ADB to tap $700 mln to combat climate change

The Asian Development Bank (ADB) on Thursday said it is planning to channel around 700 million U.S. dollars from two new investment funds to its developing member countries as part of a broad global initiative to help developing countries meet the cost of actions needed to combat climate change.

Donor countries, including Australia, France, Germany, Japan, Netherlands, Norway, Spain, Sweden, Switzerland, United Kingdom and United States, pledged over 6.1 billion U.S. dollars in 2008 for the Clean Technology Fund and Strategic Climate Fund.

The two funds are designed to be interim financing tools and will be discontinued once the United Nations Framework Convention on Climate Change completes deliberations on a new global program for addressing climate change, and the new financial mechanisms needed to support it, the ADB said in a press release.

The Clean Technology Fund, to be issued in concessional loans, will support the deployment of low carbon energy technologies as well as energy efficiency measures for industry, commercial buildings and municipalities. Activities supported by this fund will get co-financing from ADB's regular operations, and this is expected to mobilize additional financing from both the state and private sectors.

The Strategic Climate Fund, to be issued in grants, will support pilot programs on climate resilience, forest investment and scaling up renewable energy use for low-income countries, with the end goal of demonstrating effective climate mitigation and adaptation interventions that can be expanded and replicated in future.

Official: Malaysia not directly affected by Dubai crisis

Malaysia is not directly affected by the debt crisis in Dubai, a Malaysian official said on Thursday.

Malaysian Minister in the Prime Minister's Department Nor Mohamed Yakcop made this remark after opening the Eighth Malaysia International Trade and Consumer Fair near here.

Nor said that compared with the subprime crisis originated from the United States, the crisis in Dubai involved a loss of 80 billion U.S. dollars, which was much smaller than the 1.5 trillion U.S. dollars loss in the earlier crisis.

Nor also said that the markets in Europe and the U.S. did not react negatively in the first two days after the Dubai crisis shocked the world.

Dubai fell into to a debt crisis when its state-owned investment flagship Dubai World asked for a delay in repaying some of the 60 billion U.S. dollars it had owed to creditors.

However, many heavyweight investment institutions cast doubts on the current default by warning that Dubai's debt might be over 80 billion U.S. dollars while some dubbed the Dubai crisis as the second financial crisis.

Nor said that indirectly, the Dubai crisis might have impact on financial centers in the U.S., London or Europe but there was no direct impact on Malaysia.

The minister also said that Malaysian contractors were investing around the globe and there might be some in the Middle East, but he had no actual statistics in hand.

On another note, Nor said the Malaysian government was not planning to roll out the third stimulus package for the country as the recovery process was going on well.

Nor said that after three consecutive quarters of contraction, the fourth quarter might be able to register positive growth.

The Malaysian government unveiled two stimulus packages worth a total of 67 billion ringgit (19.14 billion U.S. dollars) in November 2008 and March this year to boost the country's economy.

The fair, organized by Malaysia's Chinese Chamber of Commerce and Industry of Kuala Lumpur and Selangor State, runs from Dec. 2 to 6 and has attracted over 100 local and foreign companies to take part.

Australian Treasurer criticizes CBA rate rise

Australian Treasurer Wayne Swan said on Friday there's no justification following the Commonwealth Bank of Australia's (CBA) decision to raise its interest rates beyond the increase by the central bank.

CBA, Australia's biggest home loan lender, will increase its standard variable home loan rate by 37 basis points to 6.61 percent effective from next Wednesday.

Westpac also this week announced it would raise its standard variable rate, by 45 basis points to 6.75 percent.

The Reserve Bank of Australia increased its base cash interest rate by 25 basis points on Tuesday to 3.75 percent.

"I've said before there is no justification for Westpac and I believe there's no justification for the Commonwealth Bank to move their rates above the official interest rate rise from the independent Reserve Bank,"

"I believe their customers will be angry with these actions." "I believe they will be disillusioned," Swan told reporters.

Swan was however pleased to see competition from other banks such as the NAB which was not following its competitor's rate rise.

"It's good to see there's some competition out there," he said.

"These banks will have to live with the consequences of their action, and I believe they will be harshly judged by their customers and by the broader community."

Dollar steadies at lower 88 yen in Tokyo

The U.S. dollar stood firm at the lower 88 yen level Friday morning in Tokyo.

The dollar bought 88.26-28 yen at midday, against 88.21-31 yen in New York and 87.75-76 yen in Tokyo at 5 p.m. Thursday.

The euro was quoted at 1.5061-5063 dollars and 132.93-98 yen, compared with 1.5050-5060 dollars and 132.83-93 yen in New York and 1.5116-5118 dollars and 132.65-69 yen in Tokyo late Thursday

Motorola introduces advanced Bluetooth technology in Indonesia

U.S.-based mobile telecommunication producer , Motorola, introduced its latest Bluetooth gadget embedded with its brand new bone conduction technology for Indonesian customers on Thursday.

Unlike the other ones currently available in the market, Motorola's bone conduction Bluetooth gadget, codenamed HX-1, offers a particular technology that uses highly sensitive censor to transfer vibrations resulted from human ear's bones while they are talking, into clearer voice vibrations that received by inner hearing organs.

According to Tracy Yeo, a Motorola's senior official who oversees Motorola's retail sales operation in the Southeast Asian region, with such a technology HX-1 is particularly different from the other Bluetooth gadgets that are still using eardrums to transfer voice vibrations to human inner hearing organs.

"The bone conduction technology is derived from military telecommunication technology that demands high-quality and accurate performance in such an extreme condition to help succeed military operations," Tracy said on the sidelines of Motorola's MoU signing with Indonesian mobile telecommunication gadget vendor, Wellcomm, here.

The Singapore-based Motorola official said that Indonesia becomes the third country in the Southeast Asian region, after Malaysia and Singapore, where Motorola launched its HX-1 Bluetooth gadget.

China became the first Asian country to see the launching of the gadget in the continent that was conducted in June this year, she added.

According to Tracy, besides offering super clarity voice, Motorola HX-1 Bluetooth gadget also offers superb noise reduction technology that allows users to have comfortable phone conversation amid extremely noisy background.

The gadget is able to completely eliminate extreme noises around the user while he was talking through the gadget that makes his talking counterpart receives the clear voice of the gadget user only.

Opening Pandora's box

Eleven years ago James Cameron's Titanic premiered in China and was the country's highest-grossing film, until Transformers 2 this summer.

Now, a month before his 3-D extravaganza Avatar debuts in theaters here, the director is talking up his latest creation.

"The Chinese economy is growing so rapidly (and) is beginning to face the same problems that we've had in America and Europe, such as the degradation of our natural environment and resources," says Cameron in a telephone interview.

"I think that for anybody that loves nature, for anybody that feels that their life is being changed by living in a technological society or civilization, Avatar has something to say.

"The theme is going to have relevance for Chinese people the same way it has in all the places that is dealing with this issue about industrialization."

In the $230 million fantasy film, Cameron creates a new alien world named Pandora, where Avatars, or hybrid creatures that are a mix of the DNA of humans and the local species Na'vi, fight with pure Na'vi - tall, blue aliens - for a precious mineral on the planet.

Cameron's other smash hit, The Terminator, is widely known as being inspired by a feverish dream in 1981, in which he saw a chrome, metallic and skeletal robot came out of a fire.

Avatar, he says, was inspired by all his dreams.

"I call it my dream project, or pinch-me project. It pinches me and lets me know I am actually awake now," he says.

Cameron, whose parents were an electrical engineer and an artist, was keen on futurology even as a kid. He read science fiction during the day and painted the subjects at night.

The University of Toronto dropout did various jobs, such as truck driver and machinist, while writing and illustrating science fiction stories. In 1977 he decided to start his film career after seeing Star Wars, which stunned him and made him obsessed about how George Lucas had done it.

"For me, Avatar is the opportunity to do the kind of movie I've always dreamed of making, in which you create an environment, plants, landscapes and creatures," he says. "I guess I've been working toward it for all this time."

To make the flick, which according to Wired Magazine could change the way people watch films, Cameron has worked hard in the 12 years since making Titanic, even though he directed no feature films.

He partnered underwater camera specialist Vincent Pace and deep-sea explorer Andrew Wight to make four documentaries on the deep ocean, two in 3-D, while perfecting what he visions as "the holy grail of cameras" - a high-definition rig that is maneuverable, digital, high-resolution, 3-D and will not give viewers a headache.

He let other directors, such as Robert Rodriguez, test his system to demonstrate demand for more 3-D movies, while talking directly to theater owners to persuade them digital 3-D is the new trend in cinema and they should invest in new-generation projection systems right away.

In 2002, when Peter Jackson's Weta Digital in New Zealand created the stunningly believable computer-generated character Gollum in The Lord of the Rings films, Cameron found the special effects technology was ready, too.

After four years of production, Avatar turned from being an idea in his mind for 15 years to be the first action movie shot entirely in digital 3-D. The characters and objects appear to leap from the screen. Around two-thirds of the film is computer-generated, one-third real. Cameron deliberately blurs the distinction between the two so it is hard to tell where reality ends and fantasy begins. The film features more than 3,000 effects shots, and Cameron has redone many of them up to 20 times.

"We have accomplished a lot," he says. "We figured out how to create a photo-realistic world, plants and characters. But what we didn't figure out is how to do it faster, so my next goal is to figure out how to do a film like Avatar, maybe in two years instead of four."

Known as a genius for the way he seamlessly combines technology and storyline, Cameron is alert to the epic's emotional appeal.

The hero Jake Sully, an Avatar played by Sam Worthington, falls in love with Neytiri, a Na'vi princess played by Zoe Saldana. Their emotional bond, as Cameron elaborates, is at the center of the film.

"I learned the lesson on The Terminator 2 that if a movie doesn't have heart, doesn't make you feel the emotion, it has no purpose," he says.

"The film is a little bit overwhelming from a technical stand point, but I think the audience cares more about what they see on the screen, they care about the people, the relationship."

In Titanic, Cameron found the balance between technology and emotion was one of the biggest challenges for a filmmaker. Fortunately he made it, by putting the visual effects, giant sets and thousands of actors, in balance with small intimate moments, to make the film really resonate for the audience.

"You will see the same balance and blend in Avatar," he promises. "It costs a million dollars a minute to do computer-generated characters in Avatar, so it's a very difficult thing to stop for those extra few seconds, the extra bit of time to let the characters have an intimate moment together, maybe just a look, a glimpse, or just a line of dialogue, but you have to do it, that's really critical."

In a time when blockbusters need to be "pre-sold", by comic books (Batman), bestsellers (Harry Potter) or toys (Transformers), Avatar does not have these advantages and is a brand new thing to audiences, globally and in China alike. Yet Cameron, who proclaimed, "I am the king of the world", at the 1998 Academy Award ceremony, which he swept with 11 wins, sees it as a legitimate concern.

"It is not a limitation that I ever believed in because Titanic was not pre-sold, True Lies was not pre-sold, and when I made the first Terminator film, nobody ever heard of that," he says.

"I don't think Hollywood should accept that limitation, Hollywood should have the courage to make films. I am sure in the Chinese film industry you have the same issue. People need to have the courage to make new things, even at a blockbuster level of budget."

Blockbusters with a mega budget have become a norm for Cameron. The 55-year-old earned a record $1.8 billion globally for Titanic, which cost $200 million, at the time the most expensive film ever made. When he made The Abyss in 1989, it was also dubbed the most expensive movie ever made, though that was not true. The Terminator 2 was also the most expensive movie made, at the time.

"I do like to make big, expensive and visually spectacular films," he says. "I think the way people should look at this is, you spend the same amount for a ticket, no matter what the movie costs. So if a film costs more and brings more pleasure, more visual enjoyment, more spectacle, that's the best entertainment bargain you can get. As long as my films make money, people should feel good about what they cost."

The film is expected for a theatrical release on Dec 18 in North America and around Jan 2 in China, in both 2-D and 3-D.

Powered by Pivot. RSS Feed & ATOM Feed