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Monday, December 16, 2013

China’s Giant Aircraft Carrier Harassed and Bully small US warship sailing to Spratly after helping typhoon victims in Tacloban

The USS Cowpens seen here in this Defense Department photo

 

Chinese navy vessel sent a hailing warning and ordered the US Cowpens warship to stop. The cruiser continued on its course and refused the order because it was operating in international waters.

 

Then a Chinese tank landing ship sailed in front of the Cowpens and stopped, forcing the Cowpens to abruptly change course in what the officials said was a dangerous maneuver

 

U.S. Navy-China showdown: Chinese try to halt U.S. cruiser in international waters

 

A Chinese naval vessel tried to force a U.S. guided missile warship to stop in international waters recently, causing a tense military standoff in the latest case of Chinese maritime harassment, according to defense officials.

 

The guided missile cruiser USS Cowpens, which recently took part in disaster relief operations in the Philippines, was confronted by Chinese warships in the South China Sea near Beijing's new aircraft carrier Liaoning, according to officials familiar with the incident.

 

"On December 5th, while lawfully operating in international waters in the South China Sea, USS Cowpens and a PLA Navy vessel had an encounter that required maneuvering to avoid a collision," a Navy official said.

 

"This incident underscores the need to ensure the highest standards of professional seamanship, including communications between vessels, to mitigate the risk of an unintended incident or mishap."

 

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A State Department official said the U.S. government issued protests to China in both Washington and Beijing in both diplomatic and military channels.

 

The Cowpens was conducting surveillance of the Liaoning at the time. The carrier had recently sailed from the port of Qingdao on the northern Chinese coast into the South China Sea.

 

According to the officials, the run-in began after a Chinese navy vessel sent a hailing warning and ordered the Cowpens to stop. The cruiser continued on its course and refused the order because it was operating in international waters.

 

Then a Chinese tank landing ship sailed in front of the Cowpens and stopped, forcing the Cowpens to abruptly change course in what the officials said was a dangerous maneuver.

 

According to the officials, the Cowpens was conducting a routine operation done to exercise its freedom of navigation near the Chinese carrier when the incident occurred about a week ago.

 

The encounter was the type of incident that senior Pentagon officials recently warned could take place as a result of heightened tensions in the region over China's declaration of an air defense identification zone (ADIZ) in the East China Sea.

 

Gen. Martin Dempsey, chairman of the Joint Chiefs of Staff, recently called China's new air defense zone destabilizing and said it increased the risk of a military "miscalculation."

 

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China's military forces in recent days have dispatched Su-30 and J-11 fighter jets, as well as KJ-2000 airborne warning and control aircraft, to the zone to monitor the airspace that is used frequently by U.S. and Japanese military surveillance aircraft.

 

The United States has said it does not recognize China's ADIZ, as has Japan's government.

 

Two U.S. B-52 bombers flew through the air zone last month but were not shadowed by Chinese interceptor jets.

 

Chinese naval and air forces also have been pressing Japan in the East China Sea over Tokyo's purchase a year ago of several uninhabited Senkaku Islands located north of Taiwan and south of Okinawa. –published in Washington Times

Sunday, December 15, 2013

Philippines’ Public sector debt reaches ₱7.8 trillion pesos

 

 

The country's outstanding public sector debt (OPSD) rose in the first semester of the year to 7.83 trillion, equivalent to 70.2 percent of the economy, as measured by gross domestic product (GDP).

 

Data from the Department of Finance (DOF) showed the country's public sector debt ratio-to-GDP improved from 73.1 percent in the same period last year and 71.3 percent during the first three-months of this year.

 

The OPSD represents a nominal increase of 42.4 billion from the end March 2013 debt of 7.69 trillion, while total domestic debt of the public sector decreased by 23 billion from March 2013 to 5.52 trillion while foreign debt increased to 2.21 trillion.

 

Meanwhile, consolidated non-financial public sector debt was up by 4.8 percent quarter-on-quarter to 5.7 trillion, equivalent to 51.8 percent of GDP, in the second quarter.

 

The DOF attributed the increase in non-financial public sector debt on 169.8 billion increase in the obligation of the National Government, the Local Government Units (LGUs) and the increase in debt of both the domestic and foreign liabilities of the 14 major non-financial government corporations (MNFGCs).

 

The outstanding debt of the financial public corporations, however, declined by 2.7 percent to a level of 3.8 trillion.

 

Bangko Sentral ng Pilipinas (BSP) debt registered an decrease of 2.8 percent offset by a slight  increase of 0.1 percent in the debt of the Government Financial Institutions (GFIs) from March 2013 level. As of June 2013, 28.7 percent of the total consolidated outstanding public sector debt is owed to foreign creditors and the remaining 71.3 percent is owed to domestic creditors.

 

Likewise, the ratio of General Government (GG) debt to GDP increased to 39.2 percent from 38.5 percent as of March 2013, but lower than the 41.2 percent in the same quarter last year.

 

GG debt includes National Government with Bond Sinking Fund (BSF), the Central Bank-Board of Liquidators (CB-BOL), Social Security Institutions (SSIs) and the Local Government Units (LGUs) less intra-sector debt holdings. – Manila Bulletin

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