Not all weak China local-govt loans sure to sour

July 27 (Reuters) – Not all the loans to local government financing vehicles that Chinese banks have identified as being at risk of default will in fact turn sour, a source at China’s banking regulator said on Tuesday.

The source, who declined to be identified, was responding to media reports that about 23 percent of the 7.66 trillion yuan ($1.13 trillion) that banks had lent to local governments, mainly to finance infrastructure, could become non-performing. [ID:nTOE66P032]

He said banks could mitigate credit risk by, for example, requiring the borrowers to set aside more collateral.

The estimate of the percentage of loans at risk was based on the banks’ own investigations at the behest of the China Banking Regulatory Commission, the source added. (Reporting by Zhou Xin and Simon Rabinovitch; Writing by Alan Wheatley; Editing by Jacqueline Wong)

Twitter moving into its own data center

Twitter hopes to improve the reliability of its service by moving into its own, custom-built data center later this year, the company said on Wednesday.

The announcement comes a day after Twitter suffered yet another outage that prevented users from logging in or posting updates to its service. After a fairly good start to the year, Twitter has suffered several outages since June, partly due to traffic spikes during the World Cup but also for other reasons.

Moving into its own data center probably won’t solve all the problems — the issue on Tuesday had to do with a database glitch — but it should help, especially with those related to its fast-growing user base. The company says it has been signing up more than 300,000 new users a day this year on average.

“Keeping pace with these users and their Twitter activity presents some unique and complex engineering challenges,” Twitter said in a blog post Wednesday. “Having dedicated data centers will give us more capacity to accommodate this growth in users and activity on Twitter.”

It will also give it more control over how its networks and systems are configured, and allow it to make adjustments more quickly as its infrastructure needs change.

Web giants like Yahoo, Facebook and Google already have their own data centers, but many smaller companies work with hosting providers that manage their IT equipment for them. Twitter’s provider is NTT America.

Its new data center — the first that Twitter will manage itself — will be in the Salt Lake City area. It will give it “a much larger footprint in a building designed specifically around our unique power and cooling needs.” It will house “a mixed-vendor environment for servers running open source OS and applications,” Twitter said.

It’s unlikely that having its own data center would have prevented Monday’s problems, however. They occurred when the company’s user database, which stores records for more than 125 million users, “got hung up running a long running query.”

Twitter forced a restart of the database, which took 12 hours and then didn’t solve all the problems anyway. So it replaced the database with another copy that was working properly — “in the parlance of database admins everywhere, we promoted a slave to master.”

“We have taken steps to ensure we can more quickly detect and respond to similar issues in the future. For example, we are prepared to more quickly promote a slave database to a master database, and we put additional monitoring in place to catch errant queries like the one that caused Monday’s incidents,” it said.

Kenya to reopen 25-year bond in July for $184 mln

July 9 (Reuters) – Kenya’s central bank said on Friday it would reopen a 25-year Treasury bond this month for 15 billion shillings ($184.2 million) and is mulling a 31.6 billion shilling infrastructure bond for August.

“We want to raise up to 15 billion this month. We are proposing to reopen the 25-year bond but consulting with market leaders,” Jackson Kitili, central bank’s director of monetary operations and debt management, told Reuters.

Industrial growth touches 17.6 percent

New Delhi, June 11 (ANI): Finance Minister Pranab Mukherjee said here today that industrial sector registered 17.6 percent growth for the period ending in April.

“17.6 is quite encouraging, and touchwood if the monsoon keeps its date then it would be possible for us to reach the growth agriculture, and industrial manufacturing and service sector is also having a momentum that would have a very positive impact on the overall growth scenario,” said Mukherjee.

Mukherjee added that he would have been much happier if the figures would have reached 20%.

The industrial output grew at a much stronger-than-expected pace in April, reinforcing expectations the Reserve Bank will lift rates for the third time this year at a policy review late next month.

Industrial output rose 17.6 percent in April from a year earlier, the strongest since December 2009, helped by buoyant domestic consumer demand, a revival in exports, and higher infrastructure spending, the statistics showed on Friday. (ANI)

CORRECTED – UPDATE 1-Egypt’s Raya to build data centre near Cairo

CAIRO, June 8 (Reuters) – Egypt’s Raya Holding (RAYA.CA) said on Tuesday it is to build a second data centre in the country for GPX Global Systems Inc, which aims to provide Internet exchanges and data centres for firms in the Middle East.

Egypt is trying to build up its broadband and other infrastructure to attract more technology-related industries such as call centres to take advantage of the country’s relatively inexpensive labour costs. [ID:nLDE5BE1VP]

The GPX data centre, to be built on Cairo’s outskirts, will allow firms to switch between different Internet service providers if one carrier’s service is disrupted, as well as helping back up and recover information.

Such services are vital to brokerages and Internet-based companies, whose businesses depend on smooth and uninterrupted connections to the Web.

“If you’re trading, you want to have a network that’s resilient,” GPX’s President Nick Tanzi said. “You can’t stop trading, so we offer a place to put back-up computers and servers.”

The centre will cost between 150 million and 200 million Egyptian pounds ($27-36 million) and will be aimed at attracting Egyptian and multinational firms working in the Middle East, Tanzi said.

Raya — which sells mobile handsets, runs call centres and provides outsourced IT services — will build the facility that is set to house the centre, the firms said. (Reporting by Alexander Dziadosz; Editing by Greg Mahlich)

NHAI to widen Delhi-Agra highway into six-lane road

New Delhi, May 27 — Drive along the National Highway 2, commonly known as the Delhi-Agra highway, is all set to get better. The National Highway Authority of India (NHAI) has signed an agreement with Anil Dhirubhai Ambani Group-led Reliance Infrastructure to widen and improve 180-km long stretch of the highway. The project, which would cost Rs 2,960 crore, includes widening the road to six lanes and constructing service roads, pedestrian facilities and bus bays along the stretch. This will not only improve the drive along the highway, which is important from tourism point of view, but will also reduce travelling time between the Capital and the historic city, NHAI officials said. Senior NHAI officials said the concession period, during which the construction agency would charge toll from vehicles using the road, would be of 26 years and will also include the construction period.

As this road connects Delhi with Faridabad, Mathura and Agra, and also leads to Mumbai and other southern parts of India, more than 30,000 vehicles use this stretch every day and vehicular population on this highway grows by six per cent annually, an NHAI official said.

BSE Sensex rises 1.5 pct; Ambanis’ cos rally

The BSE Sensex rose 1.5 percent early on Monday, with Reliance Industries leading the rise after the Ambani brothers made a reconciliation move over the weekend.

Both groups said they aim to reach a conclusion soon for a gas supply agreement between Reliance Industries and Reliance Natural Resources that had been at the heart of their dispute.

At 9:01 a.m. (0331 GMT), the 30-share BSE index was up 1.5 percent at 16,685.33 points, with 25 components advancing.

Shares in energy major Reliance Industries, controlled by Mukesh Ambani, rallied more than 5 percent.

Anil Ambani led Reliance Infrastructure and Reliance Communications were up 5.3 and 7.4 percent respectively.

The 50-share NSE index was up 1.4 percent at 5,000.90.

(Reporting by Ami Shah)

(For more business news on Reuters Money visit http://www.reutersmoney.in)

Mayor says flood repair funds inadequate

A Cape York mayor in far north Queensland says a $16 million State Government grant to repair flood-damaged roads and infrastructure is not enough.

The State Government has announced the disaster relief funding for the Cook Shire Council for damage caused by cyclones Charlotte and Ellie last year.

But Cook Shire Mayor Peter Scott says the grant is “old money” that the council applied for more than a year ago.

He says another $40 million is now needed for repairs after this year’s wet season.

“The wet season last year, which was a heavy one, it was an extended one. We’ve got more claims in for that as well, in excess of that $16 million. I think we’ve got claims in for more than $40 million for this current year,” he said.

Militant infrastructure in Pakistan still a concern: Antony

New Delhi, May 12 (ANI): Defence Minister A K Antony on Wednesday said Pakistan”s militant infrastructure is still a matter of concern for India.

Reacting to a query about the resumption of talks between India and Pakistan at a time when there is an increase in infiltration attempts across the Line of Control, Antony said such attempts by militants are a matter of concern.

“Talks will continue, but at the same time we are very much concerned about the existence of more than 40 terrorist camps in Pakistan. And, our view is that Pakistan must take sincere and strong steps to dismantle these terrorist outfits,” said Antony after inaugurating the Controllers” Conference of the Defence Accounts Department.

Speaking about the China-India relations, the Defence Minister said that the bilateral relations between the two countries are improving, in spite of the border issue.

“Military relations are improving. We had joint exercise with the Chinese army. Again, we will have joint exercise with them. And this year, our Defence Secretary Pradeep Kumar had gone there for discussions,” said Antony.

“So, on the whole, the relations are improving, even though that border dispute is still there. On the whole, our relation with China is comparatively better. Our border is peaceful,” he added. (ANI)

Growth areas tax may pass Upper House

The Victorian Government has hinted its controversial growth areas tax might pass through the Parliament within days.

The Opposition and minor parties had blocked the new tax, which would fund infrastructure in Melbourne’s growth areas.

The legislation was referred to a cross-party parliamentary committee, whose members are prohibited from speaking publicly.

But the treasurer, John Lenders, told Parliament, the committee has negotiated a compromise.

“I’m delighted that the disputes resolution committee is also suggesting a way forward on the GAIC (Growth Areas Infrastructure Contribution) legislation,” he said.

“That is a compromise from everyone’s point of view, because that actually lets us deal with the urban growth boundary issues.”

“I think that is a credit to all involved.”

South-east SA sees benefit in Vic councils’ plan

A 10-year strategic plan by Victoria’s five south-west councils could be highly beneficial to industry in south-east South Australia.

The Great South Coast Regional Strategic Plan, outlining infrastructure and transport corridor development that could boost the south-east’s economy, was put out for consultation on Monday.

Education and the loss of agricultural land to population growth are some of the other areas highlighted in the plan.

Mount Gambier Mayor Steve Perryman says the plan will be a good gauge of where both regions can expand until 2020.

“These types of plans are about looking at the major opportunities and potentially using those documents as a good source document to lobby other levels of government for investment in infrastructure that will drive those things,” he said.

“Like population and spending on infrastructure to support economic growth.”

Rudd lashes Barnett over super tax

Prime Minister Kevin Rudd has hit out at West Australian Premier Colin Barnett over his criticism of the new proposed resources super tax.

Mr Barnett has called the proposed 40 per cent tax on super profits of mining companies a ‘Western Australian company tax’ and says the Rudd government will lose a seat at the next federal election if it continues to disadvantage the state.

In Perth Mr Rudd retaliated saying it was a bit rich for the premier to put up royalties on miners but reject a federal tax.

“The premier of WA can’t have it both ways,” he said.

“You can’t say that on the one hand you want a whole lot more money to fund this state’s infrastructure needs, and the infrastructure needs are huge, and on the other hand say that we shouldn’t raise a tax from the super profits of miners to support those infrastructure needs.”

”His Tremendousness” elected monarch of ”kingdom” of Seborga!

London, Apr 28 (ANI): The new king of a tiny self-proclaimed principality in northern Italy is the heir to a textile company that produces women”s tights.

A majority of 360 people elected Marcello Menegatto, 31, the monarch of the “kingdom” of Seborga.

He has been dubbed The King of Nylon but he has a choice of either calling himself His Tremendousness Marcello I or Giorgio II, in honour of his predecessor, a flower grower who styled himself His Tremendousness Giorgio I, reports The Telegraph.

“I want to create new infrastructure and work for our people,” said Menegatto. (ANI)

Poaching continues in Jim Corbett National Park

Ramnagar (Uttarakhand), Apr 19 (ANI): Despite preventive steps being taken by the authorities, poaching continues in Jim Corbett National Park in Uttarakhand”s Ramnagar district.

Security guards and several Forest Rangers are deployed to keep the wild animals safe from poaching.

Ramnagar district shares about 30 kilometres boundary with the park and 90 kilometres of a village adjoins it. Therefore, there is more activity of the locals in this forest area.

“The staff there is more focused on production and protection of forests. They are focused on these two things. Somewhere or the other, the percentage of locals visiting their forest region is more than ours. Our forests are not that affected by the general public coming and going as the adjoining forests are. There is a lot of pressure from the locals there,” said Umesh Chandra Tiwari, Park Warden of Corbett Tiger Reserve.
Forest officials say they are using the available infrastructure effectively.

” In accordance with all these things, we make protection plans and we get a result according to that. This is definitely a challenging job,” said P.K. Patra, Divisional Forest Officer (DFO), Ramnagar.

Patra claimed that they have successfully handled many poaching cases and many people have been prosecuted. (ANI)

Brisbane seeks solutions for Kingsford Smith traffic congestion

Brisbane Lord Mayor Campbell Newman says the Council is looking at a range of options to ease traffic congestion on Kingsford Smith Drive.

One of the possibilities is a two-kilometre, double-storey tunnel under the Brisbane river between Newstead and Hamilton.

Councillor Newman says improving the bottleneck will be a challenge.

“We’ve got a cliff, houses on top of that hill, and the riverbank,” he said.

“We’ve got nowhere to go, nowhere to manoeuvre and that’s why we’re looking at a variety of different options like widening out over the river, a tunnel or a combination thereof so we’re working on those things.

“We actually have made an early submission to Infrastructure Australia for a sum of $693 million.”

Pre-budget cash splash goes to road upgrade

The Northern Territory Treasurer say this year’s budget will focus on infrastructure, social welfare, health and housing.

The Government made its first pre-budget announcement for the year today, saying it would spend $3 million to upgrade Vanderlin Drive in Darwin.

Treasurer Delia Lawrie says she will highlight how the Government plans to get out of deficit when she delivers the budget next month.

But she says a cut in GST revenue is making the recovery harder.

“There are certainly impacts in terms of our reduced GST relativity that is making it more difficult in terms of the step-out,” she said.

“But we’ll still be climbing back into health in the forward years.

“It’s tougher without a doubt because of a reduction in the GST.”

Penola plans for Mary MacKillop pilgrims

The town of Penola is preparing itself for an influx of pilgrims in the lead-up to the canonisation of Australia’s first saint, Blessed Mary MacKillop.

While the official ceremony will be in Italy in October, the South Australian south east, which was Mary MacKillop’s former home, will also be a strong focus of attention.

Wattle Range projects manager Glenn Brown says the Council has met with consultants and has come up with a list of infrastructure priorities.

“It’s really about appropriate footpaths, improved lighting, parking for buses and visitors and also the street furniture and planting of trees that’s been identified – and the need for additional public toilets,” he said.

“We’re estimating the cost to be $810,000 and that may be sufficient to do all of the work or in fact the majority of the work.

“We’re just waiting for the final report from the consultants who are advising us on the nature and style of footpaths and street furnishings and just how to get the best approach to solving these problems and we hope to have that report in the next two months and that will give us a plan that’s very consistent and appropriate to the Penola situation.”

Group calls for motorway barrier after cyclist killed

A group representing Sydney cyclists says improved infrastructure on the city’s motorways could have saved the life of a Wollongong cyclist who was hit by a truck on Saturday.

David Williams, 37, died after a truck crashed into him and three other riders who were cycling on the M4′s breakdown lane near Penrith.

Workcover is investigating whether driver fatigue was a factor in the incident.

Andrew Dodds from Bike Sydney says the installation of a protective barrier could have saved the man’s life.

“The RTA has some great guidelines on cycling and what to build and they’re guidelines only so there’s no mandatory thing about it,” he said.

“So they recommend that if the traffic’s over something like $70,000 or $80,000 dollars and you have a certain number of cars – which obviously freeways would have – there should be a proper separated barrier there for cyclists.”

Council to focus on waterfront infrastructure

The Gold Coast City Council says it will take more interest in the condition of jetties, pontoons and revetment walls on waterfront properties.

Councillor Eddy Sarroff says a report into aging waterfront infrastructure highlighted there were public safety and environmental concerns.

Councillor Sarroff says a number of pontoons were dislodged during February’s flooding in the Coomera River.

“What we are saying is that we are encouraging property owners fronting the waterways to ensure their revetment walls are structurally sound and that those structures are maintained regularly,” he said.

Ex-Howard minister gets tertiary appointment

Adelaide University has appointed former Howard government minister Robert Hill as its new chancellor.

The former South Australian senator replaces John von Doussa QC.

He will retire in July after six years in the role.

Mr Hill says Adelaide University is financially sound but needs more infrastructure to cope with rising educational demand.

He says one third of students at the university are from overseas, but the competition is getting tougher to attract them.

“You won’t get the same flood that’s come in recent years, you’ll have to go out and compete for students whereas there hasn’t been so much need for competition in the past,” he said.

“I don’t think it’s been an over-reliance, it’s happened very quickly but I think it’s been a good thing overall.”