Monday, October 14, 2013

1016-Alice Munro Wins Literature Nobel Prize

Canadian short-story writer Alice Munro has been awarded the Nobel Prize in literature. Ms. Munro is only the thirteenth woman to win the prize since its inception in 1901. The Nobel Foundation said they had been unable to reach her and had left a message on her phone. Photo: Reuters
Canadian writer Alice Munro won the 2013 Nobel Prize for Literature, cementing her reputation as one of world's greatest tellers of short stories and focusing attention on a literary form that has fallen out of popularity with some readers.
The Swedish Academy said it picked the 82-year-old author—known for her easy-to-read writing style charting the struggles and moral conflicts of everyday characters in rural Ontario—because she is the "master of the contemporary short story."
Ms. Munro is "a fantastic portrayer of human beings," the Academy's permanent secretary, Peter Englund, said in an interview broadcast on the official Nobel Prize website.
Ms. Munro's short stories are mainly set in the southwestern Ontario region of Canada where she grew up and often document the growing pains and dilemmas of young women in restrictive rural environments and their relationships with men.
While her stories often detail a seemingly polite and respectable Canada, the writer has built her reputation on her descriptions of human despair, exploitation and alienation, often focusing on betrayals between men and women.
"The wallowing in the seamier and meaner and more vengeful undersides of human nature, the telling of erotic secrets, the nostalgia for vanished miseries, and rejoicing in the fullness and variety of life, stirred all together," fellow Canadian writer Margaret Atwood wrote in the introduction to a collection of Ms. Munro's stories.
In a statement through her publisher, Ms. Munro said, "I am amazed, and very grateful." The often publicity-shy writer told Canadian Broadcast Corp. that her daughter woke her up in the middle of the night in British Columbia to give her the news.
"She is one of the greatest short-story writers alive," said Michael Dirda, an American who won a 1993 Pulitzer Prize for literary criticism. In a statement delivered through his publisher, U.S. author Jonathan Franzen called Ms. Munro the best living North American writer and said that, after more than a century, "we finally have a Nobel for a pure short-story writer."
Short stories have lost much of their audience following the gradual decline of many popular magazines that once carried them. Ms. Munro said she hoped the award would help give the short story more recognition.
"It is often brushed off as something that people do before their first novel," she said in an interview broadcast on the Nobel Prize website.
Often commended for her precise language, Ms. Munro never strayed from short stories, even as she has talked in interviews of a desire to write a novel. "Between every book I think, 'Well now, it's time to get down to the serious stuff,' " she told the Guardian newspaper in 2003.
Some recent Nobel literature awards appeared to have taken into account political considerations, but the choice of Ms. Munro appeared to be made on a purely literary basis, critic Sven Birkerts suggested. "We didn't have to make the side calculations as to the politics," he noted.
Born in Ontario in 1931 to a farming family of Scottish extraction, Ms. Munro started writing in her teens and has said in interviews that doing that was the only career she really ever wanted. Her first collection, "Dance of the Happy Shades," came out in 1968.

Nobel Prize Winners

Read more about the 2013 laureates.
Mr. Dirda noted that Ms. Munro isn't a "flashy" stylist. Rather, he said, the author's strength has been her quiet depictions of human life, of people in crisis.
One of her most famous stories, "The Bear Came Over the Mountain," deals with memory loss and the love and betrayals of an elderly couple. It was turned into the 2006 film "Away From Her."
Other stories have charted the early pioneers into Canada's then-lightly trodden hinterlands, sometimes revolving around acts of violence. In a rare excursion outside Canada, the "Albanian Virgin," Ms. Munro weaves a character's reflections on her failed marriage and new start with the tale of a Canadian woman's kidnapping in 1920s Albania.
Having written more than a dozen collections of short stories, Ms. Munro has said in recent interviews with several newspapers that she was considering retiring.
On Thursday, she seemed undecided. She told the Canadian Broadcasting Corp. she would stick with that decision but later said in her interview with the Swedish Academy that the award might change her mind.
Ms. Munro, who has said the older she gets the more she likes happy endings for stories, said the award had made her think of her father and "how happy he would have been" and her husband, who died several months ago.
The writer had already won top literary prizes—including the Man Booker International Prize—and had long been seen as a contender for the Nobel Prize.
In her statement, Ms. Munro said she hoped the award also would bring more attention to Canadian writing. In recent decades, the country has been the base of a number of internationally known authors, including Ms. Atwood and Michael Ondaatje.
But she becomes the first writer who has spent her life and career in Canada to win the prize. Saul Bellow, the 1976 prize winner, lived in Quebec until he was nearly 10 but typically is described as an American writer.
The win caused headlines and celebration in Canada, which often sees itself as punching below its weight in global attention. Prime Minister Stephen Harper relayed his congratulations on "behalf of all Canadians" on the messaging service Twitter.
The last American winner was Toni Morrison, who was awarded the prize in 1993.
Ms. Munro is only the 13th woman to win the prize since its inception more than a hundred years ago.
Ms. Munro's books are published in the U.S. by Alfred A. Knopf, an imprint of Penguin Random House that is majority- owned by Bertelsmann SE & Co. Paul Bogaards, a spokesman for Knopf, said Thursday that the publishing house "will be going back to press on all of her works."
Winning can translate into an immediate increase in sales. Arcade Publishing, an imprint of New York-based Skyhorse Publishing, had five works written by Chinese author Mo Yan available in print and digital formats when he won the prize in 2012.
Over the next 12 months, those five titles sold more than 100,000 physical and digital copies in North America, a Skyhorse spokesman said. By comparison, the five titles together sold fewer than 10,000 copies in the prior year in all formats.
At a small Indigo Books outlet in Toronto early Thursday, shoppers were already looking for copies of Ms. Munro's work, said Renato Conti, the store supervisor on duty.
"One of them stormed out because we didn't have a display up for her yet," Mr. Conti said. "I'm sure the head office is racing to get stuff out to stores as soon as possible."

1015-Robots herald brave new world

Despite some concerns, robots seen complementing human activities rather than replacing them

By Kim Young-won 

Sitting at the console of robotic surgery system da Vinci S at the Robot Training Center of Yonsei University Health System, urologist Rha Koon-ho was performing prostate removal surgery.

Peering into a viewer showing a 3-D image of the prostate and managing a controller with each hand, Rha remotely maneuvered tiny robotic arms mounted with surgical scissors and a pincer to cut away the prostate. 

“Performing robot surgery is now like driving a car or playing a video game,” said Rha after wrapping up the hour-long surgery. 

“Operations have become much easier for doctors and for patients, too,” said the doctor, who has performed more than 1,400 prostate removals and 300 operations for kidney cancer with the da Vinci S and Si robotic surgical systems. 

“The next goal of surgical robot technology will be to develop an automated surgery robot, like a self-driving car.” 

Some 10,000 robot-assisted operations for surgery, obstetrics, and urology have been performed at the hospital since 2005, around 1,500 a year. Even though Korean doctors’ robotic surgery skills are advanced, almost all robots used for the surgeries are produced by foreign firms such as Intuitive Surgical, the firm that makes the da Vinci models, because their domestic rivals still lag behind in technology. 

But Rha saw a rosy future for Korean medical device makers, saying “Korea will be able to catch up with those rivals abroad within five years.”

Some large hospitals in Korea are expanding their use of robots from surgery to physiotherapy by introducing robot-assisted gait training systems.

Hyundai Heavy Industries, which entered the robotics business in 1984 and has produced industrial robots since 1997, began mass producing the first surgical robots in Korea last year. 

Around 2.1 trillion won ($2 billion) worth of industrial and service robots were churned out last year, down 0.6 percent from 2011 due to decreased investment in manufacturing facilities and sluggish demand, according to government data to be released later this month.

The Korean robotics industry, however, has grown almost threefold in the five years since 2007, when it marked 750 billion won worth of robot production.

The domestic robotics industry has a high growth potential, according to Cho Yeong-hoon, general director of the Korea Association of Robot Industry, an institute representing the Korean robot industry. 

“A wide range of robots, from those for space and deep-ocean explorations to wearable robots, are in development at robotics firms, institutes and universities.”

Government-led efforts to nurture the sector are also underway, including a comprehensive strategy beginning in 2005 for developing the robotics industry, and a special law to develop intelligent robots, the world’s first of its kind, passed in 2008. 

The Korean government launched the first five-year plan for nurturing the robotics market in 2009 based on the special law, and is scheduled to complete work on the next five-year plan by the end of this year, which will be centered on collaboration between relevant government agencies and convergence of technologies from different industrial sectors, according to the Ministry of Trade, Industry, and Energy. 

Earlier this month, three types of manned and unmanned four-legged vehicles were unveiled to the public during a military parade celebrating the 65th Armed Forces Day. 

The robots saw light after some six years of co-development by 21 government-funded research centers and private defense weapons makers including the Agency for Defense Development, the Electronics and Telecommunications Research Institute, Samsung Thales, Hyundai Rotem and Future Man Electronics. 

The alliance of government agencies and private firms spent 46 billion won on the project. 

“The four-legged robots were developed for surveillance and reconnaissance missions,” said an official from the ADD, adding “They will also be able to be deployed for dangerous missions such as landmine detection.”

The vehicles have a technological edge over foreign mobile robots, including the U.S’ DMARS-E (Mobile Detection Assessment and Response System-Exterior) and Israel’s Guardium, according to the defense agency.

With the wireless-broadband technology and monitoring system, the robots can transport video images to a control center. 

Some other technologies incorporated in the surveillance robots include a stealth system and autonomous driving system. 

The use of Wi-Bro X (Extended) technology also allows control of multiple unmanned vehicles.



Robots in daily life

Robots are infiltrating people’s daily life as well. Automated robot vacuum cleaners, such as Tango made by Samsung Electronics and Roboking by LG Electronics, clean by themselves.  

The penguin-like toy robot Albert, developed by SK Telecom, can be used in several ways, such as for simple walkie-talkie type communication and educational games. 

One example is a shopping board game in which the educational robot acts as a customer and the family members as sellers. 

“Parents can naturally teach their kids about money. And for those disabled children Albert can help them learn how to buy stuff while playing the game with their family,” said Hwang Eun-dong, senior manager of SK’s convergence business office.

“Albert is different from smart robots such as Smart Pet developed by Bandai, which could conduct simple and limited activities.”

SK’s smart robot is the first of its kind to run on the Android system which can operate various smartphone applications. 

The educational robot reads books out loud, either in Korean or English, when a user points an electronic pen-type scanner on the pages, and will likely be expandable to other languages including French and Spanish.

Small sensors installed under Albert’s belly identify light gray labyrinthine patterns inscribed on cards or game boards and recognize what is printed on them. 

The scanning technology helps the toy robot detect the location, too. 

“Since the robot runs on Android smartphones, various types of mobile applications can be developed. That is, there is no limit to how the robot is used,” the SK official said. 

Monitoring seniors who are living alone is among the applications in the works. 

The educational robot business also helps create jobs and foster co-prosperity with SMEs and conglomerates as small and medium sized enterprises supply content and books.

“I hope the government supports the small firms in developing content for educational robots,” said Hwang, pointing out the lack of a government control tower in charge of the educational and service robot businesses.

“By moving its focus toward the two sectors and their related software businesses the government will be able to vitalize the mobile content market and increase employment.” 

1014-How 'Power Poses' Can Help Your Career

Can how you stand or sit affect your success?
New research shows posture has a bigger impact on body and mind than previously believed. Striking a powerful, expansive pose actually changes a person's hormones and behavior, just as if he or she had real power.
Merely practicing a "power pose" for a few minutes in private—such as standing tall and leaning slightly forward with hands at one's side, or leaning forward over a desk with hands planted firmly on its surface—led to higher levels of testosterone and lower levels of the stress hormone cortisol in study participants. These physiological changes are linked to better performance and more confident, assertive behavior, recent studies show.
Marketing executive Katy Keim used to step back from listeners during presentations or conversations, resting her weight on her back foot with her hands clasped in front of her, twirling her ring. She was often surprised when people asked if she was nervous, says Ms. Keim, chief marketing officer of San Francisco-based Lithium, a firm that builds online communities for clients' brands. After she began working with a coach to improve her skills and saw herself on video, she realized her posture "was slightly standoffish" and didn't look strong, she says.
Mike Sudal/The Wall Street Journal based on photo by Philibert Leow (6)
In addition to standing straighter, with her hands at her side, the 5-foot-1 executive began getting up from the table when speaking at meetings. "When I'm sitting at a table of men, I feel petite. Standing up is a dynamic change for me," she says, sending a message: "I want to command your attention. I want you to get off your BlackBerrys and smartphones and listen to what I have to say." During a three-hour meeting last week where she made a presentation, she says, she noticed no one picked up a smartphone.
Striking a powerful pose can reduce symptoms of stress, says Dana Carney, an assistant professor at the Haas School of Business at the University of California, Berkeley. Subjects in a recent study she headed were guided for five minutes into either high-power poses or low-power postures, slumping or leaning back with arms or ankles crossed. They then delivered a videotaped speech before critical evaluators dressed in white lab coats and holding clipboards. Those who had practiced a power pose before the speech showed lower cortisol and fewer outward signs of stress, such as anxious smiles or biting a lip.
Assuming an expansive body position can also increase testosterone, which tends to boost confidence and aggressive behavior, according to another study co-authored by Dr. Carney. Subjects who struck power poses for two minutes had higher testosterone levels later and were more likely to take a gamble when given the chance. Some 86% of high-power posers risked losing $2 they were given in return for a 50-50 chance of doubling it, compared with 60% of low-power posers who took the bet, according to the 2010 study, published in the journal Psychological Science.

Answers to the Quiz: 'Who's In Charge Here?'

High-power: A, D, F
Low-power: B, C, E
A: Expansively taking up a large swath of desktop real estate conveys power and confidence.
B: Crossing the arms and legs in a close-bodied posture expresses powerlessness, as if trying to take up as little space as possible.
C: Touching the neck, face or hand is a symptom of stress, suggesting anxiety or a lack of control.
D: Staking out a broad surface with the hands conveys a sense of control.
E: Folding arms in front of the chest suggests defensiveness.
F: Opening limbs expansively expresses power and dominance.
Source: University of California, Berkeley, Haas School of Business
Power posing is also linked to improved performance. In another study published last year, led by Amy J.C. Cuddy, an associate professor of business administration at Harvard Business School, participants who struck power poses for several minutes before beginning a mock job interview received better reviews and were more likely to be chosen for hire—even though the evaluators had never seen them in the poses.
Other research links power posing before a college-entrance exam to improved scores, Dr. Carney says.
Researchers are studying why the effects of the power pose linger after a person returns to a normal, relaxed stance. One theory: It may prompt lingering changes in voice pitch or facial expression.
Most speakers aren't aware of the signals they send through body language, says Kelly Decker, president of Decker Communications, a San Francisco coaching, training and consulting firm. "We pick up habits, such as walking into a meeting and sitting down with our shoulders slumped, and we don't even think about it."
Jennifer Franco
After seeing himself on video, Steven Murray of Houston learned to lean forward more.
Steven Murray says seeing himself on video last year when he was working with Decker coaches helped him realize that "you're broadcasting nonverbal information to listeners from the moment you step up to the podium." Mr. Murray, president of Direct Energy Residential, an energy company based in Houston, says he learned to adjust his posture, leaning slightly forward rather than standing straight upright in the authoritative stance he formerly used as a military officer. "Leaning forward really engages people" and helps get his message across, he says.
Hunching over a smartphone before a meeting or presentation may be self-defeating, because it forces the user into a low-power pose, according to a recent study led by Maarten Bos, then a postdoctoral research fellow at Harvard Business School. Participants were assigned to complete several tasks on one of four gadgets—a hand-held device, a tablet, a laptop or a desktop. Then, the researcher tested subjects' willingness to interrupt another person, a power-related behavior. He left each subject alone in the room with instructions to come get him if he didn't return in five minutes. Subjects who worked on the hand-held device waited significantly longer before interrupting him, compared with those on desktops, and some didn't come out at all, suggesting their low-power posture sparked feelings of powerlessness.
Breaking old body-language habits takes practice, sometimes years. Pamela Lentz used to wave her hands while speaking on her job as a principal at a management-consulting firm, making some co-workers "think I was too emotional or too passionate," says Ms. Lentz, a Leesburg, Va., management consultant. She also tended to fold her arms across her chest while listening, drawing criticism that she lacked presence. "It looks as if you are withdrawing from the conversation," she says. Her body language was holding her back in her career, colleagues told her.
She worked with executive coach Tim Allard on changing her posture and movements. "We wanted her to project calmness and confidence," says Mr. Allard, co-owner of Odyssey Inc., a Charlottesville, Va., executive and business consulting firm. He videotaped her and, with Ms. Lentz's permission, asked her subordinates for feedback.
Ms. Lentz began leaning forward and placing her hands firmly on the table when speaking. She also put an elastic band around her wrist and snapped it now and then when her hands were hidden under a table or desk, to remind her to keep them still when she began speaking.
Gradually, as she practiced the new habits, says Ms. Lentz, "I felt more in control, and I was having more impact in the discussions." She was soon promoted to partner.

Monday, October 7, 2013

1011-Smile! A History of Emoticons

    By 
  • KEITH HOUSTON
This summer, Facebook rolled out "stickers" on its website: cartoony takes on the emoticon for users to post in their chats, from a love-struck cactus to a pizza-eating cat. Still, for many of us, the simple sideways smiley face still reigns in electronic communication.
[image]Ben Wiseman
It started 31 years ago, when a joke about a fake mercury spill at Carnegie Mellon University was posted on a digital message board and mistaken for a genuine safety warning. The board's users cast about for a means to distinguish humorous posts from serious content. On Sept. 19, 1982, faculty member Scott E. Fahlman entered the debate with the following message:
I propose that [sic] the following character sequence for joke markers:
:-)
Read it sideways. Actually, it is probably more economical to mark things that are NOT jokes, given current trends. For this, use:
:-(
The rest is Internet history. Dr. Fahlman's expressive, minimal icons became an integral part of online communication, if not always a welcome one. These "smileys," as they came to be known, were effectively the first online irony marks. But emoticons recur throughout modern history.
Though it is difficult to nail down the first appearance in print, one likely contender appears in an 1862 transcript of a speech by President Abraham Lincoln. The transcript records the audience's response to Lincoln's droll introduction as "(applause and laughter ;)." Without corroborating evidence, however, it is impossible to decide whether this is a true emoticon.
Counting in its favor, the transcript was typeset by hand, before mechanical typesetting brought with it the risk of gummed-up Linotypes accidentally transposing characters. So it is plausible that ";)"—rather than the more grammatically sensible ");"—was intentional. Moreover, later audience reactions to the same speech appear between square brackets rather than parentheses, reinforcing the likelihood that this particular interjection was typeset deliberately.
On the negative side of the ledger, this single ";)" was the only such "emoticon" in the speech, and the rest of the text suffers from enough typographical errors that we cannot be certain it was a calculated addition. Though its form is undeniably familiar, the precise meaning of this first emoticon remains unknown.
The meandering path toward the modern emoticon continued in 1887, when the celebrated (and feared) critic Ambrose Bierce penned a tongue-in-cheek essay on writing reform entitled "For Brevity and Clarity." Alongside helpful contractions of phrases such as "much esteemed by all who knew him" (mestewed), Bierce presented a new mark of punctuation intended to help less fortunate writers convey humor or irony, which he called "the snigger point, or note of cachinnation." (Now almost extinct, "cachinnation" means "loud or immoderate laughter.") It looked like a line with the ends turned up and, he wrote, "represents, as nearly as may be, a smiling mouth." Of course, his proposal was itself an ironic act, and unsurprisingly, the mark didn't catch on.
The last pre-Internet emoticons ambled casually into view at the end of the 1960s. First, in 1967, a Baltimore Sunday Sun columnist named Ralph Reppert was quoted in the May edition of Reader's Digest. Reppert, writing that his "Aunt Ev is the only person I know who can write a facial expression," explained that: "Aunt Ev's expression is a symbol that looks like this: —) It represents her tongue stuck in her cheek. Here's the way she used it in her last letter: 'Your Cousin Vernie is a natural blonde again —)[.]' " Its appearance was apparently a one-off.
Two years later, on a literary plane far removed from the Reader's Digest, another analog smiley sprung from the mind of Vladimir Nabokov. A famously controlling interviewee, Nabokov insisted on being provided with questions in advance. Once, recounting a reporter's question as to where Nabokov ranked himself among writers of his era, the Russian émigré replied obliquely: "I often think there should exist a special typographical sign for a smile—some sort of concave mark, a supine round bracket, which I would now like to trace in reply to your question."

Nabokov had wittily, if unwittingly, re-created Bierce's note of cachinnation. Yet Nabokov's "supine round bracket" was simply an unrelated typographical joke, and its life ended on the same page on which it had begun. Of the myriad ways in which irony and sarcasm have been represented over the centuries, Dr. Fahlman's original emoticons are surely the most durable of all. Case closed. ;)

1010-Closure Creates an Investor Opening

AFP
As they sift through the Washington mess, some money managers think it could be a blessing, at least for their investments.
With the government shutdown heading toward a second week, economists say it could hold back economic growth, business confidence and corporate earnings, but probably won’t cause a recession. Many money managers doubt the damage will be lasting. Any stock selloff, they say, would be a great buying opportunity.
“We are looking to take advantage of it if it drives turmoil in the markets,” said Bruce McCain, who helps oversee more than $20 billion as chief investment strategist at Key Private Bank, an arm of KeyCorpKEY -1.20% in Cleveland.
Richard Steinberg, whose Steinberg Global Asset Management oversees $600 million in Boca Raton, Fla., said he would buy if stocks fall another 2%. David Kotok, whose Cumberland Advisors oversees $2.25 billion in Sarasota, Fla., said he has moved $100 million into stocks in the past two weeks.
“I view this recurring weakness as an entry opportunity in the U.S. stock market,” Mr. Kotok said.
With Wall Street taking things so calmly, there hasn’t been much turmoil yet for investors to take advantage of, despite the specter of a government that soon could be unable to pay its bills.
On Friday, the Dow Jones Industrial Average rose 76.10 points, or 0.51%, to 15072.58, just 3.9% below its September record. The S&P 500 index still stood at 18 times its component companies’ earnings for the past 12 months, more expensive than the historical average of 16. That means most stocks need to fall farther before they look cheap.
The risk in buying during a crisis is that the Washington gunfight could be a bigger calamity than Wall Street thinks. If an actual debt default, financial crisis or recession began to loom, these money managers say, they might have to adjust their strategies.
“If we see evidence that there is major and lasting damage, obviously we would have to rethink that,” Mr. McCain said.
The real crisis could come in a few days, with House Republicans refusing to raise the debt ceiling unless the administration suspends Obamacare or agrees to another, as-yet-unidentified quid pro quo. The Treasury Department says it will run short of money around Oct. 17 unless it can resume borrowing.
In 2011, after a previous debt-ceiling fight, Standard & Poor’s Ratings Services cut the U.S. debt rating to AA+ from AAA, citing government dysfunction. Fitch Ratings says it could do the same this time unless Congress raises the debt ceiling “in a timely manner” before Oct. 17.
“Investor confidence in the full faith and credit of the U.S. would be undermined in such a scenario,” Fitch said Oct. 1.
Ratings firms generally expect the government to use tax revenue to keep servicing the debt even if the debt ceiling isn’t raised. Other bills would go unpaid. For Fitch, that would merit a downgrade. Moody’s Investors Service says as long as debt payments are made, it wouldn’t downgrade.
Many money managers think Congress will raise the debt limit because failing to do so would damage the U.S. position in the world. But even if congressional Republicans refuse to do so by Oct. 17, professional investors widely view that as a short-term tactic that wouldn’t lastingly hurt financial markets.
After the S&P downgrade in 2011, stock prices fell sharply. Bond prices rose as investors sought havens. Stocks finally recovered and surged to new records.
“We just believe the odds of lasting economic damage are very, very minimal,” Mr. McCain said.
Mr. Steinberg said he would watch closely for signs of economic damage, but he doesn’t expect it either. “We are hoping to pick up some bargains on any weakness,” he said.
One hidden benefit for investors is that the confusion could delay any Federal Reserve cutback in financial stimulus.
The looming political mess was one reason the Fed decided against trimming its $85 billion monthly bond-buying program at its September meeting. The Fed meets next at the end of October, and it could delay again.
“All of these shenanigans indicate that the Fed is going to continue this stance for a longer period,” Mr. Kotok said.
Fed stimulus supports economic growth and funnels cash directly into financial markets, some of which winds up supporting stock prices. The longer the Fed stimulates, the better the stock outlook, investors figure.
The fight in Washington is proving particularly helpful to investors who want to adjust their bond portfolios.
They think long-term bond prices will suffer and yields will rise once the Fed cuts back on bond buying, so many want to reduce holdings now. And with the Fed still buying and some investors fleeing to the perceived safety of bonds, bond prices have risen. That lets investors unload long-term Treasury bonds at higher prices now and shift to shorter-term bonds or stocks.
Some clients are too scared to follow the “take advantage of the turmoil” strategy, Mr. Kotok said. He said half a dozen clients have phoned in the past week, saying, “I can’t stand it, take me out, liquidate everything.” But that represents a tiny proportion of his total investments.
What makes some people nervous is that Washington already has sunk deeper into dysfunction than most people believed possible. If a refusal to raise the debt ceiling provokes another financial crisis, it could cause a bigger stock slide than markets anticipate.
Many money managers shrug off that risk.
“We don’t see an apocalyptic event,” Mr. Steinberg said. “The way we view it is we are watching a train wreck in slow motion, but eventually there won’t be a crash.”

1008-Weekly work hours to be cut


                 
The government and the ruling party agreed Monday to reduce the maximum permissible weekly working hours for employees from the current 68 hours to 52. Implementation of the new work system will begin in 2016.
The Saenuri Party and the Ministry of Employment and Labor held a meeting at the National Assembly and decided to revise the current Labor Standards Law to keep President Park Geun-hye’s election promise of reducing working hours and raising the employment rate to 70 percent.
The revision states that regular work hours on weekdays should not exceed 40; while overtime is limited to a maximum 12 hours.
Contrary to earlier speculation, the new plan includes work on Saturdays and Sundays as overtime.
The government expects that it will create more part-time jobs, helping to meet Park’s election pledge during her campaign last year.
The two also agreed to impose the new regulations gradually from 2016 according to company size.
Companies with more than 1,000 employees must comply with the rule from 2016, those with 100 to 1,000 from 2017, and firms with less than 100 workers from 2018.
“Both the ruling and main opposition parties are actively working to cut the weekly working hours,” said Rep. Kim Sung-tae of the Saenuri Party.
During the meeting, the two sides also decided to consider raising the minimum wage after the 52-hour rule goes into effect.
However, complaints from small- and medium-sized companies are anticipated, as the plan could add costs for firms in hiring extra part-timers.
They also argue that it will create short-term non-regular workers only, which will lower their productivity.
Critics point out that the revision may ease employees’ extra workload, but it does not solve the country’s youth unemployment problem as it only raises the employment rate temporarily by hiring more part-timers.
The working hours of Korean employees are among the longest within OECD member states — 2,193 hours per year as of 2010 outpacing the OECD average of 1,749.

Sunday, October 6, 2013

1007-More South Koreans Choose China for Education


As China’s increasing importance as a trading partner becomes palpable in neighboring South Korea, the connections between the countries are extending from diplomacy and trade…to education.
The Middle Kingdom is South Korea’s biggest export destination, taking around a quarter of its exports–and it’s also taking more than a quarter of its neighbor’s foreign college students.
The number of South Koreans enrolled in Chinese universities more than tripled to 62,855 last year from 18,267 in 2003, according to Seoul’s education ministry data. That’s 26% of all South Koreans registered at foreign universities, trailing only the U.S., which attracted 31% of the total.
Part of the benefit of a U.S education is practice speaking English, which is still seen as the most important language for job seekers, but Korean employers are increasingly looking for graduates with experience in China. Samsung Group, for example, said two years ago that job applicants with Chinese language skills would get bonus points.
Bloomberg News
College students and pedestrians walk through Kyung Hee University campus in Seoul. South Korea is the third-largest exporter of students globally.
Still, language isn’t the main goal. An overseas degree is widely considered to be advantageous in South Korea’s ultracompetitive job market for the global experience it confers. This helps explain why it is the third-biggest exporter of students for tertiary education after China and India, according to the United Nations.
Lee Sang-won, who graduated from Beijing Normal University last year with a bachelor’s degree in Chinese Language and Literature, said his family was initially against his wish to study in China, but they eventually came around.
Mr. Lee said Chinese universities attract a wide array of people, thanks in part to low tuition fees. On average, Chinese colleges charge $3,500 a year for undergraduate study, according to China’s University and College Admission System, the Beijing-based application service provider for international students.
Two-way trade between China and South Korea totaled $215 billion last year. This makes South Korea one of China’s biggest trading partners. South Korea also happens to have had a trade surplus against China last year, putting it in a small minority.
The increasingly interlinked economies of the two countries has also helped the appeal of Chinese universities. Confidence in the quality of education has also improved.
“Chinese universities used to be a place where the low-performing students went, thinking they would be better off,” said Gu Ja-oek, a senior researcher at the Korean Educational Development Institute. “Now the student pool has diversified.”
Interest in China has also risen among South Koreans who stay at home. Enrollment in Chinese-language lessons at YBM, a major South Korean private language institute, jumped 40% during the first seven months of this year compared with the same period last year, YBM said.
A spokesmen for YBM declined to comment on the exact number of students enrolled in the school.
Mr. Gu notes that students shouldn’t focus just on learning the Chinese language. “If you can’t speak English, you can’t get a job at major Korean companies–or even Chinese companies,” he said.