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Report: China Middle Class To Top 600 million

Written By Unknown on Senin, 05 November 2012 | 23.33

China's burgeoning middle class will have expanded to 600 million people by the year 2020, according to a government think tank.

As a result of the continued rapid urbanisation, the country will be able to maintain growth at between 7% and 8%, despite fears of slowing prosperity.

Chi Fulin, Executive President of the China Institute for Reform and Development (CIRD), said: "As urbanization will create huge domestic demand potential, China still has ample room for transition and reform for the coming decade."

Western analysts have previously voiced concerns of social implications of China's growth sustainability.

CIRD said China's urbanisation rate reached 51.3% in 2011, leaving fewer people in rural areas than in any point in history.

Amid the country's envious growth rate in recent decades, millions of farmers have left the country to become workers in cities and towns.

China now expects to have at least another 200 million migrant workers living in urban areas, the CIRD study showed.

As a result, middle-class consumers will spur investment demand by at least 40 trillion yuan (£3.92trn) over the next 10 years, Mr Chi said.

He also predicted that domestic consumption will replace investment to become China's major engine driving the economy.

Residential consumption in China, he said, would jump to 30 trillion yuan (£2.94trn)  in 2016 from the 2011 figure of 16 trillion yuan (£1.56).


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Living Wage: Ed Miliband Wants Pay Shake-Up

Labour leader Ed Miliband has vowed to deliver a "living wage" to millions of people if he wins power at the next election.

The wage - the minimum rate deemed necessary for an acceptable standard of living - is a key plank of Mr Miliband's "One Nation" vision for the country.

The rates were raised on Monday to £7.45 for outside London and £8.55 inside the capital.

This is significantly higher than the minimum wage, which currently stands at £6.19 per hour for over 21s and even less for teenagers.

Labour is looking at three ways to make the new pay terms the norm, including naming and shaming listed companies who do not comply.

Firms who fail to pay enough could also be blocked from Whitehall contracts, while Treasury-funded incentives could go to higher paying companies.

The Opposition leader is believed to have worked closely with his brother David on the strategy, in a sign relations between the pair are finally thawing.

He met with leaders of Labour local authorities across the UK who are already implementing the pay structure.

Boris Johnson unveils living wage Boris Johnson unveiled London's living wage

He said: "Too many people in Britain are doing the right thing and doing their bit, helping to build the prosperity on which our country depends, but aren't sharing fairly in the rewards.

"It's not how it should be in Britain, it's not how we will succeed as a country in the years ahead because we can't go on with an economy that works for a few at the top and not for most people. We need to change it."

He continued: "It is only a Labour government that will address the living standards crisis faced by so many.

"Even when money is tight and Britain is run by a Tory-led government, Labour councils have been driving the living wage forward. First in London and now across Britain.

"There are already scores of British businesses who are saying that the living wage makes sense for them because it improves staff retention and reduces absence rates.

"We will learn from them and find ways to help other businesses become living-wage employers."

Mayor of London Boris Johnson announced the new rate for London and called for it to be paid by all local authorities in the capital and across Whitehall.

He warned that some employers would find it difficult to pay the sum which he said was why he wanted the rate to remain voluntary.

No Conservative-controlled council has signed up so far and the Greater London Authority is only in the process of being accredited.

New figures released on Monday show that the Living Wage campaign has lifted 45,000 people out of working poverty since its launch in 2001.

But a report last week showed nearly five million workers - one in five - are paid less and suggested they are being hardest hit by the economic squeeze.

Organisations that are now officially accredited include KPMG, Birmingham City Council and Save the Children. Barclays has paid it in London since 2007.

TUC general secretary-designate Frances O'Grady said: "It is essential that more companies follow suit. We want millions to benefit from a living wage, not thousands.

"It is simply not good enough for large companies to plead poverty at a time when their cash reserves are increasing.

"Employers who pay the Living Wage will find it much easier to recruit and retain good staff. The extra pay in the pockets of low-paid workers will also help inject much-needed consumer demand back into our economy."

The Institute for Fiscal Studies estimates that every person moved onto the living wage would save the Treasury around £1,000 in tax credits and from increased taxes.


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Ryanair Sees Profit Soar 10% In First Half

Ryanair has reported an after-tax profit of 596m euros (£477m) for the first half of 2012, up 10% on the same period last year.

The budget airline's results beat analysts' expectations thanks to a surge in passenger numbers over the summer and a lower fuel bill. 

It said traffic was up 7% - 48m passengers flew with Ryanair over the period - and fuel costs were lower than forecast because of a saving programme.

The Dubin-based company added that average fares were up, helping to boost revenue by 15% to 3.1bn euros (£2.48bn).

Chief executive Michael O'Leary said: "Profits exceeded our expectations driven by a combination of strong summer bookings, particularly post the Olympics, a 6% rise in average fares, and lower than forecast fuel bill due to the successful implementation of our fuel savings programme."

Ryanair, which accounts for around 12% of all European short-haul flights, said business in the region "remains tough" because recessions, Government cuts, high fuel costs and taxes.

But it said continues to see opportunities for growth in Europe following the collapse of a number of rival airlines. 

Mr O'Leary , who has discussed starting long-haul flights for years, said they were still some way off.

"It's unlikely you'll see a Ryanair transatlantic (flight) for the next three or four years," he told Sky News. 

Last month, the company said it would not be bidding for London's Stansted airport, after the airport's owner BAA excluded it from the process.

It is waiting to hear whether European Union (EU) antitrust regulators will approve its takeover of Aer Lingus.

In a recent update on its bid, Ryanair said it had offered concessions to the regulators in an attempt to get clearance.

It has a deadline of February 6 for its decision on the 700m euro (£560m) deal.

Related stories:


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Christmas Shopping: Robust Sales Expected

High street sales have grown over the last month raising hopes of strong retail sales this Christmas, according to new research.

Sales rose 0.9% year-on-year in October, as non-fashion sales jumped 5.2%, boosted by purchases of outdoor gear like wellies and waterproofs, consultancy BDO found.

At the same time online and catalogue orders shot up by over 40%  - the highest level of growth for over a year.

BDO's national head of retail Don Williams said retailers are "quietly optimistic" about the festive period.

"We've learned to live with austerity for five years, but consumers have shown they will not sacrifice Christmas," he said.

"Now indicators are suggesting the economy will improve in 2013, this will hopefully feed into consumer confidence over the next two months."

It comes as new research showed that more than one in 10 people who took on debts to fund last year's Christmas are still paying off their loans.

The Money Advice Service, an independent body set up by Government, said most people expect to spend £592 this December - an increase of £46 on last year.

This would take the total Christmas spend across the UK to £29bn in 2012.

Its study of more than 2,100 people found that over 40% of people across Britain think this Christmas will be harder to afford than last year.

And almost half of those questioned took out a loan or went into more debt to help fund last year's festive season - and 13% said they are still paying the money off.

The Money Advice Service has launched a tool on its website to help people cope with the cost of festive celebrations.

"At the end of a long year when many have been feeling squeezed financially for some time, it can be daunting to be faced with a very expensive month," director Karen Broughton said.

"Typically, with just two monthly pay days before Christmas, there are lots simple things you can do to make your money go further and take the pressure off your budget."


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Buyout Firms Eye Moleskine Notebook Deal

By Mark Kleinman, City Editor

A pack of the world's largest private equity firms is circling the Italian brand of upmarket notebooks modelled on those used by the novelist Ernest Hemingway.

I understand that investors including Blackstone and Lion Capital are vying to buy Moleskine, a brand favoured by some of the world's most revered writers and artists.

The business, which is majority-owned by Syntegra Capital, another buyout firm, could fetch a price tag of as much as 350m euros (£280m), according to bankers.

Syntegra has been working on a flotation of Moleskine on the Milan stock exchange and may still decide on pursuing that option.

However, Rothschild, the investment bank, has been working on an auction of the company, and a deadline for offers of later this month will be critical in determining whether Syntegra decides on a listing or sale of Moleskine.

Blackstone and Lion – both experienced owners of consumer brands – are understood to be interested in the international and product expansion opportunities that Moleskine's owners are likely to explore in the next few years.

Other private equity firms including Bain Capital and KKR are also said to have been looking at Moleskine.

The brand was established in 1997 by Maria Sebregondi, a teacher, who discovered that artists including Picasso and Van Gogh had used small black notebooks of the kind now produced by Moleskine.

Luxury goods companies including PPR, LVMH and Labelux, the owner of Jimmy Choo, have been sounded out about their interest in Moleskine, although it is unclear whether any are involved in the auction.

Moleskine products are sold in bookshops rather than stationers to reflect their upmarket positioning.

Goldman Sachs and UBS are working on the prospective flotation of the company.

None of the potential bidders would comment.


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Delicate Diplomacy On Cameron Gulf Arms Tour

David Cameron is attempting to cement major UK arms sales and bolster relations with allies on a three-day tour of the Gulf and Middle East.

The Prime Minister is personally spearheading a push to persuade the United Arab Emirates to buy 60 of BAE's Typhoon jets over French rivals in a deal reported to be worth upwards of £3bn.

On Tuesday, he will travel to Saudi Arabia - Britain's biggest trading partner in the region - which is also considering adding to its fleet of aircraft.

Downing Street said the visit - Mr Cameron's second to each country as premier - was part of a wider effort to build a "reinvigorated partnership" between Britain and the region's leaders.

Reinforced military ties are seen as crucial amid continued fears over Iran's nuclear ambitions and the threat Tehran could seek to badly disrupt oil supplies by blocking the Straits of Hormuz.

Mr Cameron's first stop was a military airbase near Dubai, where a number of RAF Typhoons are stationed, to promote the aircraft to military and political figures from the UAE.

He will also hold talks with the Crown Prince of Abu Dhabi and Prime Minister of the UAE on the potential for a joint work on the next generation of military aerospace equipment.

David Cameron having breakfast with troops in Dubai David Cameron having breakfast with troops in Dubai

The Government hopes to secure deals for 100 Typhoons to be sold to the region in the coming year - worth at least £6bn to British firms.

Mr Cameron faces a tough balancing act as he attempts to secure billions in investment from the oil-rich states while addressing concerns about the human rights records of their regimes.

The Arab Spring has led to an increased focus on largely autocratic rule in many states, including crackdowns on pro-democracy and other protest movements.

The Government has been criticised for failing to condemn abuses and accused of continuing to sell military equipment with insufficient guarantees it would not be used in repression.

Meanwhile, Gulf states are unhappy about the UK's support of the Arab Spring and there are reports it could lead to British firms being snubbed for future contracts.

Saudi officials has already warned it would be "re-evaluating" relations after an inquiry into the country by the Commons foreign affairs committee, that it called "insulting".

David Cameron on the Dubai metro David Cameron on the Dubai metro (Pic: Number10gov)

After arriving in Dubai, Mr Cameron insisted: "On human rights, there are no no-go areas in this relationship. We discuss all of these things but we also show respect and friendship to a very old ally and partner.

"We have one of the strictest regimes anywhere in the world for sales of defence equipment but we do believe that countries have a right to self-defence and we do believe that Britain has important defence industries that employ over 300,000 people so that sort of business is completely legitimate and right."

He said British exports to the UAE were up 16% in the first half of the year and that it was vital to be involved in the fastest-growing economies in the world to compete in the "global economic race".

"It is not just about trade and investment," the premier added. "We are also partners in defence and security, we worked together in Libya and Afghanistan and we will be talking about all the key regional and global issues."

Answering questions from students at Zayed University in Abu Dhabi later, Mr Cameron said everything should be done to stop Iran developing nuclear weapons.

He also backed the Arab Spring, saying that the movement "towards more open societies and more open democracies" was good for the Middle East and North Africa.

On Wednesday, Mr Cameron will make a short visit to the Middle East before flying home for talks with German Chancellor Angela Merkel at Downing Street ahead of the crunch EU budget summit.

Amnesty International UK's head of policy and government affairs Allan Hogarth said: "Selling arms to countries like Saudi Arabia and UAE should only be considered if there are absolutely watertight guarantees over them not being used to commit human rights violations."


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HSBC Profits Halved As Bank Takes More Hits

HSBC has announced a 51% fall in third quarter profit, as the bank takes further hits on US anti-laundering fines and mis-selling insurance in the UK.

It confirmed it was setting aside another $800m (£500m) to cover fines from US authorities, taking the total bill to $1.5bn (£937m).

The bank warned no agreement has been made and the cost of its laundering actions, much of it suspected to come from Mexican drug cartels, could be "higher, possibly significantly higher".

Sky City Editor Mark Kleinman exclusively reported the £500m hit over laundering fines on Sunday.

HSBC, Europe's biggest bank, said the final resolution will probably involve criminal as well as civil charges.

The bank said it also set aside an extra $353m (£220m) to compensate UK customers over mis-selling of payment protection insurance (PPI), raising the total estimated cost to £1.12bn.

HSBC group chief executive Stuart Gulliver HSBC boss Stuart Gulliver launched an overhaul of his bank's governance

The additional penalties, as well as the impact of the value of its own debt, triggered a 52% slide in the bank's reported pre-tax profits for the three months to September 30, down to $3.5bn (£2.2bn).

"The US authorities have substantial discretion, and prior settlements can provide no assurance as to how the US authorities will proceed in these matters," the bank said.

Earlier this year, HSBC paid a fine of $28m (£17m) to Mexican authorities for non-compliance with money laundering controls.

American investigators released a report which said some $7bn had been physically transported within 24 months across the border from Mexico to the US.

The US investigations sparked by the Mexican offences prompted CEO Stuart Gulliver to launch an overhaul of the bank's compliance operation.

HSBC has also become embroiled in the Libor rate-fixing scandal after two US state attorney generals launched investigations.

Meanwhile, the bank remains third place in Asia with assets under management, holding $129bn (£80.74) or some 11%, of the total invested in 2011.

The figure held was a slight increase from $128bn in 2010, according to industry publication Private Banker International.

:: Shares in HSBC were down more than 2% in early Monday trading, and the bank was at one point the biggest faller on the FTSE 100.


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PayPal Passwords 'Leaked By Anonymous'

Hacking group Anonymous has reportedly released confidential passwords and other log-in details for PayPal users as part of a global day of protest.

The group announced it had leaked 28,000 alleged account passwords through several Twitter accounts as part of an organised protest on Guy Fawkes Day.

The activists also said they intended to stage a "V For Vendetta" protest outside the Houses of Parliament in London from 8pm.

But PayPal has said it had yet to find any evidence of a security breach. Several of the links to the alleged passwords have since been taken down.

Several websites have been targeted, apparently by the group or by others claiming links to Anonymous.

A hacker under the alias "pyknic" has targeted the websites of NBC shows Saturday Night Live, Late Night With Jimmy Fallon and the Tonight Show With Jay Leno.

But there also appeared to be a focus on surveillance companies, with cyber attacks on firms including TrapWire and INDECT.

Internet security firm Symantec was another that was targeted, along with some Australian government websites.

And pop star Lady Gaga took to Twitter after one of her fan sites, Gaga Daily, was defaced.

She wrote: "My little angels! Help is on the way. Haus of gaga techies will be on it... to the rescue. Calling them now."

Anonymous is using November 5 as a day of protest to coincide with Guy Fawkes' failed Gunpowder Plot to blow up the Houses of Parliament in 1605.

Members of the group have appeared in online videos wearing Guy Fawkes masks made famous by the 2005 film starring Hugo Weaving and Natalie Portman.


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Foxconn Shares Rocket Over iPhone Rumours

Apple's controversial supplier Foxconn has seen its shares spike by more than 30% on rumours it will get a new contract to build iPhones.

Foxconn International Holdings (FIH), the world's biggest contract maker of mobile phones, saw the surge peak to 35% after analysts tipped its shares.

The price later dropped and closed at 31.9%, the biggest ever one day spike for the company listed on the Hong Kong stock market.

The single-day jump added £513m to FIH's market value and came after Citigroup upgraded the stock to a 'buy' and said it expected the firm to start assembling iPhones this year.

FIH is 70% owned by the Taiwanese firm Hon Hai Precision Industry, which manufactures consumer electronic products including cameras, phones and other gadgets for brand names.

Although Foxconn has received a massive boost from the surge, its shares are still down nearly 28% this year, amid a stream of negative stories to emerge from its production facilities in mainland China.

Both Apple and Sony were forced to admit people as young as 14 had been hired to work on gadget production lines, building their products.

Foxconn employs 1.2 million people in China, with around 3% of them interns. It was a breach of both company policy and Chinese labour laws.

The company, founded in 1974, has made products for numerous other household names including Samsung, Dell, Microsoft, Motorola and Nokia.

The discovery of underage workers in eastern Shandong province came just weeks after a brawl involving nearly 2,000 employees brought production lines to a halt at one factory.

Earlier this year, the Fair Labour Association found some staff were forced to work more than 60 hours a week, and sometimes for more than 11 days in a row.

In 2010, 13 workers committed suicide amid claims that Foxconn ran a military-style production line on which employees were told to work overtime for low wages.

Earlier this year, Apple chief executive Tim Cook visited Foxconn's Zhengzhou Technology Park, which employs an estimated 120,000 people in the northern province of Hebei.

The company's late founder Steve Jobs once claimed the company was "not a sweatshop".


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Toyota Begins Auris Production At Burnastone

Toyota has begun production of the Auris at its factory in Burnastone, Derbyshire, after reporting strong financial results.

The company described its new hatchback as a "strategically important" model for its European business, despite falling demand across the region.

It follows investment of around £185m by the Japanese car maker in its UK manufacturing and supply chain, resulting in 800 new jobs.

The president and chief executive of Toyota Motor Europe, Didier Leroy, said the company was committed to the UK.

"The new Auris is at the heart of our European strategy and we expect it to strengthen our sales performance in the family car market," he said.

"Our Toyota Motor UK members at Burnaston and at the Deeside engine plant continue to demonstrate they can deliver the superior quality and efficiency that are vital for building our presence in a highly competitive marketplace."

While Business Secretary Vince Cable described the start of production as a "significant milestone" in Toyota's 20-year history in the UK.

It comes after the company reported a net profit of 257.9bn yen (£2bn) for the three months to the end of September.

This compares to a 80.4bn (£0.27bn) profit from a year earlier, when Japan's tsunami disaster hit production.

Sales picked up across most major regions, including Europe where it sold 412,000 cars - up 51,000 compared to the same period last year.

But it revised down the total number of vehicles it expected to sell this financial year to 8.75 million vehicles.

This is 50,000 fewer than it predicted in August because of "uncertainties in the Chinese and European market environments".

Official figures last month showed new car sales across Europe had fall at their fastest pace in 12 months as Government cuts hit consumer spending.

This slump in demand led rival Ford to announce almost 6,000 job losses as it closed of two factories in the UK and one in Belgium.

Toyota has also been caught up in an ongoing territorial dispute between Japan and China which has led to a boycott of Japanese cars in recent months.

As such, its sales in China dropped to around half of last year's levels in September to 44,100 vehicles.


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