20 of China’s SOE CEOs canned for losses and corruption in 2013｜WantChinaTimes.com Of the 31, eight senior executives were sacked due to their enterprises making losses. China COSCO Holdings, for example, which reported the biggest two-year (2011-2012) loss of any Chinese listed firms with 20 billion yuan (US$3.3 billion), announced on Nov. 7 that its executive director Xu Minjie was being investigated. China Shipping Development Company lost 1.2 billion yuan (US$198 million) in the first three quarters of 2013, while China Shipping Container Lines lost 1.7 billion yuan (US$281 million), resulting in senior executives from both companies being investigated and subsequently removed from their posts.
China’s credit-driven train runs out of track | South China Morning Post **Patrick Chovanec** That’s what authorities discovered in June, and again last week. In both instances, the PBOC didn’t take away the punch bowl by tightening credit, it merely tried to resist handing over an even bigger punch bowl. The result, both times, was a near-meltdown in the interbank market that threatened to unleash a cascade of defaults throughout the economy. Nor have the signs of financial stress been limited to the interbank market: over the past few months, bond yields have steadily increased, even as the economy slows.
The PBOC could, and did, halt the crisis by injecting more cash. But in doing so, it effectively cedes control over monetary policy to the shadow banks. Runaway lending continues, bad debts mount even higher and the need for more cash becomes that much more acute. Far from solving the problem, pumping in more cash just kicks the can further down a dead-end street.
China, partially a member of the developed world｜Markets｜Business｜WantChinaTimes.com **Making the next jump will be tougher** Shanghai was an early starter, breaking the US$10,000 benchmark — the threshold for entering the developed club — when it recorded a US$10,529 GDP per capita in 2008. The figure rose further to US$14,095 in 2012. The record was quickly followed by Beijing, whose GDP per capita reached US$10,070 in 2009 and rose to US$14,442 in 2012. Next was Tianjin in 2012 with US$15,383 GDP per capita in 2012, the highest in the country.
Shanghai still container port leader – Xinhua | English.news.cn Container throughput rose 3.3 percent to a record 33.6 million TEUs (twenty-foot equivalent units) last year, official data showed yesterday. The city first became the world’s biggest container port in 2010 when it surpassed Singapore.
Stock funds and ETFs worth leaving home for in 2014 – MarketWatch “China looks interesting and promising,” says Rudolph-Riad Younes, who runs RSQ International Equity Fund with Richard Pell. “On a multiple basis it looks cheap, and the government seems intent on doing the right thing. It pays to be there, but you have to be very vigilant.”
No rush to rebalance China’s economy: economist｜Finance｜Business｜WantChinaTimes.com **Clinton said a similar thing during the dotcom frenzy** Rather than redress the imbalance, Huang says China is on the right track. In a recent interview with the state-run Xinhua News Agency, Huang said “rapid growth is essentially an unbalanced process.”
“Imbalance is not the problem,” Huang said. “The problem is to make sure that you invest in the right things.”
Guangdong GDP Surpasses US$1tn｜Finance｜Business｜WantChinaTimes.com **Per capita less impressive** If this is the case, Guangdong would rank as the 16th largest economy worldwide, were it a nation, trailing Mexico in 14th place with US$1.18 trillion and South Korea in 15th place with US$1.13 trillion.
The province’s per capita GDP amounted to only US$8,913 in 2012, compared with US$22,590 in South Korea and equal to that of Romania, whose GDP ranked 52nd place worldwide.
Guangdong moves to control spending |Economy |chinadaily.com.cn Last fall, Hu Chunhua, the Party chief of Guangdong, mapped out the initiatives, which aimed at eliminating the illegal construction of office buildings; overseas travel using public funds; excessive festival celebrations, forums, fairs and conferences; illegal use of special funds; membership cards for officials given by commercial organizations such as shopping malls; and the little coffers.
Interbank rates pose no risk to China’s growth: HSBC – BUSINESS – Globaltimes.cn **Not sure they are paying attention. Why do they think interbank rates have been spiking?** Due to seasonal factors and structural issues, China’s interbank lending rates spiked at the year-end, but posed no major risk to the country’s economic growth for 2014, HSBC said in a report.
“We still expect growth to stabilize at around 7.5 percent in 2014, given that the (interbank lending) rate spikes should normalize and thus have a limited impact on investment,” HSBC China economists Qu Hongbin and Sun Junwei said in the report published on Friday.
Xiaomi’s growth bites into Apple’s carrier expansion|chinadaily.com.cn **More down to Samsung; Huawei and Xiaomi are different markets** The rapid rise of Chinese smartphone vendors such as Xiaomi and Huawei Technologies Co Ltd has hampered Apple Inc’s progress in China, though the US company signed a deal with China Mobile Ltd last month and is preparing to offer iPhone devices running on China Mobile’s network starting on Jan 17.
Pudong Development Bank earns 6.7 bln USD profit – Xinhua | English.news.cn Shanghai Pudong Development Bank’s net profit jumped 19.8 percent year on year to nearly 41 billion yuan (6.7 billion U.S. dollars) in 2013, according to a filing to the Shanghai Stock Exchange late Friday.
Earnings per share stood at 2.195 yuan, up 19.8 percent from a year ago, according to the statement. Operating revenue stood at just over 100 billion yuan, up 20.61 percent year on year.
Crazy Fast Food You Can’t Get Here Emerging markets and international growth are common themes in fast-food earnings reports. India, Asia, and the Middle East are areas all the chains want to conquer. The bullish thesis on Yum! Brands (NYSE: YUM) was its spectacular Chinese success with KFC until the 2012 chicken supplier scandal.
Part of that success was due to localized menus. At Chinese KFCs, one can order tree fungus salad, a Dragon Twister chicken wrap with cucumber and duck sauce, or rice congee. In 2008, KFC added traditional Chinese street food, youtiao (like a doughnut) and shaobing (a sweet or salty flatbread).
Richard Li may be outbid in purchase of Fisker Automotive｜Companies｜Business｜WantChinaTimes.com The creditors of Fisker Automotive, the bankrupt maker of a plug-in hybrid sports car, had asked the court on Dec 31, 2013 to cancel the proposed sale to Hong Kong business tycoon Richard Li after the China-based Wanxiang Group Corporation made a last-minute bid before a hearing held in the bankruptcy court.
Li Ka-shing to sell his only property in Nanjing｜Markets｜Business｜WantChinaTimes.com Hong Kong tycoon Li Ka-shing announced Dec 31 that he is selling the International Financial Center, his only property in the eastern Chinese city of Nanjing. Li prompted speculation last year on whether he was cashing out of Hong Kong and China after he sold more than 12 billion yuan (US$2 billion) worth of properties in China, reports the Guangdong-based Yangcheng Evening News.
China Telecom Corporation Limited : China Telecom 2014 Annual Work Conference Highlights | 4-Traders On 23 December 2013, China Telecom held its annual work conference for 2014 in Beijing. The themes of this conference included further liberalising the mindsets of all staff, speeding up reform, enlarging co-operation and enhancing efficiency. By promoting “De-telecom”, “Market-orientation and Differentiation” and “Three New Roles”, the Company would strive for breakthrough in corporate transformation and lay down a strong foundation of new China Telecom.
UMC Energy says 2D seismic programme is close to completion – Proactiveinvestors (UK) UMC Energy holds oil & gas exploration licenses in Papua New Guinea, a region that hosts multi trillion cubic feet (Tcf) sized gas fields. In 2012 the Chinese state energy company, CNOOC, entered into an agreement with the Company to fund 100% of all work up to development stage in return for a 70% interest in all activities undertaken by UMC in Papua New Guinea. The two onshore licences held through the UMC-CNOOC agreement have Contingent Resources established and sit adjacent to newly built pipelines leading to a US$19bn LNG complex under construction that will start supplying Asian customers in 2014.
Facelift Porsche Cayenne Spotted in China | China Car Times – China Auto News So for 2014 and beyond, Porsche have to make the Cayenne even better for the Chinese market. Note that this update hasn’t been overly big on the exterior, a little bit of a nip and tuck around the front and also it appears the dashboard has likely been revised somewhat due to the covers attempting to hide the styling.
The Jackpine Mine expansion: Justified for whom? | rabble.ca **Foreign expansion in developed countries has its difficulties** According to Shell’s official website, the Jackpine expansion is a significant application because it presents an opportunity to improve “operational flexibility” on Leases 88 and 89, both of which lie adjacent to the Muskeg River. Preliminary corporate assessments already conclude that 21 kilometers of the river — still considered sacred hunting and trapping territory — will be destroyed by the expansion.
This news has agitated not only the ACFN, but members of the Fort McKay First Nation who also utilize the river. That community is presently locked in its own legal battle to establish a 20 kilometre buffer zone to protect its land from a newly approved project headed by oil giant PetroChina Co. Ltd.
Posted from Diigo.