China March PMIs rebound, domestic demand shines

By Koh Gui Qing

BEIJING (Reuters) - Stronger domestic demand helped China's factory activity to rebound in March, with new orders up sharply in a sign that the underlying economic recovery is strong enough to weather any risks from patchy export performance, surveys showed on Monday.

China's official manufacturing purchasing managers' index (PMI) released by the National Bureau of Statistics rose to an 11-month high of 50.9 in March, above the 50-point level that indicates growth on the month, but below a Reuters poll consensus forecast of 52.0.

A separate survey by HSBC showed its final PMI climbing to 51.6 last month, roughly in line with a flash reading of 51.7 and up from February's 50.4.

"Growth momentum has been stabilizing, but headwinds remain," Liu Li Gang and Zhou Hao, economists at ANZ, said in a note to clients. "The current economic rebound remains fragile, and could falter with tightened monetary policy conditions."

The twin PMI surveys suggest the speed of revival in the world's No. 2 economy may not be as brisk as some think, as unsteady foreign demand for Chinese exports remained a constraint.

Most analysts expect China's economy to enjoy a steady but gentle recovery this year, driven internally by infrastructure investment and household consumption, after growth struck 13-year lows in 2012 due to crumbling demand for Chinese exports.

But the strength and extent of the recovery hinges on when the central bank tightens monetary policy after loosening policy last year and increasing credit supply to induce an economic rebound.

Qu Hongbin, HSBC's chief China economist, said while China's resilient local demand would support its economy in coming months, domestic growth is not surging, not with the HSBC PMI showing factory inflation fell in March for the first time in six months.

"Beijing policymakers should keep a relatively accommodative policy stance in place," Qu said.

The HSBC PMI showed factories struggling with stubbornly sluggish export orders, weakness that was offset by firmer domestic demand that a drove a big rise in new orders.

The official PMI was more upbeat. It showed new orders and new export orders scaling 11-month peaks, pushing factory output to its highest in 10 months.

Manufacturers of cars, electronics, machinery and equipment saw business improve while non-ferrous metal smelters and petroleum processing and coking activity slowed, the official PMI found.

The official and HSBC PMI surveys on China often do not move in tandem due to their different sampling methods. The official PMI favors big state factories while the HSBC PMI favors smaller private manufacturers.

PROPERTY RISKS

Concerns that China's economic policy may be less accommodative this year were heightened over the weekend when a host of Chinese cities, including Beijing and Shanghai, said they would enforce plans to cool property prices.

The property market accounted for 17 percent of China's economy in 2011 and while the country's record home prices are a social problem, analysts worry a heavy-handed approach to calming prices would risk scuppering the economic recovery.

Ting Lu, an economist at Bank of America-Merrill Lynch, said China's renewed push to enact property controls come as Beijing reins in wasteful government spending and lending outside traditional financing channels, and as the debt crisis worsens in Europe, a key market for China's exports.

"We cut year-on-year quarterly gross domestic product growth to 7.9 percent and 8.1 percent for the first and second quarters respectively," Lu wrote in a note to clients. The bank had previously forecast growth of 8.3 percent in both quarters.

However, Lu said he expects China's central bank to leave rates unchanged this year as the country's economic recovery remains fragile and inflation pressures muted.

The rebound in China's PMIs in March comes after a choppy start to the year.

The official PMI in February fell to within a whisker of the 50-point mark that separates accelerating from slowing growth in China's giant factory sector.

But investors mostly saw February's weak reading as a consequence of the Lunar New Year, which fell in February this year and in January last year. Many Chinese factories closed for at least two weeks as millions of migrant workers headed back to their rural homes to celebrate the holiday with their families.

(Reporting by China Economics Team; Editing by Simon Cameron-Moore and Nick Edwards)

(This story was refiled to add dropped word "risks" in the first paragraph)

Source: http://news.yahoo.com/chinas-official-factory-pmi-11-month-high-march-011526716--business.html

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WWE Magazine's April '13 Issue

Out now ? WWE Magazine?s April issue!

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Source: http://www.wwe.com/magazine/april-13-preview

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Privately owned daily newspapers return to Myanmar

YANGON, Myanmar (AP) ? The newspaper industry might be shrinking in the rest of the world but it expanded Monday in Myanmar when privately run daily newspapers hit newsstands for the first time in 50 years.

For many people, the rebirth of daily papers is a novelty: Many weren't even born when the late dictator Ne Win imposed a state monopoly on the daily press in the 1960s.

But for 81-year-old Khin Maung Lay, it's like a second lease on life. He is chief editor of Golden Fresh Land, one of four dailies that went on sale Monday as Myanmar takes another step in its march toward democracy.

"We've been waiting half a century for this day," said the veteran editor, adding that the paper's initial print run of 80,000 copies was sold out by late morning. "It shows how much people long for private daily newspapers. This morning, I was in tears seeing this."

He's old enough to recall there once had been a big and vibrant daily press in the Burmese, English, Indian and Chinese languages in the period of parliamentary democracy after Myanmar, known then as Burma, won independence from Britain in 1948.

Khin Maung Lay worked as a senior newsman at the Burmese language Mogyo daily before it was driven out of business by government pressure in 1964.

Now as chief editor of Golden Fresh Land ? the name sounds less awkward in the original Burmese ? he heads a team of young journalists he recruited from various weeklies, journalists who have only the briefest of acquaintances with the concept of a free press, having grown up under the military government that ruled for five decades. They are up against some media behemoths and papers belonging to the country's top political parties.

The ruling USDP party launched a daily called The Union, and the well-established weekly The Voice is converting itself into the Voice Daily. The other newcomer is The Standard Time Daily. All four newspapers are in Burmese, ranging in price from 150 kyat-200 kyat (US20 cents- 25 cents).

Khin Maung Lay acknowledges there are innumerable challenges ahead, but said he is ready to face them "in the name of freedom of press." He's well acquainted with the cutting edge of the concept ? he went to jail three times under Ne Win, including a three-year stretch in "protective custody," a catch-all phrase the military regime used when imprisoning critics.

"I foresee several hurdles along the way," he said. "However, I am ready to run the paper in the spirit of freedom and professionalism taught by my peers during the good old days."

One of the main hurdles will be beating the competition.

"It won't be easy for all the newspapers to survive. As a reader, I can't afford to buy every newspaper, every day," said taxi driver Tun Win, 52, who normally kept up with current affairs by buying three news weeklies. Nonetheless, he called the arrival of daily papers a big step for the impoverished country.

"Now we can get information every day, rather than once a week," he said. "It's the best way to get up-to-date news for those who don't have access to the Internet."

The newspaper renaissance is part of the reform efforts of President Thein Sein, who, after serving as prime minister in the previous military regime, took office in March 2011 as head of an elected civilian government. Political and economic liberalization were at the top of his agenda, in an effort to boost national development.

As part of an easing of media restrictions, The Associated Press became the first international news agency to open a bureau in Myanmar since the new government took power two years ago. Six multi-format journalists will staff the new AP bureau full-time.

The government lifted censorship in August last year, allowing reporters to print material that would have been unthinkable under military rule.

It's not smooth sailing yet. The draconian 1962 Printing and Registration Act remains in place until a new media law is enacted. It carries a maximum seven-year prison term for failure to register and allows the government to revoke publishing licenses at any time.

The government announced in December that any Myanmar national wishing to publish a daily newspaper was welcome to apply and could begin publishing on April 1.

There were nearly two dozen applications, and Golden Fresh Land was one of 16 to win approval. Others include dailies to be put out by opposition leader Aung San Suu Kyi's National League for Democracy party and Thein Sein's ruling Union Solidarity and Development Party.

The Voice Daily made its debut Monday, issued by the same group that has published a popular weekly since 2004.

"I am very excited that we are finally printing daily editions. It is a dream come true because that was our objective when we began publishing the Voice Journal in 2004," 42-year-old editor-in-chief Kyaw Min Shwe said Sunday, as reporters hustled around his newsroom to put out their first edition.

He said the established government newspapers have an advantage in terms of money and distribution, but "I can say with absolute confidence that we can compete with government papers in terms of content and quality of news."

Most coverage of local and national news in the state press is little more than the equivalent of government press releases, typically reporting on less-than-riveting topics such as the names of all the officials who attended the inauguration of a new bridge. Opinion pieces invariably reflect conservative positions that seem decades behind the times.

Aware of its vulnerability, the English-language state paper, the New Light of Myanmar, is seeking a joint venture partner to help with a makeover.

The entry of the ruling Union Solidarity and Development Party plans to make use of its strong financial base. The pro-military party, which holds a strong majority in parliament, is backed by many tycoons. Chief editor Win Tin said the paper will be distributed free of charge for the first 10 days.

"We are financially strong and we have many experienced people," he said, adding that the party will have its own separate propaganda sheet and that the newspaper will not be a mouthpiece for it.

Strong competition will come from savvy big media groups who say they will launch later.

"We need more time for preparation. It is quite challenging for the reporters to switch from weeklies to dailies," said Nyein Nyein Naing, executive editor of the 7-Day weekly news journal.

"We need more time for preparation and we have to have test runs before we start the daily edition," said Dr. Than Htut Aung, CEO of the popular Eleven media group, which plans to launch The Daily Eleven on May 3.

"I will print my first daily edition on May 3, Press Freedom Day, because it is very symbolic," he said.

___

Associated Press writer Yadana Htun contributed to this report.

Source: http://news.yahoo.com/privately-owned-daily-newspapers-return-myanmar-160017943.html

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CBS halts replays of basketball player's injury

NEW YORK (AP) ? After two initial replays, CBS stopped showing footage Sunday of Louisville basketball player Kevin Ware breaking his leg during the first half of his team's NCAA men's tournament game against Duke.

The injury during the nationally televised game, and the shocked reaction of Ware's fellow players, called to mind the gruesome broken leg suffered by Washington Redskins quarterback Joe Theismann in a Monday Night football game in 1985. During Sunday's game, Theismann tweeted his best wishes to Ware.

Ware had leaped to try and block a shot by Duke's Tyler Thornton. His leg landed awkwardly, buckled and flopped as he fell to the ground. The first hint that the injury was out of the ordinary came from Thornton, who put his hands to his face and had an anguished look as he ran back on defense.

CBS commentator Clark Kellogg described the injury was "gruesome."

"If you can bear to watch it, take a look but it's a gruesome-looking injury," Kellogg said.

CBS showed the replay twice in slow motion, although not with a close-up of Ware landing. The network also never showed a close-up of the injury.

CBS then concentrated on reaction shots. Three of Ware's teammates were on the ground near the basket. Wayne Blackshear cried, Chane Behanan knelt on his hands and knees and Peyton Silva sat, a hand covering his mouth.

The network aired a close-up of medical officials working on Ware, showing the player only from the face up.

CBS Sports Chairman Sean McManus said that because of the graphic nature of the injury, the network decided not to show it after the original replays. People could quickly find replays on YouTube, anyway.

"We did not zoom in on the injury when he was taken off," McManus said. "We did not try to highlight it. I think we did the right thing."

At halftime, Greg Gumbel noted that CBS would not show the injury. Its highlight package again focused on the reactions, including Louisville coach Rick Pitino wiping away tears. Pitino answered questions from CBS during the game about Ware, noting the injured player was exhorting his teammates to win the regional final. A Louisville spokesman said Ware was "resting comfortably" at Indianapolis' Methodist Hospital.

As is often the case, the coverage quickly became a hot topic on Twitter. Sports writer Jason Whitlock tweeted that "CBS handled this curveball (Ware injury) masterfully."

The network's decision to stop showing the replay only goes so far. Right after the game ended, the CBS affiliate in Phoenix aired the footage of Ware being injured in a local sports report.

Coverage of the injury represented the second difficult call of the day for CBS. Earlier, the network cut away from the dramatic conclusion of the Sony Open men's final, switching to the tipoff of the NCAA tournament game between Michigan and Florida. The network did alert viewers that if the third set between Andy Murray and David Ferrer went to a tiebreaker, it would switch coverage of the Tennis Channel.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/4e67281c3f754d0696fbfdee0f3f1469/Article_2013-03-31-US-CBS-Basketball-Injury-Coverage/id-01fd67905b56406faa643c8887a13996

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U.S. deploys stealth fighters to South Korea

By Jack Kim

SEOUL (Reuters) - South Korea will strike back quickly if the North stages any attack, the new president in Seoul warned on Monday, as tensions ratcheted higher on the Korean peninsula amid shrill rhetoric from Pyongyang and the U.S. deployment of radar-evading fighter planes.

North Korea says the region is on the brink of a nuclear war in the wake of United Nations sanctions imposed for its February nuclear test and a series of joint U.S. and South Korean military drills that have included a rare U.S. show of aerial power.

The North, whose economy is smaller than it was 20 years ago, appeared to move on Monday to addressing its pressing need for investment by appointing a reformer to the country's ceremonial prime minister's job, although the move mostly cemented a power grab by the ruling Kim clan.

North Korea had said on Saturday it was entering a "state of war" with South Korea in response to what it termed the "hostile" military drills being staged in the South. But there have been no signs of unusual activity in the North's military to suggest an imminent aggression, a South Korean defense ministry official said last week.

"If there is any provocation against South Korea and its people, there should be a strong response in initial combat without any political considerations," President Park Geun-hye told the defense minister and senior officials at a meeting on Monday.

The South has changed its rules of engagement to allow local units to respond immediately to attacks, rather than waiting for permission from Seoul.

Stung by criticism that its response to the shelling of a South Korean island in 2010 was tardy and weak, Seoul has also threatened to target North Korean leader Kim Jong-un and to destroy statues of the ruling Kim dynasty in the event of any new attack, a plan that has outraged Pyongyang.

Seoul and its ally the United States played down Saturday's statement from the official KCNA news agency as the latest in a stream of tough talk from Pyongyang.

North Korea stepped up its rhetoric in early March, when U.S. and South Korean forces began annual military drills that involved the flights of U.S. B-2 stealth bombers in a practice run, prompting the North to puts its missile units on standby to fire at U.S. military bases in the South and in the Pacific.

The United States also deployed F-22 stealth fighter jets on Sunday to take part in the drills. The F-22s were deployed in South Korea before, in 2010.

On its part, North Korea has cancelled an armistice agreement with the United States that ended the Korean War and cut all hotlines with U.S. forces, the United Nations and South Korea.

NUCLEAR WEAPONS "NOT A BARGAINING CHIP"

Park's intervention came on the heels of a meeting of the North's ruling Workers Party Central Committee where leader Kim Jong-un rejected the notion that Pyongyang was going to use its nuclear arms development as a bargaining chip.

"The nuclear weapons of Songun Korea are not goods for getting U.S. dollars and they are ... (not) to be put on the table of negotiations aimed at forcing the (North) to disarm itself," KCNA news agency quoted him as saying.

At the meeting, Kim appointed a handful of personal confidants to the party's politburo, further consolidating his grip on power in the second full year of his reign.

The most surprising appointment came on Monday as former prime minister Pak Pong-ju was re-appointed as premier, although the move likely signaled another power struggle in Pyongang staged by the country's leader Kim Jong-un.

Pak is viewed as a key ally of Jang Song-thaek, the young Kim's uncle and also a protege of Kim's aunt and is viewed as a pawn in a power game that has seen Jang and his wife re-assert power over military leaders.

Analysts said the move would not likely change Pyongyang's approach to a confrontation that appears to have dragged the two Koreas closer to war.

Pyongyang's on-off negotiations saw it take part in nuclear disarmament talks for five years aimed at paying it off in return for abandoning its atomic weapons program. Those talks fell apart in 2008. Some experts say the talks gave the North grounds to pursue a highly enriched uranium program that took it closer to owning a working arsenal.

Songun is the Korean word for the "Military First" policy preached by Kim's father who used it to justify the use of the impoverished state's scare resources to build a 1.2-million strong army and a weapons of mass destruction program.

CALLS FOR RESTRAINT

White House National Security Council spokeswoman Caitlin Hayden said North Korea's announcement that it was in a state of war followed a "familiar pattern" of rhetoric.

China has repeatedly called for restraint on the peninsula.

However, many in South Korea have regarded the North's willingness to keep open the Kaesong industrial zone, located just a few miles (km) north of the heavily-militarized border and operated jointly by both sides, as a sign that Pyongyang will not risk losing a lucrative source of foreign currency.

Closure could also trap hundreds of South Korean workers and managers of the more than 100 firms that have factories there.

(Additional reporting by Paul Eckert in WASHINGTON; Editing by David Chance, Raju Gopalakrishnan, Ian Geoghegan and Ron Popeski)

Source: http://news.yahoo.com/south-korea-vows-fast-response-north-u-deploys-043826040.html

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