Saint life grand

March 5th, 2008

IT MAY not be the great public holiday many had hoped for, but just because most of us will still have to work this St Andrew’s Day does not mean we can’t mark the occasion in style.

From Boston to Beijing, expats and Scotophiles the world over will be celebrating this Friday, and at home the day is set to be observed more widely than ever before - from conventional balls and dinners to some rather more unorthodox, not to say eccentric, events such as an attempt at the world’s largest Dashing White Sergeant and “aqua ceilidhs” in swimming pools.

Despite the attempts by the Falkirk West Independent MSP Dennis Canavan to have the saint’s day declared a full public holiday, last year the Scottish Parliament ultimately voted for a “voluntary public holiday”, though employers and employees may have interestingly differing views as to exactly what that means.

So while Parliament - though failing to guarantee the rest of us the same privilege - is taking the day off (as is Angus Council), it remains unclear just how many firms or employees will be following their example on this holiday of non-obligation. According to the Scottish Chambers of Commerce, the answer is not a lot.

So, if you are one of those who have been denied the day off on Friday, you can at least take comfort in the fact you are not alone. Indeed for a fair few of us, work will actually revolve around the events taking place.

Actors, politicians, and musicians are just some of those who’ll be working on St Andrew’s Day, and here we’ve spoken to a few of them about what the occasion holds in store for them.

But even those of us who’ll be working, there should still be time for most of us to have some fun either before or after work.

The least you can do is make sure you try some traditional Scots’ fare. You could follow the example of some of the colleges which will be serving a “Porridge Breakfast” on Friday morning to international students. And while many a haggis will be consumed on the night, why not sink a right guid willy waught of cholesterol for the sake of auld Sanct Andra in the form of a pie? For Friday will also see the results of the World Scotch Pie Championships announced.

But there’s a whole host of other events taking place, too. The Scottish Government has been busy encouraging celebrations, and earlier this year the First Minister, Alex Salmond, unveiled a programme of St Andrew’s Day events across Scotland and a subsequent “Winter Festival”, which will run from Friday, through Hogmanay, until that next great Caledonian fling, Burns Night, on 25 January.

We’ve asked Scottish notables what they’ll be doing on Friday and also chosen some of the day’s top events to give you a few ideas. So, go on, make it a day to remember.

Karen Dunbar

THE comedian will be treading the boards:

“I’LL be celebrating on the stage at the King’s Theatre in Glasgow with that great Scottish tradition, panto. It’s the opening night of Sleeping Beauty - I play Nanny Begood - and I can’t think of a more fun way to celebrate. I’m sure we’ll make a wee nod to St Andrew’s Day on stage, as I do think it’s an important date. Having said that, though, I really don’t think I know all that much about St Andrew.”

Lorraine Kelly

THE TV presenter will be blowing out her birthday candles:

“I WILL be definitely be celebrating on Friday as it’s also my birthday on that day. When I was at school we used to get the day off, so it was always great to have a holiday on my birthday - I think we should bring that back!”

Linda Fabiani

MINISTER for Europe, External Affairs and Culture will be attending several St Andrew’s day events around the country:

“THIS year there are hundreds of events to celebrate St Andrew’s Day, both here in Scotland and overseas. It’s fantastic to see the enthusiasm around our national day and all our communities celebrating Scotland’s culture. There are ceilidhs the length and breadth of the country, schools are taking part in various ways, celebrating famous Scots, going on Tartan Walks and hosting their own Highland Games, to name but a few.”

Charlie Miller

HAIRDRESSER - will be having a quiet night in:

“I HAVEN’T celebrated St Andrew’s Day since I was very young, but, with all the publicity surrounding it this year, I’ve been reminded of the place it once had in my heart.

I’ve been thinking about it very carefully, and I think that I’ll have a vegetarian haggis supper this year but do something quite big next year.

I’m really glad that interest has been revived in St Andrew’s Day, particularly because it makes us think about the source of the celebrations.

I love all the fun traditions, but St Andrew is a prominent Christian figure, and it’s important that we don’t forget the more serious reasons for celebrating the day.”

Grant Stott

Scotsport presenter, who will be in rehearsals:

“EVERY year at the end of November I’m always locked up in rehearsals for panto, and it’s no different this year. It’s dress rehearsal for Goldilocks and the Three Bears at the King’s Theatre in Edinburgh, but I’m planning on taking a break with the cast and having haggis, neeps and tatties and a glass of Irn-Bru at dinner time. It’s an important day, and I’d like to see it being celebrated in the way it deserves to be.”

Wild Card Kitty

BURLESQUE performer who will be having a “quietly patriotic” night while preparing for her next show:

“I’VE got a big performance coming up in December, so I’ll be at home to prepare. I’ll be making my costume, which has a Little Red Riding Hood theme, and practising my new routine. I’ll still find time for a little celebration, even if it’s very small. I’ll probably have haggis for one and a glass of Irn-Bru.” FIVE THINGS TO DO

TAKE TO THE FLOOR

PRINCES STREET GARDENS in Edinburgh will host an ongoing ceilidh and events, Friday until Sunday, including an attempt to dance the biggest ever Dashing White Sergeant. Glasgow gets its dancing pumps on, too, with the Shindig in the Square in George Square on Friday.

VISIT THE NEIGHBOURS

ONE of the biggest official events is the joint Doors Open Day, run by Historic Scotland, the National Trust for Scotland and Association of Visitor Attractions. On Friday we’ll be able to enjoy free access to around 60 of Scotland’s historic visitor attractions.

GET IN TUNE WITH THE NATION

IN FORT WILLIAM, the whole weekend is given over to traditional music with the Scots Trad Music Awards, ending with the “folk Oscars” - a gala concert at the Nevis Centre, compered by piper Stuart Cassells and singer and broadcaster Mary Ann Kennedy.

TAKE A HIKE

IN ST ANDREWS itself, once the world’s third most popular pilgrimage site, local school pupils will undertake a charity sponsored walk on Friday from Guardbridge, along the final four miles of the ancient pilgrimage route to the ruins of St Andrews Cathedral.

MAKE A SPLASH

ONE of the most bizarre celebrations must be at Edinburgh’s Royal Commonwealth, Drumbrae and Portobello swimming pools, which will lower their water depth for the city’s first “aqua-ceilidhs” set to feature the “Splashing White Sergeant” and “Drip the Willow”. ALSO…

WEEKEND CEILIDH, ABERDEEN

Aberdeen’s weekend of events includes a St Andrew’s night ceilidh on Friday, with a local ceilidh band in a marquee in Union Terrace Gardens. Other events include a Doric Cabaret Evening on Saturday.

Tel: 01224 641122 or see www.aberdeencity.gov.uk

CULLODEN BATTLEFIELD

The National Trust for Scotland is hosting Gaelic music and “living history” recreations at the Culloden battlefield site on Friday, plus a lecture from military historian Dr Christopher Duffy.

www.nts.org.uk

ST ANDREW’S RACE DAY, MUSSELBURGH RACECOURSE

Celebrate the saint on Friday with a flutter, plus whisky tasting, pipe band and dancing.

See www.musselburgh-racecourse.co.uk

OUR SCOTLAND, EDINBURGH

A dramatic showcase on Friday exploring past and present identity, and featuring music and dance as diverse as a Gaelic choir, samba band, bhangra break-dancers, Scottish/African fusion, Irish, polish and Yiddish music.

Edinburgh International Conference Centre, 7:30pm. Tel: 0131-248 4848

THE SLAVES LAMENT, EDINBURGH

Flagging up Scottish ideals of freedom by marking the bicentenary of the abolition of slavery. With soprano Gillian Keith, tenor Paul Agnew and the leading French fortepianist, Jrme Hanta, the evening features Burns songs and music from the Scottish Enlightenment.

Greyfriars Kirk, Edinburgh, 7:30pm. Tel: 0131 473 2000.

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China to raise export tariffs on steel, other commodities to curb trade surplus

March 5th, 2008

BEIJING: Under pressure from the United States and Europe, China said Wednesday that it would introduce export tariffs on some steel products, effective Jan. 1, and increase rates on other items to rein in a record trade surplus and cut energy consumption and pollution.

The changes are likely to raise world prices of products for which China is a major supplier, like steel and coke, while further damaging profit margins for Chinese producers.

The Ministry of Finance said China would also remove import duties on alumina, refined copper and coal to smooth the flow of raw materials into the country.

China has come under pressure, notably from Washington, with the United States set to impose new tariffs on Chinese steel pipe imports early next year at the behest of U.S. steel makers.

The European Union, too, is adding its weight. It has begun an inquiry into whether Chinese exporters, including Baoshan Iron Steel and Wuhan Iron Steel, sell flat-rolled steel in the EU below cost, a practice known as dumping. The inquiry covers \1.2 billion, or $1.7 billion, of imports of hot-dipped metallic-coated steel.

The investigation will determine whether the steel “is being dumped and whether this dumping has caused injury,” the European Commission, the executive arm of the EU, said. The commission has nine months to decide whether to impose provisional antidumping duties for half a year and EU governments have 15 months to decide whether to apply “definitive” levies for five years.

Under global trade rules, the EU has the right to impose extra charges on imports if it gathers evidence any importer has illegally sold below cost.

The changes in the way China taxes its coal trade reflects its shift to a net importer of the fuel for several months this year, as its booming economy, combined with a crackdown on unsafe mining, limits its ability to meet domestic demand.

In an effort to cool investment in the steel sector, export taxes on semifinished steel products will be raised to as much as 25 percent and a 15 percent export tax will be imposed on some stainless steel, welded pipes and other steel products, the ministry said. Existing tariffs on the export of other products, including carbon steel billets and pig iron, will be raised.

The current import tax for alumina is 3 percent while the import tax for refined copper is 2 percent. Imports from Chile, a major exporter with a bilateral free trade agreement with China, are already duty-free.

China had already cut tax rebates and raised duties on some steel shipments this year. But its exports have put pressure on rivals, leading the EU last month to threaten tariffs to shield its producers, including ArcelorMittal, the worlds largest steel maker.

“We had expected the government to keep tax policies unchanged next year as exports have been falling,” said Ma Haitian, an analyst with Beijing Antaike Information Development, referring to steel shipments. “Still, the government raised the tax barriers as its apparently under pressure from the EU and the U.S.”

The export-tax changes on steel products are part of a wider set of revisions released by the government that also covered taxes on agricultural products like cotton.

To meet its World Trade Organization commitments and try to increase domestic consumption, China will cut import tariffs on Jan. 1 on a range of other goods as well, from sporting goods to coffee-brewing machines and automobile gear boxes, the Finance Ministry said.

The import levy on pianos priced above $50,000 will be reduced to 1 percent from 17.5 percent, while that on audio loudspeakers will be cut to 6 percent from 10 percent, the ministry added.

China is trying to raise domestic consumption and reduce its reliance on exports and investment for economic growth, expected by the government to be 11.5 percent this year. A record trade surplus has flooded the economy with excess cash, fueled inflation and stoked speculation in the property and stock markets.

Lower import prices will also help curb inflation, which accelerated to 6.9 percent in November, the fastest pace in 11 years. China has raised interest rates six times this year, and ordered lenders to set aside larger reserves on 10 occasions.

Chinas trade surplus rose 14.7 percent in November to $26.28 billion, one of the highest levels on record, spurring calls from the U.S. Treasury secretary, Henry Paulson Jr., for a faster appreciation of its currency, the yuan.

Ping An shareholders back insurer’s offering plan

March 5th, 2008

SHANGHAI: Shareholders in Ping An Insurance voted Wednesday to approve an offer of new shares and convertible bonds that could bring in about $17 billion in one of the worlds biggest corporate actions to raise new funds.

The controversial proposal, which has caused Ping Ans shares to fall and fueled a slide in Chinas entire stock market, was passed by more than two-thirds of shareholders in the growing southern town of Shenzhen, said official Chinese media and a person with direct knowledge of the vote.

The deal would give one of the largest Chinese life insurers money for possible acquisitions. Ping An has said it wants to expand overseas.

It is unclear how the issue could go ahead. Ping An could face a struggle with Chinas securities regulator, which must rule on any share issue. Last week, the regulator publicly warned companies against hurting the market by “maliciously seizing” money from it.

Ping Ans planned issue of up to 1.2 billion domestic A shares, or 16 percent of its current share capital, plus convertible bonds with warrants, could raise some $17 billion at the latest market price of its local currency A shares. That would make it the largest corporate fund-raiser by far in Chinas domestic securities markets, and the worlds sixth-biggest fund-raiser.

“I am confident that we can transform China Ping An into a global Ping An,” the chairman, Ma Mingzhe, said, according to local news reports, as he fielded questions from angry shareholders who would see the value of their shares diluted by the offering.

One woman asked: “I would like the chairman to explain - why are you doing this? What are you going to use the money for? Do you know how tough it is, to see a 140 yuan stock drop to todays levels?”

Ping Ans A shares have slid to 67.10 yuan, or $9.44, from 98.21 yuan in mid-January, just before the fund-raising plan was announced, and a record peak of nearly 150 yuan last October.

Ma said Ping An needed the cash to keep pace with the boom in Chinas financial industry, and that any large financial firm needed to take opportunities when they arose.

The controversy over Ping Ans plan relates partly to the fact that it has declined to give details of its investment plans or the details of the offer, beyond saying it wants to increase its capital and invest at home and abroad.

A strenuous lobbying campaign by Ping An among big investors, many of which are corporations based in its hometown of Shenzhen, appeared to ensure a comfortable passage of the proposal. The global banking giant HSBC, which owns 17 percent of the company, said it supported the plan.

The benchmark Shanghai stock index, which is 30 percent below a high in October, has dropped since Ping An announced its plan, partly because investors fear the offer could encourage other big companies to propose similar offerings.

The China Securities Regulatory Commission has been scrambling in recent weeks to prop up the market, so many analysts think it is likely to delay or force at least a moderate reduction of the offering.

“Were going to scrutinize very rigorously Ping Ans proposal in accordance with all the relevant rules on secondary capital raisings,” the commissions vice chairman, Fan Fuchun, said.

Ping An executives told shareholders they wanted to diversify the companys assets, into euro-denominated holdings, for example.