as had been predicted by analysts.

Word that manufacturing was improving (and it was an improvement of just 0.8% at that), led to a stampede into equities by investors, especially into the stocks of manufacturing companies like Caterpillar, United Technologies and Boeing, which all jumped by 1-3% for the day.

But here’s the thing. It might nice to see manufacturing orders picking up, but manufacturing in the US only represents a puny 12% of the US economy, a share that has been falling steadily for decades as US companies shift production month after month, year after year overseas. It would take one hell of a boom in manufacturing to kick start a US economy in which one in five workers is either out of work, working part-time while wanting full-time work, or has given up looking for work because there are no jobs.

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Speaking of which, on the same day that the ISM report on manufacturing gains came out, ADP, the payroll check vending company that handles many company payrolls, reported that far from improving, the nation’s job situation was still in decline, with companies cutting 10,000 jobs in August. The government is also expected, later this week, to weigh in with a report that employers cut 120,000 jobs in August, after cutting 131,000 in July.

Nobody’s hiring, the percentage, and number, of people who have been jobless for two years(!) is the highest since those numbers were first tallied, and the Obama economic stimulus package that kept jobless numbers below 10% is running out, meaning that joblessness is likely to start to rise significantly into next year and stay high for some time to come. Housing prices are also continuing to fall too, and precipitously, meaning that most Americans are losing wealth, not gaining it. Given all that, the notion, reflected in today’s surge in the Dow, NASDAQ and S&P Indexes, that better times are on the way, is really quite absurd.

So too is the idea that markets know best and that investors as a group possess some kind of collective wisdom and forecasting acumen. 

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China recovers with triumph over South Africa

China recovered from two consecutive defeats by wining on Friday 4-1 over South Africa on the 3rd date of the Group B, of the Women’s Field Hockey World Cup being hosted in Rosario city, 300km to Buenos Aires, Argentina’s capital.

The goals were scored by Ren Ye at the minute 26, Fun Baorong at the minute 44 and Gao Lihua scored two, one at the minute 58 and the other at the 60.

Meanwhile, South Africa’s goal was scored by Jennifer Wilson at the minute 4. With this triumph, China got its first three points at the World Cup.

The match was played at 9:00 a.m. local time (1200 GMT) in the stadium of Rosario, which was supposed to be played on Thursday, but was suspended due to the pouring rain.

The next matches of the Group B are England (6 points) vs South Korea (3) and Argentina (6) vs Spain (0).

The matches for the Group A will be Germany (6) vs India (0), the Netherlands (6) vs Australia (6) and Japan (0) vs New Zealand (0).

Top two teams of each group will qualify for the semifinals, to be played on September 11.

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Super-rich fret about dinner cost with Buffett, Gates

Some of China’s billionaires are slow to RSVP to a charity dinner invitation from two of the world’s richest men — Warren Buffett and Bill Gates, who are making a philanthropic tour to Beijing late this month.

The reason: The super-rich are unsure if the banquet, scheduled for September 29, will turn out to be an occasion at which they have to make charity pledges, the Economy Observer reported yesterday.

Though the dinner is billed as a “closed-door private gathering” about charity, a few people who received invitations from the Beijing branch of the Bill & Melinda Gates Foundation declined to attend. Others called to check whether they would be asked to donate at the dinner before agreeing to come, Ye Lei, a project manager of the branch, told the newspaper.

The foundation reportedly is planning to ask about 50 of the wealthiest Chinese to the banquet and has been approaching them in the past 10 days.

The invitation list was made according to the guests’ rankings on the Forbes magazine list of the world’s richest people, the newspaper added.

The biggest concern on the minds of the invited was that “they felt they might be embarrassed at the party,” Ye told the Beijing-based newspaper.

Ye assured them that the tour has no intention of persuading people to donate or to sign up for the Giving Pledge campaign as it did for their American counterparts in the US.

Gates and Buffett may send a written letter to each of those invited this week to clarify that the charity dinner was just an occasion to “meet new friends, share ideas and look for cooperation partners,” and will not put any pressure on them.

In June, Buffett and Gates persuaded 40 US billionaires to join their charity campaign, named the Giving Pledge.

It asks those who commit to give away at least half their fortune during their lifetime or after death, and to publicly state their intention in a letter explaining their decision.

Buffett said he personally pledged “more than 99 percent of his wealth will go to philanthropy during lifetime or at death.”

The fortune of the head of the Berkshire Hathaway investment group was estimated this year at US$47 billion.

Gates has an estimated US$53 billion, which places him second on the Forbes list. Buffett ranks third.

Charitable giving is not a novelty in China.

But the tradition declined in recent years.

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A rocky road to tranquility

Students pray for good exam grades at Sanyuan Cave. Provided to China Daily

Students pray for good exam grades at Sanyuan Cave. Provided to China Daily 

Caishiji Scenic Park is a place that inspired poets.

Still trying to figure out where to go for a break during the Mid-autumn Festival and National Day holidays? You might think about heading to Caishiji Scenic Park in Anhui province, a 660,000-square-meter area renowned for its peaceful environment and beautiful scenery.

Caishiji (Multi-tinted Rock) Scenic Park is located near the city of Ma’anshan, close to Nanjing, and about a four-hour drive from Shanghai. The area encompasses a steep, rocky outcrop overlooking the Yangtze River that boasts glorious scenery and many graceful towers and pavilions. It is a place that envelops you in peace.

Throughout history many famous men of letters have found sanctuary here, writing poems and essays glorifying the magnificent sights they encountered. Numerous stone tablets inscribed with these compositions attest to the inspiring nature of Caishiji. Many places of interest in the park were erected in memory of Li Bai, the famous Tang Dynasty (AD 618-907) poet who found inspiration on this rock, which juts beyond the banks of the Yangtze to become an intrinsic part of the river itself.

Standing on the precipitous rock, visitors look down onto the raging waters of the Yangtze River as they pass through the narrow gorge created by Caishiji. “We can feel the power of nature by standing on this rock,” said Li Zhengdong, a visitor to the park.

The area in which the park is located was known for its military significance during the Three Kingdoms Period (AD 220-280). A number of famous battles took place in the area. On one huge rock in the park, visitors can make out a large footprint, which is said to belong to the famous Ming Dynasty (1368-1644) general, Chang Yuchun.

By taking a timber walkway near the Yangtze River, visitors reach Sanyuan Cave, were they can observe water flowing in and out with the ebb and flow of the tide. Legend has it that three young men achieved the highest grade in imperial examinations after spending the night in the cave. Now the cave has become a favorite place for students, who come to honor those three young men in the hope of getting good exam results.

On the way back to the main entrance of the park, visitors can climb Cuiluo Hill, which was previously known as Caishi Hill for its multi-colored stone that legend has it were left by a goddess called Nv Wa after she mended the sky with stones. It takes about 30 minutes to reach the top of the hill, but the climb is worth it for the splendid views of Ma’anshan city.

On the top of the hill lies the tomb of Li Bai, although only his clothes are buried there.

Local legend has it that Li died in Ma’anshan after getting drunk and diving into the Yangtze River to catch the moon. His body was not found, so local people gathered his clothes and buried them at the highest point along the river as a tribute to his achievements.

In the park, food lovers can try the freshwater fish pulled from Yangtze River. The fish grow in the natural river environment and not in fish farms. After being prepared by an experienced chef, you will certainly notice the difference.

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Oil Slick Reported at Burning Platform in the Gulf

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Games will help city become barrier free

As Guangzhou heads into the last 100 days before the opening of the Asian Para Games, authorities pledged on Friday to build a barrier-free environment for disabled participants and local disabled people.

“The opening of the Games will be an important moment for the city to enhance its barrier-free facilities and beef up education and employment for disabled persons,” said Xie Xile, vice-director general of the Guangdong Disabled Persons’ Federation.

Some 19 competitive events are included in the Asian Para Games, slated for Dec 12-19. More than 3,000 disabled athletes, 2,000 sports officials and 1,100 technical officials are expected to participate in the Games.

The upcoming event is the first to be called the Asian Para Games, replacing the Far East and South Pacific Games for the Disabled, which were held nine times.

The host city has enhanced its barrier-free facilities for the disabled in public areas, sports venues and designated hotels, Xie said.

For example, some 113 walkways have been renovated and 75 new walkways for the blind were built, sources with the Games’ organizing committee said.

Liang Zuoyi, director general of the Guangzhou Disabled Persons’ Federation, said the city will also introduce some 500 barrier-free buses, 100 minibuses and 100 taxis specially designed for the disabled during the Games.

“Improved barrier-free facilities in public areas and sports venues will greatly help the disabled have better experiences in our city,” Liang said.

The construction of barrier-free facilities will not stop after the Games, Liang said.

“Authorities here will continue their efforts to build better facilities to benefit local disabled people,” he said.

He Shui, a local disabled resident, said the renovations have already improved his life.

“It is easier for me to go on streets after the barrier-free facilities were renovated. The government should also pay attention to providing better welfare for the disabled,” he said.

Along with the construction of barrier-free facilities, local authorities have sought other ways to help the disabled, such as ending employment discrimination, Liang said.

Guangdong has some 5.4 million disabled people, of which up to 60 percent have been employed, according to Liang.

In the provincial capital city alone, the rate of employment for the disabled reached 85 percent last year, according to Liang.

“Along with improved barrier-free facilities, an equal and fair education and employment environment also plays an important role for the disabled,” Liang said.

Sun Huimin, a disabled man, suggested the government provide more job opportunities in the IT industry – a practice that has helped the disabled in the United States.

“For example, we can set up call centers that will provide jobs for disabled people,” said Sun, who runs a software company in Guangzhou.

Also on Friday, charitable contributions were raised at a special gala to celebrate the 100-day countdown to the Asian Para Games.

Some enterprises pledged to collect more than 30 million yuan ($4.4 million) in donations.

The donations will be used to support athletes from 41 Asian countries and regions participating in the Games and improve the welfare of 520,000 local disabled people, sources with the Games’ organizing committee said.

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Ex-bank executives blame Kabul takeover for rush to withdraw funds

KABUL -

The two ousted executives of Afghanistan’s largest bank have blamed a hasty management purge for a run on the embattled institution this week.

This Story
  • Ex-bank executives say their dismissals caused panic withdrawals in Kabul
  • Karzai tells Afghans not to panic in rush for withdrawals
  • Central Bank’s intervention
  • Afghan authorities take over largest bank to avoid meltdown
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President Hamid Karzai ordered the dismissal of the managers at Kabul Bank this week after concerns about questionable loans that shareholders had approved for themselves, including some to fund the purchase of high-end real estate in Dubai.

Fearing a collapse, thousands of customers withdrew a total of $200 million Wednesday and Thursday, raising the possibility that the bank used to pay government workers could run out of cash as soon as next week.

Khalilullah Fruzi, the bank’s former chief executive, said he warned Afghan officials that dismissing the top executives could create uncertainty among customers.

“I was saying, ‘You have to be very cautious and careful about these changes,’ ” he said in an interview Friday. “This didn’t take place, and when I resigned, people started panicking.”

Late Friday, Karzai called Fruzi, ousted chairman Sherkhan Farnood, the governor of the Central Bank and other officials to a meeting at the presidential palace to discuss the crisis, said a person familiar with the matter.

Kabul Bank, which was closed Friday for the Islamic weekend, reopens Saturday. A renewed stampede by depositors would jeopardize its future.

The bank has about $300 million left in cash, Fruzi said. Afghan and U.S. officials worry that a collapse could undermine Afghans’ confidence in a government the United States has spent billions shoring up.

“I don’t see a good future for the bank,” Fruzi said. “I hope our government can save us.”

Farnood, in an interview late Thursday, also said the dismissals had left customers nervous.

“The big mistake was that they put pressure on me to resign,” said Farnood, who set up the bank in 2004. “The people all believed in me.”

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Manila hostage killings hurt Philippine tourism

 

Tourism in the Philippines is suffering a big blow after the bus hijack in Manila left eight Hong Kong visitors dead nearly two weeks days ago.

The aftermath of the deadly hostage-taking in Manila has rippled across to Boracay island, the country’s famed tourist hotspot.

Within two days after the tragic hijacking, resorts received around 800 cancelled bookings, mostly from Hong Kong and China.

Many foreigners cited security concerns after eight Hong Kong tourists were killed in a botched rescue operation.

Taiwan tourist said, “Actually I was a bit afraid of coming here.”

Around 120,000 tourists from Hong Kong and China visited Boracay last year. The Philippines saw a growth of about 24 percent in the market.

One MGM Resort caters largely to East Asian clients, and general manager Edwin Raymundo said the blow is significant. So far, they’ve received cancellations for 300 room nights.

Edwin Raymundo, General Manager of MGM Resort, said, “I pray that this incident will be finished, and it will not prolong so much. And the relationship between our country and Hong Kong will be still there.”

Revenue losses across the island could reach the equivalent of nearly half a million U.S. dollars, the tourism department said.

The backlash after the bus hijack has cut across the tourism industry, also affecting airlines, restaurants and small businesses.

Other travel hotspots in the Philippines such as sunny Cebu island and rustic Ilocos province are also taking a hit.

The new government of President Benigno Aquino has drawn criticism from Hong Kong and China for how it handled the crisis. An investigation is underway.

“So I think they should learn lesson from that and make things better. And so that, for tourists who come to visit Philippines will feel safe.” Said Taiwan tourist.

Aquino had envisioned the tourism sector to grow by one-fourth this year and provide much needed jobs in the developing country.

 

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10 Ways to Solve the Jobs Problem

As the midterm political season heats up, one word on every politician’s lips is “jobs.” And for good reason. People are hurting—they can’t pay their mortgages, send their kids to college, pay their dental bills. Young people are wondering if they have a place in the work world.

So the economic pundits cheer when car sales go up, housing starts rise, consumer confidence strengthens. But as the oily ooze in the Gulf tars yet another beach, we all sense something is terribly wrong. We can’t keep tearing up the planet to keep ourselves employed. There must be another way.

So—imagine a no-holds-barred “summit” that comes up with ideas to solve both our job and environmental problems. What might it come up with?
Here is my starter list. You can add your own ideas in the comments to this article on the YES! website.

  1. More farms, less agribusiness. Agribusiness substitutes chemicals and machinery for labor and employs remarkably few people. Small organic farms are far more productive per acre and bring the people back.
  2. More repair, fewer products. Instead of tossing those shoes, that toaster, that computer, let’s fix them—and employ repair people in the process.
  3. More recycling, less mining. Ray Anderson of the Interface flooring company says we already have enough nylon to meet the world’s carpet needs forever. The same may be true for aluminum, steel, copper, and other easily recyclable materials. We just need good systems for recovering them.
  4. More renovations, less construction. Our nation has 129 million housing units. We build new ones and let old ones deteriorate. How about renovating what we have and in-filling our cities to use existing sidewalks, gas pipes, water mains, and roads?
  5. More restoration, less destruction. Whether it’s forests, Superfund sites, or oil-laced wetlands, it’s time to restore. Some restoration can even pay for itself, as in restoration forestry where folks make products from the fire-prone, small-diameter trees normally considered too small to market.
  6. More bike paths, fewer highways. They both cost money, but one is good for our health and good for the planet. What’s not to like?
  7. More local businesses, fewer megastores. Locally owned stores employ more people per goods sold and you can often talk to a decision-maker about your purchase.
  8. More dishwashing, fewer throw-aways. What if we got rid of all the disposable containers in fast food restaurants? At my friend Ron Sher’s Crossroads Shopping Center near Seattle, the food court vendors share a common crockery supply. No trees needed. It works.
  9. More education, less advertising. Let’s face it. Advertising is about making us feel inadequate for something we don’t yet have. What if we stopped subsidizing advertising with tax breaks and focused on educating people to lead satisfying lives?
  10. More clean energy, less fossil fuel. Here we do need new stuff—wind turbines, solar panels, insulation, passenger trains. Politicians are providing some—though not enough—funding for these sources of “green jobs.” It’s the other items on this list they’re not even talking about—but need to.

You may be thinking that my list isn’t realistic because these options cost more or depend on government funding. But that’s partly because governments subsidize oil, agribusiness, nuclear plants, ports, highways, advertising, and other unhealthy choices.

So the next time you hear a politician talk about jobs, try comparing the solutions offered to this list. By breaking out of the narrow range of options that keeps policy discussions stuck, we can create jobs that not only sustain families, but also build community and restore the living systems of our planet. 

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