May 1, 2018
Israel's walled-in approach to nationhood
Critics say Israel's controversial barriers to keep out 'wild beasts' are counterproductive to its security concerns.
by Alasdair Soussi
Advocates of Israel's various barriers point to the need for the state to protect itself against outside threats.
Advocates of Israel's various barriers point to the need for the state to protect itself against outside threats
Speaking during a 2016 visit to a newly completed security barrier along Israel's border with Jordan near the southern Red Sea city of Eilat, Israeli Prime Minister Benjamin Netanyahu announced his intention to one day see the entirety of the Jewish nation fenced in.
"In the end in Israel, as I see it, there will be a fence like this that surrounds the whole country," Netanyahu said.
"I'll be told, 'this is what you want, to protect the villa?' The answer is yes. Will we surround all of the state of Israel with fences and barriers? The answer is yes. In the environment we live in, we need to protect ourselves from wild beasts."
"Wild beasts" - also translated as "predators" - was, for many, a phrase targeted at both Palestinians and the citizens of surrounding Arab states. It was, too, a choice of words in keeping with this controversial statesman who has enjoyed jousting with his Middle Eastern neighbours in a colourful career that also sees him currently facing accusations of corruption at home.
Yet, 70 years after the state of Israel was established, questions have been raised over the long-term viability of its penchant to erect barriers and its future plans to further insulate itself in the region.
WATCH: 'Gaza is almost dead': Palestinians growing frustrated with their leaders (2:35)
'Behind fences'
Yossi Mekelberg, a professor of international relations at Regent's University London, said the 708km West Bank wall - which most Israelis claim is a security barrier against "terrorism", but which is seen by Palestinians and others as a segregation fence - "is a product of the [Israeli] occupation".
"Israel has put itself behind fences instead of reaching peace agreements. It has confined itself to quite an isolated life in the region," Mekelberg told Al Jazeera.
"The region is not an easy region. Israel has legitimate security concerns. But the way that it deals with [them], exaggerates and exacerbates [matters] at the same time."
The construction of the West Bank wall was given the green light in 2002. Critics contend that far from being a legitimate Israeli security tool, the wall has simply acted as a land-grab that has annexed Palestinian territory inside the occupied West Bank, confining Palestinians to a ghettoised life.
The West Bank wall is widely seen as the inspiration for President Donald Trump's pledge to erect an impenetrable barrier between the United States and Mexico. As a presidential candidate in 2016, Trump declared: "We have to build a wall. Walls work. Just ask Israel. Walls work. They work."
Other Israeli barriers include the fence along the border with Egypt, which was completed in 2012 in order to deter the flow of African migrants.
"How could we have guaranteed a Jewish-democratic state with 50,000 and after that 100,000, and it would have reached 1.5 million [African immigrants]?" declared Netanyahu in defence of the barrier earlier this year.
It is also currently constructing a cement separation wall along its northern border with Lebanon - which Lebanon's Higher Defence Council has deemed an aggressive act - while continuing its blockade of the Gaza Strip, despite Israel's "disengagement" from the Palestinian territory in 2005.
'Animals in the jungle'
Haggai Matar is executive director of Israeli-based 972 - Advancement of Citizen Journalism, a non-profit publisher that opposes the occupation and provides first-hand reporting and analysis of events in Israel and Palestine. He said by fencing off a besieged Gaza and presiding over a wall in the occupied West Bank Israel "can avoid making tough decisions".
Walls of Shame: West Bank Separation Wall
"The notion that 'we're the villa in the jungle' and we need these walls to defend ourselves against the animals in the jungle around us - that Israel is the front line of Western civilisation or the European island in the Arab Middle East - are metaphors [for how Israel sees itself]," Matar said to Al Jazeera. "And the walls are the embodiment of these metaphors."
The one-time Israeli conscientious objector, who spent time in jail for refusing to serve in the Israeli army, continued: "The walls signify us not being part of this area - of being foreign, of being eternally a foreign object in the Middle East. The walls are there to maintain that notion to help [Israelis] reconceptualise themselves as foreign and superior to everything around us."
Advocates of Israel's various barriers, fences and walls point to the need for the state to protect itself against outside threats in a "hostile environment".
Richard Verber, senior vice president of the Board of Deputies of British Jews, told Al Jazeera that "Israel faces many challenges - from a security perspective above all."
"You've got Hamas, which is a terrorist organisation in Gaza, [the Palestinian movement] Fatah, which under [Mahmoud] Abbas is, at best, holding in there, while his successors are jostling for power, Hezbollah, in Lebanon, with thousands of rockets they have from Iran and unrest in Syria. It's a very dangerous neighbourhood."
Outdoor prison
But others argue Israel's security concerns as a sovereign state go hand-in-hand with the political choices it has made over its short existence. For instance Gaza, largely by way of Israel's unrelenting air, land and sea blockade, has been variously described as the largest outdoor prison in the world.
"What's happening in Gaza, in my mind, is something that is unacceptable," said Mekelberg. "Even if Israelis are not the only culprits in what is happening in Gaza, it's definitely playing a major, major part. The blockade hurts the Gazan people severely."
Many of those who have accused Israel of assuming a walled-in approach to nationhood - both physically, in the stark terms that Netanyahu set out, and mentally - see an ominous future for the state in its current form.
"This was exactly against what the founding fathers of the state of Israel and the Zionists wanted," contended Mekelberg. "They wanted to liberate Jews out of this mentality of living behind borders and being isolated from the world.
"This siege mentality is, I'm afraid, becoming more and more ingrained [in Israeli society]."
Follow Alasdair Soussi on Twitter: @AlasdairSoussi
Tuesday, May 1, 2018
8 proven habits for ultimate success - CNBC News ( source : Entrepreneur.com )
8 proven habits for ultimate success
1:47 PM ET Mon, 23 April 2018
The Oracles
Finocchiaro | The Oracles
We are the result of our repeated behavior. Or as Aristotle put it, "Success is not an action, but a habit."
Here, top entrepreneurs and members of The Oracles weigh in on the one mental habit that drove their success and how to cultivate it in yourself.
1. Visualize your goals
Since I was an athlete in high school, I've envisioned my goals as if they were already happening. I've used this visualization practice for decades now, and it's supported my athletic career, my business achievements, and my current endeavor to make a massive global impact through the media.
There's no right or wrong way to visualize your goals. It's a matter of setting time aside every morning or night to close your eyes and play a movie in your mind of what your life will be like when you've achieved your dream.
This practice primes your mind to believe your end goal has already happened, so when the time comes to perform, you're confident and ready. —Lewis Howes, former pro athlete, global top 100 podcast host, NYT-bestselling author of The School of Greatness, and creator of The Millionaire Morning; follow Lewis on Facebook, Instagram or YouTube
2. Update your mental tapes
We all have old tapes in our head that we put on replay whenever a new opportunity arises. I was a terrible student in school, so for years, the tape that ran in my head reinforced old, negative beliefs about myself. I would play the tape and go into a meeting convinced that I was not likely to succeed or get what I wanted.
I soon realized that my old tapes had outlived their usefulness and were getting in my way. So, I formed a new mental habit of updating the content of these tapes. I swapped out, "You're not very good at this!" for "You're just amazing! Show them what you've got!"
Recording over my old mental tapes was the one habit that has contributed most to my success. —Barbara Corcoran, founder of The Corcoran Group and Shark on "Shark Tank"
3. Rewire your beliefs in just five minutes a day
While visualization and goal-setting are essential, one simple, daily practice can bring your goals to life. Set aside five minutes each day to write your goals down in the present tense with a specific result, as if you have already accomplished them.
For example, you may write, "We have 2,500 clients paying us $99/month for copywriting services," or, "We operate 32 buildings and generate $128,000/month in rental income."
The act of writing and rewriting your goals daily from memory rewires your nervous system to create a unique singularity of focus. It also gives you total clarity on what your subconscious should be focusing on every single day. —Sharran Srivatsaa, angel investor and president of brokerage (western region) at Douglas Elliman; grew Teles Properties 10X in five years
4. Arrive 15 minutes early to everything
Punctuality alone will get you very far in life. Growing up, I made it a point to be early to everything. Although I didn't realize it at the time, I was priming myself to become a successful businessman.
My motto is, "The tardy salesman never makes the sale." This couldn't be more true. Being late to a meeting inevitably starts the discussion off on the wrong foot. It's very hard to recover from that poor first impression. Being late essentially says, "My time is more important than yours." These are words no businessperson ever wants to hear.
For those who have not cultivated this essential skill and are perpetually tardy, my suggestion would be to make a conscious effort to arrive 15 minutes early to everything you do. Whether it's your gym class, a dinner reservation, or the business meeting of your dreams, be early.
This will give you time to collect your thoughts and soothe any anxious feelings you may have. As the great philosopher Bertrand Russell once said, "In the ordinary business of life, punctuality is ... necessary." —Jonathan Gilinski, serial entrepreneur, executive director of CapsCanada, and founder of Capsuline; follow Jonathan on LinkedIn and Twitter
5. Go for 'No'
Everyone yearns to hear "Yes," but the way you handle hearing "No" will make you great.
Most people only set their sights on "Yes" targets throughout their day; they worry about hearing "No," and feel deflated when it happens. But in trying to avoid "No," you place too much pressure on yourself,leaving you uptight, not having fun, and ultimately, less successful.
I learned that "No" is an important part of the "Yes Process." Embrace it. Rather than avoiding "No," I learned to "Go for No!" It became my primary goal to reach each day. The difference between "Wanting No" and "Avoiding No" made all the difference. My natural fear of rejection practically went away. I became better, faster, and made a lot more money.
Remember: all of the "Yeses" you want are buried in a sea of "No's." Set a goal for how many "No's" should you target each day. "Go for No!" I bet it'll become the number one habit that builds your empire. —Shaun Rawls, lifelong entrepreneur, founder and CEO of Rawls Consulting
6. Remove all distractions
I've always been fond of the Antoine de Saint-Exupéry quote, "Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away."
This summarizes how I like to approach business, my software platform, and life. With so many available distractions, the true essence of progress is deep thought, coupled with simplicity. To achieve simplicity, you must remove the unnecessary.
Give this a try: log your daily activities for a few days. After a fixed period, assess. You'll be astounded by the amount of unnecessary and time-consuming distractions you have in your life.
Remove these distractions, and you'll have time for the life-changing deep thought and profound advances in your career that can only come if you make room for them. —Kenny Rueter, co-founder of Kajabi
7. Put yourself in a bubble
Growing up, my friends were preoccupied with trending news and pop culture. Since I threw my TV out at 16 years old, I became somewhat of an outcast. Instead of mimicking the distracted behavior of my peers, I put myself in a bubble and only surrounded myself with other driven individuals.
Defying the "norm" and focusing on my greater mission made it harder to relate to the average person. However, to pursue excellence, you sometimes have to distance yourself from the average.
Ultimately, the willingness to make the social sacrifices necessary to prioritize my mission helped me succeed more than anything. I've since made so many more valuable connections: people who root for my success, want me to win, and see my business thrive. Focus your time on the things that matter; it will change your whole perspective on people and business. —Sweta Patel, founder of Silicon Valley Startup Marketing who has advised over 200 early stage startups and high-growth companies; connect with Sweta on Facebook and Instagram
8. Invest in yourself and take action
Success is the ability to do what you love every day. To be successful, you have to know what you love, who you are at your core, and be courageous enough to take action.
Investing in yourself requires perseverance and determination. You can do anything you set your mind to, but to achieve your goals, you must be willing to face your fears. You may feel scared investing in yourself. However, not investing in yourself is actually worse, once you realize what your inaction has cost you: opportunity, time, learning, and your potential.
The only difference between who you are and who you want to be is the action you take and what you do. — Marina Rose, QDNA® , founder and developer of Quantum DNA Acceleration®, a revolutionary technique for quantum growth in health, life, and business; connect with Marina on Facebook
Want to share your insights like those above in a future column? If you're an experienced entrepreneur, please get in touch here.
Want to suggest a future topic for these entrepreneurs to answer? Email suggestion@theoracles.com, and it's very possible we'll make your suggestion the focus of a future article!
Follow The Oracles on Facebook.
This article originally appeared on Entrepreneur.com.
1:47 PM ET Mon, 23 April 2018
The Oracles
Finocchiaro | The Oracles
We are the result of our repeated behavior. Or as Aristotle put it, "Success is not an action, but a habit."
Here, top entrepreneurs and members of The Oracles weigh in on the one mental habit that drove their success and how to cultivate it in yourself.
1. Visualize your goals
Since I was an athlete in high school, I've envisioned my goals as if they were already happening. I've used this visualization practice for decades now, and it's supported my athletic career, my business achievements, and my current endeavor to make a massive global impact through the media.
There's no right or wrong way to visualize your goals. It's a matter of setting time aside every morning or night to close your eyes and play a movie in your mind of what your life will be like when you've achieved your dream.
This practice primes your mind to believe your end goal has already happened, so when the time comes to perform, you're confident and ready. —Lewis Howes, former pro athlete, global top 100 podcast host, NYT-bestselling author of The School of Greatness, and creator of The Millionaire Morning; follow Lewis on Facebook, Instagram or YouTube
2. Update your mental tapes
We all have old tapes in our head that we put on replay whenever a new opportunity arises. I was a terrible student in school, so for years, the tape that ran in my head reinforced old, negative beliefs about myself. I would play the tape and go into a meeting convinced that I was not likely to succeed or get what I wanted.
I soon realized that my old tapes had outlived their usefulness and were getting in my way. So, I formed a new mental habit of updating the content of these tapes. I swapped out, "You're not very good at this!" for "You're just amazing! Show them what you've got!"
Recording over my old mental tapes was the one habit that has contributed most to my success. —Barbara Corcoran, founder of The Corcoran Group and Shark on "Shark Tank"
3. Rewire your beliefs in just five minutes a day
While visualization and goal-setting are essential, one simple, daily practice can bring your goals to life. Set aside five minutes each day to write your goals down in the present tense with a specific result, as if you have already accomplished them.
For example, you may write, "We have 2,500 clients paying us $99/month for copywriting services," or, "We operate 32 buildings and generate $128,000/month in rental income."
The act of writing and rewriting your goals daily from memory rewires your nervous system to create a unique singularity of focus. It also gives you total clarity on what your subconscious should be focusing on every single day. —Sharran Srivatsaa, angel investor and president of brokerage (western region) at Douglas Elliman; grew Teles Properties 10X in five years
4. Arrive 15 minutes early to everything
Punctuality alone will get you very far in life. Growing up, I made it a point to be early to everything. Although I didn't realize it at the time, I was priming myself to become a successful businessman.
My motto is, "The tardy salesman never makes the sale." This couldn't be more true. Being late to a meeting inevitably starts the discussion off on the wrong foot. It's very hard to recover from that poor first impression. Being late essentially says, "My time is more important than yours." These are words no businessperson ever wants to hear.
For those who have not cultivated this essential skill and are perpetually tardy, my suggestion would be to make a conscious effort to arrive 15 minutes early to everything you do. Whether it's your gym class, a dinner reservation, or the business meeting of your dreams, be early.
This will give you time to collect your thoughts and soothe any anxious feelings you may have. As the great philosopher Bertrand Russell once said, "In the ordinary business of life, punctuality is ... necessary." —Jonathan Gilinski, serial entrepreneur, executive director of CapsCanada, and founder of Capsuline; follow Jonathan on LinkedIn and Twitter
5. Go for 'No'
Everyone yearns to hear "Yes," but the way you handle hearing "No" will make you great.
Most people only set their sights on "Yes" targets throughout their day; they worry about hearing "No," and feel deflated when it happens. But in trying to avoid "No," you place too much pressure on yourself,leaving you uptight, not having fun, and ultimately, less successful.
I learned that "No" is an important part of the "Yes Process." Embrace it. Rather than avoiding "No," I learned to "Go for No!" It became my primary goal to reach each day. The difference between "Wanting No" and "Avoiding No" made all the difference. My natural fear of rejection practically went away. I became better, faster, and made a lot more money.
Remember: all of the "Yeses" you want are buried in a sea of "No's." Set a goal for how many "No's" should you target each day. "Go for No!" I bet it'll become the number one habit that builds your empire. —Shaun Rawls, lifelong entrepreneur, founder and CEO of Rawls Consulting
6. Remove all distractions
I've always been fond of the Antoine de Saint-Exupéry quote, "Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away."
This summarizes how I like to approach business, my software platform, and life. With so many available distractions, the true essence of progress is deep thought, coupled with simplicity. To achieve simplicity, you must remove the unnecessary.
Give this a try: log your daily activities for a few days. After a fixed period, assess. You'll be astounded by the amount of unnecessary and time-consuming distractions you have in your life.
Remove these distractions, and you'll have time for the life-changing deep thought and profound advances in your career that can only come if you make room for them. —Kenny Rueter, co-founder of Kajabi
7. Put yourself in a bubble
Growing up, my friends were preoccupied with trending news and pop culture. Since I threw my TV out at 16 years old, I became somewhat of an outcast. Instead of mimicking the distracted behavior of my peers, I put myself in a bubble and only surrounded myself with other driven individuals.
Defying the "norm" and focusing on my greater mission made it harder to relate to the average person. However, to pursue excellence, you sometimes have to distance yourself from the average.
Ultimately, the willingness to make the social sacrifices necessary to prioritize my mission helped me succeed more than anything. I've since made so many more valuable connections: people who root for my success, want me to win, and see my business thrive. Focus your time on the things that matter; it will change your whole perspective on people and business. —Sweta Patel, founder of Silicon Valley Startup Marketing who has advised over 200 early stage startups and high-growth companies; connect with Sweta on Facebook and Instagram
8. Invest in yourself and take action
Success is the ability to do what you love every day. To be successful, you have to know what you love, who you are at your core, and be courageous enough to take action.
Investing in yourself requires perseverance and determination. You can do anything you set your mind to, but to achieve your goals, you must be willing to face your fears. You may feel scared investing in yourself. However, not investing in yourself is actually worse, once you realize what your inaction has cost you: opportunity, time, learning, and your potential.
The only difference between who you are and who you want to be is the action you take and what you do. — Marina Rose, QDNA® , founder and developer of Quantum DNA Acceleration®, a revolutionary technique for quantum growth in health, life, and business; connect with Marina on Facebook
Want to share your insights like those above in a future column? If you're an experienced entrepreneur, please get in touch here.
Want to suggest a future topic for these entrepreneurs to answer? Email suggestion@theoracles.com, and it's very possible we'll make your suggestion the focus of a future article!
Follow The Oracles on Facebook.
This article originally appeared on Entrepreneur.com.
Sprint and T-Mobile Announce Agreement to Form New Combined Company - TIME Business
Sprint and T-Mobile Announce Agreement to Form New Combined Company
Posted: 29 Apr 2018 10:08 AM PDT
(NEW YORK) — T-Mobile and Sprint reached a $26.5 billion agreement Sunday to combine in a deal that would reshape the U.S. wireless landscape by reducing it to three major cellphone providers.
The big unknown is whether the deal will win approval from the Trump administration’s antitrust regulators. The two companies have been considering a combination for years, but a 2014 attempt fell apart amid resistance from the Obama administration.
Consumers worry a less crowded telecom field could result in higher prices, while workers unions are concerned about potential job losses.
In a conference call with Wall Street analysts, Sprint CEO Marcelo Claure acknowledged that getting regulatory approval is “the elephant in the room,” and one of the first things the companies did after sending out the deal’s news release was to call Ajit Pai, chairman of the Federal Communications Commission.
The companies stressed that they plan to have more employees following the combination, particularly in rural areas, than they do as stand-alone companies.
They also emphasized that the deal would help accelerate their development of faster 5G wireless networks and ensure that the U.S. States doesn’t cede leadership on the technology to China.
And they said the combination would allow them to better compete not only with AT&T and Verizon but also with Comcast and others as the wireless, broadband and video industries converge.
“This is going to be causing even more competition than this country has seen,” said John Legere, T-Mobile chief executive. He would be the CEO of the combined company, which will be called T-Mobile.
The all-stock deal values each share of Sprint at slight more than 0.10 T-Mobile shares. Deutsche Telekom, T-Mobile’s parent, would own about 42 percent of the combined company. Japan’s SoftBank, which controls Sprint, would own 27 percent, and the remainder would be held by the public.
The companies said they expect the deal to close by the first half of 2019 and would result in about $6 billion in annual cost savings.
Investors have been anticipating a deal like this for some time. Sprint dropped a bid for T-Mobile more than three years ago following concerns by the Obama administration about wireless competition. The two were also poised to combine in October, but that deal was called off, too.
The agreement will have to be reviewed by the Justice Department and the FCC.
National carriers had not been able to get a deal through under President Barack Obama. But the FCC in September deemed the wireless market “competitive” for the first time since 2009, which some analysts say could make it easier to present a deal.
The 5G aspirations are at the heart of the agreement, and the new technology could allow companies to provide faster service to peoples’ homes.
Sprint’s Claure likened going from 4G to 5G to switching from black-and-white television to color. The combined company plans to invest up to $40 billion in its network in the first three years, which executives said would drive more hiring and better service for customers.
Sprint has a lot of debt and has posted a string of annual losses. It has cut costs and made itself more attractive to customers, BTIG Research analyst Walter Piecyk said, but it hasn’t invested enough in its network and doesn’t have enough airwave rights for quality service in rural areas.
T-Mobile, meanwhile, has been on a yearslong streak of adding customers. After the government nixed AT&T’s attempt to buy the company in 2011, T-Mobile led the way in many consumer-friendly changes, such as ditching two-year contracts and bringing back unlimited data plans.
Consumers are paying less for cellphone service thanks to T-Mobile’s influence on the industry and the resulting price wars.
Verizon and AT&T have been expanding their video-content businesses, while cable companies have been moving into wireless. That allows a single company to combine home and wireless internet and use content to support the communications businesses.
Comcast, the cable giant that finished buying NBCUniversal in 2013, offers customers wireless service by reselling access to Verizon’s network. So does another dominant cable company, Charter.
Warren Buffett explains how to invest in stocks when inflation hits markets - CNBC News
Warren Buffett explains how to invest in stocks when inflation hits markets
Warren Buffett has been vocal on the subject of inflation in past periods of rising prices.
In the late 1970s and early 1980s, he devoted significant portions of the Berkshire Hathaway annual letter to investing in stocks during inflationary periods.
He warned before the financial crisis that inflation would cause a shock, and after the crisis that central banking policy would ultimately force a reckoning in stocks.
Eric Rosenbaum | @erprose
Published 8:31 AM ET Mon, 12 Feb 2018 Updated 2:23 PM ET Wed, 14 Feb 2018
CNBC.com
Warren Buffett has always been a firm believer that staying invested in stocks is the only course.
If anything, Buffett, the chairman and CEO of Berkshire Hathaway, is famous for the ultimate statement on dip buying: Be fearful when others are greedy and greedy when others are fearful.
But these Buffett-isms may mask the fact that, throughout his life, Buffett has offered many wise words on just how much inflation can ding stocks. Now that inflation is back in the crosshairs of the markets, as investors try to understand what has caused such a swift correction in stocks, it's worth looking back at what Buffett has said about inflation in the past.
Buffett devoted significant portions of Berkshire annual letters in the late 1970s and early 1980s — amid high inflation in the United States — to discussing what rising prices mean for stocks, corporate balance sheets and investors. Buffett lived and invested through a period when inflation hit 14 percent and mortgage rates spiked as high as 20 percent — amid what some called the greatest American macroeconomic failure of the post-World War II period.
He never lost that focus on — or fear of — inflation, either.
In June 2008, as the price of gas went above $4, Buffett said "exploding" inflation was the biggest risk to the economy. "I think inflation is really picking up," Buffett said on CNBC. "It's huge right now, whether it's steel or oil," he continued. "We see it everywhere."
Do you remember what happened after that?
In 2010, as the Federal Reserve continued its quantitative easing program, Buffett sent the government a "thank you note" (in the form of an op-ed) for its actions, rather than its paralysis or politicking, after the crisis. But he also warned that same year, "We are following policies that unless changed will eventually lead to lots of inflation down the road."
He added, "We have started down a path you don't want to go down."
As the markets sank in the past two weeks, headlines suggested that the end of the central bank easy money era was finally "sinking in." At the 2013 Berkshire Hathaway annual meeting, Buffett had already warned, "QE is like watching a good movie, because I don't know how it will end. Anyone who owns stocks will reevaluate his hand when it happens, and that will happen very quickly."
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In a classic piece for Fortune magazine in 1977, Buffett outlined his views on inflation: "The arithmetic makes it plain that inflation is a far more devastating tax than anything that has been enacted by our legislatures. The inflation tax has a fantastic ability to simply consume capital. ... If you feel you can dance in and out of securities in a way that defeats the inflation tax, I would like to be your broker — but not your partner."
The world, and economy, are very different places now than when Buffett's annual letters to Berkshire Hathaway shareholders took up inflation and investing. Income-tax rates have changed. Back then, bond yields were much, much higher, as were savings rates. And it's just the first signs of inflation that now have been spotted. It was the rise in wages in the last nonfarm payroll report that first rattled markets. And the Consumer Price Index did rise more than expected in the latest data, released on Wednesday, Feb. 14.
Other economic factors are eerily, or at least partially, similar. In the Vietnam War era the government's rapid increase of the federal deficit began the inflation cycle that peaked in the late '70s. The latest projections from a government budget watchdog forecasts that the annual deficit will double from what was expected just two and half years ago ($600 million), to $1.2 trillion in 2019, due to the tax cuts and just-approved spending package.
It's worth remembering that the worst stock performance of the 1970s came not when inflation peaked but when it first spiked rapidly. From 1972 to 1973, inflation doubled to more than 6 percent. By 1974 it was 11 percent. In those two years, the S&P 500 declined by a combined 40 percent. Inflation was higher in 1979 and 1980, topping out at 13.5 percent, by which time the S&P 500 had long returned to positive performance, though on an inflation-adjusted base. It was a lost decade for stocks.
So who better than Buffett to explain some of the basic mechanisms at work when stocks run into inflation? As Buffett stated in one of his inflationary era letters, when it comes to inflation and stocks, there is one unsolvable problem: "Berkshire has no corporate solution to the problem. (We'll say it again next year, too.) Inflation does not improve our return on equity."
Here are some other thoughts from Buffett on investing during inflationary periods.
1. When you are doing great, it is the time to remember inflation.
Buffett wrote at a moment of good performance for Berkshire, "Before we drown in a sea of self congratulation, a further — and crucial — observation must be made. A few years ago, a business whose per-share net worth compounded at 20 percent annually would have guaranteed its owners a highly successful real investment return. Now such an outcome seems less certain. For the inflation rate, coupled with individual tax rates, will be the ultimate determinant as to whether our internal operating performance produces successful investment results — i.e., a reasonable gain in purchasing power from funds committed — for you as shareholders.
"A business earning 20 percent on capital can produce a negative real return for its owners under inflationary conditions not much more severe than presently prevail."
2. During high inflation, earnings are not the dominant variable for investors.
"Unfortunately, earnings reported in corporate financial statements are no longer the dominant variable that determines whether there are any real earnings for you, the owner. For only gains in purchasing power represent real earnings on investment. If you (a) forego 10 hamburgers to purchase an investment; (b) receive dividends which, after tax, buy two hamburgers; and (c) receive, upon sale of your holdings, after-tax proceeds that will buy eight hamburgers, then (d) you have had no real income from your investment, no matter how much it appreciated in dollars. You may feel richer, but you won't eat richer.
"High rates of inflation create a tax on capital that makes much corporate investment unwise - at least if measured by the criterion of a positive real investment return to owners.
"This 'hurdle rate' the return on equity that must be achieved by a corporation in order to produce any real return for its individual owners — has increased dramatically in recent years. The average tax paying investor is now running up a down escalator whose pace has accelerated to the point where his upward progress is nil."
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3. Understand the math of the 'Misery Index.'
"The inflation rate plus the percentage of capital that must be paid by the owner to transfer into his own pocket the annual earnings achieved by the business (i.e., ordinary income tax on dividends and capital gains tax on retained earnings) — can be thought of as an 'investor's misery index.' When this index exceeds the rate of return earned on equity by the business, the investor's purchasing power (real capital) shrinks even though he consumes nothing at all. We have no corporate solution to this problem; high inflation rates will not help us earn higher rates of return on equity."
4. Inflation is a 'tapeworm' that makes bad businesses even worse for shareholders.
"A further, particularly ironic, punishment is inflicted by an inflationary environment upon the owners of the 'bad' business. To continue operating in its present mode, such a low-return business usually must retain much of its earnings — no matter what penalty such a policy produces for shareholders.
"... Inflation takes us through the looking glass into the upside-down world of Alice in Wonderland. When prices continuously rise, the 'bad' business must retain every nickel that it can. Not because it is attractive as a repository for equity capital, but precisely because it is so unattractive, the low-return business must follow a high retention policy. If it wishes to continue operating in the future as it has in the past — and most entities, including businesses, do — it simply has no choice.
"For inflation acts as a gigantic corporate tapeworm. That tapeworm preemptively consumes its requisite daily diet of investment dollars regardless of the health of the host organism. Whatever the level of reported profits (even if nil), more dollars for receivables, inventory and fixed assets are continuously required by the business in order to merely match the unit volume of the previous year. The less prosperous the enterprise, the greater the proportion of available sustenance claimed by the tapeworm.
... The tapeworm of inflation simply cleans the plate."
5. Focus on companies that generate rather than consume cash.
"Our acquisition preferences run toward businesses that generate cash, not those that consume it. As inflation intensifies, more and more companies find that they must spend all funds they generate internally just to maintain their existing physical volume of business. There is a certain mirage-like quality to such operations. However attractive the earnings numbers, we remain leery of businesses that never seem able to convert such pretty numbers into no-strings attached cash."
Markets to struggle until inflation fears calm: Expert Markets to struggle until inflation fears calm: Expert
3:01 PM ET Fri, 9 Feb 2018 | 03:47
6. Look for companies that can increase prices and handle a lot more business without having to spend a lot.
Of course, most of us are not billionaire buyers of corporations outright, but Buffett's words on what makes for a great acquisition in the 1981 letter touch on inflation as one of two key factors that make a great acquisition candidate:
"Companies that, through design or accident, have purchased only businesses that are particularly well adapted to an inflationary environment. Such favored business must have two characteristics: (1) an ability to increase prices rather easily (even when product demand is flat and capacity is not fully utilized) without fear of significant loss of either market share or unit volume, and (2) an ability to accommodate large dollar volume increases in business (often produced more by inflation than by real growth) with only minor additional investment of capital. Managers of ordinary ability, focusing solely on acquisition possibilities meeting these tests, have achieved excellent results in recent decades. However, very few enterprises possess both characteristics, and competition to buy those that do has now become fierce to the point of being self-defeating."
7. Always be thinking about tomorrow, especially when the pace of change picks up.
"Several decades back, a return on equity of as little as 10 percent enabled a corporation to be classified as a 'good' business — i.e., one in which a dollar reinvested in the business logically could be expected to be valued by the market at more than 100 cents. For, with long-term taxable bonds yielding 5 percent and long-term tax-exempt bonds 3 percent, a business operation that could utilize equity capital at 10 percent clearly was worth some premium to investors over the equity capital employed. That was true even though a combination of taxes on dividends and on capital gains would reduce the 10 percent earned by the corporation to perhaps 6 percent to 8 percent in the hands of the individual investor.
"Investment markets recognized this truth. During that earlier period, American business earned an average of 11 percent or so on equity capital employed and stocks, in aggregate, sold at valuations far above that equity capital (book value), averaging over 150 cents on the dollar. Most businesses were "good" businesses because they earned far more than their keep (the return on long-term passive money). The value-added produced by equity investment, in aggregate, was substantial
"That day is gone. But the lessons learned during its existence are difficult to discard. While investors and managers must place their feet in the future, their memories and nervous systems often remain plugged into the past. It is much easier for investors to utilize historic p/e ratios or for managers to utilize historic business valuation yardsticks than it is for either group to rethink their premises daily. When change is slow, constant rethinking is actually undesirable; it achieves little and slows response time. But when change is great, yesterday's assumptions can be retained only at great cost. And the pace of economic change has become breathtaking."
8. Corporations cannot out-manage government.
"One friendly but sharp-eyed commentator on Berkshire has pointed out that our book value at the end of 1964 would have bought about one-half ounce of gold and, 15 years later, after we have plowed back all earnings along with much blood, sweat and tears, the book value produced will buy about the same half ounce. A similar comparison could be drawn with Middle Eastern oil. The rub has been that government has been exceptionally able in printing money and creating promises, but is unable to print gold or create oil.
"We intend to continue to do as well as we can in managing the internal affairs of the business. But you should understand that external conditions affecting the stability of currency may very well be the most important factor in determining whether there are any real rewards from your investment in Berkshire Hathaway."
9. There is no solution to inflation, but there's reason (maybe just a little) for hope.
Buffett wrote in 1980, "The chances for very low rates of inflation are not nil. Inflation is man made; perhaps it can be man-mastered. The threat which alarms us may also alarm legislators and other powerful groups, prompting some appropriate response."
The recent action in stocks does not suggest faith in that response being adequate, but the chance that it's adequate isn't "nil," either.
Warren Buffett has been vocal on the subject of inflation in past periods of rising prices.
In the late 1970s and early 1980s, he devoted significant portions of the Berkshire Hathaway annual letter to investing in stocks during inflationary periods.
He warned before the financial crisis that inflation would cause a shock, and after the crisis that central banking policy would ultimately force a reckoning in stocks.
Eric Rosenbaum | @erprose
Published 8:31 AM ET Mon, 12 Feb 2018 Updated 2:23 PM ET Wed, 14 Feb 2018
CNBC.com
Warren Buffett has always been a firm believer that staying invested in stocks is the only course.
If anything, Buffett, the chairman and CEO of Berkshire Hathaway, is famous for the ultimate statement on dip buying: Be fearful when others are greedy and greedy when others are fearful.
But these Buffett-isms may mask the fact that, throughout his life, Buffett has offered many wise words on just how much inflation can ding stocks. Now that inflation is back in the crosshairs of the markets, as investors try to understand what has caused such a swift correction in stocks, it's worth looking back at what Buffett has said about inflation in the past.
Buffett devoted significant portions of Berkshire annual letters in the late 1970s and early 1980s — amid high inflation in the United States — to discussing what rising prices mean for stocks, corporate balance sheets and investors. Buffett lived and invested through a period when inflation hit 14 percent and mortgage rates spiked as high as 20 percent — amid what some called the greatest American macroeconomic failure of the post-World War II period.
He never lost that focus on — or fear of — inflation, either.
In June 2008, as the price of gas went above $4, Buffett said "exploding" inflation was the biggest risk to the economy. "I think inflation is really picking up," Buffett said on CNBC. "It's huge right now, whether it's steel or oil," he continued. "We see it everywhere."
Do you remember what happened after that?
In 2010, as the Federal Reserve continued its quantitative easing program, Buffett sent the government a "thank you note" (in the form of an op-ed) for its actions, rather than its paralysis or politicking, after the crisis. But he also warned that same year, "We are following policies that unless changed will eventually lead to lots of inflation down the road."
He added, "We have started down a path you don't want to go down."
As the markets sank in the past two weeks, headlines suggested that the end of the central bank easy money era was finally "sinking in." At the 2013 Berkshire Hathaway annual meeting, Buffett had already warned, "QE is like watching a good movie, because I don't know how it will end. Anyone who owns stocks will reevaluate his hand when it happens, and that will happen very quickly."
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In a classic piece for Fortune magazine in 1977, Buffett outlined his views on inflation: "The arithmetic makes it plain that inflation is a far more devastating tax than anything that has been enacted by our legislatures. The inflation tax has a fantastic ability to simply consume capital. ... If you feel you can dance in and out of securities in a way that defeats the inflation tax, I would like to be your broker — but not your partner."
The world, and economy, are very different places now than when Buffett's annual letters to Berkshire Hathaway shareholders took up inflation and investing. Income-tax rates have changed. Back then, bond yields were much, much higher, as were savings rates. And it's just the first signs of inflation that now have been spotted. It was the rise in wages in the last nonfarm payroll report that first rattled markets. And the Consumer Price Index did rise more than expected in the latest data, released on Wednesday, Feb. 14.
Other economic factors are eerily, or at least partially, similar. In the Vietnam War era the government's rapid increase of the federal deficit began the inflation cycle that peaked in the late '70s. The latest projections from a government budget watchdog forecasts that the annual deficit will double from what was expected just two and half years ago ($600 million), to $1.2 trillion in 2019, due to the tax cuts and just-approved spending package.
It's worth remembering that the worst stock performance of the 1970s came not when inflation peaked but when it first spiked rapidly. From 1972 to 1973, inflation doubled to more than 6 percent. By 1974 it was 11 percent. In those two years, the S&P 500 declined by a combined 40 percent. Inflation was higher in 1979 and 1980, topping out at 13.5 percent, by which time the S&P 500 had long returned to positive performance, though on an inflation-adjusted base. It was a lost decade for stocks.
So who better than Buffett to explain some of the basic mechanisms at work when stocks run into inflation? As Buffett stated in one of his inflationary era letters, when it comes to inflation and stocks, there is one unsolvable problem: "Berkshire has no corporate solution to the problem. (We'll say it again next year, too.) Inflation does not improve our return on equity."
Here are some other thoughts from Buffett on investing during inflationary periods.
1. When you are doing great, it is the time to remember inflation.
Buffett wrote at a moment of good performance for Berkshire, "Before we drown in a sea of self congratulation, a further — and crucial — observation must be made. A few years ago, a business whose per-share net worth compounded at 20 percent annually would have guaranteed its owners a highly successful real investment return. Now such an outcome seems less certain. For the inflation rate, coupled with individual tax rates, will be the ultimate determinant as to whether our internal operating performance produces successful investment results — i.e., a reasonable gain in purchasing power from funds committed — for you as shareholders.
"A business earning 20 percent on capital can produce a negative real return for its owners under inflationary conditions not much more severe than presently prevail."
2. During high inflation, earnings are not the dominant variable for investors.
"Unfortunately, earnings reported in corporate financial statements are no longer the dominant variable that determines whether there are any real earnings for you, the owner. For only gains in purchasing power represent real earnings on investment. If you (a) forego 10 hamburgers to purchase an investment; (b) receive dividends which, after tax, buy two hamburgers; and (c) receive, upon sale of your holdings, after-tax proceeds that will buy eight hamburgers, then (d) you have had no real income from your investment, no matter how much it appreciated in dollars. You may feel richer, but you won't eat richer.
"High rates of inflation create a tax on capital that makes much corporate investment unwise - at least if measured by the criterion of a positive real investment return to owners.
"This 'hurdle rate' the return on equity that must be achieved by a corporation in order to produce any real return for its individual owners — has increased dramatically in recent years. The average tax paying investor is now running up a down escalator whose pace has accelerated to the point where his upward progress is nil."
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3. Understand the math of the 'Misery Index.'
"The inflation rate plus the percentage of capital that must be paid by the owner to transfer into his own pocket the annual earnings achieved by the business (i.e., ordinary income tax on dividends and capital gains tax on retained earnings) — can be thought of as an 'investor's misery index.' When this index exceeds the rate of return earned on equity by the business, the investor's purchasing power (real capital) shrinks even though he consumes nothing at all. We have no corporate solution to this problem; high inflation rates will not help us earn higher rates of return on equity."
4. Inflation is a 'tapeworm' that makes bad businesses even worse for shareholders.
"A further, particularly ironic, punishment is inflicted by an inflationary environment upon the owners of the 'bad' business. To continue operating in its present mode, such a low-return business usually must retain much of its earnings — no matter what penalty such a policy produces for shareholders.
"... Inflation takes us through the looking glass into the upside-down world of Alice in Wonderland. When prices continuously rise, the 'bad' business must retain every nickel that it can. Not because it is attractive as a repository for equity capital, but precisely because it is so unattractive, the low-return business must follow a high retention policy. If it wishes to continue operating in the future as it has in the past — and most entities, including businesses, do — it simply has no choice.
"For inflation acts as a gigantic corporate tapeworm. That tapeworm preemptively consumes its requisite daily diet of investment dollars regardless of the health of the host organism. Whatever the level of reported profits (even if nil), more dollars for receivables, inventory and fixed assets are continuously required by the business in order to merely match the unit volume of the previous year. The less prosperous the enterprise, the greater the proportion of available sustenance claimed by the tapeworm.
... The tapeworm of inflation simply cleans the plate."
5. Focus on companies that generate rather than consume cash.
"Our acquisition preferences run toward businesses that generate cash, not those that consume it. As inflation intensifies, more and more companies find that they must spend all funds they generate internally just to maintain their existing physical volume of business. There is a certain mirage-like quality to such operations. However attractive the earnings numbers, we remain leery of businesses that never seem able to convert such pretty numbers into no-strings attached cash."
Markets to struggle until inflation fears calm: Expert Markets to struggle until inflation fears calm: Expert
3:01 PM ET Fri, 9 Feb 2018 | 03:47
6. Look for companies that can increase prices and handle a lot more business without having to spend a lot.
Of course, most of us are not billionaire buyers of corporations outright, but Buffett's words on what makes for a great acquisition in the 1981 letter touch on inflation as one of two key factors that make a great acquisition candidate:
"Companies that, through design or accident, have purchased only businesses that are particularly well adapted to an inflationary environment. Such favored business must have two characteristics: (1) an ability to increase prices rather easily (even when product demand is flat and capacity is not fully utilized) without fear of significant loss of either market share or unit volume, and (2) an ability to accommodate large dollar volume increases in business (often produced more by inflation than by real growth) with only minor additional investment of capital. Managers of ordinary ability, focusing solely on acquisition possibilities meeting these tests, have achieved excellent results in recent decades. However, very few enterprises possess both characteristics, and competition to buy those that do has now become fierce to the point of being self-defeating."
7. Always be thinking about tomorrow, especially when the pace of change picks up.
"Several decades back, a return on equity of as little as 10 percent enabled a corporation to be classified as a 'good' business — i.e., one in which a dollar reinvested in the business logically could be expected to be valued by the market at more than 100 cents. For, with long-term taxable bonds yielding 5 percent and long-term tax-exempt bonds 3 percent, a business operation that could utilize equity capital at 10 percent clearly was worth some premium to investors over the equity capital employed. That was true even though a combination of taxes on dividends and on capital gains would reduce the 10 percent earned by the corporation to perhaps 6 percent to 8 percent in the hands of the individual investor.
"Investment markets recognized this truth. During that earlier period, American business earned an average of 11 percent or so on equity capital employed and stocks, in aggregate, sold at valuations far above that equity capital (book value), averaging over 150 cents on the dollar. Most businesses were "good" businesses because they earned far more than their keep (the return on long-term passive money). The value-added produced by equity investment, in aggregate, was substantial
"That day is gone. But the lessons learned during its existence are difficult to discard. While investors and managers must place their feet in the future, their memories and nervous systems often remain plugged into the past. It is much easier for investors to utilize historic p/e ratios or for managers to utilize historic business valuation yardsticks than it is for either group to rethink their premises daily. When change is slow, constant rethinking is actually undesirable; it achieves little and slows response time. But when change is great, yesterday's assumptions can be retained only at great cost. And the pace of economic change has become breathtaking."
8. Corporations cannot out-manage government.
"One friendly but sharp-eyed commentator on Berkshire has pointed out that our book value at the end of 1964 would have bought about one-half ounce of gold and, 15 years later, after we have plowed back all earnings along with much blood, sweat and tears, the book value produced will buy about the same half ounce. A similar comparison could be drawn with Middle Eastern oil. The rub has been that government has been exceptionally able in printing money and creating promises, but is unable to print gold or create oil.
"We intend to continue to do as well as we can in managing the internal affairs of the business. But you should understand that external conditions affecting the stability of currency may very well be the most important factor in determining whether there are any real rewards from your investment in Berkshire Hathaway."
9. There is no solution to inflation, but there's reason (maybe just a little) for hope.
Buffett wrote in 1980, "The chances for very low rates of inflation are not nil. Inflation is man made; perhaps it can be man-mastered. The threat which alarms us may also alarm legislators and other powerful groups, prompting some appropriate response."
The recent action in stocks does not suggest faith in that response being adequate, but the chance that it's adequate isn't "nil," either.
Puerto Rico schools receive $500 million, but 283 schools slated to close - ABC News
Puerto Rico schools receive $500 million, but 283 schools slated to close
By JOSHUA HOYOS MARK OSBORNE May 1, 2018, 3:47 AM ET
The Puerto Rico Governor’s Office announced on Monday that the island will be receiving $589 million in federal disaster assistance from the U.S. Department of Education as the island continues to recover from the ravages of Hurricane Maria last fall.
The federal agency announced Monday it would be disbursing a total of approximately $693 million to Puerto Rico, California and Texas to aid in disaster recovery.
The money granted to Puerto Rico is to assist in the rebuilding process of the education system following Hurricane Maria.
"This economic injection by the federal government will be key in the recovery process for the Department of Education. It will benefit both the teaching staff, the student body and the non-teaching staff to fully recover the normality in the education that is taught in the education system," Rossello said in a statement.
Puerto Rico, still reeling from Hurricane Maria, faces major challenges
Puerto Rico, 6 months after Hurricane Maria
Puerto Rico's worst blackout since Maria leaves island residents 'frustrated'
The funds are just the first in a multi-phased process, according to the U.S. Department of Education. A total of $2.5 billion will eventually be awarded.
"As communities get back on their feet in disaster affected regions, we continue to support them in every way we can," said Secretary Betsy DeVos in a statement. "This additional funding will ensure students, teachers and staff have ongoing access to the services they need to fully recover and rebuild."
The Puerto Rico Department of Education told ABC News in recent weeks that 283 schools are slated to close because of declining student enrollment following Hurricane Maria.
A spokesperson for the department says there are 319,000 students on the island compared to 346,000 enrolled students as of May 2017. The department projects that there will be 311,000 enrolled students this August. Half of schools on the island are at 60 percent of capacity.
In this Oct. 13, 2017 file photo, children discuss their thoughts about Hurricane Maria at Ramon Marin Sola Elementary School in Guaynabo, Puerto Rico.AP
In this Oct. 13, 2017 file photo, children discuss their thoughts about Hurricane Maria at Ramon Marin Sola Elementary School in Guaynabo, Puerto Rico.more +
100 days after Hurricane Maria, San Juan mayor thanks Americans, slams Trump as 'disaster-in-chief'
Puerto Rico's Hurricane Maria death toll climbs to 64, as FEMA assistance tops $1 billion
Puerto Rico continues to recover from Hurricane Maria, which hit the island as a Category 4 storm on Sept. 20, and leveled unrivaled destruction on the U.S. territory. The official death toll from the storm is 64, though studies, including one by The New York Times in early December, showed over 1,000 people more than usual died on the island following the storm.
The whole island was without power for weeks and only stood at 68 percent in mid-December, according to the Puerto Rico Power Energy Authority (PREPA). Just two weeks ago, the entire island lost power for over 24 hours when construction crews accidentally damaged the power grid.
PHOTO: Residents gather to receive food and water from FEMA in a neighborhood without grid electricity or running water on Oct. 17, 2017 in San Isidro, Puerto Rico.Mario Tama/Getty Images
Residents gather to receive food and water from FEMA in a neighborhood without grid electricity or running water on Oct. 17, 2017 in San Isidro, Puerto Rico.more +
California's Department of Education will receive just over $14.3 million to help address damage caused by the 2017 wildfires, while Texas received over $89.4 million to address damage caused by Hurricanes Irma and Harvey.
Harvey, especially, was damaging to the Houston area. The storm killed 39 people, dumped 51.88 inches of rain in nearby Cedar Bayou, Texas, and caused $97 billion in damages, according to Moody's Analytics.
By JOSHUA HOYOS MARK OSBORNE May 1, 2018, 3:47 AM ET
The Puerto Rico Governor’s Office announced on Monday that the island will be receiving $589 million in federal disaster assistance from the U.S. Department of Education as the island continues to recover from the ravages of Hurricane Maria last fall.
The federal agency announced Monday it would be disbursing a total of approximately $693 million to Puerto Rico, California and Texas to aid in disaster recovery.
The money granted to Puerto Rico is to assist in the rebuilding process of the education system following Hurricane Maria.
"This economic injection by the federal government will be key in the recovery process for the Department of Education. It will benefit both the teaching staff, the student body and the non-teaching staff to fully recover the normality in the education that is taught in the education system," Rossello said in a statement.
Puerto Rico, still reeling from Hurricane Maria, faces major challenges
Puerto Rico, 6 months after Hurricane Maria
Puerto Rico's worst blackout since Maria leaves island residents 'frustrated'
The funds are just the first in a multi-phased process, according to the U.S. Department of Education. A total of $2.5 billion will eventually be awarded.
"As communities get back on their feet in disaster affected regions, we continue to support them in every way we can," said Secretary Betsy DeVos in a statement. "This additional funding will ensure students, teachers and staff have ongoing access to the services they need to fully recover and rebuild."
The Puerto Rico Department of Education told ABC News in recent weeks that 283 schools are slated to close because of declining student enrollment following Hurricane Maria.
A spokesperson for the department says there are 319,000 students on the island compared to 346,000 enrolled students as of May 2017. The department projects that there will be 311,000 enrolled students this August. Half of schools on the island are at 60 percent of capacity.
In this Oct. 13, 2017 file photo, children discuss their thoughts about Hurricane Maria at Ramon Marin Sola Elementary School in Guaynabo, Puerto Rico.AP
In this Oct. 13, 2017 file photo, children discuss their thoughts about Hurricane Maria at Ramon Marin Sola Elementary School in Guaynabo, Puerto Rico.more +
100 days after Hurricane Maria, San Juan mayor thanks Americans, slams Trump as 'disaster-in-chief'
Puerto Rico's Hurricane Maria death toll climbs to 64, as FEMA assistance tops $1 billion
Puerto Rico continues to recover from Hurricane Maria, which hit the island as a Category 4 storm on Sept. 20, and leveled unrivaled destruction on the U.S. territory. The official death toll from the storm is 64, though studies, including one by The New York Times in early December, showed over 1,000 people more than usual died on the island following the storm.
The whole island was without power for weeks and only stood at 68 percent in mid-December, according to the Puerto Rico Power Energy Authority (PREPA). Just two weeks ago, the entire island lost power for over 24 hours when construction crews accidentally damaged the power grid.
PHOTO: Residents gather to receive food and water from FEMA in a neighborhood without grid electricity or running water on Oct. 17, 2017 in San Isidro, Puerto Rico.Mario Tama/Getty Images
Residents gather to receive food and water from FEMA in a neighborhood without grid electricity or running water on Oct. 17, 2017 in San Isidro, Puerto Rico.more +
California's Department of Education will receive just over $14.3 million to help address damage caused by the 2017 wildfires, while Texas received over $89.4 million to address damage caused by Hurricanes Irma and Harvey.
Harvey, especially, was damaging to the Houston area. The storm killed 39 people, dumped 51.88 inches of rain in nearby Cedar Bayou, Texas, and caused $97 billion in damages, according to Moody's Analytics.
China Is Set to Take a Hard Line on Trump’s Trade Demands - New York Times
China Is Set to Take a Hard Line on Trump’s Trade Demands
By KEITH BRADSHERAPRIL 30, 2018
A container port in China’s eastern province of Shandong. The Trump administration wants Beijing to curb its $300 billion plan to bankroll China’s push into advanced technologies. Credit Reuters
BEIJING — Staking an assertive negotiating stance, China says it will refuse to discuss President Trump’s two toughest trade demands when American officials arrive in Beijing this week, potentially derailing the high-level talks.
The Chinese government is publicly calling for flexibility on both sides. But senior Beijing officials do not plan to discuss the two biggest requests that the Trump administration has made over the past several months, according to people involved in Chinese policymaking. Those include a mandatory $100 billion cut in America’s $375 billion annual trade deficit with China and curbs on Beijing’s $300 billion plan to bankroll the country’s industrial upgrade into advanced technologies like artificial intelligence, semiconductors, electric cars and commercial aircraft.
The reason: Beijing feels its economy has become big enough and resilient enough to stand up to the United States.
[On other trade fronts, even American allies aren’t sure what the Trump administration plans. Read more about their concerns.]
A half-dozen senior Chinese officials and two dozen influential advisers laid out the Chinese government’s position in detail during a three-day seminar that ended here late Monday morning. The officials and most of the advisers at the seminar gave an overview of China’s economic policies, including an in-depth review of the country’s trade policy, to make sure China’s stance would be known overseas. All of the officials and most of the advisers at the seminar insisted on anonymity because of diplomatic sensitivities.
It is not clear what will happen when the two sides sit down this week or whether either will find a reason to waver. Still, the Chinese and American positions are so far apart that China’s leaders are skeptical the two sides can find common ground by the end of this week. They are already raising the possibility that Chinese officials may fly to Washington a month from now for further talks.
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“I don’t expect a comprehensive deal whatsoever,” said Ruan Zongze, the executive vice president of the China Institute of International Studies, which is the policy research arm of China’s Foreign Ministry. “I think there is a lot of game playing here.”
Beijing is frustrated with Mr. Trump’s threats to impose tariffs on $150 billion in Chinese goods and dismayed by suggestions in the West that China has a weak bargaining position. Chinese officials think the country’s one-party political system and President Xi Jinping’s enduring grip on power — particularly after the repeal of presidential term limits in March — mean that China can outlast the United States and Mr. Trump in any trade quarrel.
The Chinese government believes Mr. Trump’s background as a businessman means that at some point he will agree to a deal. Seminar participants also reaffirmed previous Chinese trade policy offers to further open the country’s financial and automotive sectors, though not in ways that would impact China’s industrial modernization program, called Made in China 2025. They also suggested that China would be willing to tighten its intellectual property rules so as to foster innovation within China as well as protect foreign technologies from counterfeiting and other illegal copying.
China is insisting that the parameters of any negotiations be limited, and that the tariff threat be removed before a final deal can be struck.
Chinese officials have reached out to Treasury Secretary Steven Mnuchin, who has reacted positively to China’s overtures in the auto and financial sectors. Mr. Mnuchin, a former Goldman Sachs executive who will be on the Trump administration’s team in Beijing later this week, has sought to calm investors worried that the rhetoric between Washington and Beijing could break out into a full-blown trade war.
The U.S.-China Trade Conflict: How We Got to This Point
American companies want a level playing field with their Chinese counterparts. China wants to build its industries into sophisticated global competitors. This week, both countries demonstrated a willingness to escalate trade tensions to defend their positions.
China’s position is that the bilateral trade imbalance arises from differences in savings rates. Households in China save roughly two-fifths of their income. Americans, on average, save almost nothing. So money from China tends to flow to the United States, buying factories, technology companies, real estate and more, and Americans in turn spend much of that money to buy goods from China. Many economists in the United States, including some at the Treasury, share that view.
A worker making carbon fiber on a production line in Lianyungang, in China’s Jiangsu province. The material is used in aerospace and other applications. The Chinese government is frustrated with Mr. Trump’s threats to impose tariffs on $150 billion in Chinese goods. Credit Agence France-Presse — Getty Images
By contrast, many trade lawyers, lawmakers on both sides of the aisle and Mr. Trump contend that the trade deficit stems to a large extent from unfair practices, including cheap loans by state-controlled banks to exporters.
China is ready to discuss shrinking the $375 billion annual trade deficit. But it wants to do so by buying more high-tech American goods. Washington has long blocked such deals because of concerns that they may have military value. China is also willing to buy more oil, natural gas, coal and other goods from the United States, and to help finance the extra pipelines and other infrastructure that would be needed to move them to China.
A senior Chinese government official said that Beijing is unwilling to negotiate with the United States on any curbs on Made in China 2025, which includes large-scale government assistance to favored industries in advanced-technology manufacturing. China perceives the American demands as an attempt to stop China’s economic development and technological progress, the senior Chinese official said
Germany and other countries also have industrial policies, and the United States has not objected to them, he added. American and European officials have argued that those policies elsewhere are much narrower and less ambitious.
Other advisers and officials said that the United States had misunderstood the Made in China 2025 industrial policy. They expressed hope that it might be possible to resolve differences by explaining the program better and making very small tweaks to it — a stance that still may not appease the Trump administration.
The Chinese government is not simply throwing money, land and other resources to favored industries like robotics, artificial intelligence, semiconductors and aircraft manufacturing, they said. China is engaged instead, they contended, in a carefully thought-out program that measures potential profits for each dollar of investment. So China’s program bears some resemblance, they said, to private sector investment programs in the West.
One subject was repeatedly and conspicuously avoided by all officials throughout the seminar, even when advisers occasionally speculated about it: whether China might someday try to link trade disputes to national security issues.
China has been deeply involved in international pressure on North Korea to give up its nuclear weapons and ballistic missiles, an issue of high importance to the Trump administration. Beijing also wants to someday assert control of Taiwan, a self-governing democracy that Beijing regards as a renegade territory.
Tsinghua University’s new Academic Center for Chinese Economic Practice and Thinking organized the seminar, which was held at Tsinghua and two other venues in western Beijing. President Xi graduated from Tsinghua, which is in Beijing and is China’s top university, and he has filled much of the senior ranks of his government with Tsinghua professors and graduates.
In some respects, the hard stance struck by Chinese officials reflects a hardening of public attitudes in China.
In mid-April, the United States barred American companies from selling their wares to a Chinese telecom equipment maker, ZTE. The move is seen as potentially crippling to the Chinese company, which needs American chips and software to power the smartphones and equipment it sells around the world.
Washington officials cited ZTE’s repeated violations of sanctions against Iran and North Korea, but many in China saw it as a reminder by the United States that sizable sectors of the Chinese economy still rely on American-made goods. Much of the Made in China 2025 policy is aimed at reducing that dependence.
The ZTE case “has changed a lot of Chinese people’s opinion,” said Mr. Ruan, of the China Institute of International Studies. “In the past, people saw us as interdependent.”
Follow Keith Bradsher on Twitter: @KeithBradsher.
By KEITH BRADSHERAPRIL 30, 2018
A container port in China’s eastern province of Shandong. The Trump administration wants Beijing to curb its $300 billion plan to bankroll China’s push into advanced technologies. Credit Reuters
BEIJING — Staking an assertive negotiating stance, China says it will refuse to discuss President Trump’s two toughest trade demands when American officials arrive in Beijing this week, potentially derailing the high-level talks.
The Chinese government is publicly calling for flexibility on both sides. But senior Beijing officials do not plan to discuss the two biggest requests that the Trump administration has made over the past several months, according to people involved in Chinese policymaking. Those include a mandatory $100 billion cut in America’s $375 billion annual trade deficit with China and curbs on Beijing’s $300 billion plan to bankroll the country’s industrial upgrade into advanced technologies like artificial intelligence, semiconductors, electric cars and commercial aircraft.
The reason: Beijing feels its economy has become big enough and resilient enough to stand up to the United States.
[On other trade fronts, even American allies aren’t sure what the Trump administration plans. Read more about their concerns.]
A half-dozen senior Chinese officials and two dozen influential advisers laid out the Chinese government’s position in detail during a three-day seminar that ended here late Monday morning. The officials and most of the advisers at the seminar gave an overview of China’s economic policies, including an in-depth review of the country’s trade policy, to make sure China’s stance would be known overseas. All of the officials and most of the advisers at the seminar insisted on anonymity because of diplomatic sensitivities.
It is not clear what will happen when the two sides sit down this week or whether either will find a reason to waver. Still, the Chinese and American positions are so far apart that China’s leaders are skeptical the two sides can find common ground by the end of this week. They are already raising the possibility that Chinese officials may fly to Washington a month from now for further talks.
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“I don’t expect a comprehensive deal whatsoever,” said Ruan Zongze, the executive vice president of the China Institute of International Studies, which is the policy research arm of China’s Foreign Ministry. “I think there is a lot of game playing here.”
Beijing is frustrated with Mr. Trump’s threats to impose tariffs on $150 billion in Chinese goods and dismayed by suggestions in the West that China has a weak bargaining position. Chinese officials think the country’s one-party political system and President Xi Jinping’s enduring grip on power — particularly after the repeal of presidential term limits in March — mean that China can outlast the United States and Mr. Trump in any trade quarrel.
The Chinese government believes Mr. Trump’s background as a businessman means that at some point he will agree to a deal. Seminar participants also reaffirmed previous Chinese trade policy offers to further open the country’s financial and automotive sectors, though not in ways that would impact China’s industrial modernization program, called Made in China 2025. They also suggested that China would be willing to tighten its intellectual property rules so as to foster innovation within China as well as protect foreign technologies from counterfeiting and other illegal copying.
China is insisting that the parameters of any negotiations be limited, and that the tariff threat be removed before a final deal can be struck.
Chinese officials have reached out to Treasury Secretary Steven Mnuchin, who has reacted positively to China’s overtures in the auto and financial sectors. Mr. Mnuchin, a former Goldman Sachs executive who will be on the Trump administration’s team in Beijing later this week, has sought to calm investors worried that the rhetoric between Washington and Beijing could break out into a full-blown trade war.
The U.S.-China Trade Conflict: How We Got to This Point
American companies want a level playing field with their Chinese counterparts. China wants to build its industries into sophisticated global competitors. This week, both countries demonstrated a willingness to escalate trade tensions to defend their positions.
China’s position is that the bilateral trade imbalance arises from differences in savings rates. Households in China save roughly two-fifths of their income. Americans, on average, save almost nothing. So money from China tends to flow to the United States, buying factories, technology companies, real estate and more, and Americans in turn spend much of that money to buy goods from China. Many economists in the United States, including some at the Treasury, share that view.
A worker making carbon fiber on a production line in Lianyungang, in China’s Jiangsu province. The material is used in aerospace and other applications. The Chinese government is frustrated with Mr. Trump’s threats to impose tariffs on $150 billion in Chinese goods. Credit Agence France-Presse — Getty Images
By contrast, many trade lawyers, lawmakers on both sides of the aisle and Mr. Trump contend that the trade deficit stems to a large extent from unfair practices, including cheap loans by state-controlled banks to exporters.
China is ready to discuss shrinking the $375 billion annual trade deficit. But it wants to do so by buying more high-tech American goods. Washington has long blocked such deals because of concerns that they may have military value. China is also willing to buy more oil, natural gas, coal and other goods from the United States, and to help finance the extra pipelines and other infrastructure that would be needed to move them to China.
A senior Chinese government official said that Beijing is unwilling to negotiate with the United States on any curbs on Made in China 2025, which includes large-scale government assistance to favored industries in advanced-technology manufacturing. China perceives the American demands as an attempt to stop China’s economic development and technological progress, the senior Chinese official said
Germany and other countries also have industrial policies, and the United States has not objected to them, he added. American and European officials have argued that those policies elsewhere are much narrower and less ambitious.
Other advisers and officials said that the United States had misunderstood the Made in China 2025 industrial policy. They expressed hope that it might be possible to resolve differences by explaining the program better and making very small tweaks to it — a stance that still may not appease the Trump administration.
The Chinese government is not simply throwing money, land and other resources to favored industries like robotics, artificial intelligence, semiconductors and aircraft manufacturing, they said. China is engaged instead, they contended, in a carefully thought-out program that measures potential profits for each dollar of investment. So China’s program bears some resemblance, they said, to private sector investment programs in the West.
One subject was repeatedly and conspicuously avoided by all officials throughout the seminar, even when advisers occasionally speculated about it: whether China might someday try to link trade disputes to national security issues.
China has been deeply involved in international pressure on North Korea to give up its nuclear weapons and ballistic missiles, an issue of high importance to the Trump administration. Beijing also wants to someday assert control of Taiwan, a self-governing democracy that Beijing regards as a renegade territory.
Tsinghua University’s new Academic Center for Chinese Economic Practice and Thinking organized the seminar, which was held at Tsinghua and two other venues in western Beijing. President Xi graduated from Tsinghua, which is in Beijing and is China’s top university, and he has filled much of the senior ranks of his government with Tsinghua professors and graduates.
In some respects, the hard stance struck by Chinese officials reflects a hardening of public attitudes in China.
In mid-April, the United States barred American companies from selling their wares to a Chinese telecom equipment maker, ZTE. The move is seen as potentially crippling to the Chinese company, which needs American chips and software to power the smartphones and equipment it sells around the world.
Washington officials cited ZTE’s repeated violations of sanctions against Iran and North Korea, but many in China saw it as a reminder by the United States that sizable sectors of the Chinese economy still rely on American-made goods. Much of the Made in China 2025 policy is aimed at reducing that dependence.
The ZTE case “has changed a lot of Chinese people’s opinion,” said Mr. Ruan, of the China Institute of International Studies. “In the past, people saw us as interdependent.”
Follow Keith Bradsher on Twitter: @KeithBradsher.
Taiwan loses diplomatic ally as Dominican Republic switches ties to China - BBC News
May 1, 2018
Taiwan loses diplomatic ally as Dominican Republic switches ties to China
China's Foreign Minister Wang Yi (r) with Dominican Republic's Chancellor Miguel Vargas
The Dominican Republic has established diplomatic relations with China and cut its ties with Taiwan.
Taiwan has said that it is "deeply upset" by the Caribbean nation's decision, which deepens its diplomatic isolation.
The governments in Beijing and Taipei insist that countries cannot recognise both of them.
China regards Taiwan as a breakaway province. Taiwan is now left with only 19 diplomatic allies.
The island's foreign ministry said the Dominican Republic had accepted "false promises of investment and aid by China".
Taipei also "strongly condemns China's objectionable decision to use dollar diplomacy to convert Taiwan's diplomatic allies".
The Dominican Republic said it believed the switch would be "extraordinarily positive for the future of our country" and that it recognised Taiwan as "an inalienable part of the Chinese territory".
It said that even without formal diplomatic ties, China was already its second largest supplier of imported products.
What's behind the China-Taiwan divide?
What is the 'One China' policy?
How China is poaching Taiwan's friends
Presidential legal adviser Flavio Dario Espinal told a news conference that the government was grateful to Taiwan.
"However, history and the socioeconomic reality force us now to change direction," he explained.
China-Taiwan ties have worsened since the island elected Tsai Ing-wen president in 2016
The number of countries recognising Taiwan as a state has dwindled in recent years as China's diplomatic influence has strengthened.
The last countries before the Dominican Republic to switch allegiance had been Panama last year and the African island nation of Sao Tome and Principe in 2016.
Only 19 countries have diplomatic relations with Taiwan, most of them small island states or in Central and South America - regions that in the past had limited economic ties with China. They are:
Latin America and the Caribbean: Belize, El Salvador, Haiti, Nicaragua, St Kitts and Nevis, St Vincent & the Grenadines, Guatemala, Paraguay, Honduras and Saint Lucia
Africa: Burkina Faso and Swaziland
Europe: The Vatican
The Pacific: Kiribati, Nauru, the Solomon Islands, Tuvalu, the Marshall Islands and Palau
China and Taiwan have been ruled separately since the end of the Chinese civil war in 1949.
Relations between the two have worsened since the island elected Tsai Ing-wen as president in 2016.
Ms Tsai has not formally endorsed the "one China" policy - an agreement in 1992 where both sides agreed there was only one China, but had different interpretations of what that meant.
Beijing fears she will push for Taiwan's formal independence, but Ms Tsai says she wants to maintain the status quo.
Since her election, Beijing has intensified its efforts to isolate Taiwan and persuade its supporters to switch sides.
Given China's rapid growth as an economic and political global power, it has been increasingly easy for Beijing to sway countries to its side.
Taiwan loses diplomatic ally as Dominican Republic switches ties to China
China's Foreign Minister Wang Yi (r) with Dominican Republic's Chancellor Miguel Vargas
The Dominican Republic has established diplomatic relations with China and cut its ties with Taiwan.
Taiwan has said that it is "deeply upset" by the Caribbean nation's decision, which deepens its diplomatic isolation.
The governments in Beijing and Taipei insist that countries cannot recognise both of them.
China regards Taiwan as a breakaway province. Taiwan is now left with only 19 diplomatic allies.
The island's foreign ministry said the Dominican Republic had accepted "false promises of investment and aid by China".
Taipei also "strongly condemns China's objectionable decision to use dollar diplomacy to convert Taiwan's diplomatic allies".
The Dominican Republic said it believed the switch would be "extraordinarily positive for the future of our country" and that it recognised Taiwan as "an inalienable part of the Chinese territory".
It said that even without formal diplomatic ties, China was already its second largest supplier of imported products.
What's behind the China-Taiwan divide?
What is the 'One China' policy?
How China is poaching Taiwan's friends
Presidential legal adviser Flavio Dario Espinal told a news conference that the government was grateful to Taiwan.
"However, history and the socioeconomic reality force us now to change direction," he explained.
China-Taiwan ties have worsened since the island elected Tsai Ing-wen president in 2016
The number of countries recognising Taiwan as a state has dwindled in recent years as China's diplomatic influence has strengthened.
The last countries before the Dominican Republic to switch allegiance had been Panama last year and the African island nation of Sao Tome and Principe in 2016.
Only 19 countries have diplomatic relations with Taiwan, most of them small island states or in Central and South America - regions that in the past had limited economic ties with China. They are:
Latin America and the Caribbean: Belize, El Salvador, Haiti, Nicaragua, St Kitts and Nevis, St Vincent & the Grenadines, Guatemala, Paraguay, Honduras and Saint Lucia
Africa: Burkina Faso and Swaziland
Europe: The Vatican
The Pacific: Kiribati, Nauru, the Solomon Islands, Tuvalu, the Marshall Islands and Palau
China and Taiwan have been ruled separately since the end of the Chinese civil war in 1949.
Relations between the two have worsened since the island elected Tsai Ing-wen as president in 2016.
Ms Tsai has not formally endorsed the "one China" policy - an agreement in 1992 where both sides agreed there was only one China, but had different interpretations of what that meant.
Beijing fears she will push for Taiwan's formal independence, but Ms Tsai says she wants to maintain the status quo.
Since her election, Beijing has intensified its efforts to isolate Taiwan and persuade its supporters to switch sides.
Given China's rapid growth as an economic and political global power, it has been increasingly easy for Beijing to sway countries to its side.
Just asking! Trump seeks opinions on Twitter for Korea meeting - BBC News
Just asking! Trump seeks opinions on Twitter for Korea meeting
30 April 2018
The border village of Panmunjom, which Donald Trump has suggested as a location for a summit
Donald Trump has tweeted to suggest the North-South Korea border for his feverishly anticipated summit with Kim Jong-un, before adding: "Just asking!"
The US president is preparing for historic talks with his North Korean counterpart. "Numerous locations" were still being considered, he said.
But Peace House, on the border between the Koreas, would be a "Representative, Important and Lasting" venue, he mused.
The house hosted the recent summit between North and South Korea leaders.
Donald J. Trump
✔
@realDonaldTrump
Numerous countries are being considered for the MEETING, but would Peace House/Freedom House, on the Border of North & South Korea, be a more Representative, Important and Lasting site than a third party country? Just asking!
10:19 PM - Apr 30, 2018
Mr Kim met the South Korean president Moon Jae-in there last week to discuss denuclearisation of the North - a key issue for any talks with the US.
It was not clear who exactly Mr Trump's breezy tweet was addressed to. His tone belied the historic nature of the planned summit, which if it goes ahead will be the first ever meeting between US and North Korean leaders.
Speaking at a rally in Washington, Michigan at the weekend, the president said he expected the summit to take place "over the next three or four weeks".
David Frum
✔
@davidfrum
Trying to imagine any other president addressing a petty local dictator with a "just asking" plea
Donald J. Trump
✔
@realDonaldTrump
Numerous countries are being considered for the MEETING, but would Peace House/Freedom House, on the Border of North & South Korea, be a more Representative, Important and Lasting site than a third party country? Just asking!
10:45 PM - Apr 30, 2018
Some groundwork has been laid for the meeting - in his previous role as head of the CIA, US Secretary of State Mike Pompeo earlier this month secretly visited the North Korean capital Pyongyang to meet Mr Kim.
But a venue has yet to be confirmed. Mr Trump said in his tweet on Monday that "numerous" locations were being considered. Mongolia and Singapore are understood to be frontrunners.
N Korea nuclear test site 'to shut in May'
Historic summit as it happened
Five key moments from the meeting
Read the Korean declaration in full
A meeting at Peace House would make life easy for Mr Kim, for whom foreign travel is exceedingly rare. It was not until last month that he made his first foreign trip as leader, travelling to China in a bulletproof train so heavy its maximum speed is just 37mph.
It would also save the North the potential embarrassment of having to borrow a plane. There are reports that none of North Korea's aging fleet of state aircraft would be capable of reaching some of the further away locations suggested for the US summit.
30 April 2018
The border village of Panmunjom, which Donald Trump has suggested as a location for a summit
Donald Trump has tweeted to suggest the North-South Korea border for his feverishly anticipated summit with Kim Jong-un, before adding: "Just asking!"
The US president is preparing for historic talks with his North Korean counterpart. "Numerous locations" were still being considered, he said.
But Peace House, on the border between the Koreas, would be a "Representative, Important and Lasting" venue, he mused.
The house hosted the recent summit between North and South Korea leaders.
Donald J. Trump
✔
@realDonaldTrump
Numerous countries are being considered for the MEETING, but would Peace House/Freedom House, on the Border of North & South Korea, be a more Representative, Important and Lasting site than a third party country? Just asking!
10:19 PM - Apr 30, 2018
Mr Kim met the South Korean president Moon Jae-in there last week to discuss denuclearisation of the North - a key issue for any talks with the US.
It was not clear who exactly Mr Trump's breezy tweet was addressed to. His tone belied the historic nature of the planned summit, which if it goes ahead will be the first ever meeting between US and North Korean leaders.
Speaking at a rally in Washington, Michigan at the weekend, the president said he expected the summit to take place "over the next three or four weeks".
David Frum
✔
@davidfrum
Trying to imagine any other president addressing a petty local dictator with a "just asking" plea
Donald J. Trump
✔
@realDonaldTrump
Numerous countries are being considered for the MEETING, but would Peace House/Freedom House, on the Border of North & South Korea, be a more Representative, Important and Lasting site than a third party country? Just asking!
10:45 PM - Apr 30, 2018
Some groundwork has been laid for the meeting - in his previous role as head of the CIA, US Secretary of State Mike Pompeo earlier this month secretly visited the North Korean capital Pyongyang to meet Mr Kim.
But a venue has yet to be confirmed. Mr Trump said in his tweet on Monday that "numerous" locations were being considered. Mongolia and Singapore are understood to be frontrunners.
N Korea nuclear test site 'to shut in May'
Historic summit as it happened
Five key moments from the meeting
Read the Korean declaration in full
A meeting at Peace House would make life easy for Mr Kim, for whom foreign travel is exceedingly rare. It was not until last month that he made his first foreign trip as leader, travelling to China in a bulletproof train so heavy its maximum speed is just 37mph.
It would also save the North the potential embarrassment of having to borrow a plane. There are reports that none of North Korea's aging fleet of state aircraft would be capable of reaching some of the further away locations suggested for the US summit.
Israel's Iran documents show nuclear deal 'was built on lies' - BBC News
May 1, 2018
Israel's Iran documents show nuclear deal 'was built on lies'
Israeli PM Benjamin Netanyahu unveiled on Monday what he claims to be Iran's secret atomic archive
US Secretary of State Mike Pompeo says a landmark nuclear deal with Iran was "built on lies", after Israel claimed to have proof of a secret Iranian nuclear weapons programme.
Mr Pompeo said documents revealed by Israel's prime minister were authentic.
Analysts say they show nothing new, highlighting that concerns over Iran's nuclear ambitions led to the deal.
US President Donald Trump, who opposes the accord, has until 12 May to decide whether to abandon it or not.
Other Western powers, including signatories Britain and France, say Iran has been abiding by the deal and it should be kept.
Could the nuclear deal collapse?
Why the bomb is back
What is Iran accused of?
Israeli Prime Minister Benjamin Netanyahu on Monday accused Iran of conducting a secret nuclear weapons programme, dubbed Project Amad, and said it had continued to pursue nuclear weapons knowledge after the project was shuttered in 2003.
That followed the revelation in 2002 by an exiled Iranian opposition group that Iran was constructing secret nuclear sites in breach of the nuclear Non-Proliferation Treaty, of which Iran was a signatory.
Mr Netanyahu presented what he said was evidence of thousands of "secret nuclear files" that showed Iran had lied about its nuclear ambitions before the landmark deal was signed in 2015.
Tension between the long-standing enemies has grown steadily since Iran built up its military presence in Syria, which lies to the north-east of Israel.
Iran has always denied seeking nuclear weapons, and agreed three years ago to curb its nuclear energy programme in return for the lifting of sanctions.
The Israeli prime minister did not provide evidence that Iran had violated the accord since it went into effect in early 2016. But he insisted that Project Amad had continued at the Iranian defence ministry - citing the head of the programme as saying: "Special activities will be carried out under the title of scientific know-how developments."
Israel's claim to have stolen and accessed files from a secret Iranian nuclear archive in a warehouse in Tehran may be a tale of daring espionage, but beyond that there is not much new, says the BBC's diplomatic correspondent Jonathan Marcus.
Mr Netanyahu said he had shared the files with the US, and they would be submitted to the International Atomic Energy Agency (IAEA).
What does the US say?
"The documents obtained by Israel from inside Iran show beyond any doubt that the Iranian regime was not telling the truth," Mr Pompeo said in a statement.
"Iran hid a vast atomic archive from the world and from the IAEA - until today," the new secretary of state added.
Mr Pompeo also warned that the US was now "assessing what the discovery of Iran's secret nuclear files means for the future".
Mr Trump, who has been vocal about his opposition to the Obama-era deal, said he had viewed part of Mr Netanyahu's presentation and said the situation was "not acceptable".
He said he would make a decision on whether to retain the deal in the next 12 days.
What other reaction has there been?
Iran's Foreign Minister Javad Zarif said the move by Mr Netanyahu was a "childish" stunt to influence Mr Trump's decision on whether the US should stick with the nuclear deal.
A spokesman for the UK government, a signatory of the deal, said it would continue to back the deal, adding: "We have never been naive about Iran and its nuclear intentions."
Rob Malley, who was on the Iran negotiating team under the Obama administration, played down the allegations, saying they were "nothing new".
Skip Twitter post by @Rob_Malley
Rob Malley
✔
@Rob_Malley
For those who have followed the Iranian nuclear file, there is nothing new in Bibi's presentation. All it does is vindicate need for the nuclear deal
But the Israeli prime minister has an audience of one: Trump
And he's unfortunately unlikely to reach the same conclusion.
3:42 AM - May 1, 2018
Meanwhile, the European Union's foreign policy chief, Federica Mogherini, said the documents have not put into question Iran's compliance with the 2015 deal and said they should be analysed by the IAEA.
How is the 2015 deal meant to work?
The agreement signed between Iran, the US, China, Russia, Germany, France and Britain lifted crippling economic sanctions in return for curbs on Tehran's nuclear programme.
There had been fears that Iran would use the programme to create a nuclear weapon.
Under the deal, officially known as the Joint Comprehensive Plan of Action (JCPOA), Iran is committed to slashing the number of its centrifuges, which are machines used to enrich uranium.
It is also meant to cut its stockpile of enriched uranium drastically and not enrich remaining uranium to the level needed to produce nuclear weapons.
The number of centrifuges installed at Iran's Natanz and Fordo sites was cut drastically soon after the deal while tonnes of low-enriched uranium were shipped to Russia.
Furthermore, monitors from the IAEA have been able to carry out snap inspections at Iranian nuclear sites.
Iran nuclear deal: Key details
Why is Trump unhappy about it?
The US president has not held back in voicing his opposition to the deal, which he has described as the "worst ever".
He has twice already refused to certify to Congress that Iran is complying with the agreement, and warned that the US would withdraw completely on 12 May - the next deadline for waiving sanctions - unless European signatories to the deal and Congress addressed his concerns.
He is unhappy that it only limited Iran's nuclear activities for a fixed period and had failed to stop the development of ballistic missiles.
He also said it had handed Iran a $100bn (£72bn) windfall that it used "as a slush fund for weapons, terror, and oppression" across the Middle East.
Israel's Iran documents show nuclear deal 'was built on lies'
Israeli PM Benjamin Netanyahu unveiled on Monday what he claims to be Iran's secret atomic archive
US Secretary of State Mike Pompeo says a landmark nuclear deal with Iran was "built on lies", after Israel claimed to have proof of a secret Iranian nuclear weapons programme.
Mr Pompeo said documents revealed by Israel's prime minister were authentic.
Analysts say they show nothing new, highlighting that concerns over Iran's nuclear ambitions led to the deal.
US President Donald Trump, who opposes the accord, has until 12 May to decide whether to abandon it or not.
Other Western powers, including signatories Britain and France, say Iran has been abiding by the deal and it should be kept.
Could the nuclear deal collapse?
Why the bomb is back
What is Iran accused of?
Israeli Prime Minister Benjamin Netanyahu on Monday accused Iran of conducting a secret nuclear weapons programme, dubbed Project Amad, and said it had continued to pursue nuclear weapons knowledge after the project was shuttered in 2003.
That followed the revelation in 2002 by an exiled Iranian opposition group that Iran was constructing secret nuclear sites in breach of the nuclear Non-Proliferation Treaty, of which Iran was a signatory.
Mr Netanyahu presented what he said was evidence of thousands of "secret nuclear files" that showed Iran had lied about its nuclear ambitions before the landmark deal was signed in 2015.
Tension between the long-standing enemies has grown steadily since Iran built up its military presence in Syria, which lies to the north-east of Israel.
Iran has always denied seeking nuclear weapons, and agreed three years ago to curb its nuclear energy programme in return for the lifting of sanctions.
The Israeli prime minister did not provide evidence that Iran had violated the accord since it went into effect in early 2016. But he insisted that Project Amad had continued at the Iranian defence ministry - citing the head of the programme as saying: "Special activities will be carried out under the title of scientific know-how developments."
Israel's claim to have stolen and accessed files from a secret Iranian nuclear archive in a warehouse in Tehran may be a tale of daring espionage, but beyond that there is not much new, says the BBC's diplomatic correspondent Jonathan Marcus.
Mr Netanyahu said he had shared the files with the US, and they would be submitted to the International Atomic Energy Agency (IAEA).
What does the US say?
"The documents obtained by Israel from inside Iran show beyond any doubt that the Iranian regime was not telling the truth," Mr Pompeo said in a statement.
"Iran hid a vast atomic archive from the world and from the IAEA - until today," the new secretary of state added.
Mr Pompeo also warned that the US was now "assessing what the discovery of Iran's secret nuclear files means for the future".
Mr Trump, who has been vocal about his opposition to the Obama-era deal, said he had viewed part of Mr Netanyahu's presentation and said the situation was "not acceptable".
He said he would make a decision on whether to retain the deal in the next 12 days.
What other reaction has there been?
Iran's Foreign Minister Javad Zarif said the move by Mr Netanyahu was a "childish" stunt to influence Mr Trump's decision on whether the US should stick with the nuclear deal.
A spokesman for the UK government, a signatory of the deal, said it would continue to back the deal, adding: "We have never been naive about Iran and its nuclear intentions."
Rob Malley, who was on the Iran negotiating team under the Obama administration, played down the allegations, saying they were "nothing new".
Skip Twitter post by @Rob_Malley
Rob Malley
✔
@Rob_Malley
For those who have followed the Iranian nuclear file, there is nothing new in Bibi's presentation. All it does is vindicate need for the nuclear deal
But the Israeli prime minister has an audience of one: Trump
And he's unfortunately unlikely to reach the same conclusion.
3:42 AM - May 1, 2018
Meanwhile, the European Union's foreign policy chief, Federica Mogherini, said the documents have not put into question Iran's compliance with the 2015 deal and said they should be analysed by the IAEA.
How is the 2015 deal meant to work?
The agreement signed between Iran, the US, China, Russia, Germany, France and Britain lifted crippling economic sanctions in return for curbs on Tehran's nuclear programme.
There had been fears that Iran would use the programme to create a nuclear weapon.
Under the deal, officially known as the Joint Comprehensive Plan of Action (JCPOA), Iran is committed to slashing the number of its centrifuges, which are machines used to enrich uranium.
It is also meant to cut its stockpile of enriched uranium drastically and not enrich remaining uranium to the level needed to produce nuclear weapons.
The number of centrifuges installed at Iran's Natanz and Fordo sites was cut drastically soon after the deal while tonnes of low-enriched uranium were shipped to Russia.
Furthermore, monitors from the IAEA have been able to carry out snap inspections at Iranian nuclear sites.
Iran nuclear deal: Key details
Why is Trump unhappy about it?
The US president has not held back in voicing his opposition to the deal, which he has described as the "worst ever".
He has twice already refused to certify to Congress that Iran is complying with the agreement, and warned that the US would withdraw completely on 12 May - the next deadline for waiving sanctions - unless European signatories to the deal and Congress addressed his concerns.
He is unhappy that it only limited Iran's nuclear activities for a fixed period and had failed to stop the development of ballistic missiles.
He also said it had handed Iran a $100bn (£72bn) windfall that it used "as a slush fund for weapons, terror, and oppression" across the Middle East.
Monday, April 30, 2018
Syria war: Missile strikes on military sites 'kill pro-Assad fighters' (The Syrian Observatory for Human Rights (SOHR), a UK-based monitoring group - BBC News
April 30, 2018
Syria war: Missile strikes on military sites 'kill pro-Assad fighters'
Coming from a military facility south of Hama
Missile strikes on military sites in northern Syria overnight reportedly killed a number of pro-government fighters, including Iranians.
The Syrian military said facilities in Hama and Aleppo provinces were struck.
It did not say if there were any casualties. But a UK-based monitoring group said four Syrians and 22 foreigners, mostly Iranians, died.
It is not known who was behind the attacks. Western nations and Israel have previously hit sites in Syria.
Earlier this month, the US, UK and France bombed three facilities they said were associated with the Syrian government's alleged chemical weapons programme.
Israel is alleged to have hit an airbase reportedly serving as an Iranian drone command centre and containing an advanced Iranian air defence system. Seven Iranians were among 14 military personnel killed in that attack.
Israel has repeatedly vowed to stop Iran from strengthening its military presence in Syria, where it has deployed hundreds of troops since the country's civil war began in 2011 to help keep President Bashar al-Assad in power.
Thousands of Shia Muslim militiamen armed, trained and financed by Iran - mostly from Lebanon's Hezbollah movement, but also Iraq, Afghanistan and Yemen - have also fought alongside the Syrian army.
US-led strikes on Syria: What was hit?
Israel blamed for Syria airfield attack
A Syrian military source cited by the official Sana news agency said only that the sites targeted on Sunday night were "exposed… to a new aggression".
The source added that the strikes came after terrorist organisations had suffered defeats in the countryside of the capital, Damascus, an apparent reference to the recent recapture of the Eastern Ghouta region from rebel groups.
The Syrian Observatory for Human Rights (SOHR), a UK-based monitoring group, said one strike appeared to have targeted a depot for surface-to-surface missiles at the 47th Brigade military base, south of the city of Hama.
The pro-opposition Orient News website also reported that large explosions were seen coming from what were believed to be ammunition caches at the base.
Opposition media activist Mohammed Rasheed meanwhile told the Associated Press that debris from the explosion at the depot struck parts of Hama and that residents of areas near the base fled their homes.
Missiles are also reported to have hit locations in the Salhab area, west of Hama city, and the area surrounding Nairab military airport, which is close to the city of Aleppo and its international airport.
The SOHR cited its sources as saying 26 pro-government fighters were killed in the missile strikes, most of them Iranians. It added that the death toll might rise as 60 fighters were wounded, some of them seriously, and that others were missing.
An official from a regional alliance that includes Iran and Hezbollah told the New York Times that the strike on the 47th Brigade base destroyed 200 missiles and killed 16 people, including 11 Iranians.
Iran's semi-official Fars news agency cited its sources as saying that the missiles struck weapons depots in southern Hama and an area north of Aleppo's airport, but they denied that Iranian military advisers were killed.
Iran's Tasnim news agency also cited an unnamed source as dismissing as "baseless" the reports that Iranian facilities were hit and Iranians killed.
The SOHR said that given the nature of the targets, the attacks were likely to have been carried out by Israel.
But Israeli Intelligence Minister Yisrael Katz said on Monday morning that he was "not aware" of the strikes.
"All the violence and instability in Syria is the result of Iran's attempts to establish a military presence there. Israel will not allow the opening of a northern front in Syria," he told Israel's Army Radio.
Syria war: Missile strikes on military sites 'kill pro-Assad fighters'
Coming from a military facility south of Hama
Missile strikes on military sites in northern Syria overnight reportedly killed a number of pro-government fighters, including Iranians.
The Syrian military said facilities in Hama and Aleppo provinces were struck.
It did not say if there were any casualties. But a UK-based monitoring group said four Syrians and 22 foreigners, mostly Iranians, died.
It is not known who was behind the attacks. Western nations and Israel have previously hit sites in Syria.
Earlier this month, the US, UK and France bombed three facilities they said were associated with the Syrian government's alleged chemical weapons programme.
Israel is alleged to have hit an airbase reportedly serving as an Iranian drone command centre and containing an advanced Iranian air defence system. Seven Iranians were among 14 military personnel killed in that attack.
Israel has repeatedly vowed to stop Iran from strengthening its military presence in Syria, where it has deployed hundreds of troops since the country's civil war began in 2011 to help keep President Bashar al-Assad in power.
Thousands of Shia Muslim militiamen armed, trained and financed by Iran - mostly from Lebanon's Hezbollah movement, but also Iraq, Afghanistan and Yemen - have also fought alongside the Syrian army.
US-led strikes on Syria: What was hit?
Israel blamed for Syria airfield attack
A Syrian military source cited by the official Sana news agency said only that the sites targeted on Sunday night were "exposed… to a new aggression".
The source added that the strikes came after terrorist organisations had suffered defeats in the countryside of the capital, Damascus, an apparent reference to the recent recapture of the Eastern Ghouta region from rebel groups.
The Syrian Observatory for Human Rights (SOHR), a UK-based monitoring group, said one strike appeared to have targeted a depot for surface-to-surface missiles at the 47th Brigade military base, south of the city of Hama.
The pro-opposition Orient News website also reported that large explosions were seen coming from what were believed to be ammunition caches at the base.
Opposition media activist Mohammed Rasheed meanwhile told the Associated Press that debris from the explosion at the depot struck parts of Hama and that residents of areas near the base fled their homes.
Missiles are also reported to have hit locations in the Salhab area, west of Hama city, and the area surrounding Nairab military airport, which is close to the city of Aleppo and its international airport.
The SOHR cited its sources as saying 26 pro-government fighters were killed in the missile strikes, most of them Iranians. It added that the death toll might rise as 60 fighters were wounded, some of them seriously, and that others were missing.
An official from a regional alliance that includes Iran and Hezbollah told the New York Times that the strike on the 47th Brigade base destroyed 200 missiles and killed 16 people, including 11 Iranians.
Iran's semi-official Fars news agency cited its sources as saying that the missiles struck weapons depots in southern Hama and an area north of Aleppo's airport, but they denied that Iranian military advisers were killed.
Iran's Tasnim news agency also cited an unnamed source as dismissing as "baseless" the reports that Iranian facilities were hit and Iranians killed.
The SOHR said that given the nature of the targets, the attacks were likely to have been carried out by Israel.
But Israeli Intelligence Minister Yisrael Katz said on Monday morning that he was "not aware" of the strikes.
"All the violence and instability in Syria is the result of Iran's attempts to establish a military presence there. Israel will not allow the opening of a northern front in Syria," he told Israel's Army Radio.
VITAMIN B6 SUPPLEMENTS COULD HELP YOU REMEMBER YOUR DREAMS, STUDY CLAIMS - Independent
April 30, 2018
VITAMIN B6 SUPPLEMENTS COULD HELP YOU REMEMBER YOUR DREAMS, STUDY CLAIMS
Participants also reported better sleep quality and lower tiredness on waking
SARAH YOUNG
@sarah_j_young
10 hours ago
Taking a vitamin found in bananas, tuna and avocado could help people to recall their dreams, scientists claim.
New research from the University of Adelaide, published in the journal Perceptual and Motor Skills, analysed the effects of taking high-dose vitamin B6 supplements on 100 participants from around Australia.
Half of the participants took 240mg of vitamin B6 – the equivalent of 558 bananas - immediately before bed for five consecutive nights, while the other half were given a placebo.
You are probably not getting enough sleep, and it is killing you
The results showed that those who took B6 recalled 64.1 per cent more dream content, reported better sleep quality and significantly lower tiredness on waking.
“It seems as time went on my dreams were clearer and clearer and easier to remember. I also did not lose fragments as the day went on,” one participant said.
Another added: ”My dreams were more real, I couldn't wait to go to bed and dream!“
Interestingly, the intake of vitamin B6 did not affect the vividness, bizarreness or colour of people’s dreams.
”The average person spends around six years of their lives dreaming,” said Dr Denholm Aspy, of the University of Adelaide's School of Psychology, Australia.
“If we are able to become lucid and control our dreams, we can then use our dreaming time more productively.
”Lucid dreaming, where you know that you are dreaming while the dream is still happening, has many potential benefits.
“For example, it may be possible to use lucid dreaming for overcoming nightmares, treating phobias, creative problem solving, refining motor skills and even helping with rehabilitation from physical trauma.”
According to the NHS, vitamin B6, also known as pyridoxine, can be found in various foods including whole grain cereals, fruits such as banana and avocado, vegetables such as spinach and potato, milk, cheese, eggs, red meat, liver, and fish.
Vitamin A antibiotic could be new superbug killer, finds study
It suggests that the daily amount of vitamin B6 adults aged 19 to 64 need is 1.4mg for men and 1.2mg for women, which can be acquired from a normal diet.
Despite the study’s findings, the NHS adds that taking doses of 10-200mg a day for short periods may not cause any harm but could lead to a loss of feeling in the arms and legs, known as peripheral neuropathy, overtime.
As such, people should not take the supplement over 10mg unless advised by a doctor
VITAMIN B6 SUPPLEMENTS COULD HELP YOU REMEMBER YOUR DREAMS, STUDY CLAIMS
Participants also reported better sleep quality and lower tiredness on waking
SARAH YOUNG
@sarah_j_young
10 hours ago
Taking a vitamin found in bananas, tuna and avocado could help people to recall their dreams, scientists claim.
New research from the University of Adelaide, published in the journal Perceptual and Motor Skills, analysed the effects of taking high-dose vitamin B6 supplements on 100 participants from around Australia.
Half of the participants took 240mg of vitamin B6 – the equivalent of 558 bananas - immediately before bed for five consecutive nights, while the other half were given a placebo.
You are probably not getting enough sleep, and it is killing you
The results showed that those who took B6 recalled 64.1 per cent more dream content, reported better sleep quality and significantly lower tiredness on waking.
“It seems as time went on my dreams were clearer and clearer and easier to remember. I also did not lose fragments as the day went on,” one participant said.
Another added: ”My dreams were more real, I couldn't wait to go to bed and dream!“
Interestingly, the intake of vitamin B6 did not affect the vividness, bizarreness or colour of people’s dreams.
”The average person spends around six years of their lives dreaming,” said Dr Denholm Aspy, of the University of Adelaide's School of Psychology, Australia.
“If we are able to become lucid and control our dreams, we can then use our dreaming time more productively.
”Lucid dreaming, where you know that you are dreaming while the dream is still happening, has many potential benefits.
“For example, it may be possible to use lucid dreaming for overcoming nightmares, treating phobias, creative problem solving, refining motor skills and even helping with rehabilitation from physical trauma.”
According to the NHS, vitamin B6, also known as pyridoxine, can be found in various foods including whole grain cereals, fruits such as banana and avocado, vegetables such as spinach and potato, milk, cheese, eggs, red meat, liver, and fish.
Vitamin A antibiotic could be new superbug killer, finds study
It suggests that the daily amount of vitamin B6 adults aged 19 to 64 need is 1.4mg for men and 1.2mg for women, which can be acquired from a normal diet.
Despite the study’s findings, the NHS adds that taking doses of 10-200mg a day for short periods may not cause any harm but could lead to a loss of feeling in the arms and legs, known as peripheral neuropathy, overtime.
As such, people should not take the supplement over 10mg unless advised by a doctor
Lack of fuel subsidies could hasten Asian crude demand destruction: Russell - Reuters
APRIL 30, 2018 / 4:01 PM / UPDATED 3 HOURS AGO
Lack of fuel subsidies could hasten Asian crude demand destruction: Russell
Clyde Russell
LAUNCESTON, Australia (Reuters) - The term “demand destruction” is again entering the lexicon of the current crude oil market as the sharp rise in prices raises concerns about when do consumers start cutting back on their fuel consumption.
While it’s probably impossible to pick the exact point at which this happens, the risk in the current cycle of rising prices is that it happens earlier than in the past in Asia, the main region driving rising crude demand.
The reason for this is that many countries in Asia used the prior period of falling crude prices to end, or dramatically scale back, their fuel subsidies.
This means that this time consumers in countries such as India, Indonesia and Malaysia are fully exposed to rising crude prices, something that hasn’t been in the case in previous bull cycles.
The combined oil consumption of those three countries is about 6.5 million barrels per day (bpd), with India alone accounting for about 4.3 million bpd.
Even a 5 percent drop in demand for fuel in those countries would knock about 325,000 bpd from global crude oil consumption.
So far, it appears that consumers in those countries haven’t been exposed to the full extent of the crude oil increase.
Global benchmark Brent crude closed at $74.64 a barrel on April 27, up 11.6 percent since the end of last year and 66.5 percent from last year’s low in June.
The price of a liter of diesel in New Delhi was 65.93 rupees on Sunday, according to data on the website of Indian Oil. This is equivalent to about $1 a liter.
At the end of last year, the price of a liter of diesel was 59.64 rupees, meaning it has risen by 10.5 percent so far this year, not quite keeping pace with the rise in Brent crude oil.
When crude was at its 2017 low in June, diesel was 53.46 rupees a liter in New Delhi, meaning it has risen about 23.3 percent since then, while Brent has jumped by 66.5 percent.
What appears to have happened is that the state-controlled oil majors such as Indian Oil have largely absorbed the cost of rising crude prices, partly because of government pressure to do so.
But there has to be a question mark as to how long this can continue to be the case.
POINT OF PAIN
Indian Oil’s share price has plunged 28 percent since its 2017 high, reached in August, and there will likely come a point where the pain of the slumping stock price outweighs the political pressure to keep absorbing the cost of higher crude oil prices.
There is also some preliminary evidence that India’s appetite for crude oil is leveling off, with imports trending lower so far this year, according to vessel-tracking and port data compiled by Thomson Reuters Oil Research and Forecasts.
For the first 29 days of April, the data, which has been filtered to show only cargoes that have been discharged, show imports running at 3.97 million bpd.
This is down from 4.05 million bpd in March, 4.7 million bpd in February and 4.5 million bpd in January.
While there may be some seasonal slowing in India’s crude demand, it’s worth noting that April this year appears to be slightly weaker than the 4.01 million bpd imported in the same month in 2017.
In Indonesia, which ended gasoline subsidies in 2015 and lowered the diesel subsidy to 500 rupiah (3.6 U.S. cents) per liter in 2016, retail prices also haven’t risen by as much as the price of crude oil.
Diesel was about the equivalent of about 75 cents a liter last week, up from 68 cents at the start of the year, according to data on the website GlobalPetrolPrices.com.
Similar to India, this means Indonesian consumers have only been partially slugged the increase in the price of crude oil, meaning the state-owned fuel retailer has been absorbing the difference via shrinking profit margins.
Again, how much longer this can continue is uncertain, but one would imagine at some point rising crude prices will have to be reflected in higher retail prices for diesel and gasoline.
Even when retail fuel prices do rise, picking the exact level at which consumers cut back on usage, either directly by driving or flying less, or indirectly by purchasing fewer goods and services as they divert income to rising fuel bills, is a challenge and will vary from country to country.
But the absence of fuel subsidies in most Asian nations is likely to mean the region feels the pain of the jump in crude prices far faster than was the case previously.
Editing by Christian Schmollinger
Lack of fuel subsidies could hasten Asian crude demand destruction: Russell
Clyde Russell
LAUNCESTON, Australia (Reuters) - The term “demand destruction” is again entering the lexicon of the current crude oil market as the sharp rise in prices raises concerns about when do consumers start cutting back on their fuel consumption.
While it’s probably impossible to pick the exact point at which this happens, the risk in the current cycle of rising prices is that it happens earlier than in the past in Asia, the main region driving rising crude demand.
The reason for this is that many countries in Asia used the prior period of falling crude prices to end, or dramatically scale back, their fuel subsidies.
This means that this time consumers in countries such as India, Indonesia and Malaysia are fully exposed to rising crude prices, something that hasn’t been in the case in previous bull cycles.
The combined oil consumption of those three countries is about 6.5 million barrels per day (bpd), with India alone accounting for about 4.3 million bpd.
Even a 5 percent drop in demand for fuel in those countries would knock about 325,000 bpd from global crude oil consumption.
So far, it appears that consumers in those countries haven’t been exposed to the full extent of the crude oil increase.
Global benchmark Brent crude closed at $74.64 a barrel on April 27, up 11.6 percent since the end of last year and 66.5 percent from last year’s low in June.
The price of a liter of diesel in New Delhi was 65.93 rupees on Sunday, according to data on the website of Indian Oil. This is equivalent to about $1 a liter.
At the end of last year, the price of a liter of diesel was 59.64 rupees, meaning it has risen by 10.5 percent so far this year, not quite keeping pace with the rise in Brent crude oil.
When crude was at its 2017 low in June, diesel was 53.46 rupees a liter in New Delhi, meaning it has risen about 23.3 percent since then, while Brent has jumped by 66.5 percent.
What appears to have happened is that the state-controlled oil majors such as Indian Oil have largely absorbed the cost of rising crude prices, partly because of government pressure to do so.
But there has to be a question mark as to how long this can continue to be the case.
POINT OF PAIN
Indian Oil’s share price has plunged 28 percent since its 2017 high, reached in August, and there will likely come a point where the pain of the slumping stock price outweighs the political pressure to keep absorbing the cost of higher crude oil prices.
There is also some preliminary evidence that India’s appetite for crude oil is leveling off, with imports trending lower so far this year, according to vessel-tracking and port data compiled by Thomson Reuters Oil Research and Forecasts.
For the first 29 days of April, the data, which has been filtered to show only cargoes that have been discharged, show imports running at 3.97 million bpd.
This is down from 4.05 million bpd in March, 4.7 million bpd in February and 4.5 million bpd in January.
While there may be some seasonal slowing in India’s crude demand, it’s worth noting that April this year appears to be slightly weaker than the 4.01 million bpd imported in the same month in 2017.
In Indonesia, which ended gasoline subsidies in 2015 and lowered the diesel subsidy to 500 rupiah (3.6 U.S. cents) per liter in 2016, retail prices also haven’t risen by as much as the price of crude oil.
Diesel was about the equivalent of about 75 cents a liter last week, up from 68 cents at the start of the year, according to data on the website GlobalPetrolPrices.com.
Similar to India, this means Indonesian consumers have only been partially slugged the increase in the price of crude oil, meaning the state-owned fuel retailer has been absorbing the difference via shrinking profit margins.
Again, how much longer this can continue is uncertain, but one would imagine at some point rising crude prices will have to be reflected in higher retail prices for diesel and gasoline.
Even when retail fuel prices do rise, picking the exact level at which consumers cut back on usage, either directly by driving or flying less, or indirectly by purchasing fewer goods and services as they divert income to rising fuel bills, is a challenge and will vary from country to country.
But the absence of fuel subsidies in most Asian nations is likely to mean the region feels the pain of the jump in crude prices far faster than was the case previously.
Editing by Christian Schmollinger
25 killed, including 8 journalists, in Kabul suicide bombing - ABC News
25 killed, including 8 journalists, in Kabul suicide bombing
By MARK OSBORNE Apr 30, 2018, 5:00 AM ET
Security forces stand amid smoke at the site of a suicide attack after the second bombing in Kabul, Afghanistan, Monday, April 30, 2018.
A pair of suicide bombings in Afghanistan have killed at least 25 people, including eight journalists, according to the country's health ministry.
The Afghan government said Monday's first explosion in Kabul, the country's capital, came from an attacker who was on a motorcycle. When journalists responded to cover the first explosion, a second attacker dressed as a journalist got close to the scene and detonated a second blast among the reporters, the health ministry said.
In addition to the dead, the government also confirmed at least 45 people were wounded.
Security forces run from the site of a suicide attack after the second bombing in Kabul, Afghanistan, Monday, April 30, 2018. A coordinated double suicide bombing hit central Kabul on Monday morning, (AP Photo/Massoud Hossaini)more +
Suicide bomber in Kabul, Afghanistan, kills more than 50 people
Trump officials defend Afghanistan policy before skeptical senators
According to the health ministry, among the dead was Shah Marai, a longtime photographer for Agence France-Presse (AFP), and Ebadullah Hananzai, from Radio Free Europe. The other journalists killed in the attack belonged to local outlets: Yar Mohammad Tokhi, a Tolonews cameraman; Ghazi Rasooli, a 1TV reporter; Nowrooz Rajabj, a 1TV cameraman; Saleem Talash, a Mashal TV reporter; Mahram Durani, a journalist from Shamsad TV; and Ali Salimi, a Mashal TV cameraman.
A wounded man looks at the site of double explosions, in Kabul, Afghanistan, Monday, April 30, 2018. The explosions targeted central Kabul on Monday morning, killing people and wounding a dozen, authorities said. AP
A security force and a civilian lie low at the site of a suicide attack after the second bombing in Kabul, Afghanistan, Monday, April 30, 2018. A coordinated double suicide bombing hit central Kabul on Monday morning, (AP Photo/Massoud Hossaini)The Associated Press
No one had claimed responsibility for the attack in the immediate aftermath. The number of attacks have stepped up in Afghanistan recently, including an ambulance bomb that killed 50 on April 22 and six people, including two soldiers, who were killed in a car bombing on Saturday, according to The Associated Press.
ABC News' Aleem Agha contributed to this report from Kabul.
By MARK OSBORNE Apr 30, 2018, 5:00 AM ET
Security forces stand amid smoke at the site of a suicide attack after the second bombing in Kabul, Afghanistan, Monday, April 30, 2018.
A pair of suicide bombings in Afghanistan have killed at least 25 people, including eight journalists, according to the country's health ministry.
The Afghan government said Monday's first explosion in Kabul, the country's capital, came from an attacker who was on a motorcycle. When journalists responded to cover the first explosion, a second attacker dressed as a journalist got close to the scene and detonated a second blast among the reporters, the health ministry said.
In addition to the dead, the government also confirmed at least 45 people were wounded.
Security forces run from the site of a suicide attack after the second bombing in Kabul, Afghanistan, Monday, April 30, 2018. A coordinated double suicide bombing hit central Kabul on Monday morning, (AP Photo/Massoud Hossaini)more +
Suicide bomber in Kabul, Afghanistan, kills more than 50 people
Trump officials defend Afghanistan policy before skeptical senators
According to the health ministry, among the dead was Shah Marai, a longtime photographer for Agence France-Presse (AFP), and Ebadullah Hananzai, from Radio Free Europe. The other journalists killed in the attack belonged to local outlets: Yar Mohammad Tokhi, a Tolonews cameraman; Ghazi Rasooli, a 1TV reporter; Nowrooz Rajabj, a 1TV cameraman; Saleem Talash, a Mashal TV reporter; Mahram Durani, a journalist from Shamsad TV; and Ali Salimi, a Mashal TV cameraman.
A wounded man looks at the site of double explosions, in Kabul, Afghanistan, Monday, April 30, 2018. The explosions targeted central Kabul on Monday morning, killing people and wounding a dozen, authorities said. AP
A security force and a civilian lie low at the site of a suicide attack after the second bombing in Kabul, Afghanistan, Monday, April 30, 2018. A coordinated double suicide bombing hit central Kabul on Monday morning, (AP Photo/Massoud Hossaini)The Associated Press
No one had claimed responsibility for the attack in the immediate aftermath. The number of attacks have stepped up in Afghanistan recently, including an ambulance bomb that killed 50 on April 22 and six people, including two soldiers, who were killed in a car bombing on Saturday, according to The Associated Press.
ABC News' Aleem Agha contributed to this report from Kabul.
Palestinian National Council to discuss ending ties with Israel - Al Jazeera
Palestinian National Council to discuss ending ties with Israel
In first meeting in nine years, Palestinian National Council is set to discuss suspending recognition of Israel.
by Ali Younes
28 Apr 2018
Critics of Abbas have questioned the PA president's motives of convening the PNC [File: Majdi Mohammed/The Associated Press]
The legislative body of the Palestinian Liberation Organization (PLO) is set to discuss suspending the recognition of Israel, in addition to several other critical issues of Palestinian politics.
For the first time in nine years, the Palestinian National Council (PNC) is scheduled to convene in Ramallah on Monday, in a meeting that has Palestinians split between supporters and opponents of the gathering.
Critics of President Mahmoud Abbas have rejected the PNC meeting as a shrewd political manoeuvre, while others see it as a potential turning point in Palestinian politics.
The PNC is expected to vote in a new 18-member Executive Committee of the PLO, the governing body of the organisation, and discuss transforming the Palestinian Authority, which governs parts of the occupied West Bank, into a state with its own institutions and monetary system.
Dominant Palestinian faction, Fatah decided to push ahead with convening the PNC, despite the Popular Front for the Liberation of Palestine (PFLP) boycotting the meeting.
Hamas is not invited to the council meeting, even as the topic of Palestinian reconciliation is high on the PNC agenda.
"This meeting is vital to continue the Palestinian efforts to end divisions and fragmentation between Palestinian factions," said Wasel Abu Yousef, a current observer-member of the PLO Executive Committee, and head of one of the smaller Palestinian factions, the Palestine Liberation Front.
"[The PNC will] elect new executive bodies that will push forward, in support of Palestinian national rights," Yousef added.
PLO's Executive Committee member Saeb Erekat told Al Jazeera that "this meeting is a turning point for the Palestinians in this critical junction."
Explaining why the PNC needed to convene after being dormant for years, Erekat told Lebanese media that "successive Israeli governments were never interested in two states - Israel and Palestine living side by side".
"Rather, what they wanted all along was one state - Israel - with two systems; an apartheid state," Erekat told Beirut-based Al Mayadeed TV.
PNC agenda
Mohammad Shtayyeh, a member of Fatah's Central Committee, told Al Jazeera that "the reason behind electing a new PLO Executive Committee is to ensure the legal framework and continuity of representation of the Palestinian people."
The PNC's agenda will also discuss the United State's positions on Israel - especially the US' recognition of Jerusalem as Israeli capital - and ways to deal with the measures.
"No Palestinian will accept dealing with the United States so long as it insists on its positions on Jerusalem and being against the rights of Palestinian refugees to return home," Erekat said.
Palestinians have consistently demanded that the Arab eastern side of the holy city be recognised as their future capital.
Israel occupied the east side of Jerusalem during the 1967 war, along with the West Bank, Gaza Strip, Golan Heights and Sinai Peninsula. In 1980, Israel annexed East Jerusalem, in contravention of international laws regarding land occupied during wars.
The PNC meeting will also discuss calls to suspend PLO recognition of Israel, cut all ties and agreements with it, and discuss resistance to the Israeli occupation of Palestine in peaceful means.
In addition, the PNC will discuss is the transformation of the Palestinian Authority from an authority based on the Oslo agreements to a formal state in the occupied territories.
It is also expected to discuss Palestinian reconciliation efforts to end the division between Fatah and Hamas, which governs the Gaza Strip.
Abbas power play?
Critics, however, argue that Abbas' insistence to convene the PNC is motivated by ensuring his legacy and preserving the interests of his Fatah faction.
They fear that once Abbas, 82, guarantees the formation of a loyalist PNC and PLO executive body, he would then work to guarantee the continuity of his vision after he leaves the scene.
Maher Obeid, a senior Hamas official, told Al Jazeera that Abbas did not want Hamas to participate unless it surrenders to its conditions and gives up its armed resistance to Israeli occupation.
"Abbas wants to exact revenge on Hamas for his own personal reasons," Obeid said.
Hamas issued a statement rejecting the "convening of the Council under the bayonets of the occupation".
After declining the invite, the PFLP, one of the main factions of the PLO, said that the PNC should only be convening to unite the Palestinian factions.
Palestinian activist Wael Malalha, who lives in Amman, said the upcoming PNC session in Ramallah is aimed at imposing Abbas' views on the future of the Palestinian national movement.
"Abbas has one specific vision and one agenda; self-preservation," he said. "The US, Israel and their Arab allies are mounting great pressure on the Palestinians to accept the so-called 'deal of the century'," said Malalha.
"Abbas wants to accept this deal and wants the PNC and the Executive Committee to give him the political cover to accept it," he added.
According to regional press reports, the "deal of the century" is a purported agreement between the US, Israel and Arab allies Jordan, Saudi Arabia, United Arab Emirates (UAE) and Egypt, to end the two-state solution and divide or share sovereignty over the Palestinian population in the occupied territories between Israel, Jordan and Egypt.
Several Palestinian organisations and independent figures have called on Abbas and Fatah to cancel this meeting because it would cement Palestinian divisions and fragmentation.
Is the PNC still relevant?
First convened in Jerusalem in 1964, the PNC now counts 723 members. After the Israeli occupation of the Palestinian territories in 1967, the PNC came to be considered as the de facto Palestinian parliament, with many of its members living in exile.
The idea for it was to represent Palestinians around the world, their political parties, and their trade and professional syndicates.
The last ordinary session of the PNC was held in Gaza in 1996, when Yasser Arafat was the chairman of the PLO and recently appointed president of the Palestinian Authority.
In that session, the parts of the PLO Charter that denied Israel's right to exist were nullified.
In 2009, Abbas convened an extraordinary session of the PNC in Ramallah.
According to the Palestinian national charter, the PNC is the highest Palestinian governing body, and its members are supposed to be elected to represent Palestinian communities from around the world in the countries where voting for PNC membership is possible.
However, after signing the Oslo peace agreement between the PLO and Israel in 1993, which resulted in the formation of a local Palestinian Authority and Legislative Council, the PLO and PNC were left on the margins.
In first meeting in nine years, Palestinian National Council is set to discuss suspending recognition of Israel.
by Ali Younes
28 Apr 2018
Critics of Abbas have questioned the PA president's motives of convening the PNC [File: Majdi Mohammed/The Associated Press]
The legislative body of the Palestinian Liberation Organization (PLO) is set to discuss suspending the recognition of Israel, in addition to several other critical issues of Palestinian politics.
For the first time in nine years, the Palestinian National Council (PNC) is scheduled to convene in Ramallah on Monday, in a meeting that has Palestinians split between supporters and opponents of the gathering.
Critics of President Mahmoud Abbas have rejected the PNC meeting as a shrewd political manoeuvre, while others see it as a potential turning point in Palestinian politics.
The PNC is expected to vote in a new 18-member Executive Committee of the PLO, the governing body of the organisation, and discuss transforming the Palestinian Authority, which governs parts of the occupied West Bank, into a state with its own institutions and monetary system.
Dominant Palestinian faction, Fatah decided to push ahead with convening the PNC, despite the Popular Front for the Liberation of Palestine (PFLP) boycotting the meeting.
Hamas is not invited to the council meeting, even as the topic of Palestinian reconciliation is high on the PNC agenda.
"This meeting is vital to continue the Palestinian efforts to end divisions and fragmentation between Palestinian factions," said Wasel Abu Yousef, a current observer-member of the PLO Executive Committee, and head of one of the smaller Palestinian factions, the Palestine Liberation Front.
"[The PNC will] elect new executive bodies that will push forward, in support of Palestinian national rights," Yousef added.
PLO's Executive Committee member Saeb Erekat told Al Jazeera that "this meeting is a turning point for the Palestinians in this critical junction."
Explaining why the PNC needed to convene after being dormant for years, Erekat told Lebanese media that "successive Israeli governments were never interested in two states - Israel and Palestine living side by side".
"Rather, what they wanted all along was one state - Israel - with two systems; an apartheid state," Erekat told Beirut-based Al Mayadeed TV.
PNC agenda
Mohammad Shtayyeh, a member of Fatah's Central Committee, told Al Jazeera that "the reason behind electing a new PLO Executive Committee is to ensure the legal framework and continuity of representation of the Palestinian people."
The PNC's agenda will also discuss the United State's positions on Israel - especially the US' recognition of Jerusalem as Israeli capital - and ways to deal with the measures.
"No Palestinian will accept dealing with the United States so long as it insists on its positions on Jerusalem and being against the rights of Palestinian refugees to return home," Erekat said.
Palestinians have consistently demanded that the Arab eastern side of the holy city be recognised as their future capital.
Israel occupied the east side of Jerusalem during the 1967 war, along with the West Bank, Gaza Strip, Golan Heights and Sinai Peninsula. In 1980, Israel annexed East Jerusalem, in contravention of international laws regarding land occupied during wars.
The PNC meeting will also discuss calls to suspend PLO recognition of Israel, cut all ties and agreements with it, and discuss resistance to the Israeli occupation of Palestine in peaceful means.
In addition, the PNC will discuss is the transformation of the Palestinian Authority from an authority based on the Oslo agreements to a formal state in the occupied territories.
It is also expected to discuss Palestinian reconciliation efforts to end the division between Fatah and Hamas, which governs the Gaza Strip.
Abbas power play?
Critics, however, argue that Abbas' insistence to convene the PNC is motivated by ensuring his legacy and preserving the interests of his Fatah faction.
They fear that once Abbas, 82, guarantees the formation of a loyalist PNC and PLO executive body, he would then work to guarantee the continuity of his vision after he leaves the scene.
Maher Obeid, a senior Hamas official, told Al Jazeera that Abbas did not want Hamas to participate unless it surrenders to its conditions and gives up its armed resistance to Israeli occupation.
"Abbas wants to exact revenge on Hamas for his own personal reasons," Obeid said.
Hamas issued a statement rejecting the "convening of the Council under the bayonets of the occupation".
After declining the invite, the PFLP, one of the main factions of the PLO, said that the PNC should only be convening to unite the Palestinian factions.
Palestinian activist Wael Malalha, who lives in Amman, said the upcoming PNC session in Ramallah is aimed at imposing Abbas' views on the future of the Palestinian national movement.
"Abbas has one specific vision and one agenda; self-preservation," he said. "The US, Israel and their Arab allies are mounting great pressure on the Palestinians to accept the so-called 'deal of the century'," said Malalha.
"Abbas wants to accept this deal and wants the PNC and the Executive Committee to give him the political cover to accept it," he added.
According to regional press reports, the "deal of the century" is a purported agreement between the US, Israel and Arab allies Jordan, Saudi Arabia, United Arab Emirates (UAE) and Egypt, to end the two-state solution and divide or share sovereignty over the Palestinian population in the occupied territories between Israel, Jordan and Egypt.
Several Palestinian organisations and independent figures have called on Abbas and Fatah to cancel this meeting because it would cement Palestinian divisions and fragmentation.
Is the PNC still relevant?
First convened in Jerusalem in 1964, the PNC now counts 723 members. After the Israeli occupation of the Palestinian territories in 1967, the PNC came to be considered as the de facto Palestinian parliament, with many of its members living in exile.
The idea for it was to represent Palestinians around the world, their political parties, and their trade and professional syndicates.
The last ordinary session of the PNC was held in Gaza in 1996, when Yasser Arafat was the chairman of the PLO and recently appointed president of the Palestinian Authority.
In that session, the parts of the PLO Charter that denied Israel's right to exist were nullified.
In 2009, Abbas convened an extraordinary session of the PNC in Ramallah.
According to the Palestinian national charter, the PNC is the highest Palestinian governing body, and its members are supposed to be elected to represent Palestinian communities from around the world in the countries where voting for PNC membership is possible.
However, after signing the Oslo peace agreement between the PLO and Israel in 1993, which resulted in the formation of a local Palestinian Authority and Legislative Council, the PLO and PNC were left on the margins.
Alexa for kids: Amazon's new way to teach your child manners - MSNBC News
Alexa for kids: Amazon's new way to teach your child manners
With kid-friendly content and parental controls, the device should help keep kids safer on the internet.
by Michael Cappetta / Apr.25.2018 / 10:10 PM ET
Amazon is expanding its products to the tiniest of consumers.
The online retail giant unveiled a new line of products on Wednesday, including an Echo Dot Kids Edition, which includes parental controls, time limits, and activity review.
Amazon releases new version of Echo Dot for kids
The move comes at a time when children are using technology more than ever: The average child now spends over two hours in front of a screen every day, according to the non-profit group Common Sense Media. The American Academy of Pediatrics recommends that children aged 2-5 should spend no more than 1 hour per day of supervised technology use.
The Echo Dot for kids looks to address that: By using the voice-activated platform, a child will spend less time in front of a screen, Amazon told NBC News.
Alexa could also teach your child some manners. When a child asks a question by saying “please”, Alexa might respond with a compliment that thanks them for asking politely.
With data privacy still in the headlines, Amazon stressed that the new Echo Dot Kids Edition is equipped with security and safety considerations, and third-party app developers are never given access to a child’s data or information.
“Consumer trust is of utmost importance to us," said Toni Reid, Vice President of Alexa Customer Experience. "We take privacy and security very seriously."
Developers who work on the FreeTime content subscription service are "prohibited from collecting personal information" and Reid told NBC News that Amazon does not "share any information, we don’t share audio recordings or any identifiable personal information to those developers,” said Reid.
Some parents remained skeptical about Amazon's move to capture children's attention and the ensuing privacy concerns.
Jack Meadowsweet
@JackMeadowsweet
Huh. There is a new version of Alexa for kids. Guess I dont need to watch Black Mirror anymore.
10:12 PM - Apr 25, 2018
1
See Jack Meadowsweet's other Tweets
Twitter Ads info and privacy
chris g
@hypervisible
Noooope. "Unless your parents purge it, your Alexa will hold on to every bit of data you have ever given it, all the way back to the first things you shouted at it as a 2-year-old." https://www.buzzfeed.com/mathonan/amazon-alexa-for-kids?utm_term=.fneW9xKdq#.snM4wyzDX …
1:53 AM - Apr 26, 2018
Amazon Created A Version Of Alexa Just For Kids
The personal assistant gets more kid-friendly, less swear-y, and a little bit cuter.
buzzfeed.com
28
23 people are talking about this
Twitter Ads info and privacy
Others lamented the theory that technology may soon render the parental role completely obsolete:
WHAT IS ETHEREUM? HOW BITCOIN’S BIGGEST RIVAL COULD BECOME THE WORLD’S MOST VALUABLE CRYPTOCURRENCY - Independent
April 30, 2018
WHAT IS ETHEREUM? HOW BITCOIN’S BIGGEST RIVAL COULD BECOME THE WORLD’S MOST VALUABLE CRYPTOCURRENCY
Bitcoin is considered the gold standard of the cryptocurrency market – but ethereum's rise since 2017 has seen its value rise quickly
ANTHONY CUTHBERTSON
@ADCuthbertson
THE INDEPENDENT TECH
The booming price of bitcoin over the last year has created a buzz around cryptocurrency that goes far beyond technology enthusiasts and free market libertarians.
It has also helped draw attention to a number of other virtual currencies looming in its shadow, most notably ethereum.
Ethereum was created in 2013 by a 19-year-old Russian programmer and launched in 2015. For the first two years its price remained below $10. Then, in 2017, it exploded. In the space of 12 months, one unit of the cyptocurrency – called an ether – surged in value to be worth around $1,400 at its peak in January 2018.
While its price has since fallen back down to around $700, many still see it as the most promising of all cryptocurrency platforms, and therefore the one that holds the most potential for future price gains. Some even believe it could one day surpass bitcoin.
“Ethereum has the possibility to overtake the market capitalisation, and thus value, of bitcoin,” Hubert Olszewski, director of business development at Blockchain Board of Derivatives, tells The Independent. “This is because from the get-go it was a more versatile tool.”
A smartphone displaying the current price chart for ethereum on April 25, 2018 in London, England. Cryptocurrency markets began to recover this month following a massive crash during the first quarter of 2018, seeing more than $550 billion wiped from the total market capitalisation. (Getty Images)
When bitcoin became the world’s first decentralised digital currency upon its release in 2009, the world was reeling from the worst financial crisis in decades. So-called crypto-anarchists and others who were disillusioned by the recession hailed bitcoin for its ability to facilitate payments without the need for a bank. Essentially, they thought, it held the potential to revolutionise the global financial system.
Since bitcoin’s inception, more than 1,500 other cryptocurrencies have appeared in its wake. Each one has attempted to offer something that bitcoin can’t, with the argument being that bitcoin’s core technology contains a number a fundamental flaws that are being exposed as its network grows.
Here’s why bitcoin might be on the verge of another price explosion
Some, like litecoin and bitcoin cash, have improved transaction times and lowered transaction costs. Ethereum’s aim, by contrast, is far more ambitious than simply improving upon bitcoin’s credentials as a payment system and store of value.
“Bitcoin is a virtual currency, but also a store of value similar to gold. It’s limited to this function by its own design,” says Alessandra Sollberger, an early investor in bitcoin who has since diversified her cryptocurrency portfolio to include ethereum.
“That’s different with ethereum. Beyond being a virtual currency, it’s been designed as a software platform that enables applications such as smart contracts – which are self-executing, secure contracts – to be built and to run without the need of a third party.”
Ethereum is therefore designed to not just decentralise traditional banks – as bitcoin sets out to do – but decentralise the entire internet. It does this by expanding upon bitcoin’s core technology called the blockchain, which is the online public ledger that permanently records the transactions made across the network.
Using ethereum’s more versatile and advanced blockchain technology, anyone is able to create their own decentralised applications.
“This opens up a vast potential of business use-case particularly as we move towards a much more connected and autonomous future,” says Erhan Korhaliller, founder of the blockchain specialist PR agency EAK Digital. “Ethereum has the potential to proliferate to all levels of business interaction.”
By completely cutting out third parties, ethereum could one day transform the way we transfer everything, from online data to the property deeds of a house. In doing so, it has earned the nickname “World Computer”.
“The ethereum platform has the potential to facilitate major innovation in applications, helping to usher a future in which self-driving cars, for example, can accept crypto in order to become self-sustainable,” says Gaurang Torvekar,co-founder and CEO of Indorse, a professional network powered by ethereum.
“In the years ahead, there might even be a way in which we can use our smartphones for research that can cure cancer, and in turn get paid for it. With a growing number of companies across the globe working on groundbreaking applications using the ethereum blockchain, the future of innovation is bright, with endless possibilities on the horizon.”
The Independent's bitcoin group on Facebook is the best place to follow the latest discussions and developments in cryptocurrency. Join here for the latest on how people are making money – and how they're losing it.
WHAT IS ETHEREUM? HOW BITCOIN’S BIGGEST RIVAL COULD BECOME THE WORLD’S MOST VALUABLE CRYPTOCURRENCY
Bitcoin is considered the gold standard of the cryptocurrency market – but ethereum's rise since 2017 has seen its value rise quickly
ANTHONY CUTHBERTSON
@ADCuthbertson
THE INDEPENDENT TECH
The booming price of bitcoin over the last year has created a buzz around cryptocurrency that goes far beyond technology enthusiasts and free market libertarians.
It has also helped draw attention to a number of other virtual currencies looming in its shadow, most notably ethereum.
Ethereum was created in 2013 by a 19-year-old Russian programmer and launched in 2015. For the first two years its price remained below $10. Then, in 2017, it exploded. In the space of 12 months, one unit of the cyptocurrency – called an ether – surged in value to be worth around $1,400 at its peak in January 2018.
While its price has since fallen back down to around $700, many still see it as the most promising of all cryptocurrency platforms, and therefore the one that holds the most potential for future price gains. Some even believe it could one day surpass bitcoin.
“Ethereum has the possibility to overtake the market capitalisation, and thus value, of bitcoin,” Hubert Olszewski, director of business development at Blockchain Board of Derivatives, tells The Independent. “This is because from the get-go it was a more versatile tool.”
A smartphone displaying the current price chart for ethereum on April 25, 2018 in London, England. Cryptocurrency markets began to recover this month following a massive crash during the first quarter of 2018, seeing more than $550 billion wiped from the total market capitalisation. (Getty Images)
When bitcoin became the world’s first decentralised digital currency upon its release in 2009, the world was reeling from the worst financial crisis in decades. So-called crypto-anarchists and others who were disillusioned by the recession hailed bitcoin for its ability to facilitate payments without the need for a bank. Essentially, they thought, it held the potential to revolutionise the global financial system.
Since bitcoin’s inception, more than 1,500 other cryptocurrencies have appeared in its wake. Each one has attempted to offer something that bitcoin can’t, with the argument being that bitcoin’s core technology contains a number a fundamental flaws that are being exposed as its network grows.
Here’s why bitcoin might be on the verge of another price explosion
Some, like litecoin and bitcoin cash, have improved transaction times and lowered transaction costs. Ethereum’s aim, by contrast, is far more ambitious than simply improving upon bitcoin’s credentials as a payment system and store of value.
“Bitcoin is a virtual currency, but also a store of value similar to gold. It’s limited to this function by its own design,” says Alessandra Sollberger, an early investor in bitcoin who has since diversified her cryptocurrency portfolio to include ethereum.
“That’s different with ethereum. Beyond being a virtual currency, it’s been designed as a software platform that enables applications such as smart contracts – which are self-executing, secure contracts – to be built and to run without the need of a third party.”
Ethereum is therefore designed to not just decentralise traditional banks – as bitcoin sets out to do – but decentralise the entire internet. It does this by expanding upon bitcoin’s core technology called the blockchain, which is the online public ledger that permanently records the transactions made across the network.
Using ethereum’s more versatile and advanced blockchain technology, anyone is able to create their own decentralised applications.
“This opens up a vast potential of business use-case particularly as we move towards a much more connected and autonomous future,” says Erhan Korhaliller, founder of the blockchain specialist PR agency EAK Digital. “Ethereum has the potential to proliferate to all levels of business interaction.”
By completely cutting out third parties, ethereum could one day transform the way we transfer everything, from online data to the property deeds of a house. In doing so, it has earned the nickname “World Computer”.
“The ethereum platform has the potential to facilitate major innovation in applications, helping to usher a future in which self-driving cars, for example, can accept crypto in order to become self-sustainable,” says Gaurang Torvekar,co-founder and CEO of Indorse, a professional network powered by ethereum.
“In the years ahead, there might even be a way in which we can use our smartphones for research that can cure cancer, and in turn get paid for it. With a growing number of companies across the globe working on groundbreaking applications using the ethereum blockchain, the future of innovation is bright, with endless possibilities on the horizon.”
The Independent's bitcoin group on Facebook is the best place to follow the latest discussions and developments in cryptocurrency. Join here for the latest on how people are making money – and how they're losing it.
Psychopaths drink their coffee black, study finds - Independent
April 30, 2018
Psychopaths drink their coffee black, study finds
Posted 10 months ago by indy100 staff in discover
UPVOTE
If you like your coffee black, you may be someone who prefers strong flavours, takes good care of their health, or just wants to drink their coffee the way it’s supposed to be drunk.
Or, you may be a psychopath.
At least, that’s according to a new study published in the journal Appetite, which found a correlation between a love of black coffee and sadist or psychopathic tendencies.
The research surveyed more than 1,000 adults, asking them to give their food and flavour preferences. The participants then took a series of personality tests assessing antisocial personality traits, such as sadism, narcissism and psychopathy.
The study, carried out by researchers at the University of Innsbruck, found that a preference for bitter flavours was linked to psychopathic behaviour.
The closest association was between bitter foods and “everyday sadism” – that is to say, enjoyment of inflicting moderate levels of pain on others.
And it isn’t just black coffee that should ring alarm bells – the study also found participants who reported a fondness for radishes, celery and tonic water were also more likely to exhibit antisocial traits.
This is not the first time research has found a link between taste and personality.
Previous studies have shown sweet taste experiences increase “agreeableness” and eagerness to help, while bitter taste experiences increase hostility and elicit harsher moral judgments.
The researchers Christina Sagioglou and Tobias Greitemeyer believe this association may “become chronic” in people who have a strong liking for bitter flavours, and lead them to have more hostile personalities.
So if your next Tinder date orders strong, black coffee at the end of a meal, or reaches over for a stick of celery, you have been warned.
Psychopaths drink their coffee black, study finds
Posted 10 months ago by indy100 staff in discover
UPVOTE
If you like your coffee black, you may be someone who prefers strong flavours, takes good care of their health, or just wants to drink their coffee the way it’s supposed to be drunk.
Or, you may be a psychopath.
At least, that’s according to a new study published in the journal Appetite, which found a correlation between a love of black coffee and sadist or psychopathic tendencies.
The research surveyed more than 1,000 adults, asking them to give their food and flavour preferences. The participants then took a series of personality tests assessing antisocial personality traits, such as sadism, narcissism and psychopathy.
The study, carried out by researchers at the University of Innsbruck, found that a preference for bitter flavours was linked to psychopathic behaviour.
The closest association was between bitter foods and “everyday sadism” – that is to say, enjoyment of inflicting moderate levels of pain on others.
And it isn’t just black coffee that should ring alarm bells – the study also found participants who reported a fondness for radishes, celery and tonic water were also more likely to exhibit antisocial traits.
This is not the first time research has found a link between taste and personality.
Previous studies have shown sweet taste experiences increase “agreeableness” and eagerness to help, while bitter taste experiences increase hostility and elicit harsher moral judgments.
The researchers Christina Sagioglou and Tobias Greitemeyer believe this association may “become chronic” in people who have a strong liking for bitter flavours, and lead them to have more hostile personalities.
So if your next Tinder date orders strong, black coffee at the end of a meal, or reaches over for a stick of celery, you have been warned.
China says its manufacturing activity slowed down in April amid trade fight with the US - CNBC News
China says its manufacturing activity slowed down in April amid trade fight with the US
China released official Purchasing Managers' Index figures on Monday.
The data showed China's services extending its solid run in April, while activity in the manufacturing sector slowed slightly.
Published on April 30, 2018
Reuters
Activity in China's vast manufacturing sector eased in April, as export orders slowed in another sign of ebbing economic growth, while a simmering Sino-U.S. trade row heightened risks for the industrial sector.
The official Purchasing Managers' Index (PMI) released on Monday fell to 51.4 in April, from 51.5 in March, but remained well above the 50-point mark that separates growth from contraction on a monthly basis. It marked the 21st straight month of expanding business conditions in China.
Analysts surveyed by Reuters had forecast the index would ease slightly to 51.3.
But the softer reading, especially the slower export orders, adds to concerns about an expected loss of momentum in the world's second-largest economy, as policymakers navigate debt risks and a heated trade row with the United States.
"The support to the economy from the easing of pollution controls should now largely have run its course," said Chang Liu, China economist at Capital Economics in a note to clients.
"Slower growth is likely in the months ahead as the drags on economic activity from weaker credit growth and the cooling property market intensify."
Beijing is in the third year of a broad effort to curb a dangerous build up of debt across the economy, and so far policy makers appear to have successfully steered through the challenge of tempering financial risks without imperiling growth.
The sub-index for output remained flat at 53.1, while total new orders eased to 52.9 from 53.3.
The still-strong tech sector, which burnished China's solid exports growth in 2017, could come under pressure as rising tensions between China and the United States threaten to hit billions of dollars in cross-border trade.
Signs of softness in the trade sector were already evident in the latest PMI, with the export orders sub-index falling to 50.7 from 51.3.
Speculation is also growing that China is considering shifting its monetary policy to a looser bias, as the threat of an all-out trade war with the United States clouds the outlook for key growth drivers of both China's "old economy" heavy industries and "new economy" tech firms.
The services industry showed "steady development", China's National Bureau of Statistics said in a statement. The official services PMI rose to 54.8 from 54.6 in March, extending a solid run of activity.
The services sector accounts for over half of China's economy, with rising wages giving Chinese consumers more spending power.
The composite PMI covering both manufacturing and services activity rose to 54.1 in April, from March's 54, well above the 50-mark that separates expansion from contraction.
China released official Purchasing Managers' Index figures on Monday.
The data showed China's services extending its solid run in April, while activity in the manufacturing sector slowed slightly.
Published on April 30, 2018
Reuters
Activity in China's vast manufacturing sector eased in April, as export orders slowed in another sign of ebbing economic growth, while a simmering Sino-U.S. trade row heightened risks for the industrial sector.
The official Purchasing Managers' Index (PMI) released on Monday fell to 51.4 in April, from 51.5 in March, but remained well above the 50-point mark that separates growth from contraction on a monthly basis. It marked the 21st straight month of expanding business conditions in China.
Analysts surveyed by Reuters had forecast the index would ease slightly to 51.3.
But the softer reading, especially the slower export orders, adds to concerns about an expected loss of momentum in the world's second-largest economy, as policymakers navigate debt risks and a heated trade row with the United States.
"The support to the economy from the easing of pollution controls should now largely have run its course," said Chang Liu, China economist at Capital Economics in a note to clients.
"Slower growth is likely in the months ahead as the drags on economic activity from weaker credit growth and the cooling property market intensify."
Beijing is in the third year of a broad effort to curb a dangerous build up of debt across the economy, and so far policy makers appear to have successfully steered through the challenge of tempering financial risks without imperiling growth.
The sub-index for output remained flat at 53.1, while total new orders eased to 52.9 from 53.3.
The still-strong tech sector, which burnished China's solid exports growth in 2017, could come under pressure as rising tensions between China and the United States threaten to hit billions of dollars in cross-border trade.
Signs of softness in the trade sector were already evident in the latest PMI, with the export orders sub-index falling to 50.7 from 51.3.
Speculation is also growing that China is considering shifting its monetary policy to a looser bias, as the threat of an all-out trade war with the United States clouds the outlook for key growth drivers of both China's "old economy" heavy industries and "new economy" tech firms.
The services industry showed "steady development", China's National Bureau of Statistics said in a statement. The official services PMI rose to 54.8 from 54.6 in March, extending a solid run of activity.
The services sector accounts for over half of China's economy, with rising wages giving Chinese consumers more spending power.
The composite PMI covering both manufacturing and services activity rose to 54.1 in April, from March's 54, well above the 50-mark that separates expansion from contraction.
What an End to the 68-Year Korean War Would Mean - Bloomberg
What an End to the 68-Year Korean War Would Mean
By David Tweed
April 27, 2018, 10:25 PM GMT+10
From
Two Koreas Agree to End War, Pursue Denuclearization
As neighborly disputes go, this one really has dragged on. Some 65 years since open hostilities ended, North and South Korea are still technically at war. However, after a sudden warming of relations this year, Kim Jong Un became the first North Korean leader to visit South Korea on April 27. He held talks with his South Korean counterpart, Moon Jae-in, together reaching an agreement to put an end to hostilities this year.
1. Why is the Korean War still not over?
Because the parties involved in talks to end the war -- North and South Korea, China and the United Nations (representing the international community, including the U.S.) -- never were able to agree on a peace treaty. What was signed in 1953 was only an armistice, or truce, and only among three of the four parties, as South Korea held out. That’s why the border between the two nations has been one of the world’s tensest for decades.
2. What did Kim and Moon agree on?
They announced plans to formally declare a resolution to the war and turn the current armistice into a peace treaty by year’s end, as well as aiming for full denuclearization of the Korean peninsula.
Moon and Kim talk in the truce village of Panmunjom.Source: Inter-Korean Summit Press Corps/Pool via Bloomberg
3. Have the two countries come close to peace before?
It’s seemed that way. At a 2007 summit in Pyongyang, President Roh Moo-hyun and Kim Jong Il (Kim Jong Un’s father) settled on dozens of agreements aimed at supporting North Korea’s economy and recommitted to a declaration made at a summit in 2000 -- the first between leaders of North Korea and South Korea -- that the two sides would seek peaceful reunification.
4. What came of that peace effort?
Negotiations -- known as the “six-party talks” -- broke down in 2008 after North Korea refused to allow international inspectors to visit nuclear facilities. Around the same time, South Korea elected a conservative president, Lee Myung-bak, who favored a harder line and abandoned his predecessor’s so-called "Sunshine Policy" toward North Korea. The sinking of a South Korean corvette, killing 46 sailors, by a suspected North Korean torpedo prompted the newly elected president to cut off all ties.
5. Would peace lead to economic ties?
Not necessarily. South Korea would be unlikely to agree to economic aid until the U.S. agrees to relax sanctions in return for North Korea agreeing to denuclearize. Those figure to be among the major issues for U.S. President Donald Trump and Kim at their planned meeting in the next couple of months.
6. How far apart are the two Koreas economically?
The gap between the North Korea and South Korea today is far greater than that between East and West Germany when the Berlin Wall came down. A 2015 report from the National Assembly Budget Office estimated that even under a peaceful scenario in which Seoul expanded humanitarian support ahead of a hypothetical reunification in 2026, it could cost about $2.8 trillion to help bring North Korea’s gross domestic product to two-thirds that of South Korea’s. That’s almost 8 times South Korea’s 2017 annual budget.
The Reference Shelf
The two Koreas are worlds apart after seven decades of separation.
QuickTakes on the upcoming Trump-Kim meeting and North Korea’s nuclear weapons program.
Will Kim give up his nukes? History says no.
A North Korea deal must go beyond economics, writes Bloomberg View’s Michael Schuman.
A Bloomberg infographic considers the range of North Korea’s missile threat.
North Korea’s 10 deadliest provocations since the Korean War.
— With assistance by Peter Pae
By David Tweed
April 27, 2018, 10:25 PM GMT+10
From
Two Koreas Agree to End War, Pursue Denuclearization
As neighborly disputes go, this one really has dragged on. Some 65 years since open hostilities ended, North and South Korea are still technically at war. However, after a sudden warming of relations this year, Kim Jong Un became the first North Korean leader to visit South Korea on April 27. He held talks with his South Korean counterpart, Moon Jae-in, together reaching an agreement to put an end to hostilities this year.
1. Why is the Korean War still not over?
Because the parties involved in talks to end the war -- North and South Korea, China and the United Nations (representing the international community, including the U.S.) -- never were able to agree on a peace treaty. What was signed in 1953 was only an armistice, or truce, and only among three of the four parties, as South Korea held out. That’s why the border between the two nations has been one of the world’s tensest for decades.
2. What did Kim and Moon agree on?
They announced plans to formally declare a resolution to the war and turn the current armistice into a peace treaty by year’s end, as well as aiming for full denuclearization of the Korean peninsula.
Moon and Kim talk in the truce village of Panmunjom.Source: Inter-Korean Summit Press Corps/Pool via Bloomberg
3. Have the two countries come close to peace before?
It’s seemed that way. At a 2007 summit in Pyongyang, President Roh Moo-hyun and Kim Jong Il (Kim Jong Un’s father) settled on dozens of agreements aimed at supporting North Korea’s economy and recommitted to a declaration made at a summit in 2000 -- the first between leaders of North Korea and South Korea -- that the two sides would seek peaceful reunification.
4. What came of that peace effort?
Negotiations -- known as the “six-party talks” -- broke down in 2008 after North Korea refused to allow international inspectors to visit nuclear facilities. Around the same time, South Korea elected a conservative president, Lee Myung-bak, who favored a harder line and abandoned his predecessor’s so-called "Sunshine Policy" toward North Korea. The sinking of a South Korean corvette, killing 46 sailors, by a suspected North Korean torpedo prompted the newly elected president to cut off all ties.
5. Would peace lead to economic ties?
Not necessarily. South Korea would be unlikely to agree to economic aid until the U.S. agrees to relax sanctions in return for North Korea agreeing to denuclearize. Those figure to be among the major issues for U.S. President Donald Trump and Kim at their planned meeting in the next couple of months.
6. How far apart are the two Koreas economically?
The gap between the North Korea and South Korea today is far greater than that between East and West Germany when the Berlin Wall came down. A 2015 report from the National Assembly Budget Office estimated that even under a peaceful scenario in which Seoul expanded humanitarian support ahead of a hypothetical reunification in 2026, it could cost about $2.8 trillion to help bring North Korea’s gross domestic product to two-thirds that of South Korea’s. That’s almost 8 times South Korea’s 2017 annual budget.
The Reference Shelf
The two Koreas are worlds apart after seven decades of separation.
QuickTakes on the upcoming Trump-Kim meeting and North Korea’s nuclear weapons program.
Will Kim give up his nukes? History says no.
A North Korea deal must go beyond economics, writes Bloomberg View’s Michael Schuman.
A Bloomberg infographic considers the range of North Korea’s missile threat.
North Korea’s 10 deadliest provocations since the Korean War.
— With assistance by Peter Pae
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