Food exports to reach $30b by 2020: minister Despite the expected blow to Korea‟s agricultural industry in the wake

of its free trade pacts with the United States and the European Union, the nation‟s food exports will top $30 billion by 2020, the agriculture minister said. Listing the fresh wave of K-pop as a major potential boost to the industry, Agriculture Minister Seo Gyu-yong expressed full confidence in tripling the exports target in less than a decade. “I have no doubt that agro-fishery exports can reach $30 billion by 2020. This is a very feasible number if the figure grows by about 20 percent annually,” Minister Seo said in an interview with The Korea Herald last week. “I am confident that the country can make it onto the top 10 largest food exporter list within the next decade. Free trade agreements pose challenges to the sector, but new markets are also opening up for us with the deals,” Seo said. The ministry‟s export target for this year is $10 billion. Pointing to positive responses to Korean food from Spain and Japan, where he made recent trips, Seo said “K-food” would become ever more popular on the back of K-pop. “Hongcho, a raspberry flavored red vinegar, has become so popular in Japan because K-pop group Kara modeled for it there. K-pop stars are really a springboard to the K-food industry and the marketing help there will greatly enhance exports,” Seo said. Seo, who orchestrated support measures for the sector hit by the FTAs, said the agro-fisheries industry needs to go through reform as trade barriers fall.“The FTAs pose challenges, but they are also an opportunity. Farmers won‟t be able to survive with the old style of leasing on a small patch of land. Their business models should turn into capital intensive, technology-intensive ones,” the minister said. He said reform has become an issue of survival with the Korea-U.S. free trade agreement, which is expected to wipe out at least 12.67 trillion won in local production in the agriculture and livestock industries over the next 15 years, according to government estimates. Seoul in January assigned an additional 2.9 trillion won in support to cushion the impact of the Korea-U.S. FTA. Of the 2.9 trillion won, 2 trillion won will be used as direct financing and 900 billion won in tax benefits. The government will inject 10 trillion won ($8.64 billion) over the next decade to modernize production facilities. The total set aside as subsidies and investment for the agro-fisheries industry is 54 trillion won by 2017. Seo welcomed the government‟s push to ink another trade pact with China and called it an “unavoidable choice” this trade-dependent country needs to make. “We‟re currently conducting working-level discussions with China. The Agriculture Ministry will do the very best to protect the sectors that stand to lose the most with competition from China,” Seo said. “The government will first seek ways to protect farmers of red pepper, garlic, onion and seafood, clear that out with the Chinese counterpart, and proceed to other negotiations,” he added. Labor shortages big topic for local farmers IDA — Labor shortages, immigration and promoting local farm products were some of the hot topics at a town hall meeting on agriculture Monday night hosted by state Rep. Dale Zorn and two other state officials. Almost 30 growers from the county attended the nearly twohour forum at Ida Township Hall. Lack of workers has always been a problem, but some farms are finding it increasingly more difficult to find laborers to plant and harvest crops. Although a shortage of hired hands is not a serious problem in Monroe County, it is becoming a bigger issue for the rest of Michigan, particularly in the prime fruit-growing areas of west Michigan. Part of the reason is the nation‟s crackdown on illegal immigrants and a proposed new federal regulatory program called “e-verify” that may be scaring off some potential migrant workers. The legislation is directed at public employees and contracts and

A friend who works at an international financial institution sends this thought: China might be—probably is— beginning to experience something of a labor shortage.” Roger Bezek of Maybee asked why Michigan stopped printing directories of u-pick operations and roadside stands in the state. This is forcing some employers of very low-end labor in businesses with very severe cost pressures to relocate out of highcost China to other places with bigger surpluses of peasants and other low wage people. “It worked great at the time. The stable ones—Vietnam.” China is Running Out of Cheap Labor Labourers work on the terminal as construction is underway at the new Hefei Xinqiao airport and its four runways.doesn‟t include agricultural workers yet. but they did away with it in the „90s. STR / Getty Images. Up by a lot. “I‟m hearing from some vegetable processors that it may scare off legal immigrants wanting to come here. an Ida grower.My very rough and inexpert. They go to the Canadian parliament. it just makes sense to tie in with Pure Michigan. “Canada‟s model is a good system for greenhouse people. Gordon Wenk. given the demographics of the country.” Much of Michigan‟s agricultural economy is tied up in fruit production and growers can‟t get enough help to pick the crop. So wages are going up. Delmotte said.” Tom Woelmer of Monroe said some migrants who are working legally are worried. 20 or 25 years of supply on hand. But think about the scale of that problem. Unskilled peasants are still flooding into the cities. Zorn said. “The whole immigration system and the process for becoming a citizen is broken down. “It‟s an important issue to the security of our state and nation. noted John Delmotte. probably won't again for another half century at least. violators and farm employers could be subject to paying heavy fines. in Hefei. 2012. We have more diversity in this state than any other state but California. off the top of my head calculation is that all those places with remaining surpluses of ultra low-cost labor have. east China's Anhui province on March 14. a Monroe producer. which is schedule to be completed by end of this year. Both Mr. . tell them how many workers they need and the government provides so many documents for them to work. “That issue (E-verify) came up at a meeting I was at recently. maybe. .” Mr. Rep.” Jerry Heck. deputy director of the Michigan Department of Agriculture and Rural Development.” said Dave Ruhlig. El Salvador. After they have fulfilled their obligation. Pakistan. but not in the numbers they once were and. Wenk said. “There are so many great stories to tell in Michigan. Woelmer and other growers lamented the loss of the “green card” system formerly used in the 1980s that provided migrants legal permits to do seasonal work on farms in the state. frankly. Malaysia. even for mostly unskilled workers. We pay a lot of health care for illegals. Honduras. A country of more than a billion people that we once thought had an essentially unlimitedsupply of ultra cheap workers just doesn't have as many as we thought a decade ago. It‟s more oppressive than a help. However. owner of a large produce farm in Carleton. added.” Mr. they go back to their country because many have family back there. “There is so much name recognition across the nation.” the Ida Republican said. very quickly. told the group that the state is working harder with the Pure Michigan campaign to market more products made in Michigan. if the bill is changed to include farming. “Many (farms) are having trouble now getting help. Indonesia and India— and even the unstable ones—east Africa.

A report by the Washington DC-based Woodrow Wilson Centre has described Pakistan‟s water shortage as deeply troubling. as I think you do.85-million-acre-feet water during April to September 2012. But cabs are. But it is also possible that low-wage workers will be in such low supply that US firms just won't be able to hire any.000 feet and has been termed as a worsening situation.65million-acre-feet water during April-September 2012 while Sindh farmers will get about 28. sources in the Indus River System Authority (IRSA) said on Friday. there will still probably be millions of people who want to come to the US and work for relatively low pay doing relatively low-skill jobs.5-million-acre-land and rice is expected to be cultivated on 6-million-acreland. either here in the US or abroad. The cotton sowing will likely suffer a decline of around 2 million bales while rice around 1. the SAF expert maintained. Pakistan has the right to oppose the Kishanganga project because its diversion will reduce 16 percent of the power generation capacity of the 969 megawatts (MW) Neelum-Jhelum power project on the same river downstream Muzaffarabad in Azad Kashmir. Gas isn't inexpensive. he added. whether you really could run a successful high-income country without mass immigration from pretty poor countries.” he added. And hotel rooms aren't notably more expensive. really inexpensive. And cabs in Seoul are really. But somehow Korean hoteliers find Koreans to clean rooms and taxi cab companies find Koreans to drive cabs. We have to think through what that means for immigration policies. Major crops including wheat. cotton. IRSA Chairman Mazhar Ali Shah said efforts are being made by the authority and also by the government to ensure maximum need of .5 million tonnes. The sowing of major crops including cotton crop in Sindh and Punjab is expected on 8.55-million-acre-feet and Khyber Pakhtunkhwa about 850. The underground water level has gone down from about 70-100 feet to 1. Total availability of water for irrigation purpose will stand at around 63. The SAF experts said the country is heading towards the worst water shortage in the next couple of years due to insufficient water management practices and storage capacity. “Although the IRSA officials have made efforts to release maximum quantity of irrigation water but due to high temperature and low water level in dams. it is not possible to release more water during April to September 2012. One of them being a global shortage of ultra low-wage workers. I note that even cab drivers and hotel maids in Korea are Korean. an expert in Sindh Agriculture Forum (SAF) said. Even at that point. Punjab will get around 31. the farmers in Punjab and Sindh will get around 10 percent less water for Kharif crops against their respective water requirements. rice and maize will face more than 10 percent water shortage for irrigation from April to September 2012 during the Kharif season.In two decades. So it's not like being a cab driver pays better in Korea than it does here. I'm just back from my fourth trip to Seoul in 18 months.90-million-acre-feet out of which water share of Balochistan will be around 2. Due to short release of water in the canals system. Kharif season: „Crops to face 10 percent water shortage in Apr-Sept 2012‟ KARACHI: The agriculture sector of the country will face an overall 20 percent water shortage from April to June 2012.000acre-feet-water. a lot could happen. so I'm sure hotel maids aren't better paid. he added. During IRSA Advisory Committee‟s meeting. Makes me wonder.

600 super-rich households pocketed an astonishing 37 percent of the entire national gain. awarded to the economist under 40 who has made the greatest contribution to that field.The aftermaths of the Great Recession and the Great Depression produced sharply different changes in U. Most shocking? The average income of the vast majority of taxpayers in 2010 was just a smidgen more than the $29. The 1934 economic rebound was widely shared. The different results in 1934 and 2010 show how a major shift in federal policy hurts the vast majority and benefits the super-rich. who has also served United Nations and World Bank as chief technical adviser said. That was down $127 from 2009 and down $4.7 million per taxpayer. At the top. International Water Expert Bashir Malik. Malik said Save Water Save Pakistan Forum will initiate a campaign to highlight water and energy crisis and their solution at national level for which they will have dialogues with the national leadership besides conducting seminars and conferences with the help of technical and legal experts. But since 1980 policy has focused on helping the already rich get richer still with such policies as lower taxes and fewer audits. with strong income gains for the vast majority. Compared to 1966 their income was up on average by $18. we saw the opposite as the vast majority lost ground.S. Their data expands on what I reported first last fall .Saez shows () that the top one percent's share of real income growth is increasing with each economic expansion and it matters not whether the president is a Democrat or Republican. 65 percent of Bush-era growth and 93 percent of Obama-era growth. NEW POLICY BOOSTS THE RICH Starting in 1933.median pay fell in 2010 to its lowest level since 1999 (). the bottom 90 percent. The updated figures illustrating income changes. all in 2010 dollars. and a 2010 MacArthur genius grant. but all of the gains were among the top 10 percent. National Income Gains In 2010 Concentrated Among 15. National income gained overall in 2010. the super-rich saw their 2010 average income grow by $4. the gains were extraordinarily concentrated among the super-rich. In this regard IRSA and Water and Power Development Authority (WAPDA) are concentrating to maintain balance in releasing water for hydropower generation and irrigation purposes.In 2010.600 Super-Rich Households March 15 (Reuters) . though . government policy aimed to improve the lot of the vast majority through such policies as massive government-financed jobs and construction programs.We should expect this pattern of concentrated gains weighted toward the very top to continue unless we change our policies. Even within those 15. of which wages are just a part.448 average way back in 1966.842 from 2000. incomes that tell us a lot about tax and economic policy.8 million.6 million households. the top one percent of the top one percent.840 in 2010. The top one percent enjoyed 45 percent of Clinton-era income growth. the cheapest and environment-friendly solution to water and energy crisis in Pakistan is the Kalabagh Dam. come from analysis () of the latest IRS data () by economists Emmanuel Saez and Thomas Piketty.2 million over 2009 to $23.water to the farming community. Just 15. was $29. which can only be built by a patriotic and brave leader having the courage to break all the barriers in the best national interest. Saez and Piketty show that the vast majority's average adjusted gross income. Saez received the 2009 John Bates Clark Medal.

If we don't.that is only through 2010. encourage reinvestment of profits at home. while Obama called Wall Street executives "fat cats. Roosevelt brought in trustbusters. while denouncing greed and irresponsible conduct. Changing how business and government operate can be a slow and difficult process. click here. instead. Nonetheless. the vast majority will see their incomes go on eroding slowly while those at the top enjoy an everlarger share of national income and wealth. Government policy can change again and for the better. His administration has failed to prosecute the central figures in the frauds that created our economic distress. A key aspect of the integration is including behavioral science to a much greater extent in a field that has been seen as a biophysical sciences playground.not a pretty picture for anyone." he surrounded himself with financial insiders with the exception of Elizabeth Warren. The inevitable result will be economic. the Harvard bankruptcy expert now seeking election to the U. spoke of government that "helps families find jobs at a decent wage" (). again less specific. but a conference before June‟s U. FINANCIAL INSIDERS By contrast. the social sciences and humanities are taking center stage.N. integrated entity to coordinate and advance research on global environmental change. We need to adjust our focus away from financial sector profits to people.S.S. I think the evidence makes clear that government policy is at the core of the differing fortunes of the vast majority and the superrich. As David Willetts. We need to increase spending on education and research to maximize returns from human capital. political and social instability . But altering the way science is done is even stickier and more ponderous. We need to create jobs rebuilding our decaying infrastructure so people and goods move efficiently. Senate. letting mismanaged banks and insurers receive their just desserts in U. Research scientist Gail Osherenko is blogging for Miller-McCune from the Planet Under Pressure Conference in London. Britain‟s Minister of State for Universities and Science. “At this conference. Roosevelt in 1933 specified "callous and selfish wrongdoing" by bankers abusing a "sacred trust. summit offers some hint human processes may join natural ones in developing solutions. Adding People to the Climate Change Equation People‟s behavior has been noticeably absent in science on sustainability. Inaugural addresses of Franklin Roosevelt and Barack Obama bring this into sharp focus." Obama vaguely referred to the "consequence of greed and irresponsibility on the part of some. We can create a growing economy with widely shared prosperity. scientists from a wide range of disciplinary backgrounds at this week‟s Planet Under Pressure Conference moved a step closer to creating a new. We need to honor markets. We need to reform taxes to discourage capital withdrawals and offshoring and." Roosevelt said that "our greatest primary task is to put people to work" () Obama.” . reformers and even an expert at Wall Street manipulations to implement policies benefiting the vast majority. While markets are a factor. said in his closing-day address. Bankruptcy Court. For other posts from her. Both spoke of the need for restoring confidence.

• In response to the need for science that is solution-oriented. where funding for biophysical and natural sciences far exceeds support for researchers working on governance. introduced Future Earth as “a new contract between science and society. Now. civil society. • We need to change course in this decade. Conference on Sustainable Development. Creation of Future Earth may not look like a momentous accomplishment after 18 months of planning by the science community. the Convention on Biological Diversity and the Framework Convention on Climate Change. food security. which includes business. integrative and solution-oriented research. integrated and international. I can attest that social science has had difficulty joining and finding research partners within the big global change programs.” He welcomed existing programs to be part of Future Earth. communities and industry — as they search for solutions to address water shortages. and human health. international agencies and governments. • We are on a course for profound changes that are likely to be highly destructive to human wellbeing. is itself a buildup to the 2012 U. the research community is welcoming and funders (especially the Belmont Forum. a new era marked by human domination of Earth‟s systems. but it is far more than moving the deck chairs on the Titanic. whose members include science funding agencies from 10 countries and the European community) demand integration of natural and social science as well as research users — policymakers. Planet Under Pressure‟s conferees developed a four-page State of the Planet Declaration summarized here: • Humans have driven the planet into the Anthropocene. dubbed Rio+20 as it marks two decades since the groundbreaking United Nations‟ Rio summit that produced two landmark treaties.” Its “core principles are international. Future Earth recognizes that things are interconnected and “takes advantage of 30 years of earth system science generated from the global environmental change community. They recognize. Future Earth: research for global sustainability. As a researcher myself. five large global environmental research programs (represented among the organizers of the conference) support a major research initiative. Britain‟s Willetts called for “a commitment to mainstreaming sustainable development” even as he acknowledged that working together across disciplinary boundaries can be as tough as . regulators. NGOs. A transition team will launch Future Earth formally at RIO+20 in June and expects to have a new governing council in place by January 2013. For the science community. risk assessment.” He called for “fierce urgency and a great transformation” as we head into a 3-degree warmer planet. held in London. Johan Rockstrom. this requires a new contract between science and society. NGOs. human behavioral change or other social phenomena. that the social sciences and humanities will be necessary to understand how to modify the diet of the developed world so that grain to feed livestock can be used to feed humans and to reduce pollution from overuse of nitrogen-rich fertilizers.The conference. co-chair of the Future Earth transition team and executive director of Stockholm Resilience Center. for example.N.

RIM announced the changes as it announced quarterly results that fell short of Wall Street expectations. “30 percent of all food grown worldwide is lost in the long journey to reach consumers. This compares with $US934 million. “I sit here as an embarrassed U. “We can focus on physical and natural science phenomenon. both international and among business.78 per share. • Improving forecasting and response to the risks of climate change to prevent further losses. or 24 cents a share. Rockstrom sympathized. Climate change has already cost trillions of dollars and thousands of lives with the poorest and most vulnerable people suffering most.70 million). which is necessary in moving to a “decarbonized” economy.” Understanding human behavior might need to start close to home for many of the academics. and (Rio+20) will be important to catalyze change for a global green economy. “very intense negotiations have been going on in New York this past week. he noted. Elizabeth Thompson.” Willetts highlighted three priority research areas where interdisciplinary approaches are essential: • Changing how urban and national infrastructure is planned and developed in order to live with environmental changes. Net loss was $US125 million ($A120. To remedy this waste.After excluding one-time items. assured conference participants. Conference on Sustainable Development calling on universities and business schools to teach sustainable development. “I know many postdocs under pressure. and in some cases 50 percent is lost. And yet. adjusted income was 80 cents per share. • Implementing full-cost accounting for planet-warming carbon emissions. but what is most important to meeting the challenge is understanding and changing human behavior. Blackberry admits consumer market failure RIM said it would focus its consumer efforts on targeted offerings that tap the company's strengths. or $1.K." RIM CEO Thorsten Heins said. science and government to meet these three research challenges.” Planet Under Pressure organizers also aimed to energize and motivate governments to attend and take action at Rio+20. citizen where my own British MP has yet to commit that he will go to Rio. a penny short of expectations from analysts polled by . Stand by to see if Rio+20 catalyzes change and if Future Earth revamps global change science to produce real solutions for this planet under pressure.working across national ones. That includes devices that employees will want to buy on their own and bring to the corporate environment. in the fiscal fourth quarter. which seldom recognize interdisciplinary research and only credit publication in journals from traditional disciplines.” She also shared news of a new higher education sustainability initiative by the Secretariat for the U.N. Willetts stressed the need for collaboration. "We can't do everything ourselves but we can do what we're good at. we need to understand consumer behavior. a year ago. A “Postdoc under Pressure” texted a question to the conference on why there was no discussion of the pressures scholars face in universities. The company was exploring partnerships and other opportunities for consumer products that are not deemed central. he concluded.” As an example. executive coordinator of Rio+20.

73. sell commodity currencies. Such expectation was fulfilled as EU finance ministers concluded the meeting by raising the ceiling of the combined lending power of ESM and EFSF to EUR 800b.4 per cent. In particular.2 billion. The bias is still there and we'd continue to favor stronger rise in EUR/AUD and GBP/AUD this week. In extended trading after the results came out.2 billion from $US5." The Canadian company has long dominated the corporate smartphone market.22 a share. Analysts were expecting $US4. the PlayBook received negative reviews because it launched without an email program and the popular messaging service BlackBerry Messenger. Fiscal year-end repatriation balanced selling pressure in the Japanese yen and most yen crosses were stuck in range last week. the stock increased 6 cents to close at $13. in particular aussie.RIM also bombed in its efforts to produce a tablet computer to compete with Apple's iPad. RIM earned $US1. BGC Financial analyst Colin Gillis said: "They are conceding the high-end consumer market with all these services that are wrapped around the platform. but that has faced multiple delays.For the full fiscal year. RIM has had limited success trying to enter consumer markets in recent years. For that reason.more than what RIM shipped in the past three quarters combined. the tablets that originally cost $US500 ($A483) were selling for $US200 ($A193).6 billion. That compares with net income of $US3. commodity currencies." Euro To Extend Rally As EU Boosts Firewall To EUR 800B The major theme last week was buy European majors.40. RIM has been counting on improvements with its forthcoming BlackBerry 10 system. Buying in EUR/AUD could intensify if the official Chinese manufacturing PMI to be released on . below the cost of making them." said Heins. BlackBerrys also lag iPhones or Android phones when it comes to running third-party applications. The euro was firm on anticipation of the finance ministers meeting during the weekend and on expectation that there would be a final agreement on boosting the firepower of euro zone's bailout funds.Apple sold 37 million iPhones in the last three months of 2011 . Among other things.5 billion. on revenue of $US18. RIM shares fell 33 cents. who took over the company in January. as employees demand iPhones or Android devices over BlackBerrys. or $2. and Heins said a turnaround required "substantial change". which ended on March 3. RIM has sought to expand its appeal to consumers. with its BlackBerrys known for their security and reliability as email devices.9 billion in fiscal 2011.1 million BlackBerrys in the latest quarter.FactSet. EUR/AUD could break through 1. "We believe that BlackBerry cannot succeed if we tried to be everybody's darling and all things to all people. but it has had trouble because the phones aren't perceived to be as sexy as its chief competitors. or 2. RIM shipped 11.4 billion. On the other hand.Revenue fell 25 per cent to $US4. or $6. was pressured on concern of slow down in China. During the regular session. on revenue of $US19. to $13.34 a share. Our view on long European/commodity crosses was correct last week as as GBP/AUD. BlackBerrys are losing ground even in the business world. we plan to build on our strength. US dollar was mixed as equities consolidated while treasury yield dipped for most of the week. In December. "Therefore.3 psychological level as reaction to the euro zone finance meeting news. US President Barack Obama refused to part with his BlackBerry after he took office. AUD/CHF and EUR/AUD occupied the top three positions in the top movers table.4 billion.

And EU ministers now urged IMF to increase its resources by raising as much as $ 600b in April in Washington. ESM is the main instrument and EFSF will only continue to program that has already started.After the meeting in Copenhagen. euro zone finance ministers pledged an additional EUR 150b bilateral contributions to the IMF. we'll hold back on this view if the Chinese data beat expectation and would assess the outlook again after the week starts. considering the above strategy of long EUR/AUD. the two taxes showed remarkable similarities. one in July and one by October.. Carbon or resource rent tax? The ANC appears ambivalent about introducing a carbon tax if its policy discussion document on state intervention in the minerals sector is anything to go by. more than USD 1T. as programs started by then would continue. EFSF can still engage in new programs to "ensure a full fresh lending capacity" of EUR 500m. The detail of the program is that before July 2012. it's known that BRICS countries would only support increase in IMF resources if they are give more say. in its 2012 budget. the tide seemed to be turning to yen shorts against. the paid-in could be further accelerated. euro zone finance ministers have agreed to mobilize an "overall firewall" of approximately EUR 800b. However.3% in 10 year US yield will be watched this week and if broken. Also. we should note that most yen crosses seemed to have completed a three wave consolidation on Thursday or Friday and we'd possibly likely seen upside breakout this week. we should note the strong rebound in US treasury yield on Friday. Another two tranches will be paid in 2013 and the fourth tranche will be paid in 1H 2014. according to local . But during the the transitional period between July 2012 and mid-2013. which could also mark completion of recent pull back. stronger selloff in the Japanese yen would likely be seen. So altogether. we would prefer long in USD/JPY. announced plans for a carbon tax as early as 2013-2014. the total is around EUR 800b. GBP/AUD etc. EU finance ministers also agreed to accelerate and make available the paid-in capital of the ESM. Though. Indeed. In addition to the mentioned EUR 700b. Besides. So such political development would be watched in the coming weeks. barely two weeks after the treasury. We anticipated a slightly deeper pullback in yen crosses but that didn't happen. And to maintain a 15 ratio between the paid-in capital and outstanding amount of EMS issuances. Such a strategy wasn't fruitful last week as repatriation buy in yen was not strong enough.Sunday dipped below 50. Anything other than commodity currencies against yen would be favored. EFSF is the main instrument. Two tranches of capital will be paid in 2012. Technically. ECB Vice President Vitor Constancio played down the significance of raising the IMF warchest to euro zone but empathized that it's "not a specific fund or specific account for Europe" but "a recognition that in general for the world economy the IMF needs to have more resources". 2. The document was released on Monday. After July 2012. we slightly prefer long in USD/JPY this week as a hedge. Although the ANC laid out plans for a resource rent tax (RRT) instead. IMF chief. In addition. EUR 59b out of EFSF and EUR 53b out of the bilateral Greek loan facility has already be paid. And the overall ceiling of ESM/EFSF will be raised to EUR 700b even after mid-2013. Though. That is. We also mentioned last week that we favored short in commodity/yen crosses. EUR/JPY and GBP/JPY. Lagarde welcomed the decisions to "strengthen the European firewall.

he said. Du Plooy said. The report stated that the carbon tax should be "reconfigured". some carbon emissions are inevitable and. outlined the many similarities between the two proposals .as well as how the revenues were used were of massive significance. he said. the companies that do so must be able to make a profit but argues that an excess profit. Even the form of the two taxes was similar. a tax on excess carbon emissions. natural resource charges or tradable permit systems". It recognises that. a tax of R120 a tonne of carbon dioxide equivalent emissions. But in its discussion document on social transformation. But the treasury suggested a higher tax-free threshold for process emissions and limitations of the cement. in the course of economic activity. In its document the ANC stated that the carbon tax "could be extremely damaging to our economy and should be put on hold". a basic tax-free threshold of 60% was envisaged. roughly about 15%. thresholds and exemptions -.through rates. possibly by a higher resource rent tax linked to carbon emissions and a basket of supply and demand side measures to reduce emissions. Both. "A carbon tax that kicks in only above a certain threshold acknowledges that. It also highlighted the need to introduce policy measures to support mitigation efforts. in a way. above agreed-upon thresholds. It was deemed costly and would "potentially render many energy-intensive beneficiation operations unviable". after a normal return on investment was achieved. with the carbon tax kicking in only above a certain threshold. iron and steel. in the short term." The way in which the tax would be levied -.experts. is neither sustainable nor fair." said Du Plooy. similar to the existing carbon tax on vehicles. aluminium and glass sectors to mitigate emissions over the near term should be considered. he said. other pollutants and "the overexploitation of a scarce resource though mechanisms such as taxes. Peet du Plooy. It stated that there should be additional relief for trade-exposed sectors or industries up against international competitors that did not face similar taxes and emphasised the necessity of a phased approach. This is compounded by the fact that South Africa's electricity generation accounts for about half of all the country's greenhouse gas emissions. programme manager for sustainable growth at research institution Trade & Industrial Policy Strategies. It was estimated this would yield R40-billion a year. for mineral resources to be extracted. . or rent. Both aimed to price scarce commodities and were tools to improve intergenerational equity. unavoidable. The rationale for the RRT is similar. including developing carbon budgets for significant greenhouse gas emitting sectors and subsectors. The treasury is due to publish a draft policy paper on the implementation of a carbon tax by April. which began modestly and increased over time. a resource rent tax of 50% on all mining yields. could be considered as environment-related taxes as they were levied on natural resources. According to the Budget Review. Tax just over a R100 a tonne The treasury proposed. the ANC highlighted the need to put a price on carbon. "The revised form of the carbon tax is. Private sector sceptical But the private sector has grave reservations over the implementation of such a tax and particularly over the threat it would pose to the competitiveness of South Africa's carbonintensive mining and manufacturing industries. namely minerals and carbon emissions. The ANC proposed.

showed that if the revenues were recycled in the form of tax breaks on income. said that a resource rent tax should not be implemented before a carbon tax. he said. "If you don't have a carbon tax and introduce an RRT. It could also target currency stabilisation. green infrastructure and securing strategic minerals. it stated that temporary mitigation support agreements could assist local companies to remain competitive and create incentives for firms to reduce emissions. But if the revenues were reinvested. no easy Internet connectivity. no global ATMs and no acceptance of credit cards at . done by the United Nations University World Institute for Development Economics Research.Carbon tax to be reinvested? The treasury's carbon tax model. there were risks attached to carbon taxes. he said. Last week World Wide Fund for Nature (WWF) South Africa released a discussion document on carbon tax design options. "Unless a way is found to reduce the impact on the poor. such as free basic electricity. manager of the climate change programme at the WWF. he said. Presently a visitor to Myanmar must be prepared for no auto-roaming services on mobile phones. for example. you provide the government with an incentive not to introduce a carbon tax because they are already receiving additional revenue. Both a resource rent tax and a carbon tax should be implemented at modest but escalating rates to avoid a shock to the economy." But this was not to say that a resource rent tax did not have merits and should not be implemented. there was a significant positive overall impact on GDP. "There is also an incentive to keep the cost of carbon emissions to society as a whole externalised. there was a small negative impact on gross domestic product (GDP). it recommended that they should be confined to a small set of commitments that were easy to verify and the sectors included should be kept to a minimum. mainly on the nonferrous metals such as aluminium and coal. independently managed sovereign wealth fund with a specific investment mandate. Foreign investors call for reforms of Myanmar's banking sector SINGAPORE : Foreign investors are calling for reforms in Myanmar's banking sector to facilitate more investment and currency flows. Du Plooy said. In it. a carbon tax would disproportionately affect them. They say a proper banking system and transparent laws will enable investors to transfer funds more easily into the country. Richard Worthington. given the lack of capacity in both the private and public sectors to implement these. "At high levels it can also put some competitiveness strain on energy-intensive and export-exposed sectors." But he said that studies done by the University of Cape Town's Energy Research Centre on the application of carbon taxes on South African exports showed that they would have a small negative impact on energy-intensive and export-exposed sectors." he said. In principle we should deal with the cost borne by society as a whole first. The revenues should be combined to fund an offshore. But. These agreements would require companies to "undertake mitigation or related activities to qualify for temporary relief from carbon pricing and are thus likely to be more acceptable to policymakers than simple time-bound relief mechanisms". But this could be offset largely by participation in global carbon markets. This could include investments in low-carbon technology. although this mandate would have to be managed separately. But.

11 private and 3 state-run ones . It has been very difficult but we have been there eleven years. As a result. analysts expect foreign investors to rush into Myanmar once the door is opened. and for that to happened. EIPA member and Chairman of the Computer Program Producers' Association in the Middle east. The problem from my point of view is that I am an American and Americans are not allow to invest in Myanmar. EIPA Secretary General. the Kyat. Dr. authors and illustrators. the official rate is 6. Visitors are not allowed to bring in more than US$2. President and CEO of Pan Pacific Hotels Group. they have been working on the currency.000 per person into the country. from 1 April. Johannes Lund." The Myanmar government says it will float its currency. The panel discussion. said: "Operating a hotel in a location like that is always difficult especially in the early days. This is wonderful news. Chairman of Rogers Holdings. Jawad Al Redha. Manager of Cultural Programs at the Executive Office of Sheikha Bodour bint Sultan Al Qasimi. you want to do certain things. said: "One of the problems with investing in Myanmar has been the currency. Abdul Qadous Abdul Razzaq Al Obaidli. Myanmar remains an attractive destination for both tourists and businessmen. visitors may be uncontactable during their stay in Myanmar. Arab and international publishers participating in the book fair. Abdul Rahman Al Muaini. it is good for Myanmar.The Emirates Publishers Association (EPA) in collaboration with Emirates Intellectual Property Association (EIPA) organized a panel discussion titled "Intellectual Property Rights" on the sidelines of its participation at the Abu Dhabi International Book Fair 2012. You want to import items. you could not even know how to invest in Myanmar. analyst at Control Risks.most outlets.4 kyat to a US dollar for their imports although the black market exchange rate is going at about 800 to 820 to one US dollar. EPA discusses Intellectual Property rights WAM Abu Dhabi. 2012 (WAM) -. The hotelier had acquired a hotel in the former capital. Abdul Qadous Al Obaidli highlighted the status of Intellectual Property laws ." Still. We been working very closely with the authorities to ensure not only with compliance but working together to have an environment where foreigners feel comfortable. April 1st. Currently. the banking environment etcetera. Analysts say this would boost its hospitality industry. you need certain legal frameworks including an investment law. The forum was aimed at discussing the legislative framework set by the UAE to protect the publishing sector and the Intellectual Property rights of publishers. we been very focus on what we do. and Kholoud Al Nuaimi. said: "The banking system is underdeveloped and needs to get clear rules on profit repatriation for example. visitors are not allowed to use their own foreign handsets but need to switch to domestic handphones.would initially take part in a daily auction to determine a reference rate for the currency. was attended by Dr. This is to gain first-mover advantage in this resource-rich market. sponsored by the UAE Social Welfare Fund. There were 7 or 8 exchange rates. Fourteen banks . you want to open the restaurants at certain hours. as well as losses resulting from violation of property rights in the world." Currency controls is another common grouse among visitors. Also. And one such beneficiary would be the Pan Pacific Hotels Group. Patrick Imbardelli. Board Chairman and Founder of the Emirates Intellectual Property Association (EIPA). (Another) thing they are addressing at the moment is the dual exchange rate. During the discussion. as well as a number of UAE. However despite all these shortcomings. Yangon eleven years ago. Jim Rogers.

outlined the UAE's laws on protecting the publishing sector against piracy and violation of the rights of publishers and authors. said Intellectual Property protection is one of the most important factors in helping promote the global publishing industry due to its role in respecting the rights of publishers. authors and illustrators. the Treaty of the World Intellectual Property Organization and the TRIPS Agreement of the WTO. Jawad Al Redha. This comes at a time when the UAE has reaffirmed its commitment to international laws related to publishing.and penalties applied against violators. He made a presentation on the concept of Intellectual Property and explained how individuals and organizations can protect their rights and prevent piracy. which would have moral and material impacts on them. a workshop was held entitled "Addressing Publishing in the UAE" in the presence of members of the Board of Directors of the Association. as many manufacturers are reluctant to enter markets that do not protect their trademarks. during which a number of issues and developments that concern the publishing sector were discussed. and is one of the top 30 countries globally in the protection of copyright and Intellectual Property. They also addressed ways to remove obstacles facing publishers which are hindering their efforts to develop the publishing sector. Dr. She pointed out that the UAE has made remarkable achievements within a few years. Sheikha Bodour bint Sultan Al Qasimi. including the publishing sector. Speaking on this occasion. guide them and exchange views with them the best possible solutions. and its entry into many of the various agreements. On the same day. EPA Chairperson. and expressed her hope that the UAE would take further measures regarding Intellectual Property in order to be among the group of pioneering countries in preventing violations of Intellectual Property rights. "Participating in the Abu Dhabi Book Fair 2012 offered us an important opportunity to highlight the principles of the Intellectual Property association and emphasize its clear-cut stand to implement further procedures in order to consolidate the principles of protecting the rights of Intellectual Property as well as to fight and eliminate all forms of piracy and counterfeiting". although it has been a few years since it issued Intellectual Property protection laws. a goal that tops the Emirates Publishers Association's priorities in its effort to help publishers and facilitate their mission. and the Arab Convention for the protection of copyright. explaining that there is now $63 of counterfeit products for every $100 of their genuine equivalent. also classified as Athalawly the Arab world. patents and trademarks. as well as positive results on the performance of all those working in this field. He underlined the most prominent efforts made by the UAE to update its legal system and its pioneering role in enacting laws that protect various sectors related to Intellectual Property rights. Al Redha summarized losses suffered by computer software manufacturers around the world as a result of piracy and continuous violation of Intellectual Property rights." Sheikha Bodour praised laws and legislation enacted by the UAE to protect Intellectual Property rights and penalties against violators of Intellectual Property rights in the country. it is a signatory to the Berne Convention. EIPA member and Chairman of the Computer Software Producers Association in the Middle East. Al Obaidli noted that the UAE has managed to put itself at the forefront of Arab countries in the field of protection of Intellectual Property rights. He referred to the negative effects of piracy and violation of Intellectual Property on investment. He observed that losses resulting from theft of Intellectual Property rights globally increased from $51 billion in 2009 to $59 billion in 2010. . stressing the need to raise the public awareness about the importance of protecting Intellectual Property as well as the negative effects and damages resulting from piracy and all kinds of violations.