Wednesday, October 17, 2012

China growth slows to 7.4%; EU car sales in year-long fall; UK chain stores fall like nine pins; One billion don't have a mobile phone; The indispensable half


1 China growth slows to 7.4% (BBC) China's economic growth slowed further in the third quarter as the European debt crisis and a weak recovery in the US economy hurt demand for its goods. The economic grew 7.4% in the three months to the end of September compared with a year earlier, down from a 7.6% growth rate in the previous quarter. However, other data released showed a jump in factory output, retail sales and investment in September.

Analysts said the data indicated that China's economy may be stabilising. China's growth over the past few years has been led by the success of its export and manufacturing sector, as well as by a credit-fuelled investment boom in the country.But demand for its exports has slowed from key markets lately, leading to fears of a sharp slowdown in its economy.

2 EU car sales in year-long all (BBC) New car sales in the European Union have fallen for the 12th month in a row in September, according to the region's biggest carmakers. Demand across the 27 European Union countries fell 10.8% from last year. Of the major markets, the UK was the only one to grow, up 8.2% from the same month last year. 

In September, the major car markets in the eurozone - which is weighed down by recession, spending cuts and high unemployment - fell sharply. Germany - the largest economy in Europe and one of the biggest car manufacturers in the world - saw its car sales drop 10.9%. France fell by 17.9%, Italy fell by 25.7% and Spain declined by 36.8% from September 2011. 

Across the EU as a whole, the 10.8% drop in September is the steepest drop so far in the past 12 months. Jay Nagley, managing director at the Spyder Redspy automotive consultancy, said car sales had fallen by 4 million a year across Europe since 2007. "Cars are the ultimate discretionary purchase, in that you can hold on to it for five or six years and hold off buying a new one. We're nearing the bottom, I think, but the problem for carmakers is that there is no sign of recovery.You can't say that next year is going to be better than this year. In some parts of southern Europe, there is no car market anymore."

3 UK chain stores fall like nine pins (The Guardian) The UK's struggling retail chains are closing their shops at a rate of more than 30 a day across the UK as the economic downturn continues, according to research. Figures show that across the UK embattled retailers closed 32 stores a day in July and August as Britain's high street continued to suffer from the consumer spending slump. That figure is up from 20 a day in the first six months of 2012.

High-profile administrations this year of major retailers including Game Group, Peacocks, Past Times and Clinton Cards push the number of closures of town centre chain store outlets to 953 in the first half on a net basis (meaning those closing minus those opening). That compared with 174 in the whole of 2011, according to the study of 500 town centres by the retail data provider Local Data Company (LDC). for PricewaterhouseCoopers (PwC).

The figures will spark more concern among campaigners and politicians that Britain's high streets are being abandoned by the retail chains, leading to long-term damage as stores are boarded up and shoppers head to out-of-town centres.

4 One billion don’t have a mobile phone (Khaleej Times) A report by the International Telecommunications Union (ITU) showed that six billion people — six out of seven of the world’s population — had a subscription to a mobile phone by the end of 2011. However, even with the rapid advancement of the communications industry, one billion others still do not have a phone. About a third of the world’s population - around 2.3 billion - does not have access to the internet, the report said.

The report said the number of people acquiring mobile phone subscriptions has risen sharply in recent years, with developing countries seeing a double-digit growth in 2011. The use of mobile broadband grew by 78% in developing countries and 40% across the world.

However, huge disparities were revealed in the cost of services from country-to-country, the ITU report said, with poorer nations paying the most. Macau, Norway and Singapore were at the top of the list of 161 countries in terms of internet affordability, while Madagascar came last, just behind Togo and Niger.

5 Checking FB during a romantic dinner (Khaleej Times)  While most of us may hate being disturbed during private moments, a survey has found half of the Britons chatting to about 10 other people via Facebook or Twitter even during a meal with partner. A whopping 53% said they used their smartphones during a cosy dinner with their other half. It was also found 66% cannot resist checking their Facebook accounts for updates during a dinner, The Sun reported.

The poll also found a third admitting being so addicted to Twitter that they will even check the site throughout the evening. The most popular digital activities include posting pictures, updating a status, and "checking in" to allow pals to see where they were dining. Amazingly, 20% of Britons say they would even use social networking sites during a first date.

6 The indispensable half (FS Aijazuddin in Dawn) There will be as many opinions as there are voices on who exactly is funding the Taliban. Is it Pakistan’s ISI? If not, perhaps a rogue element within it? Is it Russia, determined to bleed the US in retribution for the blood it shed in the 1980s? Or are the Taliban sustaining themselves peddling their harvest of poppy seeds on international street-corners?

War is never cheap. The Vietnam War cost $738bn (in today’s dollar equivalent); the Iraq war another $784bn. How much education could that have bought? The bullet shot at Malala Yousufzai cost the same amount as her monthly school fees.

Malala’s sacrifice has demonstrated that the only counter to the militants is not a bullet. It is education. Even in Saudi Arabia, 58% of college students are women. Almost 85% of its female graduates are reabsorbed into education. Perversely, Saudi women may not be permitted by their government to drive cars in the kingdom, but they are trusted enough to be the drivers of the next generation of Saudis. Saudi Arabia knows, as every Muslim community must, that it cannot stifle female emancipation; all it can do is to postpone it.

That is equally true in Pakistan. Public opinion and time is on the side of girls like Malala. Malala Yousufzai may never again be the effervescent, outspoken young champion of her gender or of her generation. Cruelly, she may never be aware how her cause has galvanised her country out of its chauvinistic apathy. As a female student in Swat, she was all too vulnerable; as a potent symbol, she is indestructible.

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