Islamic finance to surpass trillion-dollar mark in 2012: Tharman






JOHOR BAHRU: Islamic finance is poised to expand over the next 10 to 15 years after surpassing the trillion-dollar mark in 2012, said Minister for Finance Tharman Shanmugaratnam at the World Islamic Economic Forum in Johor Bahru, Malaysia.

Mr Tharman, who is also Singapore's Deputy Prime Minister, said that he was optimistic about the potential for the sector after it chalked-up growth of about 19 per cent a year since 2006.

This has lifted total Shariah-compliant assets to nearly US$1.3 trillion in 2012.

However there is considerable scope for development since Islamic finance now forms less than 1 per cent of the global financial industry, said Mr Tharman.

Even in Muslim countries, Islamic finance constitutes less than 5 per cent of their financial sector, he added.

The minister also noted that Islamic financial institutions have mainly escaped significant damage from the global financial crisis.

"They are well-placed to grow at a time when many of the global banks, especially the European banks, are deleveraging or focusing on consolidating their balance sheets," said Mr Tharman.

He adds that Islamic finance has the potential to diversify into new growth areas such as trade and infrastructure financing in Asia and emerging markets.

This will allow Islamic banks to reduce their exposure to the real estate sector and take advantage of the stronger growth potential of the emerging market economies.

Another factor that can boost the growth potential of Islamic finance is its focus on transparency, price certainty and the risk-sharing framework.

Mr Tharman says Islamic finance can ride this wave of demand for simpler and more basic investments.

Yet, he also pointed out several challenges in the industry that need to be overcome to ensure continued growth.

Among them is the need to reduce fragmentation in Islamic finance markets due to differences in accepted standards of Shariah compliance.

"This has hampered the flow of liquidity between jurisdictions and is in part why there are presently no Islamic equivalents to the international monetary and bond markets."

The minister also touched on the need to manage capital flows in Asia and emerging market economies.

Excessive capital inflows can cause volatility, and it would be "wise to strengthen our policy toolkits in Asia, so that we can deal with unpredictable and often excessive capital flows," said Mr Tharman.

One of the policy responses should be included in a policy maker's toolkit is to curtail volatility in the exchange rate in the short term, he said.

Mr Tharman also pointed to macro-prudential policies such as property cooling measures to discourage speculative demand for residential properties.

"These targeted administrative and prudential measures are not conventional macroeconomic tools. But they are likely to remain part of our policy toolkit, at least for the foreseeable future."

The Finance Minister has also called for greater depth in Asia's capital markets, especially the corporate bond market.

"Broader and deeper capital markets will allow investors to invest for the long term while hedging risks," Mr Tharman said.

- CNA/jc



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My Best Tech Gift Ever: Meeting James 'Scotty' Doohan



You might not know it from his expression, but CNET copy editor Jeff Sparkman got the thrill of a young geek's life in 1987 when dad Frank took him to meet actor James Doohan. That's Jeff's brother Josh in Doohan's lap.



(Credit:
Jeff Sparkman)


Every day this week, a different CNET writer or editor will recall a tech or geek-centric present that left a mark. Read yesterday's story by Crave contributor Eric Mack here, and look for another installment tomorrow at midnight PT.

It was hard picking the greatest tech gift I ever got -- we got a lot of tech as gifts for the whole family. Should I pick the Atari 2600 or the Sega Genesis? Should I pick the Texas Instruments TI99/4A, the Commodore 128, or the Magnavox HeadStart 500 (the first computer we owned with a CD-ROM drive)? I was almost tempted to pick the Coleco Adam we got one year because it was the first system to teach me about backing up my documents. Heck, my parents just got me a
Nexus 7
tablet for my birthday, and that's pretty spiffy, too.


But since I can't decide, here's my pick for best tech (well, geek) gift: the day my parents took me to our local video store not just to buy "Star Trek IV: The Voyage Home" on VHS (yes, I'm that old), but to get it autographed by James "Scotty" Doohan himself. This was right in the middle of my full-on "Star Trek" geekdom.


What's the best tech gift you ever got? Send your stories and photos to crave at cnet dot com (subject line: Best Tech Gift) for possible inclusion in an upcoming feature.


I also brought my copy of "Mr. Scott's Guide to the Enterprise," a kind of faux technical manual, to get signed. I mean, I knew he was an actor, but in so many ways, he was also the embodiment of future tech to me. Being able to look up things on a computer just by talking to it, instant personal communication, and interstellar travel -- all that stuff held my interest much more than sports,
cars, or any semblance of a social life.

When I met Scotty (he insisted I call him that), it was the first time I thought I could have a career in the tech field. Granted, I'm a copy editor, so I'm more concerned with the spelling of dilithium than trying to recrystallize it, but I'm here.

Find a memorable gift for the people in your life by visiting CNET's 2012 Holiday Gift Guide.

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Mars Rover Detects Simple Organic Compounds


NASA's Mars rover Curiosity has detected several simple carbon-based organic compounds on Mars, but it remains unclear whether they were formed via Earthly contamination or whether they contain only elements indigenous to the planet.

Speaking at the American Geophysical Union annual meeting in San Francisco, Curiosity mission leaders also said that the compound perchlorate—identified previously in polar Mars—appeared to also be present in Gale Crater, the site of Curiosity's exploration.

The possible discovery of organics—or carbon-based compounds bonded to hydrogen, also called hydrocarbons—could have major implications for the mission's search for more complex organic material.

It would not necessarily mean that life exists now or ever existed on Mars, but it makes the possibility of Martian life—especially long ago when the planet was wetter and warmer—somewhat greater, since available carbon is considered to be so important to all known biology.

(See "Mars Curiosity Rover Finds Proof of Flowing Water—A First.")

The announcements came after several weeks of frenzied speculation about a "major discovery" by Curiosity on Mars. But project scientist John Grotzinger said that it remains too early to know whether Martian organics have been definitely discovered or if they're byproducts of contamination brought from Earth.

"When this data first came in, and then was confirmed in a second sample, we did have a hooting and hollering moment," he said.

"The enthusiasm we had was perhaps misunderstood. We're doing science at the pace of science, but news travels at a different speed."

Organics Detected Before on Mars

The organic compounds discovered—different combinations of carbon, hydrogen, and chlorine—are the same or similar to chlorinated organics detected in the mid-1970s by the Viking landers.

(Related: "Life on Mars Found by NASA's Viking Mission?")

At the time, the substances were written off as contamination brought from Earth, but now scientists know more about how the compounds could be formed on Mars. The big question remains whether the carbon found in the compounds is of Martian or Earthly origin.

Paul Mahaffy, the principal investigator of the instrument that may have found the simple organics—the Sample Analysis at Mars (SAM)—said that while the findings were not "definitive," they were significant and would require a great deal of further study.

Mahaffy also said the discovery came as a surprise, since the soil sample involved was hardly a prime target in the organics search. In fact, the soil was scooped primarily to clean out the rover's mobile laboratory and soil-delivery systems.

Called Rocknest, the site is a collection of rocks with rippled sand around them—an environment not considered particularly promising for discovery. The Curiosity team has always thought it had a much better chance of finding the organics in clays and sulfate minerals known to be present at the base of Mount Sharp, located in the Gale Crater, where the rover will head early next year.

(See the Mars rover Curiosity's first color pictures.)

The rover has been at Rocknest for a month and has scooped sand and soil five times. It was the first site where virtually all the instruments on Curiosity were used, Grotzinger said, and all of them proved to be working well.

They also worked well in unison—with one instrument giving the surprising signal that the minerals in the soil were not all crystalline, which led to the intensive examination of the non-crystalline portion to see if it contained any organics.

Rover Team "Very Confident"

The simple organics detected by SAM were in the chloromethane family, which contains compounds that are sometimes used to clean electronic equipment. Because it was plausible that Viking could have brought the compounds to Mars as contamination, that conclusion was broadly accepted.

But in 2010, Chris McKay of NASA's Ames Research Center and Rafael Navarro-Gonzalez of the National Autonomous University of Mexico published an influential paper describing how dichloromethane can be a byproduct of the heating of other organic material in the presence of the compound perchlorate.

They conducted the experiment because NASA's Phoenix mission had discovered large amounts of perchlorate in the northern polar soil of Mars, and it seems plausible that it would exist elsewhere on the planet.

"In terms of the SAM results, there are two important conclusions," said McKay, a scientist on the SAM team.

"The first is confirming the perchlorate story—that it's most likely there and seems to react at high temperatures with organic material to form the dichloromethane and other simple organics."

"The second is that we'll have to either find organics without perchlorates nearby, or find a way to get around that perchlorate wall that keeps us from identifying organics," he said.

Another SAM researcher, Danny Glavin of Goddard, said his team is "very confident" about the reported detection of the hydrocarbons, and that they were produced in the rover's ovens. He said it is clear that the chlorine in the compounds is from Mars, but less clear about the carbon.

"We will figure out what's going on here," he said. "We have the instruments and we have the people. And whatever the final conclusions, we will have learned important things about Mars that we can use in the months ahead."

Author of the National Geographic e-book Mars Landing 2012, Marc Kaufman has been a journalist for more than 35 years, including the past 12 as a science and space writer, foreign correspondent, and editor for the Washington Post. He is also author of First Contact: Scientific Breakthroughs in the Hunt for Life Beyond Earth, published in 2011, and has spoken extensively to crowds across the United States and abroad about astrobiology. He lives outside Washington, D.C., with his wife, Lynn Litterine.


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Kate's Illness Sometimes Linked to Twins













Hyperemesis gravidarum, the reason newly pregnant Kate Middleton is in the hospital, is a rare but acute morning sickness that results in weight loss and accounts for about 2 percent of all morning sickness, doctors say.


The condition is sometimes associated with women having twins, experts said.


Women diagnosed with hyperemesis gravidarum have lost 5 percent of their pre-pregnancy weight, or 10 pounds, said Dr. Ashley Roman, a professor and OB/GYN at New York University Langone Medical Center.


It poses little danger to the tiny heir, doctors said.


"It's traditionally thought that nausea and vomiting is a sign of a healthy pregnancy," Roman said


Dr. Nancy Cossler, an OB/GYN at University Hospitals in Ohio said the condition does not cause loss of pregnancy or birth defects, but it can be a torture to endure.


"The biggest problem with this is how it interferes with your life," Cossler said. "Constantly feeling sick and puking is difficult."


Click here to read about other women with hyperemesis gravidarum.


Hyperemesis gravidarum is thought to be caused by higher levels of the pregnancy hormone, hCG, or human chorionic gonadotropin, Cossler said. Extra hCG can often be brought on by carrying more than one fetus, she said.






Chris Jackson/AFP/Getty Images











Kate Middleton Pregnant, Admitted to Hospital Watch Video









Kate Middleton, Prince William Expecting Their First Child Watch Video









Prince William and Kate Middleton's Big News Watch Video





In other words, it could be a sign that Middleton is carrying twins. Although there's very little data on twins and hyperemesis gravidarum, one study showed that women carrying twins had a 7.5 percent higher risk of experiencing the acute morning sickness, Roman said.


The extreme morning sickness is usually diagnosed about nine weeks into the pregnancy, and in most cases resolves itself by 16 or 20 weeks, Roman said. In rare cases, it can last the whole pregnancy.


"As the pregnancy is in its very early stages, Her Royal Highness is expected to stay in hospital for several days and will require a period of rest thereafter," a statement from St. James Palace said. Prince William is at the hospital with Middleton, according to the Britain's Press Association.


Click here for photos of Kate through the years.


Roman said doctors prescribe vitamins and ginger capsules at first. If that doesn't stop the vomiting, they will prescribe antihistamines and stronger anti-nausea medications.


Women with hyperemesis gravidarum are also treated with fluids, said Dr. Jessica Young, an OB/GYN at Vanderbilt University. But if left untreated, a pregnant woman who is severely dehydrated for a long period of time could die, "just like any person," Young said.


In extreme cases in which the woman is losing weight and unable to eat, doctors will treat her with intravenous nutrition, Young said.


Hospital stays can vary, and women will often have to be admitted more than once before the condition passes, doctors said.


Hyperemesis gravidarum is somewhat mysterious because some expectant mothers have acute morning sickness during only one of their pregnancies, but have no morning sickness for subsequent pregnancies.


There is a chance that higher levels of hCG, which likely caused Middleton's nausea, could be a sign of a molar pregnancy instead of twins, Cossler said. This would mean Middleton is carrying only a benign growth in her uterus instead of a fetus, or she is carrying a fetus with abnormal DNA and a benign growth. Neither is considered a viable pregnancy.


However, Cossler said molar pregnancies become apparent early on, and doctors would already know whether Middleton had one.


"They would not have released this information," Cossler said of the birth announcement. "I'm certain that they have already eliminated both of those [types of molar pregnancies]."



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Elon Musk: Mars base will open the way to other stars









































The SpaceX founder says he'd like to "die on Mars". Why the obsession with going to the Red Planet?











Why are you so keen to get humans to MarsMovie Camera?
Because this is the first time in 4 billion years of Earth's history that it has been possible. That window may be open for a long time - and I hope it is - but it may not be. We should take advantage just in case something bad happens. It wouldn't necessarily be that humanity gets eliminated; it could just be a drop in technology.













Why go to Mars, when advances in telepresent robotics could give us all the physical sensations of being there?
Maybe I'm just being romantic but I do think there is some value to being there in person. We can learn a lot from robotics but it is no substitute for being there. And having a base on Mars, where there is a lot of travel to and from Earth, will create a powerful incentive for developing technology that will enable us to travel to other star systems.











Like the exoplanet recently found in Alpha Centauri 4 light years away?
I think you could figure out how to get there. With a nuclear thermal rocket you could definitely reach a tenth of the speed of light. It would take 40 years, though, which is a long time. You'd have to start off not too old if you wanted to see it.













What could change that?
There are some interesting things I've seen lately about warp drives. You can't exceed the speed of light but you can warp space and effectively travel many times the speed of light. That's kind of exciting. People have found increasingly smarter ways of minimising the energy required [to warp space]. Before, you would need the mass-energy of Jupiter.












Is a warp drive something that SpaceX, your space exploration company, could use?
Sure we'd love to have a warp drive. I'm not going to hold my breath on that one.












As a pioneer, is it nerve-wracking to know that the world is watching you and SpaceX?
I'm getting more comfortable with it. It was super-white knuckles in the beginning. We made many mistakes. We only made orbit on the fourth flight. We reached the edge of space on flights 2 and 3, but didn't have enough velocity. If flight 4 hadn't worked, it would have been curtains for SpaceX.












Your Dragon capsule has just returned cargo from the International Space Station. When will you start taking astronauts?
We're hoping to do our first flight with people in three years. Actually, if somebody were to stowaway on the present version of Dragon they'd be able to go to the space station and be fine.












Will you be on the first crewed flight?
It's really up to NASA, our customer. I used to do quite dangerous things, like flying a fighter jet at low altitude. Then I had kids and companies and I want to see them grow up, so I've curtailed my dangerous activities. I'd like to go up, but I won't be the first. The very first flight will be on automatic pilot, so there will be no people on board.


























































If you would like to reuse any content from New Scientist, either in print or online, please contact the syndication department first for permission. New Scientist does not own rights to photos, but there are a variety of licensing options available for use of articles and graphics we own the copyright to.




































All comments should respect the New Scientist House Rules. If you think a particular comment breaks these rules then please use the "Report" link in that comment to report it to us.


If you are having a technical problem posting a comment, please contact technical support.








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Asian markets mixed China data offset by US worries






HONG KONG: Asian markets were mixed on Monday, after data showing Chinese manufacturing activity had picked up pace in November were tempered by concerns over US talks to avert the fiscal cliff.

Tokyo closed 0.13 per cent, or 12.17 points, higher at 9,458.18, Seoul ended up 0.37 per cent, or 7.12 points, to 1,940.02 and Sydney gained 0.57 per cent, or 25.5 points, to 4,531.5.

However, Hong Kong tumbled 1.19 per cent, or 262.54 points, to 21,767.85, while Shanghai closed down 1.03 per cent, or 20.35 points, at 1,959.77.

Beijing said Saturday that factory activity grew for the second month in a row in November, the latest figures showing the world's number two economy is emerging from its recent slowdown.

The country's official purchasing managers' index (PMI) reached 50.6, up from 50.2 in October and 49.8 in September and the highest since hitting 53.3 in April. Anything above 50 indicates expansion.

In a separate survey, HSBC said its PMI hit a 13-month high of 50.5 in November from 49.5 in October. The bank's PMI had been in negative territory for 12 months.

Chinese manufacturing has been hit by weaker demand in Europe and the United States, with economic growth hitting a more than three-year low of 7.4 per cent in the July-September quarter.

A more upbeat outlook for China filtered through to currency markets, where the euro continued its recent rise.

The single currency gained to US$1.3035 and 107.29 yen in late afternoon trade, from US$1.2982 and 107.07 yen in New York late Friday.

The US dollar eased to 82.30 yen from 82.48 yen in US trade.

The yen has weakened over the past few weeks as investors expect a win in December 16 polls for Shinzo Abe, the opposition leader who has pledged to carry out more aggressive monetary easing measures to jumpstart Japan's limp economy.

However, there are worries over the lack of progress US lawmakers are making in agreeing a deal to avoid the fiscal cliff of tax hikes and spending cuts due to come into effect on January 1 and which could tip the economy into recession.

Republican House Speaker John Boehner told the Fox News Sunday TV show that talks were going "nowhere".

He said he was "flabbergasted" when Treasury Secretary Timothy Geithner, President Barack Obama's point man for the talks, presented the White House's proposal, which included huge tax increases for the rich.

"I looked (at) him and said, 'You can't be serious,'" Boehner recounted, saying three of the seven weeks available had "been wasted with this nonsense".

"Right now, I would say -- we're nowhere, period. We're nowhere" towards reaching a compromise.

Oil prices were higher. New York's main contract, light sweet crude for delivery in January, gained 10 cents to US$89.01 a barrel and Brent North Sea crude for January delivery added 19 cents to US$111.42.

Gold was at US$1,718.77 at 0810 GMT compared with US$1,728.37 late Friday.

Taipei rose 0.26 per cent, or 19.74 points, to 7,599.91. Hon Hai Precision gained 1.61 per cent to TW$94.7 while Taiwan Semiconductor Manufacturing Co was 0.81 per cent down at TW$97.9.

Manila rose 0.57 per cent, or 32.25 points, to 5,672.70.

Wellington was flat, falling 1.00 point to 4,049.09. Broadband provider Chorus slumped 14.4 per cent to NZ$2.91 after regulators flagged a cut to wholesale pricing, while Telecom was up 0.43 per cent at NZ$2.32.

- AFP/jc



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My Best Tech Gift Ever: Prodigy



Eric Mack spent many hours of his youth exploring the world via Prodigy.



(Credit:

VintageComputing.com)


Editor's note: Today we kick off a weeklong series called "My Best Tech Gift Ever." Every day this week, a different CNET writer or editor will recall a memorable tech or geek-centric present that left a mark. We start the fun with Crave contributor Eric Mack. Look for another installment tomorrow at 8 a.m. PT.

Today I help my mother find her way around Skype and Facebook, so it is to her enormous credit that she was able to see the potential all the way back in the late '80s in something called Prodigy.


If you're under 30, you almost certainly have no idea what this product was, and I don't think my mother did either at the time. Yet it showed up in a box one Christmas in suburban Denver and changed my life.

Prodigy was a pioneering online service that came after CompuServe but before America Online. At the time it offered a new, more graphical user interface with more mainstream content from partners like Zagat and CBS that made the tiny bulletin board systems I'd been dialing into seem bush league. (Disclosure: CBS is the parent company of CNET.)



What's the best tech gift you ever got? Send your stories and photos to crave at cnet dot com (subject line: Best Tech Gift) for possible inclusion in an upcoming feature.


I can remember coming home from elementary school and exploring Prodigy's services for hours, especially the various message boards with a far wider variety of people than Nyx, the dial-in system at the University of Denver (which was a pioneer in its own right). The potential for connecting with all sorts of people, places, and information exploded my brain. It was like being given a superpower that most other people couldn't yet comprehend.

We didn't subscribe to Prodigy for long. I soon urged my parents to "upgrade" to America Online. I still remember receiving the letter from Steve Case congratulating me on being among the first 200,000 AOL users back in 1992. That number would eventually reach 27 million.

Thus began my life as an early adopter, filled with a constant sense of awe at the possibilities ahead, and the nearly-as-frequent pain that comes when that potential is inevitably scuttled for stupid business reasons (see Amiga and Palm, just for starters).

But that pain is more than worth the gain, and I have Prodigy to thank for my initial awakening to the fact that the world is smaller than we think and that we've only just begun to understand it and one other. On a more practical note, it also helped me snag some smokin' deals on Nintendo games back in the day.

Thanks again, Mom.


Find a memorable gift for the people in your life by visiting CNET's 2012 Holiday Gift Guide.


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Photos: Kilauea Lava Reaches the Sea









































































































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Boehner on Fiscal Cliff Talks: 'You Can't Be Serious'













President Obama and his White House team appear to have drawn a line in the sand in talks with House Republicans on the "fiscal cliff."


Tax rates on the wealthy are going up, the only question is how much?


"Those rates are going to have to go up," Treasury Secretary Tim Geithner flatly stated on ABC's "This Week." "There's no responsible way we can govern this country at a time of enormous threat, and risk, and challenge ... with those low rates in place for future generations."


But the president's plan, which Geithner delivered last week, has left the two sides far apart.


In recounting his response today on "Fox News Sunday," House Speaker John Boehner said: "I was flabbergasted. I looked at him and said, 'You can't be serious.'


"The president's idea of negotiation is: Roll over and do what I ask," Boehner added.


The president has never asked for so much additional tax revenue. He wants another $1.6 trillion over the next 10 years, including returning the tax rate on income above $250,000 a year to 39.6 percent.






TOBY JORRIN/AFP/Getty Images















Obama Balances Fiscal Cliff, Defense Department Appointment Watch Video





Boehner is offering half that, $800 billion.


In exchange, the president suggests $600 billion in cuts to Medicare and other programs. House Republicans say that is not enough, but they have not publicly listed what they would cut.


Geithner said the ball is now in the Republicans' court, and the White House is seemingly content to sit and wait for Republicans to come around.


"They have to come to us and tell us what they think they need. What we can't do is to keep guessing," he said.


The president is also calling for more stimulus spending totaling $200 billion for unemployment benefits, training, and infrastructure projects.


"All of this stimulus spending would literally be more than the spending cuts that he was willing to put on the table," Boehner said.


Boehner also voiced some derision over the president's proposal to strip Congress of power over the country's debt level, and whether it should be raised.


"Congress is not going to give up this power," he said. "It's the only way to leverage the political process to produce more change than what it would if left alone."


The so-called fiscal cliff, a mixture of automatic tax increases and spending cuts, is triggered on Jan. 1 if Congress and the White House do not come up with a deficit-cutting deal first.


The tax increases would cost the average family between $2,000 and $2,400 a year, which, coupled with the $500 billion in spending cuts, will most likely put the country back into recession, economists say.



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Weaver ants help flowers get the best pollinator









































MOST flowers don't want pesky ants hanging around scaring away would-be pollinators. Not so the Singapore rhododendron - the first flower found to recruit ants to chase poor pollinators away.












Francisco Gonzálvez at EEZA, the arid zone experimental station in Almeria, Spain, and colleagues studied flowers frequented by large carpenter bees (Xylocopa) and a much smaller solitary bee, Nomia. The larger bees seemed to be better pollinators - setting far more fruit than the smaller bees.












The team found that Nomia avoided plants with weaver ant patrols, and when they did dare to land, were chased away or ambushed by the ants. Being so much bigger, carpenter bees weren't troubled by the ants (Journal of Ecology, DOI:10.1111/1365-2745.12006).












Plants usually produce chemical repellents to scare off insects that prey on their pollinators. But lab tests suggested Gonzálvez's flowers were actively attracting weaver ants, although how remains a mystery. The team thinks carpenter bees choose flowers with ants so they don't have to compete with Nomia.












Michael Kaspari of the University of Oklahoma in Norman says this is a new kind of plant-ant interaction, and that the team makes a "strong case" for the rhododendron manipulating the behaviour of weaver ants to ward off inefficient pollinators.


















































If you would like to reuse any content from New Scientist, either in print or online, please contact the syndication department first for permission. New Scientist does not own rights to photos, but there are a variety of licensing options available for use of articles and graphics we own the copyright to.




































All comments should respect the New Scientist House Rules. If you think a particular comment breaks these rules then please use the "Report" link in that comment to report it to us.


If you are having a technical problem posting a comment, please contact technical support.








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