China first-quarter GDP likely nudged higher, recovery on track

BEIJING (Reuters) - China's annual rate of economic growth likely nudged higher in the first three months of 2013 versus the last quarter of 2012, with fixed asset investment and factory output growth in double digits cementing a mild rebound, according to a Reuters poll.

Evidence of a second successive quarter of rising year-on-year growth will further reinforce the view of investors that China's government has successfully engineered a recovery from 2012's 13-year low of 7.8 percent that is gaining traction.

Meanwhile with the annual rate of consumer inflation expected to ease to 2.4 percent from February's 10-month high of 3.2 percent, the urgency for policymakers to begin tightening monetary conditions at an early stage in the recovery cycle is reduced.

"We estimate GDP grew at a faster year-on-year pace of 8.1 percent in Q1," analysts at China International Capital Corp (CICC) wrote in a note to clients, outlining their calls for the March data cycle.

That is above the 8.0 percent consensus of 19 economists polled by Reuters and is driven largely by expectations of a stronger than anticipated contribution to growth of real estate sales.

CICC analysts calculate that property sales will contribute about 1 percentage point more to growth in Q1 than in Q4 last year, offsetting slowing growth in wholesale, retail and other industries.

Retail sales growth has been curtailed in recent months since the government launched an internal austerity drive at the end of last year, designed to cut down excessive banqueting and gift-giving that is often linked to corruption.

Economists in the Reuters poll expect retail sales to have expanded by 12.5 percent in March, slightly higher than the 12.3 percent rate seen in the combined January-February period, but still around 2-3 percentage points lower than typically seen through 2012.

Fixed asset investment, closely tied to real estate transactions, has seen a gentle upswing since around the middle of last year when China's Communist Party government decided to take action to underpin economic growth hit by faltering demand for the country's exports.

Gross exports account for around a third of economic output in China and a drop off in orders as the United States and the European Union - the country's two biggest customers - dealt with their own economic problems was felt through the Chinese factory sector.

Fixed asset investment is forecast to have expanded at an annual pace of 21.3 percent year-to-date in March, a whisker higher than the 21.2 percent pace in the first two months of 2013.

The downside risks to economic growth, however, are similarly tied to real estate, investment in which was worth 13.8 percent of GDP in 2012 and directly impacts around 40 other business sectors in the economy.

Rising real estate prices, alongside rising fixed asset investment, have sparked concerns that home costs could start to spiral out of control and lead the government to declare that a raft of measures to calm frothy prices must be strictly enforced.

That has led investors to start fretting that tighter property policies could constrain the overall economy.

That is a significant risk given that construction was the main driving force behind a rise in the fast-growing services sector of the economy in March, according to a survey of purchasing managers.

The real estate crackdown was one of the key reasons cited by Bank of America/Merrill Lynch in late March when it cut its Q1 annual growth forecast to 7.9 percent from 8.3 percent.

"At present we see more downside than upside risk to our 7.9 percent year-on-year Q1 forecast," the bank wrote in a note to clients, outlining its March data forecasts.

(Reporting by China Economics Team; Writing by Nick Edwards; Editing by Sanjeev Miglani)

Source: http://news.yahoo.com/china-first-quarter-gdp-likely-nudged-higher-recovery-103325051--business.html

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Ericsson T28z review

When Ericsson launched the T28 in 1999, it was the lightest and slimmest phone on the market. It was also the first handset ever to use a lithium polymer battery. The T28 was a premium device -- Ericsson described it as "designer technology", and it was successful with business executives before the Blackberry became popular. Unlike its bar-shaped competitors, the T28 was immediately recognizable by its signature antenna stub and "active flip" keypad cover. Ericsson packed the phone with state-of-the-art features like voice dialing and an optional Bluetooth dongle. It came in three versions: T28s (GSM 1800 / 900), T28z (GSM 1900) and T28 World (GSM 1900/900). Our T28z review unit started life on VoiceStream (eventually acquired by T-Mobile). How does this classic handset stack up to our modern pocketable computers? Find out after the break.

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Gold does brisk business in Syria war - Morocco World News

ALEPPO, Syria, April 01, 2013 (AFP)

Abu Salem used to sell lunchtime sandwiches to office workers in Syria?s commercial capital. Since a rebel offensive turned Aleppo into a warzone last July, he has been buying up their heirlooms.

In Syria?s northern metropolis, as across the Middle East, those who can afford to have traditionally invested in jewellery for their womenfolk, especially gold, to ward against a rainy day.

As daily clashes between troops and rebels fighting to oust President Bashar al-Assad have brought a devastating halt to all normal economic activity, the trade in precious metals has boomed as people struggle to make ends meet.

It was the loss of electricity to power his refrigerators that was the last straw for Abu Salem?s sandwich stall.

The 40-year-old turned to the most lucrative alternative business available, braving the daily threat of robbery by the myriad of armed groups active in the many Aleppo neighbourhoods beyond the control of Assad?s security forces.

?Many jewellers have fled the fighting. They had enough money to flee the country,? he told AFP.

?I buy and sell gold in order to feed my five children.

A few steps away, another gold dealer has set up his scales.

?Every day, people come and sell me 10 or 20 grams (310 or 620 troy ounces) of gold,? Abu Ahmed told AFP.

?Once, a customer came to sell me earrings and bracelets that weighed 200 grams. He was selling off his wife?s jewels.?

Umm Mohammed, 50, is among those looking to sell off their portable wealth.

?I have a gold necklace to sell. How much would you pay for it?? the mother of four asks.

For five grams of gold, Abu Salem offers 24,000 Syrian pounds ($240).

Umm Mohammed goes to his shop every day to weigh her family?s jewellery and check his prices.

?I?ve only got one necklace left now. It?s my son?s gold chain. It won?t be long before I sell it, because we need to buy food and clothes for the children,? she said.

Umm Mohammed?s husband used to work in a factory, but lost his job several months ago when the power supply was cut. Her family has only been able to get by thanks to the jewellery they owned.

Buyers are not hard to come by. Two years of devastating conflict have sent the Syrian pound into freefall and, for those with any money, gold is a popular refuge to maintain the value of their savings.

Before the uprising against Assad?s rule broke out in March 2011, a gram of gold sold for 3,200 Syrian pounds, and the Syrian pound traded at 65 to the dollar.

Today, one gram of gold sells for 4,900 pounds, and the pound trades at 113 to the dollar.

?Those who want to safeguard their wealth are converting their cash into gold,? Abu Ahmed said.

But there are big risks, fellow gold trader Abu Khaldoun underlines.

?Armed men come to steal from us. Some of them are members of the (mainstream rebel) Free Syrian Army,? the 49-year-old said.

?Nowhere is safe, and we are real targets for thieves. Some people are hiding their gold and money in holes in the ground.?

Abu Ibrahim, 45, has been in the jewellery trade nearly all his working life. He says he refuses to take sides in this conflict as his business frequently requires him to cross the frontlines.

He tells of a fellow trader who lost all his stock to an armed robbery.

?He had 12 kilos of gold in his shop. He lost 60 million Syrian pounds last week when armed men broke into his shop and stole the lot.?

Source: http://www.moroccoworldnews.com/2013/04/84912/gold-does-brisk-business-in-syria-war-but-at-a-risk/

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Capitol wins digital records lawsuit vs ReDigi start-up

By Jonathan Stempel and Alistair Barr

(Reuters) - In a major lawsuit testing the legitimacy of music downloads, Capitol Records LLC has won a court ruling that the start-up ReDigi Inc has infringed its music copyrights.

U.S. District Judge Richard Sullivan in Manhattan said ReDigi was not authorized to allow listeners to use its platform to buy and sell "used" digital music tracks originally bought from Apple Inc's iTunes website.

The decision made public on Monday is a blow to early efforts to create online marketplaces for used digital goods, akin to how used books, for example, might be sold in stores.

It is also a victory for Capitol, a Vivendi SA unit that had sued ReDigi in January 2012 to protect its copyrights on works by artists like Beastie Boys, Coldplay, Norah Jones, Lady Antebellum and Katy Perry.

"This will profoundly affect the economics of any digital re-sale marketplace," by limiting what can be sold as "used" or forcing sellers to obtain copyright holders' approval before transacting business, said Bill Rosenblatt, president of consulting firm GiantSteps Media Technology Strategies.

According to Nielsen SoundScan, which tracks sales of recorded music, digital music sales accounted for 55.9 percent of U.S. music sales in 2012, after surpassing physical purchases for the first time in the prior year.

ReDigi did not immediately respond to a request for comment. Lawyers for both companies did not immediately respond to similar requests.

Sullivan said some open issues remain over Capitol's performance and display rights, as well as damages and injunctive relief that could result in ReDigi being shut down. He directed both companies to advise in writing by April 12 on the next steps in the case.

DETRIMENTAL IMPACT FOUND

Created by technology entrepreneur John Ossenmacher and Massachusetts Institute of Technology Professor Larry Rudolph, ReDigi was launched in October 2011, and calls itself "the world's first pre-owned digital marketplace."

The platform allows listeners to swap music tracks at a fraction of the cost of buying them on iTunes. ReDigi makes money from fees on each transaction.

Capitol complained that the platform allowed the unauthorized reproduction and distribution of its music, including through the streaming of 30-second clips. It sought damages of $150,000 per infringement.

In February 2012, Sullivan denied Capitol a preliminary injunction to shut down the service, saying the label failed to show irreparable harm.

But in his new decision, which is dated March 30, Sullivan said ReDigi's service "infringes Capitol's reproduction rights under any description of the technology," and does not deserve protection under the theory of fair use.

"ReDigi facilitates and profits from the sale of copyrighted commercial recordings, transferred in their entirety, with a likely detrimental impact on the primary market for these goods," Sullivan wrote. "It is beside the point that the original phonorecord no longer exists. It matters only that a new phonorecord has been created."

FIRST SALE DOCTRINE INAPPLICABLE

Sullivan also said ReDigi was not protected by the "first sale" doctrine, which lets people buy and sell copyrighted works after the creators first put them into the marketplace.

He distinguished the case from a March 19 U.S. Supreme Court decision, in Kirtsaeng v. John Wiley & Sons Inc, that said U.S. copyright holders cannot block products they make elsewhere from being resold in the United States.

To sell music bought from iTunes on ReDigi, a user "must produce a new phonorecord on the ReDigi server," Sullivan wrote. "Because it is therefore impossible for the user to sell her 'particular' phonorecord on ReDigi, the first sale statute cannot provide a defense."

AMAZON, APPLE

E-books, MP3 songs and digital videos bought from iTunes or Amazon.com Inc are effectively rentals, which means they cannot be re-sold once used.

Earlier this year, Amazon was awarded a patent for an online mechanism to allow customers to sell or transfer digital goods. Apple has applied for a patent covering a similar system.

Joe Wikert, general manager and publisher at O'Reilly Media, Inc., described the Capitol Records ruling as "not a good first step" in the development of marketplaces for used digital goods.

"Both Amazon and Apple have been working on patents, which are insurance policies for both of them in my view." Wikert added. "They have been sitting on the sidelines watching the ReDigi case."

Asking all copyright holders for permission to re-sell digital content would be "impractical for all intents and purposes," he said.

The ruling was disappointing because ReDigi planned to give a cut of proceeds from re-sales to copyright holders and the firm was escrowing money for record labels from digital music transactions that had already happened on its nascent service, Wikert explained.

The case is Capitol Records LLC v. ReDigi Inc, U.S. District Court, Southern District of New York, No. 12-00095.

(Reporting by Jonathan Stempel in New York and Alistair Barr in San Francisco; Editing by Grant McCool)

Source: http://news.yahoo.com/capitol-wins-digital-records-lawsuit-against-redigi-start-182753620--finance.html

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UK poll points to mistrust of clergy, lack of moral leadership

LONDON (Reuters) - Only around a half of Britons trust the clergy to tell the truth and a similar proportion think the Church of England does a bad job of providing moral leadership, a poll showed on Sunday.

The survey by pollster YouGov commissioned by Britain's Sunday Times newspaper further showed that 69 percent of respondents thought the Church of England, mother church of the world's 80-million-strong Anglican communion, was out of touch.

Forty percent of those polled said they did not trust priests, vicars and other clergy to tell the truth, and overall doctors, teachers and judges were rated as more trustworthy.

Fifty-four percent believe the Church of England has struggled to give moral leadership, the poll found.

The survey highlights the challenges facing the church in Britain amid falling believer numbers and controversies over whether to ordain women bishops and government plans to legalise gay marriage by 2015.

Former Archbishop of Canterbury George Carey suggested on Saturday that gay marriage plans made Christians feel "persecuted". Last month, Britain's most senior Roman Catholic cleric resigned over allegations of sexual misconduct.

Hinting at turmoil within the Anglican church, current Archbishop of Canterbury Justin Welby urged a softer response to divisive issues such as same-sex weddings than that taken by Carey, and called for differences to be dealt with "gracefully".

"That is the challenge for the church and that is the challenge if the church is actually going to speak to our society which is increasingly divided in many different ways, here and overseas, over huge issues," Welby said in an interview with Premier Christian Radio broadcast on Easter Sunday.

The Anglican church is also at odds with the government on welfare spending cuts imposed in efforts to rein in a big budget deficit. Welby has argued that "children and families will pay the price" for welfare reforms due to take effect on Monday.

While Welby may be reflecting wider views in society on the perils of benefit spending reductions, the Anglican church has increasingly found itself opposing prevailing cultural trends, particularly on the issues of gay marriage and women bishops.

In November, the Church of England voted against ordaining women bishops, but the Sunday Times poll showed 80 percent of respondents backed the move. It also showed almost half of Britons think the church is wrong to oppose same-sex weddings.

Only 39 percent back the church in opposing gay marriage.

YouGov surveyed 1,918 adults between March 27-28.

(Reporting by Mohammed Abbas; Editing by Mark Heinrich)

Source: http://news.yahoo.com/uk-poll-points-mistrust-clergy-lack-moral-leadership-135028994.html

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Asia stocks flat in holiday trading, Nikkei down

BANGKOK (AP) ? Japan's benchmark stock index fell Monday after a central bank survey showed a smaller-than-expected improvement in business sentiment.

The Tankan index for the March quarter rose to minus 8 from minus 12 in December, a smaller improvement than analysts had anticipated. A reading below zero means pessimists outnumber optimists.

The Nikkei 225 index in Tokyo declined 1.1 percent to 12,266.37. South Korea's Kospi fell 0.5 percent to 1,995.89. Benchmarks in the Philippines and Indonesia rose.

Markets in mainland China were mixed after an industry group released a survey showing an increase in manufacturing growth in February. Despite the improvement in factory output, analysts said investors remained worried about a possible property bubble, inflation and what policies the new Chinese government might have in store.

"Faced with the fear of the unknown, investors both domestic and foreign are very cautious and preferring other markets where there is less risk," said Andrew Sullivan of Kim Eng Securities in Hong Kong.

The Shanghai Composite Index fell 0.2 percent to 2,233.13. The Shenzhen Composite Index rose 0.6 percent to 933.16. Markets in Australia and Hong Kong were closed for an extended Easter weekend holiday.

Among individual stocks, Tokyo Electric Power Co. jumped 10 percent after Kyodo News cited unnamed sources saying the utility will join with Hitachi Ltd. in exporting an electric power system.

Stock markets in Europe were closed Friday for the holiday and remain so on Monday. It will not be until Tuesday that investors will see how markets react to events in Cyprus, where banks reopened Thursday for the first time in nearly two weeks.

As part of a bailout deal, Cyprus agreed to seize funds from big depositors. Banks have been closed to avoid a rush of withdrawals.

Big depositors at Cyprus' largest bank may be forced to accept losses of up to 60 percent, far more than initially estimated under the European rescue package to save the country from bankruptcy, officials said Saturday.

The move drew immediate criticism, with some analysts saying that imposing bigger losses on Bank of Cyprus customers could further squeeze already crippled businesses as Cyprus tries to rebuild its banking sector in exchange for the international rescue package.

Wall Street reopens later Monday after a three-day holiday. Investors will be looking at data on U.S. manufacturing for March and construction spending for February.

Benchmark oil for May delivery was down 35 cents to $96.88 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 65 cents to close at $97.23 a barrel on the Nymex on Thursday. The market was closed Friday for the holiday.

In currencies, the euro fell to $1.2800 from $1.2822 late Thursday in New York. The dollar fell to 93.94 yen from 94.13 yen.

___

Follow Pamela Sampson Twitter at http://twitter.com/pamelasampson

Associated Press

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Harper, Strasburg lead Nationals over Marlins 2-0

Washington Nationals left fielder Bryce Harper (34) hits a solo home run in the first inning of the opening day baseball game against the Miami Marlins in Washington, on Monday, April 1, 2013. (AP Photo/Alex Brandon)

Washington Nationals left fielder Bryce Harper (34) hits a solo home run in the first inning of the opening day baseball game against the Miami Marlins in Washington, on Monday, April 1, 2013. (AP Photo/Alex Brandon)

Washington Nationals left fielder Bryce Harper (34) is congratulated by third baseman Ryan Zimmerman (11) after a first inning solo homer during the opening day baseball game against the Miami Marlins in Washington, on Monday, April 1, 2013. (AP Photo/Alex Brandon)

Washington Nationals starting pitcher Stephen Strasburg (37) throws in the first inning of the opening day baseball game against the Miami Marlins in Washington, on Monday, April 1, 2013. (AP Photo/J. David Ake)

Washington Nationals left fielder Bryce Harper (34) watches his second homer of the game sail over right field in the fourth inning of the opening day baseball game against the Miami Marlins in Washington, on Monday, April 1, 2013. (AP Photo/Alex Brandon)

Washington Nationals relief pitcher Rafael Soriano warms up before an opening day baseball game against the Miami Marlins in Washington, on Monday, April 1, 2013. (AP Photo/Alex Brandon)

WASHINGTON (AP) ? All it took was two at-bats on his first opening day in the majors for Bryce Harper to hit two homers ? and hear some "M-V-P!" chants.

The Washington Nationals' other recent No. 1 overall draft pick, Stephen Strasburg, did his part, too, getting 19 consecutive outs at one stretch of his seven scoreless innings.

Yes, for the NL East champion Nationals ? and their fans who lived through some tough times not that long ago ? the present and future could hardly have looked brighter in a 2-0 victory over the Miami Marlins on Monday, Game 1 of a season lame-duck manager Davey Johnson declared months ago should be defined as "World Series or bust."

"You couldn't draw it up any better," Nationals first baseman Adam LaRoche said. "And to have the two youngsters go out, do what they did? ... Let Harper and Stras go to work. They didn't need us."

Harper, the 20-year-old left fielder coming off NL Rookie of the Year honors, hit solo shots over the out-of-town scoreboard in right-center field off Ricky Nolasco in the first and fourth innings. He sprinted around the bases both times, and after his second trip, he climbed back out of the dugout for a curtain call, pumping his right fist.

"You just shake your head in amazement. You don't see that too often from anybody, period. But to see him as a 20-year-old? He's just writing a book right now," new Nationals center fielder Denard Span said. "And he does it so calm, too."

It was Harper's first taste of a season's start in the big leagues; he began last year in the minors before getting called up later in April.

"Pretty special moment," Harper said. "If I was 0 for 4, or 4 for 4, it wouldn't have mattered to me. Just going out there having some fun on opening day for the first time."

He's nothing if not exuberant, and Johnson joked afterward that Harper's dugout high-fives after homer No. 1 really hurt some palms.

"I'm glad he cut it down on the second one," Johnson said, smiling. "I was still stinging from the first one. I think a lot of people were."

For the 24-year-old Strasburg (1-0), this marked the start of what should be his first full season in the majors, with zero pitch or inning limits. Shut down before the stretch run in September in 2012, he was dominant against a trade-depleted Marlins lineup that features Giancarlo Stanton and little else.

The right-hander went seven innings, matching his career high, allowing three hits.

Asked if he could have pitched longer, Strasburg said: "If it wasn't opening day and the first start of the year, it would have been a different story."

Pitching to contact more than in the past, Strasburg had three strikeouts, zero walks ? and needed only 80 pitches.

"I looked up in the sixth inning and he had, like, 65 pitches. I was like, 'Wow.' He has come a long way. Early on in his career, you look up in the sixth inning, and he's close to 100 pitches," teammate Ian Desmond said. "If he wants to be the workhorse that he is, he's going to have to pitch more games like this."

Harper and Strasburg are only the second pair of top picks in baseball's June amateur draft to start an opening-day game for the team that chose them, and the 100-loss seasons in 2008 and 2009 that gave Washington the right to those selections seem quite distant nowadays.

"It's amazing how far this club's gone since I was playing against 'em years ago and we'd come into Washington and it was awful," LaRoche said. "It was a bad ballpark. It was a bad club."

Before the game, the Nationals celebrated their 98-win 2012 by unveiling a sign atop the outfield scoreboard that proclaims them "NL East Division Champions." A regular-season Nationals Park-record crowd of 45,274 was rowdy all afternoon.

"They really were loud and crazy," Harper said. "Hopefully they're going to be like that all year."

They gave Harper a standing ovation in the sixth inning before his third at-bat against Nolasco (0-1). Ever unpredictable, Harper squared up to bunt, taking a ball, and wound up with a flyout to left.

He hit a curveball for his first homer, a slider for his second.

"Didn't make the best pitches to him, and he didn't miss 'em. That's what hitters do," said Nolasco, who gave up three hits in six innings.

Juan Pierre led off the game by singling to center off Strasburg, and that was all the Marlins could muster until the seventh. That's when Stanton ? who else, on a team with a payroll under $45 million? ? doubled to left, ending the streak of 19 plate appearances, 19 outs for Miami.

Placido Polanco followed with an infield single, putting runners on the corners. The next batter, Rob Brantly, hit a fly to Harper in left. Harper threw home, but Stanton didn't go. Instead, Polanco strayed off first base, and wound up getting caught in a rundown. Eventually, Stanton did try to score, but he was thrown out for an odd-as-can-be double play officially scored 7-2-3-4-2.

"He just got caught in no man's land there. That happens," Marlins rookie manager Mike Redmond said. "We gave them an extra out there."

With some sprinkles falling, Johnson turned to his bullpen, considered a strength of the team last year until blowing a two-run lead in the ninth inning against the Cardinals in Game 5. Tyler Clippard threw the eighth Monday, and closer Rafael Soriano, a free agent from the Yankees, provided a perfect ninth, striking out Stanton to end it.

Soriano celebrated by untucking his jersey, drawing roars from the spectators eager to see that over and over again in 2013.

"The way that it's changed in a quick five or six years, the outlook for this team," third baseman Ryan Zimmerman said, "it's exciting for all of us."

NOTES: The biggest crowd in Nationals Park history was the 45,966 for the final playoff game against St. Louis in October. ... In Harper's fourth at-bat, Marlins 1B Casey Kotchman leaned over a dugout railing to make a nice catch of a foul pop.

___

Follow Howard Fendrich on Twitter at http://twitter.com/HowardFendrich

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2013-04-01-BBN-Marlins-Nationals/id-b4e92131b0024dfa904dd052e37dcb56

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