Britons
have a reputation as
natural-born grumblers who
love nothing more than to
complain, and the Olympics
have proved to be a
perfect outlet for
naysayers and killjoys.
"This is
very typical of the
British mentality," said
Ellis Cashmore, a
professor of culture,
media and sport at
Staffordshire
University. "There is a
quite healthy
recognition of our own
limitations. There is a
tradition in Britain to
think, 'Well, we really
don't do things that
well, you know. If
anyone can screw it up,
the British can.'"
"People
are pretty cynical,"
said John Armitt,
chairman of the
Olympic Delivery
Authority, which is
responsible for
building the venues.
"We're very good at
seeing the downside of
the things, arguing
about it and debating
it. I put it down to
the natural British
character, I'm
afraid."
Opening
ceremony, July 27th,
2012 for the
London
Olympics.
China
reports rare
trade deficit as
imports jump 3/10/12
BEIJING (AP)
— China reported its
biggest monthly trade
deficit in at least a
decade in February as
imports rebounded
after a Lunar New Year
holiday slowdown, but
a broader measure
showed global and
Chinese demand both
weakening.
Exports grew
18.4 percent over a
year earlier to $114.5
billion, up from a 0.5
percent contraction in
January, when
factories were idled
for a two-week holiday
break, customs data
showed Saturday.
Imports jumped 39.6
percent to $145.9
billion, reviving
after the previous
month's 15 percent
decline.
China's
global trade deficit
was $31.5 billion —
the biggest since at
least the 1990s.
China
is one of the
biggest importers
and the top export
market for many of
its Asian neighbors
and commodity
suppliers as far
away as Australia
and Africa, which
means cooling demand
could have global
repercussions.
The
International Monetary
Fund is forecasting
8.2 percent growth
this year but
has warned that
could fall by as
much as half if
Europe, China's
biggest export
market, suffers a
severe decline in
activity due to
its debt woes.
Looks like a
'replay' to me-
ANOTHER
CME TARGETS EARTH March
10, 2012: Sunspot
AR1429 has unleashed
another strong flare, an
M6-class eruption
on March 9th at 0358 UT.
The blast hurled a
coronal mass ejection
almost directly toward
Earth. According to
analysts at the Goddard
Space Weather Lab,
the CME will
arrive on March 11th at
0649 UT (+/- 7 hr). NOAA
forecasters say the odds
of a strong geomagnetic
storm at that time is
50%. Aurora
alerts: text, phone.
The
same eruption that hurled
the CME toward Earth also
produced a monsterous
tsunami of
plasma on the sun.
NASA's Solar Dynamics
Observatory recorded the
shadowy but powerful
wave rippling away from
the blast site:
The
tsumani was about 100,000
km high and raced outward
at 250 km/s with a total
energy of about 2 million
megatons of TNT. Such
waves often underlie CMEs
like the one en route to
Earth now.
Asia's Richest Man
Li Ka-shing Discusses Tech,
China And The World
Economy 3/09/12
Q. What’s
ahead for the global
economy?
A. I’m
definitely concerned about
the present state of the
global economy. Both the
U.S. and Europe are
dealing with economic and
political issues.
Inevitably, every Western
country and even some
countries in the East are
democracies with their
leaders elected by popular
vote. This is what our
world values. Any
political party that
aspires to power as
president or prime
minister must take into
account the will of the
people, which means
finding the means to
provide excellent welfare
benefits and shortened
working hours. This
results in a larger and
larger deficit. This
will make recovery more
difficult and extend the
timeframe for a full
economic recovery. This
will take a long time.
Asia is faring better, but
it will also be affected.
The coming few years won’t
be easy, with GDP growth
slowing. Yet our group
provides products and
services for the masses,
not luxury products.
Q. There has been a lot of
controversy surrounding
the euro. What’s ahead for
Europe and its currency?
A. The
countries that did not
join the euro, such as
Switzerland, Sweden,
Denmark and Norway are
still enjoying good
economic growth. Germany
is very strong, and France
is doing all right. Their
citizens are well off. Only the
banks are in trouble.
The Netherlands is also
doing well. Quite a few
countries are doing well,
actually. But a few
countries, such as Greece,
Portugal, Italy, and Spain
are facing many problems.
As I said
before, a politician in
power must first please
its citizens, particularly
in terms of more welfare
benefits. It’s the same in
the United States. I can’t
say that’s wrong. Everyone
likes good social benefits
and shorter working hours.
But
now the government must
implement austerity
measures. Otherwise,
it will go bankrupt. The
people will be upset.
There are many
unforeseeable
challenges. As
businessmen, we need a 360
degree perspective, and
look at everything from
all possible angles, such
as economics and politics.
Our Group has businesses
in 53 countries. We have a
good management. I would
not be worried (about us).
Q. In the midst of tough
times for Europe, you have
made some big
investments in the UK
last year. Why are you
optimistic about its
economy?
A.
Although the UK is part
of Europe, the British
pound remains separate
from the Euro currency.
The British currency is
relatively stable. The
UK has good law and
order. I trust that this
country has
accountability, and we
have confidence in our
UK investments. The
UK has greater
flexibility, which is
why I am not as
concerned about the UK
as I am about other
European countries.
Q. There are a lot
of worries about China’s
economy. What’s your take?
A. I
believe China can maintain
GDP growth of at least 6%
to 8%. The increase in
wages for laborers
outpaced inflation, which
contributes to the
stability of society. I
believe Chinese leaders
are pleased with the state
of the economy. Purchasing
power is also
strengthening. Every year,
about 10 million people
are moving from rural
areas to urban areas for
employment. In ten years,
it will be 100 million.
Average wages in urban
areas are higher than
those in rural areas. I
expect wages will continue
to rise in double digits
in the coming ten years.
As for housing, the demand
will still be there.
Profit from property
projects is not
astronomical, but we can
make a reasonable profit.
Q.
So those talking about a
hard landing are wrong?
A. It
will be a soft landing.
