Creative industry in China on the rise

SHANGHAI: The creative industry is becoming a new growth area of the Chinese economy.

As one of the cities boasting the fastest growth in this sector, Shanghai's municipal government is injecting another US$32 million to further support its development.

Located in one of Shanghai's creative industry parks, KRT is a young local design firm. It is known for doing detailed work that showcases its customers' unique character.

From a three-member team redesigning apartment bathrooms, it now has 20 employees and focuses on high-end residential design and construction projects in the millions of dollars.

Kevin Hsu, design director of KRT Architecture & Interior Design Co., said: "In the past few years, we moved up from doing designs for small projects to big ones for really high-end customers. We don't need to do as many projects as we used to. Instead, we only need five to 10 projects a year to achieve the same amount of growth and profit as before."

Located five minutes away is Adopted -- formed only four months ago. It makes phone accessories which are sold by Apple.

Its small size did not stand in the way of a collaboration with the tech giant.

David Watkins, founder of Adopted, said: "Pretty much the entire team has a lot of experience working for building products for the Apple's retail eco-system. And as a small company, we are able to react and be a lot more nimble than a lot of larger companies."

According to CCID Consulting, China's largest consulting firm, the value of the creative industry in China exceeded US$172 billion in 2011, and the average annual growth rate was more than 26 per cent over the past five years.

This growth can be attributed to the higher value placed on the industry amid the realisation that China needs to move beyond just manufacturing.

In recent years, China's central and local governments have launched various plans to support the industry -- including encouraging schools to set up creative industry departments, and giving subsidies and tax relief to companies in this sector.

For example, Shanghai has just injected another US$32 million into the industry, which will be used to grow the industry, including training more local talents and attracting overseas talents to come to Shanghai.

The total value of the sector in China is expected to reach US$331 billion by 2014 - almost double its current value.

-CNA/ac

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New path for mid-career professionals to join accounting industry

SINGAPORE: Mid-career professionals in Singapore without accounting work experience or accounting-related qualifications can now be hired and trained as accounts or audit professionals.

This has been made possible by a new pilot programme, a result of a partnership between NTUC's Employment and Employability Institute (e2i) and professional accounting body CPA Australia.

Under the programme, e2i will provide participating employers training allowances and subsidise up to 70 per cent of course fees for successful candidates. Employers that hire candidates for professional accounting roles under this programme can apply for training support of up to S$8,450 per eligible employee.

Employers will commit to offer jobs to successful candidates on a permanent and full-time basis.

The candidates will also have starting salaries of at least S$2,000, and receive a basic salary increase of at least 15 per cent when they complete the programme.

During their training, candidates will enrol in the CPA Programme Foundation Level course, which will equip them with the necessary basic accounting knowledge. It also provides them with a direct pathway to advance to the Professional Level course, which will confer the globally-recognised CPA Australia professional accounting designation.

Candidates will also undergo six months of on-the-job training with participating employers.

Mr Gilbert Tan, acting CEO of e2i, said: "e2i creates employment and employability solutions for PMEs interested in developing their careers. This Place-and-Train programme for accounts and audit professionals was initiated to help address the manpower needs of the accounting sector, as well as provide a way for locals to tap into accounting or audit-related job opportunities."

Mr Melvin Yong, Singapore General Manager of CPA Australia, said: "As Singapore positions itself to become a global accountancy hub, this partnership between CPA Australia and e2i will provide an ideal doorway for those in mid-careers looking for an opportunity to join the accounting profession.

"For employers, this is a potential avenue to recruit experienced staff amidst Singapore's current tight labour market."

The programme is part of the labour movement's continuous outreach to professionals in the financial and business services cluster.

-CNA/ac

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N.Korea leader vows "radical" economic shift

SEOUL: North Korea's young leader Kim Jong-Un called for a "radical turnabout" in the impoverished country's economy in a rare New Year's address Tuesday that also urged improved relations with the South.

While the heart of his lengthy speech was devoted to turning the North into an "economic giant" and raising living standards, Kim stressed that military power remained a national priority.

"The military might of a country represents its national strength. Only when it builds up its military might in every way can it develop into a thriving country," he said in a voiced message broadcast on state television.

The address will be closely parsed for meaning in South Korea which just elected its first woman president, the conservative Park Geun-Hye, who has signalled a willingness for greater engagement with Pyongyang.

The voiced message was the first of its kind since Kim's grandfather, the North's founding president Kim Il-Sung, delivered one in 1994, the year of his death.

Kim's comments on the economy are likely to fuel speculation that he might be set to implement economic reforms that observers have been predicting since he came to power a year ago after the death of his father Kim Jong-Il.

The year 2013 will be a year of "great creations and changes in which a radical turnabout will be effected," Kim said, adding that "the building of an economic giant is the most important task" facing the country.

Praising the success of the North's space scientists in launching a long-range rocket last month, Kim said a similar national effort was required on the economic front.

"The entire Party, the whole country and all the people should wage an all-out struggle this year to effect a turnaround in building an economic giant and improving the people's standard of living," he said.

When Kim Jong-Il died, he left a country in dire economic straits -- the result of a "military first" policy that fed an ambitious missile and nuclear programme at the expense of a malnourished population.

Despite a rise in staple food output, daily life for millions of Koreans is an ongoing struggle with under-nutrition and a lack of vital protein and fat, according to a recent World Food Programme report.

Some observers had seen a glimmer of reformist hope in the handover of power to the Swiss-educated Kim Jong-Un, only in his late 20s.

Instead, Kim focused on consolidating his power base with a series of high-profile personnel changes, notably within the military elite, while at the same time pursuing Kim Jong-Il's missile programme.

Tuesday's address called for a "radical" increase in output across the board, from light and heavy industry to agriculture, as well as an improved transport infrastructure.

But it offered no specific policy directives for how this might be achieved by the isolated state which relies on its sole major ally China for 70 per cent of its foreign trade.

Kim's address came as the UN Security Council is still considering how to punish Pyongyang for its recent rocket launch, which most of the world saw as a disguised ballistic missile test.

The speech lauded the launch as a historic national achievement and stressed the need to develop more "sophisticated military hardware" in order to bring about a "fundamental change" in combat preparedness.

On South Korea, Kim sounded a conciliatory note and urged a scaling down of tensions on the Korean peninsula.

"An important issue in putting an end to the division of the country and achieving its reunification is to remove confrontation between the North and the South," Kim said.

"The past records of inter-Korean relations show that confrontation between fellow countrymen leads to nothing but war," he said.

South Korean president-elect Park Geun-Hye has distanced herself from outgoing President Lee Myung-Bak's hardline policy towards Pyongyang and spoken of the need for greater engagement with the North.

But in her first post-election victory policy statement, Park made it clear she still viewed Pyongyang as a serious threat and would put the South's national security before any trust-building programme.

-AFP/ac

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Gang hits gem-cutting plant in Brazil, takes hostages

BRASILIA: Military police killed the leader of a gang that had spectacularly blasted its way into a gem-cutting plant on Sunday, traded fire with police and made off with nine hostages who were later safely freed.

Three of the assailants died in the assault in the state of Rio Grande do Sul, a military police official told AFP on condition of anonymity.

The dead included Elisandro Falcao, 31, one of the state's most wanted men. He led a gang that specializes in robberies using explosives to target banks and automated teller machines, reports said.

Surviving attackers fled with their hostages -- one of whom was a 12-year-old girl -- into a wooded area of the town of Cotipora, with police pursuing in cars and helicopters, the official said.

At least 100 military police, backed by helicopters, worked into the night in the search for five assailants and their captives.

After an hours-long operation, police freed all nine hostages safely, but also exchanged more fire with the assailants, killing three more of them, while two police officers were injured, officials said.

The area where the strike was carried out is in the heart of the gem-cutting industry in Brazil, which is a world leader in exporting many semi-precious stones such as topaz, aquamarine and amethyst.

The robbers detonated dynamite to storm into the plant, then ran into police on their way out, the military police official said.

"There was an intense firefight. Three assailants died and two police were injured," Rio Grande do Sul state military chief Sergio Abreu told reporters.

Police have recovered part of the loot, but gave no figure for its value.

As they made their escape, the attackers split into two groups. One took two people who were in a bar hostage, and the other broke into a home and abducted seven people, apparently all members of the same family.

The forest where the gang fled is thick and hard to navigate, but police surrounded it, said state deputy military commander Altair de Freitas.

Helicopters and special operations teams with sniffer dogs took part in the search, he added. News reports said the remaining gang was made up of nine men armed with rifles.

Governor Tarso Genro stressed that the hostages' lives were the top priority.

- AFP/al

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Italy upbeat at end of 2012 after year of market tension

ROME: Italy is ending 2012 on an upbeat note, with renewed financial market confidence and optimism among analysts that the worst of the financial crisis is over, despite expectations of political uncertainty in the run-up to a general election in February.

The Treasury's borrowing rates were slightly higher at short, medium and long-term debt auctions last week, but were well below levels seen at the end of 2011, when Prime Minister Mario Monti took over from Silvio Berlusconi as Italy teetered on the brink amid the eurozone debt crisis.

In late November 2011, the country was paying a 7.56 per cent rate for its benchmark ten-year bonds, sparking widespread concerns it might have to ask for a bailout.

On Friday, that rate stood at 4.48 per cent.

As 2012 draws to a close, "even if public debt has breached the two trillion euros mark, Italy's ability to finance itself is no longer in doubt," said Enrico Marro in Italy's Il Sole 24 Ore financial daily.

"For 2013, optimism reigns," he concluded.

The turnaround is principally the result of two factors: the European Central Bank's promise to buy sovereign debt issued by eurozone member states without limit if necessary if they meet certain strict conditions, and Monti's decisive reforms which have restored Italy's credibility internationally.

Experts have forecast a couple of months of volatility on the markets in the lead up to the February 24 and 25 elections, but the worst appears to be over.

Italian bank Intesa Sanpaolo said "the fever should drop off in 2013 compared with 2012."

The bond spread -- a key measure of the difference between Italian and German 10-year bond yields -- has also dropped sharply over the year, dipping below 300 basis points in early December from double that figure at its peak.

While European leaders congratulated Monti on restoring calm to the markets, Berlusconi's announcement at the start of December that he is running again for prime minister sparked panic and the spread began to inch up again.

The media magnate has dismissed the spread measure as "a trick and an invention" used to bring down his government.

Investors will be watching closely in the coming weeks to see if Berlusconi's large-scale media campaign for re-election wins him potential votes from Italians tired of Monti's austerity packages and record unemployment levels.

Renewed confidence in financial markets contrasts sharply with official forecasts for economic growth over the coming year, as Italy struggles to pull itself out of a recession.

Despite Monti's "Grow Italy" plan, the economy is not expected to return to growth before the end of 2012 or the beginning of 2014.

"Business and household sentiment does not appear to have benefited from the easing market tension," Intensa Sanpaolo said.

The government has forecast a 0.2 per cent contraction of the country's gross domestic product in 2013 -- an outlook considered overly optimistic by Italy's business association Confindustria, which expects GDP to shrink by 1.1 per cent next year.

One figure is on the rise however: the number of people on Twitter following Monti, who is drumming up support for a reform-led electoral campaign.

Monti, who resigned last week after Berlusconi's People of Freedom party pulled support from the government, has said he is keen to lead the country again after the elections -- a message welcomed by the markets, European leaders and Italy's Catholic Church alike.

- AFP/ck

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Gang-rape victim's body to be flown back home later Saturday

SINGAPORE: The body of an Indian woman who died in a Singapore hospital after a brutal gang-rape in New Delhi will be flown back on a chartered plane later Saturday, India's ambassador said.

"The requisite formalities (including the issue of the death certificate) for sending the body to India are being completed," Indian High Commissioner T.C.A. Raghavan told reporters, hours after the woman died of multiple organ failure at the Singapore hospital where she was being treated.

"The deceased and her family members will be flown back to India in a chartered aircraft later this afternoon," Raghavan said.

The flight is expected to arrive in Singapore around 3:00 or 4:00pm. It's understood that the body has been moved to a morgue.

When asked to provide more details on the identity of the victim, Dr Raghavan said the family has asked for their privacy.

Dr Raghavan, however, revealed that her family lives in Delhi and are Hindus. It's understood that those who are in Singapore include her parents and brothers.

He said: "It is natural the family is deeply affected by the loss they have suffered. At the same time, I will say that they have borne this loss with a great deal of fortitude and understanding. They have repeatedly asked me to say how inspired they are by the many messages of support and condolences they have received. And also this reinforces their view that the death of their child will lead to a better future for all women in India and Delhi."

Questions were raised on whether the victim's condition was affected by the flight to Singapore and whether it was the right decision.

Dr Raghavan said that the decision to move to Singapore followed consultations between doctors in India and Singapore, and that it was done with the intention to give the patient the best possible medical care.

- AFP/CNA/ck

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Football: Bosses on notice as owners eye Premier promotion

LONDON: Henning Berg, sacked by Blackburn after just 57 days, and Sean O'Driscoll, dismissed by Nottingham Forest just six months into his reign, became the latest managers to discover that patience is an increasingly rare quality among chairmen chasing the dream of a lucrative place in the Premier League.

Owen Coyle, booted out by Bolton in October after a slow start to the season, and Paul Jewell, fired by Ipswich with a relegation battle looming, had already been losers in the Championship's frantic game of managerial musical chairs.

There have been eight bosses on the move with only half the season gone and more casualties are certain to follow in the new year.

And, as ever in modern day football, money is the root cause of the blood-letting.

The rewards of promotion are estimated at around £90 million, but the cost is even greater for the managers who fall short of that goal.

The prospect of buying a sleeping giant and turning them into a cash cow has convinced a series of investors from across the world to pitch up at second-tier clubs with a wad of cash and promises of instant success.

But when that seductive talk of promotion falters on the pitch, there is no apology from the owners for spreading false hope. Instead it is the managers who are made the scapegoats.

Nowhere is that more apparent than at Blackburn, where Indian owners Venky's are searching for their third manager of the season following the brutal dismissal of Berg on Thursday.

Berg, who played in the Blackburn team that won the Premier League in 1995, had been appointed as successor to the much-criticised Steve Kean, who avoided the sack despite relegation from the top-flight last season but then quit in September amid suggestions Venky's were meddling in his team selections.

Although Berg had won only one of his first 10 matches -- a 1-0 defeat on Wednesday to Middlesbrough was their fifth loss in six matches -- he surely deserved longer to get a troubled club back on an even keel.

In the circumstances, it was hardly surprising that the Norwegian should talk of being "bitterly disappointed" at his treatment.

Manchester United defender Rio Ferdinand summed up the disbelief felt by the football world when he tweeted: "Henning Berg was given loads of time to implement his coaching ideas and get the team playing the way he wanted, 50 something days... NOT!!

"Berg didn't even get to see a transfer window let alone take part in one?!?"

While O'Driscoll was given a little longer than Berg by Forest's Kuwaiti owners, he still had plenty of cause for complaint.

Forest were just one point outside the play-off places after a 4-2 win over Leeds on Wednesday, yet even that wasn't good enough for impatient Kuwaiti chairman Fawaz Al Hasawi, who talked of the need for a manager with Premier League experience after sacking O'Driscoll, widely regarded as one of the most astute managers in the lower divisions.

Danny Collins, one of O'Driscoll's first signings when he took charge at Forest in July, said: "To hear the news that the gaffer had gone was obviously a surprise, and we're shocked and disappointed at the same time."

Forest striker Simon Cox added on Twitter: "So we win 4-2 and the manager gets the sack. Gutted for Sean, pleasure to work under. Wonder who will walk through the door next."

And as the stakes get even higher in the coming months, there will be plenty more managers and players nervously wondering when the next change will come.

The pressure will be most intense for under-achieving Wolves boss Stale Solbakken, Malky Mackay at leaders Cardiff, where the Malaysian owners are determined to secure promotion at all costs, and Nigel Pearson at Leicester, whose Thai owners have been spent big to reach the top-flight.

- AFP/al

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Indian rape victim arrives in S'pore for further treatment

SINGAPORE: An Indian student who was left fighting for her life after being gang-raped in New Delhi has arrived at Singapore's Mount Elizabeth Hospital for further treatment.

The patient arrived at the hospital's Intensive Care Unit at 9.05am in extremely critical condition, said the hospital's spokesperson on Thursday.

The hospital is working with the Indian High Commission, and has requested that the privacy of the patient and the family be respected.

The 23-year-old, whose attack sparked protests across India, had been transferred from the Safdarjung hospital in central Delhi to Medanta hospital in Gurgaon, close to the city's international airport, before being flown to Singapore.

"The decision was taken this morning at cabinet," a source at Safdarjung told AFP early Thursday. "Her mother and father are with her."

The government had earlier announced it was setting up a special commission of inquiry after the gang-rape on December 16 when the woman was allegedly tricked into boarding a bus by six men who then took turns to assault her.

The group also attacked her with an iron bar before throwing her out of the vehicle, along with a male companion.

Six suspects have been arrested in connection with the attack and have been remanded in custody.

- CNA/AFP/al

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'Yak insurance' plan saving Nepal's snow leopard

KATHMANDU: The remorse felt by Himali Chungda Sherpa after he killed three snow leopard cubs in retaliation for his lost cattle inspired him to set up a scheme to prevent other herders from doing the same.

Sherpa lost his cattle near Ghunsa village at the base of Mount Kangchenjunga on the Nepal-India border, later finding their remains in a cave beside three sleeping snow leopard cubs.

The Nepalese herder put the cubs in a sack and threw them into the river, finding their bodies the next day.

"From that night onwards the mother snow leopard started crying from the mountain for her cubs, and my cattle were crying for the loss of their calves."

"I realised how big a sin I had committed and promised myself that I would never do such a thing in the future."

Four years ago Sherpa, 48, founded with other locals an insurance plan for livestock that conservationists say is deterring herders from killing snow leopards that attack their animals.

In doing so the scheme has given hope for the endangered cat, whose numbers across the mountains of 12 countries in south and central Asia are thought to have declined by 20 percent over the past 16 years.

Under the scheme, herders pay in 55 rupees a year for each of their hairy yaks, the vital pack animal that is also kept for milk and meat, and are paid 2,500 rupees for any animal killed by the endangered cat.

"The (Himalayan) communities have been able to pay out compensation for more than 200 animals since the scheme started," WWF Nepal conservation director Ghana Gurung told reporters at a presentation in the capital Kathmandu.

"The community members are the ones that monitor this, they are the ones who do the patrolling and they are the ones who verify the kills."

The global snow leopard population is estimated at just 4,080-6,590 adults according to the International Union for Conservation of Nature, which lists the animal as "endangered" on its red list of threatened species.

Experts believe just 300 to 500 adults survive in Nepal, and few can claim ever to have seen the secretive, solitary "mountain ghost", which lives 5,000 to 6,000 metres above sea level.

Despite its name, it is not a close relative of the leopard and has much more in common genetically with the tiger, though it is thought to have a placid temperament.

"There has never been a case of a snow leopard attacking a human," Gurung said of the animal, revered for its thick grey patterned pelt.

It does, however, have a taste for sheep, goats and other livestock essential for the livelihoods of farmers and is often killed by humans either as a preventative measure or in revenge for the deaths of their animals.

WWF Nepal revealed details of its insurance scheme in filmed interviews shown at the recent Kathmandu International Mountain Film Festival.

Sherpa now campaigns to convince Himalayan farmers that killing snow leopards is wrong, but has been frequently told they need to kill the animal to protect their livelihoods.

"I swear if I can catch a snow leopard. They rob our animals and our source of livelihood," herder Chokyab Bhuttia told the WWF.

The insurance plan, which also covers sheep and goats, was set up with 1.2 million rupees donated by the University of Zurich.

Since the Kangchenjunga Conservation Area Snow Leopard Insurance plan was launched four years ago no snow leopard is thought to have been killed in retaliation for preying on livestock since.

Locals, who count the number of cattle attacked as well as tracks, faecal pellets and scratches in the ground, believe snow leopard numbers have significantly increased.

"There is now an awareness among people that the snow leopard is an endangered animal and we have to protect it. The insurance policy has made people more tolerant to the loss of their livestock," Sherpa said.

He believes protecting the snow leopard is vital to boosting the economy in an area which gets just a few hundred trekkers a year, compared with 74,000 in Annapurna.

"If a tourist sees a snow leopard and takes a picture of it there will be publicity of our region and more tourists will come," Sherpa said.

Evidence of the scheme's benefits will remain anecdotal until the publication next year of the results of a wide-ranging camera trapping survey.

But locals are optimistic about the animal's future, according to Tsheten Dandu Sherpa, chairman of the Kangchenjunga Conservation Area Management Council.

"In this area there was never any poaching of snow leopards for trade. They were killed only as a retaliatory act by livestock owners," he said.

"Now with this insurance policy there will definitely be protection of the snow leopard and its numbers will increase."

-AFP/fl

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Mitsubishi offices inspected over latest recall

TOKYO: Dozens of transport ministry officials inspected Mitsubishi Motors' offices across Japan on Tuesday after the automaker last week widened a recall to about 1.7 million vehicles.

The inspection of Mitsubishi's Tokyo headquarters and quality-control offices nationwide came after the ministry criticised the firm over the latest expansion of an oil leak recall.

"We are inspecting the company's offices to see whether the quality improvement programme that Mitsubishi submitted to us is appropriate," ministry official Tsuneki Matsuo told AFP.

He added that the inspection, which involves about 40 ministry staff, would include Mitsubishi dealerships in Japan.

Two years ago, Mitsubishi recalled nearly 250,000 vehicles, adding about 300,000 more vehicles to the call back this year, after anonymous tips to the transport ministry prompted officials to order the firm to revisit the glitch.

Last week, the company said it was adding another 1.2 million vehicles to the recall, the latest in a string of safety and quality issues to dent Japan's auto sector.

A faulty engine part could trigger an oil leak and light the oil pressure gauge on the dashboard. In a worst case scenario the engine could seize, the company said, adding that no accidents had been linked to the glitch.

The latest recall prompted a rebuke from transport ministry officials, who said last week they would meet with Mitsubishi officials to press them on the issue, saying the company had not made proper disclosures to the public.

It ordered the firm to report on the status of internal measures taken to prevent a recurrence of the problem, and said it would ask government-chosen experts to probe the recall.

In a statement Tuesday, Mitsubishi said "we will fully cooperate with the on-site inspection and will make steady progress to prevent a repeat".

The transport ministry slap down comes a decade after Mitsubishi admitted to keeping the ministry and public in the dark about tens of thousands of complaints filed by car owners dating back to the late 1970s.

There were some fatal accidents linked to the safety problems.

Bigger rivals Toyota, Nissan and Honda have recalled millions of vehicles in recent years, dealing a blow to their safety and quality image.

- AFP/ck

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New Japan govt hints at joining Pacific trade pact

TOKYO: Japan's new government led by incoming prime minister Shinzo Abe has suggested it may join a US-backed Pacific-wide free trade deal, a report said on Monday.

Tokyo has previously shown interest in joining the Trans-Pacific Partnership (TPP) but remained non-committal in the face of fierce opposition from its cosseted farming industry.

Participation by the world's third largest economy would give a shot in the arm to a pact seen as a key plank of US President Barack Obama's pivot to Asia, and a counterbalance to China's rising regional clout.

Referring to the possibility of joining the TPP, Abe's Liberal Democratic Party (LDP) and its junior coalition partner New Komeito "will pursue the best path that would serve Japan's national interest", they said in their final coalition agreement, the Asahi Shimbun daily reported.

The coalition, that is due to take office officially on Wednesday, also agreed on promoting other free trade frameworks, it said.

The comment contains a more positive note on participation in the TPP compared with the LDP and New Komeito's election pledges before the December 16 poll that brought Abe a landslide parliamentary victory.

In an apparent move to garner farmers' votes, the LDP had said during the election campaign it "opposes participation as long as joining the pact requires preconditions of abolishing tariffs without exception".

New Komeito had also shown a cautious stance on early participation in the trade pact.

The day after Abe's poll victory, Japan's major business lobby Keidanren (Japan Business Federation) urged Abe to join the trade talks "at an early date".

"We urge the new government to participate in the negotiations of the TPP at an early date, as we have no time to waste on the issue," Keidanren chairman Hiromasa Yonekura said in a statement.

Business lobbies say Japan's export-oriented economy is a major beneficiary of the promotion of a global multilateral free-trade system.

- AFP/al

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Euro survives 2012, further tests in store

BRUSSELS: The battered euro, written off as a dud many times during a crisis-wracked year, appears to have survived 2012, but 2013 could prove just as difficult if the economy continues to struggle.

It finished the year strongly after the 17 eurozone nations earlier this month nailed down a deal to supply long-delayed bailout funds to Greece to keep the country afloat, and the bloc intact.

Athens in turn delivered on its part of the bargain -- more stinging austerity, economic reforms and a tight budget -- all with the aim of cutting its massive debt burden to a more sustainable 124 percent of GDP by 2020.

Then progress towards tighter economic and fiscal coordination in the eurozone, and a key first step towards a shared bank supervision regime, rounded out the gains, leaving the Europe in much better shape than seemed likely at the beginning of the year.

"Many observers felt it was all over for Greece (and its) ... remaining in the eurozone. As year-end approaches, we know that these Casandras were wrong," EU Economics Commissioner Olli Rehn said.

For many months, all analysts could talk about was Greece's likely exit from the eurozone and what it would mean for the bloc's future.

Now, "the likelihood of a member state leaving the eurozone is gone," said Janis Emmanouilidis of the European Policy Centre (EPC) think-tank.

Reflecting the change, Standard and Poor's raised Greece's sovereign debt rating by a massive six notches because of what it termed the "strong determination of ... (eurozone) member states to preserve Greek membership."

Greek Finance Minister Yannis Stournaras said the decision "was a very important one that created a climate of optimism. But we know that the road is still long and hard, the hour is not one for easing up."

Analysts also highlighted agreement on the eurozone's Single Supervisory Mechanism (SSM) to regulate its banks, a first step in ring-fencing lenders who get into trouble and threaten financial disaster.

Perhaps the key breakthrough, giving purpose and backing to the other reforms, was a commitment by European Central Bank head Mario Draghi over the summer months to do anything necessary to save the euro.

In September, Draghi said the ECB would buy up the sovereign debt of any eurozone member state without limit, if that is what it took to keep the financial markets in check.

This pledge of 'Outright Monetary Transactions' meant markets' could no longer enjoy a one-way bet against a member state as the ECB could step in on its side.

The immediate result was a sharp easing in borrowing costs, especially for Spain and Italy which had been tipped to follow Greece, Ireland and Portugal in needing a bailout.

That change, backed up a 100 billion euros eurozone lifeline for its banks, allowed the Spanish government to hold the line.

By year-end, few were talking of Madrid as the next debt crisis casualty, with its banks also being stabilised at a much lower-than-expected cost of some 40 billion euros.

Some analysts said it was important not to get too carried away, however.

The outlook for the next two years "looks less unsettled and will be concerned above all with implementing the new supervisory regime and winding up mechanism for the banks," CM-CIC Securities analysts said in a note.

For Barclays, talks on closer integration in the eurozone could prove heated and even chaotic, with the emergence of deep differences running the risk of stoking fresh tensions on the markets.

Above all, the uncertainties for the coming year are political, with elections due in Italy and then Germany, while the situation in "Greece is still on a knife-edge," said Emmanouilidis at the EPC.

The economic outlook is also clouded, with the eurozone in recession and expected to slow further while unemployment runs at a record 11.7 percent, rising to unprecedented levels around 25 percent in Spain and Greece.

Against that background, German Chancellor Merkel's guarded words on the outlook seem appropriate.

"We have already achieved a lot but I think we still have a very difficult time ahead," Merkel said after the last EU leaders summit of the year earlier this month.

- AFP/ck

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Squash: World No. 1 Nicol David extends haul of World Open titles

GRAND CAYMAN, Cayman Islands: Nicol David extended her record of World Open titles to seven from eight finals on Friday with a balanced performance and great patience to beat English third seed Laura Massaro.

The Malaysian heroine's 11-6 11-8 11-6 victory silenced critics who had suggested younger rivals were closing the gap on the 29-year-old champion.

Massaro forced many long rallies and even led 7-5 in the second game, but David responded well to the important moments which followed.

She mixed containment with well-timed drops and lightning-quick changes of direction that prevented her opponent from getting a crucial foothold in the match.

The outcome was that David only dropped one game throughout the entire tournament, but she had to focus harder and for longer in the final than in any of her four other encounters.

Her relief and joy at surviving the perpetual pressure of expectations yet again was smilingly obvious.

She held her head in both hands, then placed her hands high on the court, and finally caressed the ball affectionately against a wall before allowing herself to accept that no more was required of her racket.

Then her words reflected the frequent struggle between doubt and self-confidence.

"I can't believe it," she said. "I just can't believe it.

"I am just so pleased with my match. Laura pushed me every point. There was no point where I could let up because she was just on it every point. She played a very good match."

David knew the danger well as Massaro is one of the few players to have beaten her twice. However, she did so last year and, although the challenger has improved further since then, the champion at her best has too, perhaps just as much.

Two of the most crucial moments came when David got back to 7-7 in the pivotal middle game and then nosed ahead to 8-7 with a disputed point.

The levelling rally saw brilliantly nimble retrieves from David, plus some patient backhand wall straight driving with a tight little backhand drop to finish it.

That was followed in the next rally by a marginally mistimed backhand drive by Massaro, which caused the ball to come away from the wall and resulted in her slightly impeding David.

A penalty stroke was awarded, Massaro's video review appeal failing to get the decision overturned.

David pushed hard to capitalise, offered a rare fist pump when she broke through to a two-game lead, and was quickly five points up in the third and motoring away.

"I am a little bit disappointed with that," said Massaro, who had saved a match point in a long and hard semi-final with Raneem El Weleily, the second-seeded Egyptian, and may have paid a price in the third game of the final.

"It was just a few points here and there and that's all the difference," she said. "The middle of the games were so crucial and that's what I have to work on.

"It's still pretty rare that she is beaten. We are still training hard and improving and she's rising to the challenge."

To do that well as she moves through her 30th year, David may need to select peaks more carefully for the tournaments she really wants to win.

But at her best, she is still too fine an athlete and too steady a rallyer for everyone, even during her moments of doubt. Her high profile among the all-time greats is likely to rise yet further.

- AFP/al

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Ex-Beatle's widow lauds Ravi Shankar at US memorial

ENCINITAS, California: Former Beatle George Harrison's widow Olivia joined hundreds of fans and family of Ravi Shankar on Thursday at an open-air memorial to the Indian sitar legend near his California home.

Anoushka Shankar, daughter of the late musician who died last week near San Diego, and her step-sister Grammy-winning singer Norah Jones also paid their last respects at the service in a palm tree-lined meditation centre.

Tributes were read out from fellow musicians and artists who had been inspired by Shankar, labelled "The Godfather of World Music" by the Beatles and compared to Mozart by violin maestro Yehudi Menuhin.

Harrison, whose late husband learned sitar from Shankar and collaborated with him notably on the ground-breaking Concert for Bangladesh in 1971, said the former Beatle had learned so much from their friendship.

"They were like father and son as well as brothers... they made each other laugh as if they shared a secret. And I'm sure they did," said the 64-year-old, whose husband died of cancer in 2001.

Shankar "laid the stepping stones from West to East, that led George to new concepts, alternative philosophies and completely transformed his musical sensibilities," she said.

"They exchanged ideas and melodies until their minds and hearts, East and West, were entwined, like a double helix," she added in Encinitas, where Shankar had a home.

Shankar's 31-year-old daughter Anoushka -- also a sitar player, and just nominated for a Grammy -- told the audience that her father would have approved of the memorial's venue, the Self-Realization Fellowship spiritual centre.

"My father loved spending time here so much, so it feels so right for us to be here celebrating his journey," she said, before tributes were read out from singer Peter Gabriel and film director Martin Scorsese.

Gabriel said: "Ravi Shankar opened the door to non-Western music for millions of people around the world."

"His music has such power, seeming ancient and immediate, impassioned and meditative, full of sorrow and joy. He was a true master," said Scorsese, "From the first time I met him ... his brilliant sitar playing has mesmerised me."

Shankar died last Tuesday at the age of 92, after failing to recover from surgery at a hospital in La Jolla, near San Diego. His family was at his bedside.

Private memorial services were announced both in the United States and India, where Shankar also had a home.

Jazzy soul singer Jones, Shankar's daughter from an affair with a US concert producer, was dressed in black and kept a low profile at Thursday's event in Encinitas, up the coast from San Diego.

His widow Sukanya was also at the California memorial, which started with prayers chanted by M.N. Nandakumara of the Bharatiya Vidya Bhavan institute for Indian art and culture in London.

Nandakumara said that Shankar's music "brought people of various countries, communities together to his soul-stirring music, which was matchless.

"I do not know another musician who has understood the Eastern and Western music the way (Shankar) understood it, and interpreted it in such a way that people around the world were mesmerized by it," he said.

As well as Indian family and friends, Thursday's event -- at which speakers were flanked on stage by photos of Shankar at various stages of his life -- was attended by locals and other fans and followers.

"He's local, he's part of the community here," said Eddy Jimenez, a musician and trumpet player from Encinitas, comparing Shankar's influence and music to that of Harrison's fellow Beatle John Lennon.

"He's a bridge between humanity, really, not just East and West. I'm just here to pay my respects," the 61-year-old told AFP.

-AFP/fl

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Apple "pinch-to-zoom" patent deemed invalid

SAN FRANCISCO: A filing in a high-stakes legal battle between Samsung and Apple revealed that a "pinch-to-zoom" patent central to the case has been deemed invalid.

The patent was a centerpiece of a trial that ended in August with a jury ordering Samsung to pay Apple $1.05 billion in damages for illegally copying iPhone and iPad features for its flagship Galaxy S smartphones.

Samsung provided US District Judge Lucy Koh a copy of a US Patent and Trademark Office preliminary determination that, upon review, the Apple pinch-to-zoom technology wasn't original enough to merit a patent.

Samsung hoped the filing would bolster its argument for a new trial or to have the damages award slashed.

Since the verdict, US patent officials tentatively invalidated an Apple patent on technology that gives a "rubber-band" springing effect when a finger tugs at the edge of a touch-screen smartphone. That patent was also at issue at the trial.

Koh on Monday denied Apple's request to ban a set of Samsung smartphones from the US market based on the jury's finding that the South Korean firm was guilty of infringing on six of the Cupertino, California-company's patents.

Even though Apple was victorious in the patent case, the iPhone and iPad maker failed to prove that the technology at issue was the driving factor in people's buying decisions, Koh reasoned in the ruling.

Samsung -- the world's top mobile and smartphone maker -- has appealed the verdict.

- AFP/al

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Strong turnout for South Korea's presidential election

SEOUL: South Koreans cast their votes Wednesday in a tight and potentially historic presidential election that could result in Asia's fourth-largest economy selecting its first female leader.

The ballot is a straight fight between Park Geun-Hye, the conservative daughter of assassinated dictator Park Chung-Hee, and her liberal rival Moon Jae-In, the son of North Korean refugees.

Opinion polls indicate the result could go either way.

The eventual occupant of the presidential Blue House will have to deal with a belligerent North Korea, a slowing economy and soaring welfare costs in one of the world's most rapidly ageing societies.

Park, 60, was looking to make history by becoming the first female president of a still male-dominated nation, and the first to be related to a former leader.

Her father remains one of modern Korea's most polarising figures -- admired for dragging the country out of poverty and reviled for his ruthless suppression of dissent during 18 years of military rule.

He was shot dead by his spy chief in 1979. Park's mother had been killed five years earlier by a pro-North Korea gunman aiming for her father.

Moon, who was chief of staff to the late left-wing president Roh Moo-Hyun, is a former human rights lawyer who was once jailed for protesting against the Park Chung-Hee regime.

Polling booths opened at 6:00am (2100 GMT Tuesday) on a bright, chilly winter's morning, with the temperature hovering around -10 Celsius (14 Fahrenheit).

Initial turnout among the 40 million-plus registered voters was strong, with 35 percent having cast their votes by midday -- a sharp increase on the 2007 election.

"It's freezing cold, but I plead with the people to come out and vote to open a new era for this country," Park, wrapped up in a long coat and red scarf, said as she cast her ballot in Seoul.

After locking in the support of their respective conservative and liberal bases, the two candidates put a lot of campaign effort into wooing crucial centrist voters, resulting in significant policy overlap.

Both have talked of "economic democratisation" -- a campaign buzzword about reducing the social disparities caused by rapid economic growth -- and promised to create new jobs and increase welfare spending.

Moon has been more aggressive than Park in his proposals for reining in the power of the giant family-run conglomerates, or "chaebol" that dominate the economy.

"This is the only way for the people to change the world," Moon said as he voted in the southern city of Busan.

"This election is about our livelihoods, economic democracy, welfare and peace on the Korean peninsula," he added.

While both have signalled a desire for greater engagement with Pyongyang, Park's approach is far more cautious than Moon's promise to resume aid without preconditions and seek an early summit with North Korean leader Kim Jong-Un.

Although North Korea has not been a major campaign issue, its long-range rocket launch last week -- seen by critics as a disguised ballistic missile test -- was a reminder of the unpredictable threat from across the border.

The never-married Park has promised a strong, parental style of leadership that would steer the country through the challenges of global economic troubles.

"Like a mother who dedicates her life to her family, I will become the president who takes care of the lives of each one of you," Park said in her last televised news conference on Tuesday.

A female president would be a big change for a country that the World Economic Forum recently ranked 108th out of 135 countries in terms of gender equality -- one place below the United Arab Emirates and just above Kuwait.

Older Koreans, who generally favour Park, are seen as more dependable voters and Moon's camp has pushed hard to ensure the younger demographic that make up his support base cast their ballots.

One early voter, Kim Su-Eun, 29, said she had opted for the ruling party candidate.

"I think Moon's election promises are too radical while Park says she will carry out reform step by step. That's why I voted for her", she told AFP.

- AFP/al

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Tarantino film latest to be pulled after US shooting

LOS ANGELES: A Hollywood premiere of notoriously violent director Quentin Tarantino's latest film "Django Unchained" was canceled Monday, the latest such response to the Connecticut school massacre.

A string of movies and TV shows have been pulled or postponed since Friday's shootings, while sporting events have held moments of silence and players have worn black armbands to honor the victims, 20 of whom were young children.

The Weinstein Company said that a premiere scheduled Tuesday in Los Angeles of "Django Unchained" - which is due to open on Christmas Day in US theaters - had been called off.

"Our thoughts and prayers go out to the families of the tragedy in Newtown, Connecticut, and in this time of national mourning we have decided to forgo our scheduled event," said a Weinstein Company spokesperson.

The studio will still hold a screening for cast and crew and their friends and families, industry daily "Variety" reported.

Tarantino is known for screen violence, in movies from 1992's "Reservoir Dogs" to 2009's "Inglorious Basterds."

In his new film, a slave-turned-bounty hunter sets out to rescue his wife from a brutal plantation owner.

The move came after the weekend premiere of Tom Cruise's latest movie, "Jack Reacher" - about a homicide investigator probing a trained military sniper who shot five random victims - was postponed.

"Our hearts go out to all those who lost loved ones," said studio Paramount, adding that it took the action "out of honor and respect for the families of the victims whose lives were senselessly taken."

Fox canceled a weekend red carpet event and after-party for "Parental Guidance" starring Bette Midler and Billy Crystal "in light of the horrific tragedy."

The studio also replaced planned broadcasts Sunday of episodes of "Family Guy" and "American Dad" to avoid any insensitivities to the massacre.

A moment of silence was observed at National Football League (NFL) games across the country Sunday to remember those killed in the normally peaceful town of Newtown, Connecticut.

While some events were canceled because of content, others did not appear to be.

PG-rated "Parental Guidance" got its parental warning for some rude humor, not for violence, according to the IMDb industry website.

Veteran crooner Barry Manilow postponed a planned Friday night show in Palm Desert, California until Sunday, saying on his website: "Perhaps this small gesture of solidarity will help support these families on this terrible day."

Celebrities were quick to join online expressions of shock and sympathy.

Pop star Justin Bieber tweeted: "My prayers go out to all those suffering in this tragedy. it's just wrong. Everyone please pray for them."

"God have mercy!!!! No one deserves this! Praying for the families of the victims of the Connecticut shooting!! What a Christmas it will be," added singer Rihanna on the micro-blogging site.

- AFP/ha

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Karena Lam pregnant again

HONG KONG: Hong Kong actress Karena Lam revealed Saturday during a publicity event that she is pregnant with her second child, reported Hong Kong media.

The actress, who is married to advertisement director Steve Yuen, gave birth to their first, daughter Kayla, in 2010.

Lam expressed that she has asked actor Ekin Cheng, who was also at the event, to be her unborn child's godfather.

"We are discussing whether I can be the child's godfather, but we'll have to ask her husband first," said Cheng, adding that he hoped it will be a boy, and would teach the child martial arts if it turns out to be a boy.

"If it's a boy, I hope he is not as naughty as you," Lam quipped.

Cheng appeared very happy for his old friend, and posed like a pregnant mother in a goofy photo with her, which she promptly put up on her micro blog.

-CNA/ha

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Body found in Singapore River

SINGAPORE: A man was found dead in the Singapore River along Clarke Quay early Sunday morning.

The Singapore Civil Defence Force (SCDF) said it received a call at about 1.30am.

Someone was spotted jumping into the river near Block A.

SCDF officers arrived about four minutes later and conducted a search around the area.

Diving at a depth of about 3 metres, rescuers retrieved the body of a man about three-and-a-half hours later.

He was pronounced dead at the scene.

Police are investigating the unnatural death.

- CNA/ir

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SCDF, police conduct checks at commercial premises, Marina Square fined

SINGAPORE: A joint enforcement blitz by the Singapore Civil Defence Force (SCDF) and the police was conducted on shopping malls, hotels and public entertainment outlets on Friday night.

Marina Square Shopping Centre was issued three notices of Fire Safety Offence which carried a total fine of up to S$1,500. The shopping centre had fire safety works without approval plans at two levels of its carpark.

The SCDF statement said Marina Square changed the use of vehicle parking lots and the vicinity to a storage area which caused the existing fire safety measures to become inadequate.

In addition, the shopping centre was issued eight Fire Hazard Abatement Notices which served as a warning for not observing fire safety measures as some escape routes were obstructed.

Centrepoint Shopping Centre was issued a fine of up to S$500 for a Fire Safety Offence for changing the use of carpark area to a storage area which would cause the existing fire safety measures to become inadequate. The mall was also issued four Fire Hazard Abatement Notices for flouting fire safety measures.

Concorde Hotel received three Fire Hazard Abatement Notices; Top 5 @ Orchard Towers was issued two such notices; Peyton Place @ Orchard Towers was issued one and Ipanema @ Orchard Towers received three such notices.

- CNA/ck

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