Jol under pressure after Arsenal comeback

September 15th, 2007

A superb second-half comeback by Arsenal heaped the pressure on under-fire Tottenham boss Martin Jol as the Gunners prevailed in the north London derby.

Spurs had been leading through a 15th-minute Gareth Bale free-kick and had their chances to add a second, but two goals from Emmanuel Adebayor and a splendid strike from Cesc Fabregas earned Arsenal victory at White Hart Lane.

Adebayor had levelled things on 65 minutes, while Fabregas’s effort came with ten minutes left on the clock. Adebayor added his second and Arsenal’s third in injury time, meaning their rivals still have just one Premier League victory this season.

It was a cruel blow for Jol, who has appeared undermined by his board this season after the infamous meeting with Sevilla coach Juande Ramos. Spurs had not beaten Arsenal since 1999, during George Graham’s reign, and there is a perception Jol that struggles against the “big four”.

It looked like business as usual when Paul Robinson was required to tip over Adebayor’s volley from 25 yards in the early stages. But Dimitar Berbatov was offering a threat for the hosts and he looped a header over the crossbar before getting fouled in the lead up to Bale’s opener. Bale’s free-kicks at the start of last season helped him establish himself as one of the brightest talents around, and his set-piece in the 15th minute was an example of his accuracy. He curled the effort behind Arsenal’s wall and inside Manuel Almunia’s near post, leaving the peroxide Spaniard fuming with himself.

The 18-year-old, with two goals in his first three Spurs matches, was playing on the left of midfield to give Jol’s side balance - but he was also needed to defend as Arsenal attempted to drag themselves level. Adebayor immediately threatened at the other end after the opener, with Robinson required to turn his volley around the post.

The goalkeeper was needed again in the 25th minute when Fabregas broke from the centre of midfield, with Alexander Hleb eventually having the shot and Robin van Persie firing the rebound across the face of goal. Abou Diaby then had an effort from long distance on the half-hour mark, and got even closer two minutes later when Hleb found him free overlapping. Diaby beat Robinson with his powerful effort but it smacked off the crossbar to safety.

With both sides attacking, possession switched frequently and tackles flew in, Jermaine Jenas picked up a yellow card for one of them on Van Persie. Pascal Chimbonda was fouled in stoppage time but was booked himself for urging referee Mark Clattenburg to show his opponent a yellow card.

As expected, Spurs were forced to defend early in the second half, although Berbatov should have added a second goal in the 51st minute, when Steed Malbranque slipped him through and he rounded Almunia but could not do the same to Kolo Tourй, who was the last defender.

Adebayor fired over the crossbar in Arsenal’s next move after Bacary Sagna raced down the right and cut the ball back. The Togo striker then tried to take it around Robinson but the goalkeeper timed his dive to perfection.

Arsиne Wenger then brought Tomas Rosicky on for Diaby to give his side another attacking dimension. Yet Spurs were still threatening a second goal, with Younes Kaboul heading over and Tom Huddlestone cracking a trademark volley wide from Chimbonda’s cross.

Jol has been frustrated with Spurs’ defending from set-pieces this season and a free-kick was their undoing again, with Arsenal levelling in the 65th minute. Adebayor nipped ahead of Robinson to meet Fabregas’s free-kick after Malbranque had fouled Mathieu Flamini.

Shortly after that, Fabregas got his stunning goal, receiving a pass from Rosicky before taking aim from 30 yards and bending into the top corner with the outside of his boot.

Darren Bent came on and was sent through but the striker missed his kick. Adebayor’s volley came in stoppage time to add to Spurs’ misery.

China’s Worrisome Inflation Data

September 15th, 2007

China’s high-speed economy has largely been insulated from the credit-squeeze drama that has pummeled global stock markets.

The mainland’s $2.8 trillion economy clocked 11.9% growth in the second quarter, the fastest pace in about 12 years. And the closely watched CSI 300 Index that tracks listed A-share stocks on the mainland is up a head-turning 130%-plus in 2007.

Indeed, the biggest challenge confronting China isn’t a scarcity of capital, but way too much of it. On top of that, China’s inflation rate has moved up sharply this year. It was 3.2% in the first half, above a 3% government target. On Aug. 12, Beijing announced that its consumer price index shot up 5.6% in July year-over-year, the most dramatic rise in 10 years. Trigger for Social Unrest

Particularly disturbing was the 15.4% year-over-year increase in food prices. The rise in meat prices is mainly driven by an ongoing surge in the cost of pork, China’s staple meat. In recent months, there has been hoarding of meat by anxious Chinese citizens, prompting Chinese Premier Wen Jiabao earlier this year to publicly vow to contain further price rises.

A big jump in the inflation rate, which undercuts the purchasing power of ordinary Chinese families, is a worrisome trend in the eyes of Beijing leaders. In the past, most notably in the months leading up to the 1989 Tiananmen Square protests, inflation has been the cause of great social unrest.

A bigger problem at the moment is that the inflation rate is growing faster than the returns on bank deposits (now about 3.3%), providing a big incentive for Chinese families to shift savings into the raging stock markets in Shanghai and Shenzhen. Economists are somewhat split on what the latest reading on consumer prices means for the overall economy and monetary policy. Central Bank May Move in September

Analysts are quick to point out that if you strip out food, China’s inflation rate isn’t that big a deal. Core inflation, or nonfood inflation, was stable at 0.9% year-over-year. However, Standard Chartered Bank («www.businessweek.com») Senior Economist Stephen Green thinks the latest inflation number, plus the fact that in July, M2, a broad measure of money supply, grew 18.5% from a year earlier, may prompt the People’s Bank of China to raise interest rates twice more this year to prevent the economy from overheating. He expects increases of 27 basis points each that would take China’s benchmark one-year loan rate to 7.38%.

The domestic stock markets remain white-hot, and there are signs that housing prices are on the march upward in some big urban markets. “Shanghai house price inflation is accelerating again, and where Shanghai goes, the rest of China is bound to follow,” noted Green in a research note on the Aug. 13 inflation data.

Lehman Brothers («www.businessweek.com») analyst Mingchun Sun in Hong Kong thinks the higher-than-expected inflation number for July means the central bank will only make one more rate move, probably before the end of September.

Alternatively, Jing Ulrich, chairman of China equities at JPMorgan Chase («www.businessweek.com»), isn’t forecasting another interest-rate hike. She figures raising interest rates more this year would only invite more speculative inflows of capital in search of higher returns and place upward pressure on the yuan, a scenario Beijing wants to avoid.

She argues the spike in food prices likely will prove transitory, since the government has made moves to increase meat supplies. China has already taken steps to increase food supplies, which should ease supply shocks by the end of the year, she noted in an e-mail message. “These include subsidies for hog farming and restrictions on nonfood crops.”

SkyPower, SunEdison ink Ontario solar deal

September 15th, 2007

THUNDER BAY, Ontario, July 9 (UPI) — SkyPower Corp. and SunEdison Canada LLC have jointly been awarded a contract to build a 10 megawatt solar park in northern Ontario.

The Standard Offer Contract from the Ontario Power Authority makes it the second joint venture for SkyPower and SunEdison.

The 10 megawatt solar project, to be located at Thunder Bay, Ontario, will interconnect with local utility Thunder Bay Hydro.

Company officials estimate the solar park will generate enough renewable energy to displace 9,500 metric tons of carbon emissions annually.

Mayor Lynn Peterson said in a statement that the City of Thunder Bay and the Community Economic Development Commission are pleased to welcome the solar farm and new jobs to Thunder Bay. “We are thrilled to be part of this expansion of renewable energy in the north and make Thunder Bay home to one of the first solar farms in Canada.”

A 20-year power purchase agreement for the solar park was awarded to SkyPower Corp. and SunEdison Canada under the Ontario Power Authority’s Standard Offer Program. Under the PPA, SkyPower and SunEdison Canada will own, build and maintain the solar park.

The park is currently scheduled to be operational and delivering renewable power to the Ontario grid by end of 2008.