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Friday, July 31, 2015

MH370 search: Debris confirmed from Boeing 777, but what next?

The discovery of debris may not solve the mystery of what happened to the plane or help find it, warn aviation experts

French police carry the plane debris which was found on the beach in Saint-Andre, on the French Indian Ocean island of La Reunion. Photograph: Prisca Bigot/Reuters

A part number on a piece of aircraft wreckage found in the Indian Ocean confirmed the object is from a Boeing 777, according to a Malaysian transport official.

"From the part number, it is confirmed that it is from a Boeing 777 aircraft. This information is from Malaysia Airlines. They have informed me," Deputy Transport Minister Abdul Aziz Kaprawi told AFP.

The debris discovered on Wednesday is the first piece of evidence since the Malaysia Airline flight MH370 -- a Boeing 777 -- travelling from Kuala Lumpur to Beijing disappeared in March last year. There were 239 passengers and crew on board the aircraft.

Aeroplanes are stamped with serial numbers to enable parts to be matched to a specific model, CNN reports.   

According to CNN aviation analyst Mary Sachvio, there have been only five accidents involving Boeing 777s, and the disappearance of MH-370 is the only one where debris hasn't been recovered.  

In all likelihood, the debris found on Reunion Island belongs to the missing plane.

Martin Dolan, who heads the Australian Transport Safety Bureau, had told the BBC on Thursday he was "increasingly confident" the piece of metal, about two metres square in size, was a "flaperon" from a Boeing 777. A flaperon is a part of the wing used to manage the lift and control the roll of an aircraft.

New debris

This container was part of newly-discovered debris washed onto the beach at the island. Photograph: Prisca Bigot/Reuters

A liquid soap container was part of newly-discovered debris washed onto the beach at Saint-Andre on the French island of Reunion in the Indian Ocean on Friday, reports Reuters.

A label on the liquid soap container is marked Jakarta, Indonesia.

Will aviation's biggest mystery be solved?

The discovery may not solve the mystery of what happened to the plane, warn aviation experts. However, damage to the right wing flaperon indicates that the piece came off while the plane was still in the air.

The group, led by American Mobile Satellite Corporation co-founder Mike Exner, points to the small amount of damage to the front of the flaperon and the ragged horizontal tear across the back, CNN reports.

The debris was found 2,300 miles away from the search area, off the coast of Australia. But this does not mean that the search was being carried in the wrong place, say oceanographers.

While the discovery might offer clues to the condition of the plane when it vanished with 239 people on board, it's likely to be of scant value in pinpointing a new search zone for the Boeing 777, The Sydney Morning Herald reports. 

Australian Deputy Prime Minister Warren Truss said if the piece is from MH-370, it would indicate authorities are searching in "roughly the right place."  

Will the main section of the plane be found?

Truss told the Australian media on Thursday that it is "not really going to be all that helpful in pinpointing precisely where the aircraft is."

But other pieces of the plane could have been carried by currents to the same region.

Once there is a confirmation that the piece is from MH-370, searches will be conducted near the islands surrounding Reunion Island.

Meanwhile, a US intelligence assessment, based on satellite data and other evidence, has speculated the plane was deliberately steered off course and possibly downed, a source told ABC News.


Source: MH370 search: Debris confirmed from Boeing 777, but what next?

Thursday, July 30, 2015

Tensions ease: Julie Bishop to meet Indonesia's foreign minister Retno Marsudi next week

By Tom Allard July 31, 2015, 1:17 a.m.

After tensions over the Bali nine executions and boat turnbacks, the Australian and Indonesian foreign ministers will meet next week for the first time since Australia's ambassador was recalled from Jakarta

Tensions ease: Julie Bishop to meet Indonesia's foreign minister Retno Marsudi next week

  • Foreign Affairs Minister Julie Bishop is expected to meet with her Indonesian counterpart in Kuala Lumpur next week. Photo: Alex Ellinghausen

    Foreign Affairs Minister Julie Bishop is expected to meet with her Indonesian counterpart in Kuala Lumpur next week. Photo: Alex Ellinghausen

  • Indonesian Foreign Minister Retno Marsudi. Photo: Achmad Ibrahim

    Indonesian Foreign Minister Retno Marsudi. Photo: Achmad Ibrahim

  • Andrew Chan and Myuran Sukumaran were executed by firing squad in Indonesia in April.

    Andrew Chan and Myuran Sukumaran were executed by firing squad in Indonesia in April.

  • exit

    Foreign Affairs Minister Julie Bishop will meet her Indonesian counterpart Retno Marsudi next week in a sign that relations between the two countries are warming after the schism wrought by the execution of the Bali nine duo and boat turn-backs.

    Indonesian officials told Fairfax Media the meeting will take place on the sidelines of the upcoming ASEAN foreign ministers' meeting in Kuala Lumpur.

    It will be the first by any ministers from the two countries since Australia withdrew its ambassador to Jakarta, Paul Grigson, in protest at the death by firing squad of rehabilitated drug smugglers Andrew Chan and Myuran Sukumaran on April 28.

    Mr Grigson has since returned to his post.

    While the Australian government was deeply disappointed its repeated pleas for clemency were rebuffed, Indonesia expressed outrage in the lead-up to the executions when Prime Minister Tony Abbott linked Australia's $1 billion in tsunami aid to the bid for mercy.

    Since then, there have been ongoing tensions over boat turn-backs, including allegations people smugglers were paid by Australian spies to return a vessel laden with asylum seekers to Indonesia.

    An 80 per cent cut in live cattle import permits by Indonesia also upset Australia.

    Former Indonesian foreign minister Marty Natalegawa expressed concern last month that there was a "sense of disconnect" in the bilateral relationship and that communications between the two nations - both publicly and privately - were at a low.

    He cited the boat turn-backs policy, since adopted by Labor as its policy, as "inherently incompatible" with good relations.

    Ms Bishop retorted that the relationship was at an "all-time" high and she was in regular contact with Ms Marsudi.

    Indonesian officials, however, have conceded that relations have been at a nadir but say they are anxious for the squabbling to end.

    "Australia is an important regional partner for us," said one official.

    Ms Bishop was unable to comment as she was travelling back to Australia from New York. But it is understood she plans to be in Kuala Lumpur next week.

    Minister for Justice Michael Keenan is expected to visit Jakarta in about three weeks, the first by a minister this year.

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    The story Tensions ease: Julie Bishop to meet Indonesia's foreign minister Retno Marsudi next week first appeared on The Sydney Morning Herald.


    Source: Tensions ease: Julie Bishop to meet Indonesia's foreign minister Retno Marsudi next week

    Wednesday, July 29, 2015

    Neil Bantleman: Bribery charges against lawyer won't slow civil ruling

    A decision in a civil suit against the school Neil Bantleman worked at is expected to come down Thursday, despite charges of bribery against the lawyer who put the case forward.

    But the charges against the prominent lawyer are prompting a review of his previous cases, which is encouraging news for Bantleman's supporters.

    The Jakarta Intercultural School (JIS) is facing a $125-million lawsuit launched by the mother of a child who brought the allegations of sexual assault against Bantleman and Indonesian teaching assistant Ferdinand Tjiong.

    Two weeks ago, OC Kaligis, the defence lawyer who represents the plaintiff in the civil suit against the school, was charged with bribery. Jakarta Post reporter Indra Budiari said that as a result of those charges, Kaligis' previous cases are being reviewed by legal authorities and that review will include Bantleman's case. It will also include the related case that resulted in convictions against five school janitors for similar allegations.

    Bantleman, a Burlington, Ont. native who was working at the international school with his wife Tracy Bantleman, is appealing his conviction after he was sentenced to a decade behind bars in a maximum security prison in Indonesia.

    He was found guilty of sexually assaulting a group of young boys at JIS--which he has denied. The verdict came after a four-month trial that critics say was fraught with irregularities.  Six janitors at the school were also charged with sexual assault involving allegations from the same boys. One died in custody, while the other five are serving prison sentences. 

    "It is uncommon for us to see a lawyer charged with bribery," Budiari said in an email to CBC News. "As far as I know Kaligis have never been charged in any bribery case. He is one of the most senior lawyers in the country who once became lawyer of former President Suharto."

    Suharto ruled over Indonesia for three decades. In the 2008 obituary in the New York Times, Suharto dictatorship was described as "one of the most brutal and corrupt of the 20th century."

    Guy Bantleman, Neil's brother says word of the review is encouraging, but he still expects a decision to be made in the civil suit. 

    Neil has been in police custody since July 2014. He and Indonesian teaching assistant Tjiong are serving 10-year sentences for sexual assault of the JIS students. The school has 2,400 students who are mainly the children of international diplomats, the wealthy, or other foreigners living in Jakarta.

    If the judge rules against JIS, the school's lawyer says it would bankrupt the school, according to Budiari.

    A decision against the school wouldn't immediately put the institution into default, as it can appeal the decision to the High Court and later, the Supreme Court, Guy Bantleman said.


    Source: Neil Bantleman: Bribery charges against lawyer won't slow civil ruling

    Tuesday, July 28, 2015

    Love, humour, satire, song and struggle in Jakarta

    Titi has to leave her children behind in order to earn some money to support her sick father. Ho clashes with the Indonesian police. Boni lives in a makeshift home in a sewage tunnel under an overpass. The three protagonists in the Indonesian documentary "Jalanan" all have one thing in common: they make a living from busking in Jakarta. Sandeep Ray watched the film

    "Jalanan" will go down in Asian cinema history as the first feature-length documentary film from Indonesia to have had a substantial cinema run. It has also won a closetful of awards, including the prestigious Best Documentary prize at Busan, Korea, in 2013. Filmed over five years, the film follows the travails of three street musicians eking out a living in Jakarta.

    A year after the film's release, its lead characters, Boni, Titi and Ho are still being invited to talk shows, to star in small roles on TV and to perform to sold-out audiences. As a tribute to the extraordinary popularity of this documentary film about three marginalised residents of Jakarta, Governor Basuki Tjahja Purnama (also known as Ahok) organised a screening for his staff in May earlier this year. "Guess what: 'Jalanan' screening moves Ahok to tears" headlined the "Jakarta Post" the next day. I finally caught the film at a screening at the Ubud Writers and Readers Festival (UWRF), held in the Balinese town that the film's Canadian director Daniel Ziv now calls home.

    "Jalanan" started slow; I felt eased into the characters' backgrounds via the TV documentary convention of parallel mini-biographies: the glib, devilish Javanese-Rastafarian Ho; the mellifluous Titi, tough, tender and full of familial piety; talented Boni with the sad childhood and ridiculously boyish face. Soon these three musicians began to sing their cracked hearts out, circulating through the city with vigour and indefatigable faith in themselves. But while their talent, attitude and trendy fashion sense transformed them into cool cats for a little while, deeper questions began to surface.

    A life without security

    Like many perhaps, I was moved by the fragility of their individual lives. I found myself thinking "What makes you pick up that guitar everyday and make your way through the grime and gore of the streets and travel hundreds of miles on sweaty buses – just to keep on playing for a few coins? Why aren't you giving up? How can you be so talented and yet live under a bridge? Why do you let your husband smack you around? Why are you invisible to the metropolitan system whose streets you pound?"

    One doesn't have to read biographies of the famous to find lessons about human tenacity. As this film reminds us well, this quality is evident in the lives of millions of people who end up in the crevices and fault-lines of society.

    For me, the film intensified when Ho got picked up for busking and ended up in a holding cell. I have no idea how the director managed it, but somehow we too were locked up in the cell with Ho. Ever been inside a prison cell with a bunch of people arrested for the most inane of misdemeanours? A little girl can't poo, women sleep on concrete floors, cockroaches scurry and Ho croons on, spontaneously manufacturing ballads, lifting spirits and hopefully embarrassing the hell out of anyone in the government who saw this film. Here, the documentary morphs from gritty street-ethnography into socio-realist opera – a moving paean to harassment of the people.

    The movie isn't the same after this point. This isn't a tender, intimate account of buskers anymore; much larger issues are at stake. We suddenly see our lead characters as civilians riding the omnibus of a careening democracy, teetering on the edge of abandonment, only to stay afloat through their own resilience.

    Courage and tenacity

    Which Jakarta do you live in? The film asks this question of its local viewers. Is it the city where Ho has furtive, illicit sex in a shack next to a main road, where dismal urban planning leads to Boni's makeshift home under the overpass to be constantly flooded, where Titi has to abandon her children and look for work to send her father a few dollars to help with hospital bills? The film doesn't sentimentalise. Rather than evoke pity, it drives home that any notion that the poor deserve their plight is a capitalist confection. These guys hold on to their dignity with admirable grit and a tenacity that would embarrass anyone confident about their next meal.

    The characters, however, manage to marinate their lives with love, humour and satire. Ho rhymes 'reformation' with 'masturbation' and pontificates on whether his country loves him back. Boni observes, as he uses the toilet in a luxury mall, that while the shit of all classes mix, people just can't do the same.

    Titi visits her family back in her village in a lovely sequence that provides a breather from the urban squalor. It reminds us of the importance of familial connections, even in the lives of people who appear to be complete drifters. Her parents are gentle country folk who still can't fathom why their daughter sings on buses. They admit to once having secretly sold her guitar for a paltry Rp1,500. When her father, looking frail in a white starched shirt, starts singing Japanese war songs, we know his end is near.

    The buskers don't just busk on. The movie works because they formulate concrete plans, and the director, via his extensive filmic coverage – given definite shape through deft editing by Ernest Weiss-Hariyanto – makes us privy to their individual journeys towards achieving their goals. When Ho splurges several days of his income to surround his love-interest with plates of Padang food, we want him to get the girl but can't help wondering about his ability to be responsible for a widow with three children. Later, when he tenderly cradles her eight-month old baby in his arms, I am gobsmacked by the transformation.

    The unquenchable hope of a better life

    Titi's husband leaves her. Blinking her tears and indignity away, she studies for the equivalent of a school certificate to try for a better life. Boni doggedly refurbishes his ever-flooding subterranean accommodation despite constant threats of demolition.

    At the film's end, Titi gets her school diploma and makes a heroic speech honouring her recently deceased father. Boni seems unfazed that his life could be uprooted with the single check mark of an urban development officer, or the next floods. Ho marries his sweetheart, looking ridiculously formal in a clean, pressed shirt. The audience cheers amidst sniffles.

    In under two hours, the lead characters of "Jalanan" have toiled insufferably for their money but have also dreamt, shagged, divorced, wooed, buried a parent, finished school, rebuilt a home, lectured us in economics and regaled us with great humour and of course, awesome music.

    Life been a little trying lately?

    Sandeep Ray

    © Inside Indonesia 2015


    Source: Love, humour, satire, song and struggle in Jakarta

    Sunday, July 26, 2015

    British PM heads to Southeast Asia with trade, IS on agenda

    Jakarta (AFP) - British Prime Minister David Cameron begins a visit to Southeast Asia on Monday, seeking greater cooperation in the fight against the Islamic State group and to strengthen trade ties with the region's booming economies.

    Cameron will arrive in Indonesia on the first stop of a four-day trip, accompanied by 30 British business leaders and the trade minister, before heading to Singapore, Vietnam and Malaysia.

    He will use meetings with President Joko Widodo of Indonesia and Prime Minister Najib Razak of Malaysia to discuss what he has called the "common enemy" of IS jihadists, who have seized vast swathes of territory in Iraq and Syria.

    Hundreds of young Britons have joined IS in Syria and Iraq, sparking fears they could launch attacks on home soil on their return.

    Indonesia, which has the world's largest Muslim population and has long struggled with extremism, fears up to 500 of its citizens have been lured to the Middle East by IS, w hile nationals of Muslim-majority Malaysia have also joined the jihadists.

    In remarks made before departing for the trip -- his first outside Europe since being re-elected in May -- Cameron said he would be talking to Southeast Asian leaders about "one of the biggest threats our world has faced".

    View gallery David Cameron will meet with President Joko Widodo … David Cameron will meet with President Joko Widodo of Indonesia, pictured, before heading to Singapo …

    "We will only defeat these brutal terrorists if we take action at home, overseas and online and if we unite with countries around the world against this common enemy," he said.

    Britain would offer expertise on "practical counter-terrorism work", he added, and could also learn from Indonesia and Malaysia about what they have done to tackle extremism and build tolerant societies.

    - Malaysia controversy -

    Indonesia has suffered a string of Islamic extremist attacks over the past 15 years, including the 2002 Bali bombings that left 202 people dead.

    However, it has been credited with mounting a successful crackdown that dismantled sophisticated militant networks.

    View gallery David Cameron is arriving as Malaysian Prime Minister … David Cameron is arriving as Malaysian Prime Minister Najib Razak, pictured, battles mounting outrag …

    Also on the trip are senior figures from prominent British businesses including engine maker Rolls-Royce and construction equipment maker JCB, as the prime minister seeks to drum up trade in the region.

    Writing in Britain's Daily Mail newspaper ahead of the visit, Cameron said: "This is a region on the rise, and IĆ¢€™m determined that Britain grabs every opportunity that brings."

    However, Cameron could run into controversy during the Malaysian leg of the trip.

    He is arriving as Najib battles mounting outrage over allegations that hundreds of millions of dollars were siphoned off from a state-owned development company he launched and retains close links with.

    The premier and the company, 1Malaysia Development Berhad (1MDB), have both vehemently denied any wrongdoing. The case is being investigated by Malaysian authorities and a parliamentary committee.

    Nurul Izzah, a parliamentarian and daughter of jailed ex-opposition leader Anwar Ibrahim, called f or Cameron's entourage to also meet with the opposition.

    Meeting only with Najib's government "would be seen as if they were oblivious to the undercurrents here and the public concerns," she told AFP.

    On Monday, Cameron will meet with Indonesian leader Widodo as well as the head of regional bloc the Association of Southeast Asian Nations (ASEAN). He departs for Singapore on Tuesday.

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  • Source: British PM heads to Southeast Asia with trade, IS on agenda

    Saturday, July 25, 2015

    Greece, the Sacrificial Lamb

    Photo The frayed flag over Athens last week. Credit Alkis Konstantinidis/Reuters

    ATHENS — AS the Greek crisis proceeds to its next stage, Germany, Greece and the triumvirate of the International Monetary Fund, the European Central Bank and the European Commission (now better known as the troika) have all faced serious criticism. While there is plenty of blame to share, we shouldn't lose sight of what is really going on. I've been watching this Greek tragedy closely for five years, engaged with those on all sides. Having spent the last week in Athens talking to ordinary citizens, young and old, as well as current and past officials, I've come to the view that this is about far more than just Greece and the euro.

    Some of the basic laws demanded by the troika deal with taxes and expenditures and the balance bet ween the two, and some deal with the rules and regulations affecting specific markets. What is striking about the new program (called "the third memorandum") is that on both scores it makes no sense either for Greece or for its creditors.

    As I read the details, I had a sense of dƩjƠ vu. As chief economist of the World Bank in the late 1990s, I saw firsthand in East Asia the devastating effects of the programs imposed on the countries that had turned to the I.M.F. for help. This resulted not just from austerity but also from so-called structural reforms, where too often the I.M.F. was duped into imposing demands that favored one special interest relative to others. There were hundreds of conditions, some little, some big, many irrelevant, some good, some outright wrong, and most missing the big changes that were really required.

    Back in 1998 in Indonesia, I saw how the I.M.F. ruined that country's banking system. I recall the picture of Michel Camdessus, the managing di rector of the I.M.F. at the time, standing over President Suharto as Indonesia surrendered its economic sovereignty. At a meeting in Kuala Lumpur in December 1997, I warned that there would be bloodshed in the streets within six months; the riots broke out five months later in Jakarta and elsewhere in Indonesia. Both before and after the crisis in East Asia, and those in Africa and in Latin America (most recently, in Argentina), these programs failed, turning downturns into recessions, recessions into depressions. I had thought that the lesson from these failures had been well learned, so it came as a surprise that Europe, beginning a half-decade ago, would impose this same stiff and ineffective program on one of its own.

    Whether or not the program is well implemented, it will lead to unsustainable levels of debt, just as a similar approach did in Argentina: The macro-pol icies demanded by the troika will lead to a deeper Greek depression. That's why the I.M.F.'s current managing director, Christine Lagarde, said that there needs to be what is euphemistically called "debt restructuring" — that is, in one way or another, a write-off of a significant portion of the debt. The troika program is thus incoherent: The Germans say there is to be no debt write-off and that the I.M.F. must be part of the program. But the I.M.F. cannot participate in a program in which debt levels are unsustainable, and Greece's debts are unsustainable.

    Austerity is largely to blame for Greece's current depression — a decline of gross domestic product of 25 percent since 2008, an unemployment rate of 25 percent and a youth unemployment rate twice that. But this new program ratchets the pressure up still further: a target of 3.5 percent primary budget surplus by 2018 (up from around 1 percent this year). Now, if the targets are not met, as they almost surely won't be because of the design of the program itself, additional doses of austerity become automatic. It's a built-in destabilizer. The high unemployment rate will drive down wages, but the troika does not seem satisfied by the pace of the lowering of Greeks' standard of living. The third memorandum also demands the "modernization" of collective bargaining, which means weakening unions by replacing industry-level bargaining.

    None of this makes sense even from the perspective of the creditors. It's like a 19th-century debtors' prison. Just as imprisoned debtors could not make the income to repay, the deepening depression in Greece will make it less and less able to repay.

    Structural reforms are needed, just as they were in Indonesia, but too many that are being demanded have little to do with attacking the real problems Greece faces. The rationale behind many of the key structural reforms has not been explained well, either to the Greek public or to economists trying to understand them. In the absence of such an explanation, there is a widespread belief here in Greece that special interests, in and out of the country, are using the troika to get what they could not have obtained by more democratic processes.

    Consider the case of milk. Greeks enjoy their fresh milk, produced locally and delivered quickly. But Dutch and other European milk producers would like to increase sales by having their milk, transported over long distances and far less fresh, appear to be j ust as fresh as the local product. In 2014 the troika forced Greece to drop the label "fresh" on its truly fresh milk and extend allowable shelf life. Now it is demanding the removal of the five-day shelf-life rule for pasteurized milk altogether. Under these conditions, large-scale producers believe they can trounce Greece's small-scale producers.

    In theory, Greek consumers would benefit from the lower prices, even if they suffered from lower quality. In practice, the new retail market is far from competitive, and early indications are that the lower prices were largely not passed on to consumers. My own research has long focused on the importance of information and how firms often try to take advantage of the lack of information. This is just another instance.

    One underlying problem in Greece, in both its economy and its politics, is the role of a group of wealthy people who control key sectors, including banks and the media, collectively referred to as the Greek oligarchs. They are the ones who resisted the changes that George Papandreou, the former prime minister, tried to introduce to increase transparency and to force greater compliance with a more progressive tax structure. The important reforms that would curb the Greek oligarchs are largely left off the agenda — not a surprise since the troika has at times in the past seemed to have been on their side.

    As it became clear early on in the crisis that the Greek banks would have to be recapitalized, it made sense to demand voting shares for the Greek government. This was necessary to ensure that politically influenced lending, including to the oligarchic media, be stopped. When such connected lending resumed — even to media companies that on strictly commercial terms should not have gotten loans — the troika turned a blind eye. It has also been quiescent as proposals were put forward to roll back the important initiatives of the Papandreou government on transparency and e-government, which dramatically lowered drug prices and put a damper on nepotism.

    Normally, the I.M.F. warns of the dangers of high taxation. Ye t in Greece, the troika has insisted on high effective tax rates even at very low income levels. All recent Greek governments have recognized the importance of increasing tax revenues, but mistaken tax policy can help destroy an economy. In an economy where the financial system is not functioning well, where small- and medium-size enterprises can't get access to credit, the troika is demanding that Greek firms, including mom and pop stores, pay all of their taxes ahead of time, at the beginning of the year, before they have earned it, before they even know what their income is going to be. The requirement is intended to reduce tax evasion, but in the circumstances in which Greece finds itself, it destroys small business and increases resentment of both the government and the troika.

    This requirement seems at odds, too, with another of the demands with which Greece has b een confronted: that it eliminate its cross-border withholding tax, which is the withholding tax on money sent from Greece to foreign investors. Such withholding taxes are a feature of good tax systems in countries like Canada and are a critical part of tax collection. Evidently, it is less important to ensure that foreigners pay their taxes than that Greeks do.

    There are many other strange features of the troika bailout packages, in part because each member of the troika has its favorite medicine. As doctors warn, there can be dangerous interactions. The battle, however, is not just about Greece. It's not even just about the money, although special interests in the rest of Europe and some within Greece itself have taken advantage of the troika to push their own interests at the expense of ordinary Greek citizens and the country's overall economy. This is something I saw repeatedly firsthand when I was at the World Bank, most noticeably in Indonesia. When a country is down, there is all manner of mischief that can be done.

    But these policy debates are really about ideology and power. We all know that. And we understand that this is not just an academic debate between the left and the right. Some on the right focus on the political battle: the harsh conditions imposed on the left-wing Syriza government should be a warning to any in Europe about what might happen to them should they push back. Some focus on the economic battle: the opportunity to impose on Greece an economic framework that could not have been adopted any other way.

    I believe strongly that the policies being imposed will not work, that they will result in depression without end, unacceptable levels of unemployment and ever growing inequality. But I also believe strongly in democratic processes � � that the way to achieve whatever framework one thinks is good for the economy is through persuasion, not compulsion. The force of ideas is so much against what is being inflicted on and demanded of Greece. Austerity is contractionary; inclusive capitalism — the antithesis of what the troika is creating — is the only way to create shared and sustainable prosperity.

    For now, the Greek government has capitulated. Perhaps, as the lost half decade becomes the lost decade, as the politics get uglier, as the evidence mounts that these policies have failed, the troika will come to its senses. Greece needs debt restructuring, better structural reforms and more reasonable primary budget surplus targets. More likely than not, though, the troika will do what it has done for the last five years: Blame the victim.


    Source: Greece, the Sacrificial Lamb

    Friday, July 24, 2015

    SE Asia Stocks - Indonesia falls on import duty rules; S'pore eases after weak data

    BANGKOK, July 24 Most Southeast Asian stock markets fell on Friday, with shares of retailers underperforming in Indonesia on concerns over new import duty rules, while Singapore's key index hit a more than one-week low after weak industrial production data. The Jakarta composite index shed 1.1 percent, heading for a weekly loss. Shares of retailer PT Mitra Adiperkasa Tbk fell 7.6 percent after new import duty rules released by Indonesian government. Indonesia raised import tariffs on food, clothes and many other consumer goods on Thursday in a move to help domestic producers. Singapore's Straits Times Index traded down 0.1 percent on the day and a tad lower on the week. Jardine Cycle & Carriage Ltd dropped 2.4 percent, the biggest percentage loser on the index. The city-state released industrial production data for June, which showed a 4.4 percent fall from a year earlier, below expectations. Philippines was nearly flat after data showed the country's imports fell for a third straight month in May. Most markets are set to end the week lower. The Thai SET index is on track for a weekly drop of 2.6 percent, the worst performer in the region, amid unfavourable quarterly results of many large-caps such as PTT Exploration and Production. Brokers also cited other factors such as expectations of a cabinet reshuffle. "Investors should keep an eye on the cabinet reshuffle. If the new members are well known, it will help regain the trust of investors," said broker Maybank Kim Eng Securities. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0641 GMT Market Current Prev Close Pct Move Singapore 3352.28 3356.37 -0.12 Kuala Lumpur 1719.73 1722.44 -0.16 Bangkok 1440.94 1444.66 -0.26 Jakarta 4849.97 4902.85 -1.08 Manila 7659.11 7653.22 +0.08 Ho Chi Minh 632.39 632.01 +0.06 (Reporting by Viparat Jantraprap; Editing by Prateek Chatterjee)
    Source: SE Asia Stocks - Indonesia falls on import duty rules; S'pore eases after weak data

    Thursday, July 23, 2015

    Chris Brown stuck in Philippines, posts profanity-laden video

    MANILA, PHILIPPINES—In a profanity-laced video, Grammy award-winning singer Chris Brown vented his frustration Thursday at being stuck in the Philippines for a second day after running afoul of a politically powerful religious group that filed a fraud complaint against him for a cancelled concert.

    Brown was still in the country Thursday evening and had not applied for the emigration clearance he needs to leave Manila, Immigration Bureau spokeswoman Elaine Tan said in a text message to the AP.

    The 26-year-old R&B singer was prevented from leaving on a private plane on Wednesday, a day after a packed concert in Manila.

    In videos posted on Instagram, Brown clowns around, asking, "Can somebody please tell me what the (expletive) is going on?

    "I don't know, I'm reading headlines after headlines, what the (expletive)!" he added, smiling as his companions laugh in the background while sprawled on sofas.

    In another video, Brown says when he gets to customs, he will say he did nothing wrong. He then breaks into dance as people laugh.

    The expletive-laden video appeared to have been removed from Brown's Instagram account Thursday.

    The dispute traces back to last New Year's Eve when Brown cancelled a concert at the 55,000-seat Philippine Arena north of Manila, operated by a corporation owned by the politically influential Iglesia ni Cristo religious group.

    The 101-year-old group is believed to have more than a million members both in the Philippines and abroad and is known to vote as a block in a nation where politicians often seek endorsements from church leaders.

    The organizers said they were told at that time by Brown's representative that the singer lost his passport and could not make it to the concert.

    In a complaint, the Maligaya Development Corp. says Brown and his Canadian promoter, John Michael Pio Roda, backed out of the concert after they were paid in full in a $1-million contract.

    MDC promoted the concert and sold tickets based on the guarantee that Brown would perform, the complaint alleged.

    The religious group asked the Department of Justice for help in prosecuting Brown, although no charges have been filed.

    Brown was being delayed while immigration officials consulted with the Justice Department about the case, Tan said.

    A spokeswoman for Brown in the U.S., Nicole Perna, said Wednesday the misunderstanding was resolved and that Brown would continue with his planned performances in Hong Kong on Thursday.

    A person who answered the phone at the Hong Kong venue said, "He said he's coming" to perform Thursday evening. The two cities are several hours flying time apart.

    Another concert, scheduled for Saturday in Jakarta, Indonesia, was cancelled due to safety concerns, according to Brown's Twitter account.

    An Indonesian promoter, Trilogy Live, said it looked forward to having Brown come to Jakarta later and that tickets would be refunded.

    Another promoter, E-Motion Entertainment, told reporters that one reason for the cancellation was the recent unrest in Tolikara district of Papua province.


    Source: Chris Brown stuck in Philippines, posts profanity-laden video

    Wednesday, July 22, 2015

    Airports closed as 5 volcanoes erupt in Indonesia

    POSTED: 11:25 a.m. HST, Jul 22, 2015LAST UPDATED: 11:25 a.m. HST, Jul 22, 2015

    ASSOCIATED PRESS

    In this July 12 photo, a ferry boat crosses the Bali Strait to carry Indonesians to Ketapang port, East Java, from Gilimanuk port, West Bali, Indonesia as Mount Raung spews volcanic smoke.

    JAKARTA, Indonesia >> Eruptions of ash at five volcanoes shrouded the skies over parts of the Indonesian archipelago Wednesday, forcing three airports to close.

    Mount Raung on Java island blasted ash and debris up to 2,000 meters (6,560 feet) into the air after rumbling for several weeks, government volcanologist Surono said.

    Ash erupted also from Gamalama and Dukono mountains on the Moluccas islands chain, Sinabung volcano on Sumatra island and Mount Karangetang on Siau island, darkening the skies, Surono said.

    A total of more than 13,000 people have been evacuated due to the volcanic eruptions since last month, mostly from around the slopes of Sinabung in Tanah Karo District, added Surono, who uses a single name.

    "Our evaluation showed there is no extraordinary natural phenomenon that triggered simultaneous eruptions of the five volcanoes," Surono said, adding that all the eruptions are natural and normal occurrences in a nation with about 130 active volcanoes.

    Transport Ministry spokesman Julius Adravida Barata said Jember and Banyuwangi airports closed late Tuesday and Bali's international airport was closed for several hours on Wednesday, disrupting flights. Media reports said 37 flights to and from Bali's Ngurah Rai airport were cancelled.

    An eruption of Raung early this month sparked chaos as the airport in the tourist hotspot of Bali and four other airports in the region were shutdown, stranding thousands of holiday-goers.

    Last week, the ministry closed Sultan Babullah airport in North Maluku's Ternate town after eruptions at Gamalama and Dukono sent volcanic ash up to 1,700 meters (5,570 feet) into the sky.

    Indonesia, a chain of 17,000 islands where millions of people live in mountainous areas or near fertile flood-prone plains, is prone to seismic upheaval due to its location on the Pacific "Ring of Fire," an arc of volcanoes and fault lines encircling the Pacific Basin.


    Source: Airports closed as 5 volcanoes erupt in Indonesia

    Tuesday, July 21, 2015

    BitX raises $4 million in Series A round

    BitX raises $4 million in Series A round

    Naspers building in Cape Town, South Africa.

    Global cryptocurrency firm BitX announced Tuesday it has raised $4 million in a Series A round led by the Naspers Group through its payments subsidiary, PayU. Barry Silbert's Digital Currency Group, an existing investor, also participated in the round.

    Based in Singapore, BitX offers highly secure mobile wallets, institutional quality exchanges, and various APIs for merchant and other business integration. The company has grown quickly within the past year and boasts the largest emerging market footprint of any digital currency company, with the platform available to more than half a billion consumers in key markets in Southeast Asia (Indonesia, Malaysia, the Philippines, Singapore) and Africa (Kenya, Nigeria, and South Africa).

    "We've been seeing very strong growth across the markets we operate in, and this investment will allow us to both accelerate this growth and extend our footprint to more markets," said BitX co-founder and CEO Marcus Swanepoel in a press release. "In Naspers we have a truly global partner with unrivalled capabilities in high growth markets, and we're very excited to work together in building out our global platform."

    Swanepoel added in the release that "given our unique and competitive cost structure this funding round represents a significant capital injection to help expand our business. This, combined with our access to world-class engineering and business talent across our operational centres, our deep local knowledge and relationships in the markets we operate in, and our mobile-first approach, gives us a strong competitive advantage as we continue to build out our global platform."

    Found in 1915, Naspers is a broad-based multinational Internet and media group, providing services in more than 130 nations. Its chief operations are in e-commerce, video-entertainment, and print media, with minority investments in listed Internet companies Mail.ru and Tencent.

    PayU Chief Product Officer James Caviness will join the BitX board of directors.

    "We see a bright future for cryptocurrency across a number of industry verticals, and with BitX's strong management team and solid track record, look forward to leveraging Naspers' global platform and local knowledge to help them capitalise on these opportunities," said Caviness in the release.

    In an article about the Series A round, Ventureburn said the new capital follows a raise of $800,000 by BitX from a group of global investors late last year.

    The news outlet reported that BitX, which has offices in Jakarta and Cape Town, was instrumental in integrating Bitcoin payments with South African online payments platform PayFast. The move allowed 30,000 merchants to accept Bitcoin, including South Africa's largest online shop Takealot, of which Naspers owns 46.5 percent.

    Image credit: Dewet


    Source: BitX raises $4 million in Series A round

    Monday, July 20, 2015

    Halliburton Announces Second Quarter Income from Continuing Operations of $0.44 Per Diluted Share, Excluding Special Items

    By Associated PressPUBLISHED: Monday, July 20, 2015 at 6:07 am ........................................................................................................................................................................................

    HOUSTON–(BUSINESS WIRE)–Jul 20, 2015–Halliburton Company (NYSE:HAL) announced today that income from continuing operations for the second quarter of 2015 was $380 million, or $0.44 per diluted share, excluding special items. This compares to income from continuing operations for the first quarter of 2015 of $418 million, or $0.49 per diluted share, excluding special items. Adjusted operating income was $643 million in the second quarter of 2015, compared to adjusted operating income of $699 million in the first quarter of 2015. Halliburton's total revenue in the second quarter of 2015 was $5.9 billion, compared to $7.1 billion in the first quarter of 2015.

    Primarily as a result of the recent downturn in the energy market and its corresponding impact on the company's business outlook, Halliburton recorded approximately $258 million, after-tax, or $0.30 per diluted share, in the second quarter of 2015, as compared to $823 million, after-tax, or $0.97 per diluted share, in the first quarter of 2015, in company-wide charges related primarily to severance costs and asset write-offs. Halliburton recorded Baker Hughes acquisition-related costs of $67 million, after-tax, or $0.08 per diluted share, in the second quarter of 2015, as compared to $35 million, after-tax, or $0.04 per diluted share, in the first quarter of 2015. Reported income from continuing operations was $55 million, or $0.06 per diluted share, in the second quarter of 2015, as compared to reported loss from continuing operations of $639 million, or $0.75 per diluted share, in the first quarter of 2015. Reported operating income was $254 million for the second quarter of 2 015, as compared to reported operating loss of $548 million for the first quarter of 2015.

    In April 2015, Halliburton announced a decision to market for sale the Fixed Cutter and Roller Cone Drill Bits, Directional Drilling, and Logging-While-Drilling/Measurement-While-Drilling businesses as part of the regulatory review of the pending Baker Hughes acquisition. These assets were classified as held for sale at that time and, therefore, the corresponding depreciation and amortization expense was ceased during the second quarter of 2015, in accordance with Generally Accepted Accounting Principles. This resulted in a positive impact to reported results of $53 million, after-tax, or $0.06 per diluted share.

    "We are pleased with our second quarter results, considering the headwinds facing the industry," said Jeff Miller, President.

    "Total company revenue of $5.9 billion declined 16% sequentially, outperforming a 26% drop in the worldwide rig count. Operating income declined as a result of lower activity levels for all product lines, exacerbated by pricing declines, primarily in North America.

    "In the Eastern Hemisphere, revenues declined modestly compared to the first quarter of 2015, but we saw a meaningful step up in profitability in our Europe/Africa/CIS region, due to activity improvements in Eurasia and Norway, along with higher stimulation activity and completion tools sales in both Algeria and Angola. Projects in the Middle East are moving forward, although Russia and the offshore markets remain challenged.

    "In Latin America, we experienced sequential revenue and operating income declines driven by Venezuela, primarily due to the negative currency impact of the new exchange rate, as well as budget cuts throughout the region as customers are focused on cash flows.

    "In North America, revenue declined 25% sequentially; significantly outperforming the 40% decline in average rig count. Pricing erosion continued during the quarter, but decremental margins were less severe than previous downturns, demonstrating that our cost reduction initiatives are helping to offset the current market challenges.

    "We expect the global markets will remain transitional, and in these times, operational execution is an even more critical source of differentiation. Our financial results reflect our strong execution culture, and we remain focused on delivering reliable, best-in-class service quality for our customers," said Miller.

    "We are pleased with the progress of the proposed Baker Hughes acquisition, as evidenced by our recently announced timing agreement with the U.S. Department of Justice," added Dave Lesar, Chairman and CEO.

    "We recently received the initial round of bids on our previously announced divestitures, and are pleased with the prices and level of interest. Baker Hughes has certified compliance with the U.S. Department of Justice's second request, and we expect to do so shortly.

    "We are enthusiastic about and fully committed to closing this compelling transaction, and are confident we can achieve cost synergies of nearly $2 billion, regardless of market conditions or any cost reduction actions taken by either company to date. In anticipation of the acquisition, we continue to maintain our superior service delivery platform and other infrastructure costs in excess of current market needs. This cost was between 300-400 basis points for North America margins in the second quarter. We will continue to do this until the transaction closes, which I believe is the best decision for the long run.

    "Our strategy remains consistent – we will manage costs through the downturn, while looking beyond the cycle to ensure that we will be positioned for growth when the industry recovers. We continue to invest in technology, build capital equipment, and prepare for our pending combination with Baker Hughes. Our management team has a proven track record in navigating through cycles, and we are confident that Halliburton will be best-positioned to outperform in the recovery," concluded Lesar.

    Completion and Production

    Completion and Production (C&P) revenue in the second quarter of 2015 was $3.4 billion, a decrease of $802 million, or 19%, from the first quarter of 2015, primarily driven by a decline in pressure pumping activity and pricing declines for all product service lines in North America, coupled with lower activity levels in Middle East/Asia, reduced activity levels and pricing in Mexico, and the impact of the new exchange rate in Venezuela. This was partially offset by higher stimulation activity, higher completion sales, and seasonal pipelines and process activity in Europe/Africa/CIS.

    C&P operating income was $313 million, which decreased $149 million, or 32%, compared to the first quarter of 2015. North America C&P operating income declined $161 million, or 69%, sequentially, primarily due to reduced activity levels and pricing adjustments for stimulation services. Latin America C&P operating income decreased $10 million, or 15%, from the first quarter of 2015, primarily as a result of reduced activity in pressure pumping services in Mexico and Venezuela. Europe/Africa/CIS C&P operating income increased $35 million, or 64%, sequentially, mainly due to increased stimulation activity and completion tools sales in Algeria and Angola, along with increased seasonal pipeline and process services activity and completion tools sales in Norway. Middle East/Asia C&P operating income fell by $13 million, or 12%, compared to the first quarter of 2015, primarily due to a decline in stimulation activity and completion tools sales.

    Drilling and Evaluation

    Drilling and Evaluation (D&E) revenue in the second quarter of 2015 was $2.5 billion, a decrease of $329 million, or 12%, from the first quarter of 2015. Decreased drilling activity and fluid services in North America, the impact of the new exchange rate in Venezuela, and a decline in wireline activity across all of our regions, more than offset increased software sales in Latin America and the Eastern Hemisphere.

    D&E operating income was $400 million, which increased $94 million, or 31%, compared to the first quarter of 2015. All regions benefitted from the depreciation cessation on assets held for sale. North America D&E operating income increased $12 million, or 27%, sequentially, primarily due to cost reduction initiatives, partially offset by reduced fluid services activity in the United States land market. Latin America D&E operating income was flat, sequentially, as improved profitability for drilling services in Brazil was offset by lower drilling fluid product sales in Venezuela. Europe/Africa/CIS D&E operating income increased $43 million, or 139%, from the first quarter of 2015, driven by increased drilling services product sales in Russia, partially offset by reduced drilling services activity in the United Kingdom. Middle East/Asia D&E operating income increased $39 million, or 23%, sequentially, driven by activity growth for drilling services throughout the region, coupled with increased project management activity in Saudi Arabia.

    Corporate and Other

    During the second quarter of 2015, Halliburton incurred $67 million, after-tax, for costs related to the pending Baker Hughes acquisition.

    Significant Recent Events and Achievements

    Halliburton's Testing and Subsea product line announced that its RezConnect™ Well Testing System received the Offshore Technology Conference 2015 Spotlight on New Technology Award. RezConnect is the industry's first solution that offers complete wireless acoustic control of drill-stem test tools. It can provide real-time measurement and analysis during well-testing and downhole sampling operations, allowing operators to make informed decisions faster, which can reduce rig-time cost and increase asset returns.

    Halliburton's Completion Tools product line introduced the Illusion® dissolvable frac plug as the latest addition to Halliburton's Unconventional Completion portfolio. This high-performance frac plug provides zonal isolation for pumpdown applications during wellbore stimulation and combines Halliburton's industry-leading frac plug designs with the most advanced dissolvable metal and rubber materials. This fully dissolvable plug helps eliminate the risk and cost associated with conventional plug removal and, upon complete dissolution, provides an entire wellbore ID for future operations.

    On May 20, 2015, Halliburton announced it had reached an agreement with BP Exploration & Production Inc. to resolve remaining issues between the parties, including indemnities between the parties and dismissal of all claims against each other, relating to the April 20, 2010, Deepwater Horizon well incident in the Gulf of Mexico.

    Halliburton opened its new Indonesian headquarters in Jakarta, which will serve as headquarters for all product lines in Indonesia. This new facility will increase the efficiencies and capabilities of the company's resources specifically focused on the mature fields, deep water and unconventionals markets in Indonesia. The additional synergies from the facility include enhanced integrated services, equipment maintenance, job preparation and execution, and a high-level of service quality for Halliburton's customers in Indonesia.

    About Halliburton

    Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With more than 70,000 employees, representing 140 nationalities in approximately 80 countries, the company serves the upstream oil and gas industry throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field. Visit the company's website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Oilpro and YouTube.

    NOTE: The statements in this press release that are not historical statements, including statements regarding future financial performance and the pending Baker Hughes transaction, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: with respect to the pending merger with Baker Hughes, the timing to consummate the proposed transaction, the terms and timing of any divestitures undertaken in order to obtain required regulatory approvals, the conditions to closing of the proposed transaction may not be satisfied or the closing of the proposed transaction otherwise does not occur or is obtained subject to conditions that are not anticipated, the risk that a regulatory ap proval that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated, and the diversion of management time on transaction-related issues, the combined company's future financial condition, results of operations, strategy and plans, and expected synergies and other benefits from the proposed transaction and the ability of Halliburton to realize such synergies and other benefits; with respect to the Macondo well incident, final court approval of, and the satisfaction of the conditions in, Halliburton's September 2014 settlement, including the results of any appeals of rulings in the multi-district litigation; indemnification and insurance matters; with respect to repurchases of Halliburton common stock, the continuation or suspension of the repurchase program, the amount, the timing and the trading prices of Halliburton common stock, and the availability and alternative uses of cash; changes in the demand for or pri ce of oil and/or natural gas can be significantly impacted by weakness in the worldwide economy; consequences of audits and investigations by domestic and foreign government agencies and legislative bodies and related publicity and potential adverse proceedings by such agencies; protection of intellectual property rights and against cyber attacks; compliance with environmental laws; changes in government regulations and regulatory requirements, particularly those related to offshore oil and natural gas exploration, radioactive sources, explosives, chemicals, hydraulic fracturing services, and climate-related initiatives; compliance with laws related to income taxes and assumptions regarding the generation of future taxable income; risks of international operations, including risks relating to unsettled political conditions, war, the effects of terrorism, foreign exchange rates and controls, international trade and regulatory controls, and doing business with national oil companies; weather-related issues, including the effects of hurricanes and tropical storms; changes in capital spending by customers; delays or failures by customers to make payments owed to us; execution of long-term, fixed-price contracts; structural changes in the oil and natural gas industry; maintaining a highly skilled workforce; availability and cost of raw materials; and integration and success of acquired businesses and operations of joint ventures. Halliburton's Form 10-K for the year ended December 31, 2014, Form 10-Q for the quarter ended March 31, 2015, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss some of the important risk factors identified that may affect Halliburton's business, results of operations, and financial condition. Halliburton undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

    Additional Information

    This communication does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities or a solicitation of any vote or approval. This communication relates to a proposed business combination between Halliburton and Baker Hughes. In connection with this proposed business combination, Halliburton has filed with the Securities and Exchange Commission (the "SEC") a registration statement on Form S-4, including Amendments No. 1 and 2 thereto, and a definitive joint proxy statement/prospectus of Halliburton and Baker Hughes and other documents related to the proposed transaction. The registration statement was declared effective by the SEC on February 17, 2015 and the definitive proxy statement/prospectus has been mailed to stockholders of Halliburton and Baker Hughes. INVESTORS AND SECURITY HOLDERS OF HALLIBURTON AND BAKER HUGHES ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS, REGISTRATION STATEMENT AND OTHER DOCUMENTS FILED OR THAT MA Y BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by Halliburton and/or Baker Hughes through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Halliburton are available free of charge on Halliburton's internet website at http://www.halliburton.com or by contacting Halliburton's Investor Relations Department by email at investors//www.bakerhughes.com or by contacting Baker Hughes' Investor Relations Department by email at alondra.oteyza@bakerhughes.com or by phone at +1-713-439-8822.

    Participants in Solicitation

    Halliburton, Baker Hughes, their respective directors and certain of their respective executive officers may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of Halliburton is set forth in its Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the SEC on February 24, 2015, its proxy statement for its 2015 annual meeting of stockholders, which was filed with the SEC on April 7, 2015, and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, which was filed with the SEC on April 23, 2015. Information about the directors and executive officers of Baker Hughes is set forth in its Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the SEC on February 26, 2015, its proxy statement for its 2015 annual meeting of stockholders, which was filed with the SEC on March 27, 2015, and its Quarterly Rep ort on Form 10-Q for the quarter ended March 31, 2015, which was filed with the SEC on April 21, 2015. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the proxy statement/prospectus and other relevant materials filed with the SEC.

    This article has been truncated. You can see the rest of this article by visiting http://www.businesswire.com/news/home/20150720005329/en.


    Source: Halliburton Announces Second Quarter Income from Continuing Operations of $0.44 Per Diluted Share, Excluding Special Items

    Sunday, July 19, 2015

    Bon Jovi reveals news of upcoming album 'Burning Bridges'

    Bon Jovi to drop new album 'Burning Bridges' on Aug. 21

    Bon Jovi has announced plans to release a special fan album next month. Titled Burning Bridges, the effort is set to hit shelves just prior to their upcoming overseas tour on Aug. 21 via Island Records.

    According to an article posted July 17 at Billboard, the album appears to be collection of previous outtakes as evidenced by the songwriting credits, which include contributions by recently departed Bon Jovi lead guitarist Richie Sambora. The album title may be a poke at their former bandmate, who departed the band abruptly and under mysterious circumstances just prior to their 2013 North American tour.

    The veteran New Jersey rockers plan to release two tracks from the album sometime this month. The titles for the upcoming songs are "We Don't Run" and "Saturday Night Gave Me Sunday Morning."

    A Bon Jovi official has confirmed the Grammy winners are currently in the studio working on a brand new studio album, which will hit shelves sometime in 2016. The release will mark the band's first full recording venture since Sambora's departure

    The band announced several 2015 international tour dates last month, which will include first-time ever visits to China and Israel. The tour is slated to kick off Sept. 11 in Jakarta, Indonesia. Bon Jovi will be hitting the road for the first time since wrapping up their AEG Live produced Because We Can Tour in December 2013.

    Frontman Jon Bon Jovi recently dropped a new solo release titled "Beautiful Day," one of 15-tracks from the star-studded Broadway musical soundtrack of Finding Neverland. The album hit shelves June 9 via Universal.

    Prior the international tour launch, the charismatic frontman is slated to perform a headline solo outing with his band, The Kings of Suburbia on August 22 in Vancouver, British Columbia, at Stanley Park. For the latest information on Bon Jovi, click here.

    Did you know? Bon Jovi's Because We Can Tour hit grossed $142.1 million from 60 shows across five continents and topped Pollstar's Top 100 Mid Year Worldwide Tours in 2013.


    Source: Bon Jovi reveals news of upcoming album 'Burning Bridges'

    Saturday, July 18, 2015

    Exodus as millions flee Jakarta to return home for holy Ramadan

    ELIZABETH JACKSON: In Australia recently we've seen a debate about whether Indigenous communities should be shut down and the locals forced to move to big cities, where services are more easily available.

    This past week, millions of Indonesians have fled from the major cities to return to the place they feel connected to.

    The exodus from places like Jakarta is estimated at about 20 million people this year - not far off the population of Australia.

    Here's, our Indonesia correspondent, George Roberts.

    (Sound of train departing)

    GEORGE ROBERTS: At Senen Station in central Jakarta, thousands of people have boarded trains to "pulang kampoeng" - or go home to the village.

    This time of year is particularly special. The Muslim holy month of Ramadan has just finished and the country's biggest holiday begins.

    The capital seems abandoned, as people make the annual pilgrimage home to their families for the religious festival.

    But i t's not just once a year.

    Millions of people in Indonesia leave behind the poverty of their remote villages and communities to seek a better life or income in the big cities.

    It's common for those people who settle in the sprawling metropolises to then send money back to families and relatives in the villages.

    After Ramadan, local governments prepare for scores more people to make their way into the cities looking for opportunities.

    The interesting thing is that Indonesians tend to keep a connection to their homelands, their culture and their local language.

    Indonesia is made up of about 300 different ethnic groups. And while Bahasa Indonesia is the official language, there are more than 700 different dialects spoken.

    For example, I once interviewed a 93-year-old woman who only spoke a basic colloquial Sundanese dialect. We found a man who spoke that and formal Sundanese and ABC producer Ari Wuryantama understands formal Sundanese, so he could tra nslate that to me.

    It was a long process of asking a question and having it relayed to the interviewee and back, through two people and three different languages.

    The end-of-Ramadan return to the village is a bit like people returning home to their parents for Christmas in Australia. But it's more than that: it's part of how Indonesians maintain a connection to their local language and ethnicity, of which people are very proud.

    Those Indonesians who can afford tend to "pulang kampoeng" or return to the village many times throughout the year.

    It's accepted as why that person needs time off work. It's not just, "Ah, I want to chuck a sickie" or, "Mate, can I have tomorrow off?"

    Pulang kampoeng is held in high regard. It's important for people to return to their village, see their homelands, their extended families and reconnect with their roots.

    The pride in heritage is carried through generations, too. Even friends of mine who were born in and grew up in Jakarta still identify as being from another part of the country, because that's where their family is from and the village they would go to at times of the year like this.

    People are often multilingual, too. Even people who didn't receive a strong education are able to speak the official language Bahasa Indonesia, their own local language or dialect and some English.

    So in the coming days and weeks, people will start flooding back to Jakarta, having been to various parts of the country - only to head off again next year.

    This is George Roberts in Jakarta for Correspondents Report.


    Source: Exodus as millions flee Jakarta to return home for holy Ramadan

    Friday, July 17, 2015

    Asia Symbol Leads the Sustainable Copier Paper Revolution in China

    [ACCESSWIRE]

    Asia Symbol has recently launched the first type of copier paper branded with both PEFC and CFCC logos

    JAKARTA, INDONESIA / ACCESSWIRE / July 17, 2015 / Asia Symbol, part of the RGE Group, announced on June the 3rd 2015 in Beijing, that it would start production on a new type of copier paper product that would bear both the PEFC (Programme for the Endorsement of Forest Certification) and the CFCC (Chinese Forestry Certification Council) logo. This represents a whole new approach toward sustainable forest management in China.

    In 2014, PEFC endorsed the CFCC, after the Council managed to demonstrate that it could comply with the PEFC Sustainability Benchmarks - a set of sustainability standards recognized by 40 countries worldwide. These include the USA, the UK and France.

    The standards themselves imply that any product branded with the CFCC logo can also be provided with the PEFC logo, meaning that the same sustainability standards regarding the source of their materials apply. Basically, this implies that the products themselves are sourced from sustainable forests and their chain of production can be traced to points of origin that can easily be verified.

    Asia Symbol managed to obtain CFCC certification in 2012, and two years later, the company became PEFC certified. Once the endorsement went through, the company could start producing, distributing and exporting its new paper products in China using both logos.

    "It is an exciting time both for the company and for China's paper industry. The increased focus on sustainable paper production shows that many more people understand the importance of using sustainable materials for production." - said one of the company's representatives.

    The change, however, has not only brought a transformation to the production chain, but has also raised the bar when it comes to the thorough standards required for both CFCC and PEFC CoC (Chain of Custody) certification. Asia Symbol may be the first company adhering to these production criteria, but experts believe that this is only the start of a period of striking improvement in China's sustainable development.

    About Asia Symbol

    Asia Symbol is a world leader in pulp and paper production and a member of the RGE Group of companies. The firm is committed to production techniques using only sustainable sources and methods, while operating according to the 3 C philosophy adopted by all RGE members for creating initiatives that are good for the Company, the Community and the Country. 

    Contact: 

    Contact@asiasymbol.com

    SOURCE: Asia Symbol 


    Source: Asia Symbol Leads the Sustainable Copier Paper Revolution in China

    Thursday, July 16, 2015

    Volcanic ash shuts Indonesian airports on eve of Eid holiday

    SURABAYA, Indonesia: Ash spewing from volcanoes closed six airports across Indonesia on Thursday (Jul 16), including in the country's second-biggest city, leaving many travellers stranded on the eve of the Muslim Eid holiday.

    The international airport serving Surabaya, the country's biggest city after the capital Jakarta, and four smaller airports were closed by the eruption of Mount Raung on the main island of Java, the transport ministry said.

    The airport on the remote, eastern island of Ternate was shut due to ash drifting from erupting Mount Gamalama, the ministry said.

    The biggest blow to the millions in the world's most populous Muslim-majority country trying to head home to celebrate with their families came with the closure of Surabaya, one of the country's busiest airports.

    Thousands of weary travellers packed out the airport terminals, with long lines forming at ticket counters and people sitting and sleeping on the floor.

    Indonesian flag carrier Garuda said it had cancelled 48 flights to and from Surabaya, but it was not immediately clear how many flights in total were axed at the airport.

    A passenger takes a picture of a display board showing cancelled flight schedules at Juanda airport near Surabaya located in eastern Java island on July 16, 201. (Photo: AFP/Juni Kriswanto)

    In recent days, people across the vast archipelago have taken to planes, boats and cars to head to their home towns and villages to celebrate Eid, which marks the end of the fasting month of Ramadan and falls on Friday.

    The transport ministry said the airport at Surabaya and two others would stay closed until at least early Friday. The airports at Jember and Banyuwangi on Java, close to Mount Raung, would stay closed until at least Friday afternoon.

    There was no immediate indication when the airport on Ternate might reopen.

    The closures would be "updated continually to adjust to the developing situation related to the spread of volcanic ash from Mount Raung," said a transport ministry statement.

    The shutdowns came just days after the airport on the resort island of Bali was closed by ash from Mount Raung, stranding thousands of foreign holidaymakers. Bali airport was open and operating normally on Thursday.

    Disaster agency spokesman Sutopo Purwo Nugroho said that Mount Raung was hurling thick smoke up to 2,000 metres (6,500 feet) into the air on Thursday which was drifting west. However, he added it was not yet necessary to evacuate anyone living in the area.

    Air traffic is regularly disrupted by volcanic eruptions in Indonesia, which is home to 130 active volcanoes.

    The main concern for airlines regarding volcanic ash is not that it can affect visibility but rather that it could damage aircraft, as it turns into molten glass when sucked into plane engines, according to experts.


    Source: Volcanic ash shuts Indonesian airports on eve of Eid holiday

    Wednesday, July 15, 2015

    Jakarta's import calls cut both ways

    OPINION: When the Abbott government used the May budget to celebrate the role of trade agreements in boosting the economy, Indonesia was a glaring absence from the priorities for the year ahead.

    There have been formal talks on a closer economic partnership for three years and many discussions before that. But this week's surprise cattle import quota cut has underlined the challenge of even talking about an obvious hole in Australia's trade framework amid economic nationalism and declining bilateral trust.

    At its heart, the quota cut reflects very different perceptions of the idea of food security, and this is certainly not unique to Indonesia given that it was also an issue in the negotiations with Japan. But when Australia is lining up for the so-called dining boom in Asia to replace the mining boom, the quota cut underlines how the country needs to be prepared to deal with how our food exports can be seen on the other side of the transaction.

    Ironically, the quota was slashed just as a 10-year, $60 million Australian government-industry program to build Indonesian confidence in a cross-border meat supply chain has been getting under way.

    This shows how deeply economic nationalism is now embedded in Indonesia's economic policymaking, despite the country embarking on a fresh bid for foreign investment, even telling its diplomats to find new sources.

    There is little doubt that the quota cut reflects a push to domestic self-sufficiency in beef production that has been continuing for several years, rather than a diplomatic snub, and this is not the first time there has been an arbitrary shift like this.

    But management of the issue would be much easier if the relationship was not suffering from the downward spiral in trust identified by former foreign minister Marty Natalegawa at the Crawford Australian Leadership Forum last month.

    Indonesia's economic nationalism - rooted in its constitution and post-colonial resentment - is an irregular wind that sweeps through different parts of the economy at various times and then seems to recede.

    But close observers say the traditional resistance in places like the finance ministry is weaker than usual under a president who shows little interest in detailed economic management and brings more of a small businessman's perspective to economic decision-making.

    While President Joko Widodo was less protectionist than his main opponent during the election campaign last year, he has tilted more in that direction this year and now endorses self-sufficiency in beef, soy beans, sugar, corn and rice within five years.

    In the case of beef alone, a 2010 study suggested this would cost about $500 million a year in welfare losses if pursued via import bans, or an average of around $1 billion a year in subsidies.

    When Indonesia is facing slower growth than it needs to employ its youthful population, it can ill afford scattergun experiments in economic isolation, especially if they are implemented as erratically as the cattle import bans of recent years.

    In the mining sector, efforts to ban exports until miners agree to build secondary processing plants have run into the brick wall of the miners being unable to raise revenue for secondary processing plants if they can't export. Some observers say global miners need Indonesia's resource endowment so much that they may be prepared to go along with some well-planned secondary processing.

    Indeed, Jakarta resources lawyer Bill Sullivan, a critic of recent mining laws, says: "The past couple of months has seen some tantalising signs of possible change in the government's approach to the mining industry and to foreign investment in the mining industry."

    The problem with beef self-sufficiency is that the agriculture ministry advocates seem to be constantly caught out by short-term thinking such as the current idea that there is enough domestic livestock to get through the next three months without many imports.

    But if this runs down the breeding stock in the meantime, already high meat prices will rise, presenting the government with no choice but to go back to importing to avoid a food crisis.

    Indonesia is a natural market for Australia's northern cattle producers but, unlike the miners, they don't need Indonesia quite so much given the emergence of strong new markets in places like China and Vietnam.

    Indonesia will face a real food security issue if it pushes its self-sufficiency ambition too hard, only to discover that the traditional fallback of imported Australian live cattle is committed elsewhere.


    Source: Jakarta's import calls cut both ways

    Tuesday, July 14, 2015

    Cattle import cut not yet final

    The federal government says Indonesia's dramatic cut to Australian cattle imports could be revised. Source: AAP

    THE federal government says Indonesia's dramatic cut to Australian cattle imports could be revised.

    PARLIAMENTARY secretary Steve Ciobo says Jakarta is still finalising its import quota decision to slash by 80 per cent its cattle intake this quarter, a decision which has shocked Australian exporters.

    "It's an informal notification, it applies to all countries, not just Australia," he told ABC radio on Wednesday.Indonesia's trade minister has also said the quota was not final.Rachmat Gobel said the figure of 50,000 head - an 80 per cent drop from last quarter - is for "the first stage" of the third quarter. The end figure is still being evaluated, he says."It could even be 200,000, it could be even more, it could be less too," he told reporters in Jakarta on Tuesday.Agriculture Minister Barnaby Joyce is seeking talks with Indonesia, Australia's chief live cattle market.He has rejected Labor's claims the decision is linked to recent tensions in the bilateral relationship.Mr Gobel says the Indonesian government is concerned about looking after domestic cattle producers, and lowering the retail beef price.It is evaluating how to give 80 per cent of the market to local producers.The minister said Australian producers had nothing to worry about as long as they had stock to supply as In donesia needed it.But Indonesia would not rush to finalise the quota, he said."This should not be big news," he told reporters."You shouldn't bring Australia's noise to me."The Australia Indonesia Business Council said there were flaws in the Indonesia quota system."The truth is we don't have a system in place, we don't have a system that tells us month by month, quarter by quarter, year by year, what we can expect," council president Debnath Guharoy told Nine Network.Mr Guharoy also pointed to Australia's diplomatic relationship with Indonesia, saying "if it was in great shape I think we'd be better off than we are"."We wouldn't be caught, (we wouldn't be) as surprised as we seem to be."Meanwhile, Labor is demanding answers from the government over claims Indonesia has also cut Australian citrus imports.Industry sources believe Jakarta will no longer issue permits to Australian growers in a move that could also affect carrots, bananas and mangos.Opposition agriculture spokesman Joe l Fitzgibbon wants Mr Joyce to confirm whether that's true.
    Source: Cattle import cut not yet final

    Monday, July 13, 2015

    Karting: Potential Rok star

    In a pool of 73 drivers on the final day of the Singapore Turf Club Rok Cup 2015, Kezia Santoso was one of only three female racers - along with Singaporeans Elaine Chee and Chloe Choo.

    Kezia, the 16-year-old Benz Motorsports driver who has been karting since the age of 12, was the best performing of the girls at the KF1 Karting Circuit in Kranji last night.

    Chloe and Elaine finished 14th and 16th out of 19 racers in the KF1 Rok/Rok50 category respectively.

    Meanwhile, Kezia finished eighth out of 14 drivers in the Elite Senior DVS category, earning just 44 points after clocking a time of 15min 07.292sec, but she had no complaints.

    Speaking to The New Paper, the Jakarta native said: "I don't think I did too well, because it's definitely not the best time I've ever recorded. Far from it, actually.

    "I'm still getting used to this track and the different conditions at this circuit.

    "But, so far, after the four races we've had here, I've made some pr ogress, so I guess I can have something to be happy about.

    "I'll have more opportunities to qualify for the International Finals, so I'm not sweating about it."

    FINAL

    Three previous rounds - on April 25, May 30 and June 27 - were held at the circuit, building up to last night's final.

    Five different categories were contested, namely the Mini Rok, Junior Rok, KF1 Rok/Rok 50, Elite 30/40 and the Senior DVS.

    The ultimate prize: podium finishers of each category would receive a spot at October's International Final in Italy, an incentive that is only offered to local licensed drivers.

    Alex Kattoulas of SCUDERIA Power earned top honours in the Mini Rok category with 310 points, while Prassetyo Hardja took the top step with 308 points in the Junior Rok category.

    Spectators saved the biggest cheers for local favourite Larry Tan of AIBI-Life Fitness, who claimed the chequered flag in the KF1 Rok/Rok 50.

    Jon Lee of team TPCRG took home the over all trophy in the Senior DVS category with 272 points.

    David Bondi of Benz Motorsports led the pack with 248 points in the Elite 30 (for over 30-year-olds) while Jeremy Lee of Veritas Racing blazed ahead in the Elite 40 (for over 40-year-olds) category with 248 points.

    Kattoulas, Tan, Jon Lee, Bondi and Jeremy Lee will be joined by fellow Singaporean Caelan Wong of Benz Motorsports - the best local driver in the Junior Rok Category - for the trip to Italy in October.

    "We noticed an increased interest in competitive karting after the first round of the Rok Cup in April, especially among those who have a passion for the sport but are less experienced in racing," said Richard Tan, managing director of KF1 Karting Circuit.

    "We are delighted that the Rok Cup was such a great success and also look forward to our local champions taking their performance one step further at the Grand Finals in Italy.

    "The event has attracted many renowned international karters such as Presley Martono from Indonesia, Roberto Toninelli from Italy and Sasakorn Chaimongkol from Thailand.

    "It is a testament to the world-class standards of the KF1 Karting Circuit and to Singapore's status as a key player in the global karting scene."

    haiqals@sph.com.sg

    This article was first published on July 12, 2015. Get The New Paper for more stories.


    Source: Karting: Potential Rok star

    Sunday, July 12, 2015

    Giant ash cloud leaves hundreds stranded in Jakarta, babies without food

    What's This?

    Ash1Mount Raung.

    Image: Getty Images

    Jenni

    By Jenni RyallAustralia2015-07-12 12:56:50 UTC

    UPDATE: Sunday, July 12, 11:11 p.m.: GA715 departed Jakarta for Denpasar, Bali after passengers spent six hours in the terminal and two hours waiting on board the plane.

    Hundreds of passengers have been stranded in a terminal in Jakarta after an ash cloud caused the diversion of a flight en route to Bali.

    The passengers were travelling from Sydney, Australia to Denpasar, Bali on Garuda flight GA715, which departed Sunday morning at 6 a.m. AEST. The flight was originally due to depart Sydney at 10:25 a.m. on Saturday morning, but was one of the hundreds of flights delayed due to an ash cloud from the active volcano, Mount Raung in East Java.

    After finally departing Australia, flight GA715 was descending into Denpasar Airport when it changed route for Jakarta, Indonesia due to the ash blowing into the flight path.

    The flight landed at Soekarno–Hatta International Airport, Jakarta, at 11 a.m. local time Sunday, and by 5 p.m. passengers had no information about when they would be departing. At 6 p.m. local time passengers were boarded onto the plane, but it remained on the tarmac two hours later with no further information.

    Australian traveller Annette Tilden, who was flying to her son's wedding in Bali, told Mashable Australia the situation in the terminal was a "nightmare."

    Babies were without food or nappies, the bathrooms were dirty and had run out of toilet paper and there was little to no communication from Garuda staff, Tilden said.

    "We have been sitting in this terminal for six hours," she said, before boarding. "They have left us sitting here and have not told us anything. People are getting information from websites and from home."

    "There are babies that have no formula and no nappies ... They told the people with the babies to go into the terminal and buy food there, but there isn't any formula, and no nappies as far as I could see," Tilden added.

    Ken Quimby wrote on Twitter his seven-month-old baby had no food, and that people are getting "tired, angry and scared."

    Passengers were given bread rolls and a bottle of water in the terminal by Garuda staff, and dinner after boarding the plane. Many agitated travellers flocked around the information desk in the terminal desperate for answers, but little information was provided.

    denpasar

    Foreign tourist flock at Ngurah Rai International airport on July 10, 2015 in Denpasar, Bali, Indonesia.

    A number of passengers said multiple domestic flights have left Jakarta and landed in Bali during the past few hours.

    "Everyone is starting to get irate and really fed up," Tilden said. "Obviously, we can't get into Denpasar if it is closed, and everyone understands that, and I think that is why everyone has been patiently waiting, but the lack of information, facilities and communication is making it difficult."

    Garuda advised in a statement Sunday afternoon that Denpasar Airport in Bali had reopened and some flights were delayed. Garuda has been contacted for comment.

    Have something to add to this story? Share it in the comments.


    Source: Giant ash cloud leaves hundreds stranded in Jakarta, babies without food