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Tuesday, March 15, 2016

US student Otto Warmbier given hard labour in North Korea

Breaking News image

US student Otto Warmbier has been given 15 years hard labour in North Korea for crimes against the state.
Warmbier was arrested for trying to steal a propaganda sign from a hotel while visiting North Korea in January.
He later appeared on state TV apparently confessing and saying a church group had asked him to bring back a "trophy" from his trip.
North Korea sometimes uses the detention of foreigners as a means of exerting pressure on its adversaries.

US election 2016: Trump faces long fight as Kasich wins Ohio

Donald Trump and Hillary Clinton
Image copyrightGetty Images
Image captionDonald Trump and Hillary Clinton entered Tuesday's polls as their parties' front-runners
The race for the Republican presidential nomination continues after Donald Trump won a decisive victory in the key state of Florida but lost to John Kasich in Ohio.
Democratic front-runner Hillary Clinton extended her lead with wins projected in Florida, Ohio and North Carolina.
Meanwhile Marco Rubio dropped out of the Republican race after losing in his home state of Florida to Mr Trump.
The billionaire is also set to win in Illinois and North Carolina.
Five big states have been choosing their preferred candidate for November's presidential election.
"We have to bring our party together," Mr Trump said in Palm Beach, Florida, as the results came in on Tuesday evening.
He was hoping the votes would give him a clear path to becoming the Republican choice for the White House.

Why Chinese officials are afraid to look too smart

Pearls in shop in Beijing
Getty Images

China's crackdown on corruption has had an unexpected effect. People in influential positions have realised it might not look good if they and their families wear expensive jewellery or flash large amounts of cash at casinos - and as a result some businesses are suffering.
I had already handed her my credit card, but Jane wanted to chat. She was taking her time ringing up the sale.
When we first met, a decade ago, she had just landed her job in one of Beijing's touristy pearl stores, known for selling earrings and necklaces that cost a fortune elsewhere.
For years, every time I visited, the store was crowded and chaotic. Mountains of pearls would be piled high on tables - so many that loose pearls rolled around on the floor. No-one had time to sweep them up, they were too busy making money.
But now, the store was empty. And not just this one. All the pearl stores in this area had fallen silent.
Unsurprisingly, Jane was bored. She was also eight months pregnant. Instead of her usual uniform suit, she wore the stereotypical outfit for expecting Chinese women - a pair of corduroy overalls with a teddy-bear face on the front.
"Where are all of your customers?" I asked. In the hour I had been in the shop, no one else had entered.
"Look outside," she sighed, gesturing to a distant window. "The tourists have disappeared. They are scared of the pollution."
Zhou YongkangImage copyrightGetty Images
Image captionFormer state security chief Zhou Yongkang is the most senior government official to be convicted of corruption
"But that is not the worst thing," she continued. "Our Chinese customers used to spend the most, by far. Government people bought our best pearls as gifts. But now, they are all scared of Mr Xi!" she whispered, referencing China's leader, Xi Jinping.
"During the anti-corruption campaign, no one wants to be seen wearing pricey jewellery."
This week, it was announced that about 300,000 officials were punished for corruption in the last year alone. That includes 80,000 who received "severe punishments".
The campaign's work takes place internally, so little is known about who those officials are, what they did wrong, and what happened to them as a result.
But the anti-corruption drive has other, more obvious consequences. Spending on flashy luxury items like watches, has dropped. Jane's pearl store fell victim to this.
Gambling chips in MacauImage copyrightGetty Images
Gambling has taken a hit too. The Chinese enclave of Macau, the Las Vegas of the East, has seen profits drop 20% in the past year - all due to the absence of worried officials, it is said.
But that does not mean the Communist Party has cleaned up its act. Far from it.
"I do not think this is making a big dent in how many officials are breaking the law," one China watcher tells me. "That is not what this is about."
People outside China are misunderstanding this campaign, she explains.
Ultimately, Xi Jinping is not trying to groom law-abiding officials. No. He is trying to create legions of obedient officials to implement his policies.
This is a bid to ensure loyalty at every level of the Communist Party - from the upper echelons in Beijing, down to the most remote villages, and stretching right across all of the government's financial empire too.
China's state oil companies, the military and the big banks have all been subjected to corruption inspections. Even the corruption bureau has its own internal inspectors.
For every "rogue official" who might have been trying to carve out a personal empire - by setting up a network of bribes and kickbacks - well, he is taken out and replaced with someone promoted from within, someone loyal to President Xi.
A certain amount of corruption and graft is tolerated, as long as the ultimate priority, party unity, stays intact.
Sanlitun NorthImage copyrightiStock
Image captionDesigner shops in Sanlitun are not as deserted as they sometimes seem
In this environment, all sorts of things are still going on behind closed doors.
High-end lingerie sales are soaring. The logic being that communist cadres will still spend money on private pleasures.
Well-connected friends tell me that "secret" restaurants are viewed as a necessity now. On the ground floor they look like shabby teahouses but banquets are served on the upper floors.
Yes, some luxuries are still popular. It is just the consumption that has gone underground - quite literally, in some cases, I found.
In Beijing, I was always puzzled by a very expensive cluster of stores near my home. It was an outdoor shopping plaza, full of the ritziest European labels - and it always seemed to be empty, with almost no-one going in or out of the shops.
That is, until one day, I entered the underground car park below the plaza. Every space was filled with gleaming cars - BMWs, Lamborghinis, a Rolls Royce or two. And behind the cars stood the individual elevators. Each store has its own plushly-carpeted lift. No need to ever venture outside, into the public eye.
"When do you think the current anti-corruption campaign will end?" I ask a respected expert I know.
He laughs. "It will not end until Xi Jinping feels completely in control," he says. "He is totally reliant on his loyal cadres but everyone else hates him and is just waiting for him to stumble. As soon as that happens, the corruption will come flooding back."

Monday, March 14, 2016

Crude Oil Slips to Below $40 as Iran Dashes Hopes of Output Freeze


  • Fuel shortages persist as NNPC becomes sole supplier
Ejiofor Alike in Lagos with agency report
Despite the pledge by Saudi Arabia to cooperate with other members of the Organisation of Petroleum Exporting Countries (OPEC) to stabilise the oil market, the price of crude oil fell by almost three per cent yesterday after Iran dashed hopes of a coordinated production freeze in the nearest future.
Saudi Arabia and several fellow OPEC members had agreed with non-OPEC Russia to freeze output at January levels in an attempt to prop up prices.
President Muhammadu Buhari, who was in Doha, Qatar early this month, also told OPEC and non-OPEC producers that low oil prices were no longer acceptable.
During a bilateral meeting with the Emir of Qatar, Sheikh Tamim Bin Hammad Al-Thani, Buhari spoke on the need for the members of OPEC and Gas Exporting Countries Forum (GECF) to cooperate to stabilise the oil market for the benefit of their people.
A recent Saudi cabinet statement also disclosed that the kingdom was working towards stability in the oil market and would remain in contact with all main producers in an attempt to limit volatility.
The renewed cooperation between OPEC and non-OPEC members had led to a rise in the price of oil above $40 per barrel but that was still a fraction of the $115 per barrel of 20 months ago.
But following Iran’s revelation on Sunday that it would only join the discussions for cooperation after its output has hit 4 million barrels per day (mbpd), the price of oil fell by about three per cent yesterday.
Iran’s oil exports are due to reach 2mbpd in the Iranian month that ends on March 19, up from 1.75 million in December 2015, according to Reuters.
Iran’s position has returned bearish sentiment over a supply glut that has sent prices crashing in the past 20 months.
Global benchmark Brent crude, which hit a 12-year low of $27.10 per barrel in January and had risen above $40 this month, fell back monday to below $40 a barrel, trading at $39.27, while US crude was down $1.09 trading at $37.41 a barrel.
Iran’s Oil Minister, Bijan Zanganeh was quoted as saying on Sunday that it would join discussions after its output reached 4mbpd.
Reuters reported that Zanganeh met Russian counterpart Alexander Novak in Tehran yesterday but talks focused on long-running discussions about an oil and gas swap mechanism.
According to the Shana news agency, Zanganeh said Iran and Russia could cooperate on the swap, which would see Russia send oil and gas to northern Iran in return for Iranian supply to Russian customers in the Gulf.
Saudi Arabia appeared to have stuck to a preliminary deal reached with some other producers to freeze output, as its crude production held steady in February at 10.22 million barrels per day (bpd), an industry source told Reuters.
OPEC members and non-OPEC producers are likely to meet again in mid-April in Doha to discuss freezing output, OPEC sources told Reuters.
With Iran’s position, the scheduled March 20 meeting in Russia, which was part of an earlier plan, now looks unlikely.
Meanwhile, fuel shortages persisted across the country, as the Nigerian National Petroleum Corporation (NNPC) became the sole importer of petrol into the country.
THISDAY gathered that with the low fuel import allocation given to the private marketers by the Petroleum Products Pricing Regulatory Agency (PPPRA) for the first quarter of 2016, all the marketers now depend on products imported by the corporation.
Private marketers, who traditionally imported 60 per cent of domestic requirement, were only allotted 22 per cent in the first quarter, allocated that they have since exhausted, thus resulting in the current shortages.
PPPRA approved the importation of 1.5 million tonnes of petrol for the private marketers and the NNPC for the first quarter, with the corporation getting 78 per cent.
With the tight supply, only major marketers and a few independents, that sourced petrol from the NNPC or those with throughput agreements with the corporation, were selling petrol in their depots at the weekend.
For instance, of the 39 private marketers and depot owners that use to participate in fuel importation under the Petroleum Support Fund (PSF), only 12 were selling petrol sourced from NNPC at the weekend.
Investigations by THISDAY showed that of the 12 marketers, Forte Oil, Conoil, Mobil, Oando, MRS, Total and NIPCO are major marketers, while Zenon, Folawiyo, Capital Oil, Aiteo and Bovas were the only independents and depot owners with petrol stock.
THISDAY gathered that majority of independent marketers and depot owners did not have petrol in their depots at the weekend.
Those with dry depots included Integrated Oil, Eterna Oil, Heyden Petroleum, Rahamaniyya, Sahara Energy, Techno Oil, AA Rano, Ascon, A-Z, D-Jones, Fatgbems and Index Petroleum, among others.
Some of the affected marketers told THISDAY that they had exhausted the little allocations given to them by the PPPRA.
“In the fourth quarter of 2015, I was given an import allocation of 90,000 metric tonnes and I did 110,000 metric tonnes. So nobody would accuse me on non-performance. But in the first quarter of 2016, I was given 40,000 metric tonnes, which I exhausted within the first month. The same goes for other marketers. So the product you see in the system belongs to the NNPC,” said one of the depot owners, who did not want his name in print.
It was gathered that another challenge impeding imports and has fuelled the shortages, is the scarcity of foreign exchange, prompting PPPRA to slash the import allocations of the private marketers because of the challenge of sourcing forex.
However, NNPC which has cornered a large chunk of the first quarter import allocation because of its capacity to access forex, does not have adequate reception facilities for its imported product.
Though the corporation takes delivery of enough cargoes of petrol to meet domestic demand, the absence of logistics and storage depots for its product makes it difficult for these vessels to discharge the product for distribution.
While the imported cargoes wait at the high seas, scarcity of petrol continues to bite harder on Nigerians who cannot access fuel from filling stations.
THISDAY also gathered that the tight fuel supply situation has been further aggravated by the high incidence of vandalism along the pipelines linking the Atlas Cove-Ejigbo-Mosimi-Ibadan-Ore-Ilorin depots, referred to as System 2B, and is the most active fuel distribution network that accounts for 60 per cent of supply in Nigeria.
Under System 2B, imported products are stored in NNPC’s Atlas Cove depot in Lagos from where they are pumped to Ejigbo depot in Lagos, Mosimi Depot in Ogun State, Ibadan Depot, Ore Depot in Ondo State and Ilorin Depot for tankers to lift from those depots.
But vandals and oil thieves have damaged the connecting pipelines, thus putting excessive pressure on the private depots in Lagos as tankers from all parts of the country rely on Lagos.
In order to address the problems, a meeting of the depot owners and marketers, which was convened at the PPPRA headquarters in Abuja recently resolved that the allocation formula would be changed in the second quarter import allocation round to give private marketers higher import volumes.
Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, recently disclosed that he had initiated consultations with the Central Bank of Nigeria (CBN) to help marketers access forex to import petrol.
The minister said the move would help ease access to forex, which hampers the ability of marketers to bring petrol into the country.
He said the inability of private marketers to import was beginning to wear down the capacity of the NNPC to meet the country’s fuel consumption officially put at 40 million litres per day.

Anti-Trump ad shows women reading Trump comments

Anti-Trump ad shows women reading Trump comments

Story highlights

  • A new anti-Donald Trump ad shows women reading off his disparaging comments about other women, direct to camera
  • The anti-Trump Our Principles PAC has been gunning for Trump for almost a month, spending on-air to attack him
Washington (CNN)The Republican group looking to block GOP presidential front-runner Donald Trump from the nomination is going on-air with an ad showing women reading some of his sharpest knocks on other women.
"Bimbo," reads one woman.
"Dog," reads another.
"Fat pig," reads a third woman, as the ad, "Real quotes from Donald Trump about women," is introduced.
Our Principles PAC, which is led by top staffers to former Trump opponent Jeb Bush, is planning to spend $500,000 on the spot, which will begin running on cable, including on CNN, starting Monday.
    The new ad marks a sharper attack on Trump over the issue, drawing heavily from Trump's remarks on The Howard Stern Show about a decade ago.
    Accusations of sexism and misogyny have been made against Trump throughout the campaign. Trump helped stir further controversy after he said that Fox debate moderator Megyn Kelly -- who asked him in a debate about his past disparaging comments about women -- had blood "coming out of her wherever."
    Trump has countered by saying that he "cherishes" women and noting that he supports women's health services through Planned Parenthood -- but not abortions.
    "I'm the exact opposite. I cherish women. I want to help women. I'm going to do things for women that no other candidate will be able to do. And it's very important to me," Trump told CNN's Jake Tapper on "State of the Union" last August.
    But when Hillary Clinton knocked Trump as having a "penchant for sexism" after he said she got "schlonged" in 2008, Trump hit back with a Twitter tirade against Bill Clinton, accusing him of the same thing.
    Our Principles PAC has spent $5.3 million on-air against Trump so far -- including almost $500,000 on radio -- with more than $2.2 million being spent in Florida, according CMAG/Kantar Media.