* Says it to apply for credit line of up to 50 million yuan from a sub-branch of Bank of Beijing
"Стороны планируют оказывать друг другу поддержку и содействие в осуществлении инвестиционной деятельности в России и Китае", - говорится в сообщении российского банка
Председатель правления АО "Россельхозбанк" Дмитрий Патрушев и председатель совета директоров Bank of Beijing Янь Бинчжу подписали соглашение о сотрудничестве, направленное на развитие взаимодействия в области инвестиций и торговли между Китаем и Россией. Церемония состоялась в рамках XX Петербургского международного экономического форума. Согласно документу, стороны планируют оказывать друг другу поддержку и содействие в осуществлении инвестиционной деятельности в России и Китае, в том числе, в форме обмена информацией в сферах экономики, финансов и корпоративного менеджмента.
BEIJING, April 21 (Reuters) - China has given the go-ahead for 10 commercial banks, including Bank of China, the Bank of Beijing and the Bank of Shanghai to begin a pilot programme to directly invest in technology companies.
* Says signs strategic agreement with Tencent on areas such as third-party payment and retail finance
BEIJING, April 29 (Reuters) - Bank of Beijing will extend Tencent Holdings Ltd a 10 billion yuan ($1.6 billion) credit line, part of a partnership that helps the Chinese Internet firm better compete in online finance with rival Alibaba.
Форекс: Евро торгуется смешанно Этим утром евро торгуется разнонаправленно относительно главных валют. Учитывая разнородность опубликованных вчера экономических данных по региону евро, сегодня под пристальным взглядом участников рынка окажется окончательный показатель ВВП Еврозоны. Кроме того, выйдет индекс цен производителей. В США всеобщее внимание привлечёт информация об уровне занятости от ADP, что поможет создать предварительное представление о ситуации на рынке труда в преддверии релиза данных по трудоустроеннности в несельскохозяйственном секторе. Также ожидается релиз индекса производственных заказов и доклад председателя Федрезерва Джанет Йеллен. В 5 часов утра по GMT евро понизился по сравнению с американским долларом, торгуясь по цене 1,3670 доллара, при этом также немного потерял против британского фунта, составив 0,7974 фунта. Японская иена опустилась на 0,1 процента относительно американского доллара, в то же время чуть отступив по отношению к евро. Австралийский доллар упал на 0,5 процента против доллара США, чему причиной стала публикация австралийского торгового дефицита за май больше ожиданий. Европа: Открытие большей частью в «минусе» Открытие германского фондового индекса DAX ожидается на 7-8 пунктов выше и французского CAC – на 1-4 пункта ниже. Индекс Британской фондовой биржи FTSE100 откроется понижением на 7-9 пунктов. Публикация объёма ВВП и индекса цен производителей Еврозоны; изменения уровня безработицы Испании; индекса деловой активности PMI в строительном секторе и индекса цен на жильё от Nationwide в Великобритании запланирована на сегодня. Chr Hansen Holding A/S (CHR), Anite (AIE), GB Group (GBG) и Ashcourt Rowan (ARP) отчитаются по результатам своей деятельности. Пресс-секретарь Министерства труда США заявил, что BNP Paribas SA (BNP) обратилась с заявлением на освобождение от обязательств с целью сохранить свой статус квалифицированной профессиональной компании по управлению активами для контроля активов пенсионных фондов США. Федеральная торговая комиссия США подала иск против T-Mobile USA – филиала Deutsche Telekom AG (DTE) – обвинив компанию в несанкционированном включении в счета оплаты своих клиентов определённой суммы за те или иные услуги. ING Groep NV (INGA) объявила о проведении листинга акций своего страхового подразделения NN Group NV (NN) по цене 20 евро за каждую. Бумаги NN Group сегодня начнут торговаться в Амстердаме. Согласно Reuters, Deutsche Bank AG (DBK) продала компании Citigroup свой бизнес в области торговли энергией в США. BP (BP/), российский Лукойл и торговые компании Trafigura и ATMI в июле начнут поставки бензина, а также дизельного и реактивного топлива для Ecopetrol, – передаёт Reuters. Как пишет «Financial Times», главный исполнительный директор AstraZeneca (AZN) Паскаль Сорио (Pascal Soriot) в понедельник купил акции компании на сумму около двух миллионов фунтов стерлингов, выразив уверенность в перспективах компании, несмотря на неудачный опыт Pfizer с поглощением в размере 69,4 миллиарда фунтов стерлингов. Barclays (BARC) сообщила о назначении Тима Льюка (Tim Luke) – одного из старших бизнес-советников премьер-министра Великобритании – на должность вице-председателя и управляющего директора отдела телекоммуникаций и медиа-технологий инвестиционно-банковского подразделения в Нью-Йорке. Азия: Торги в основном в «зелёном» Этим утром азиатские рынки торгуются преимущественно на положительной территории, продолжая повышения ночной сессии на Уолл-стрит. В Японии Sharp Corporation (6753), Sony Corporation (6758 ) и Toyota Motor (7203) продвинулись вперёд вслед за ослаблением японской иены против американского доллара. Bridgestone Corporation (5108 ) подорожали после повышения брокером целевой цены. Ryohin Keikaku (7453) подскочили на сообщениях компании об увеличении дохода и прибыли за квартальный период, завершившийся в мае 2014 года. Sumco Corporation (3436), напротив, опустились из-за понижений брокера. В 5 часов утра по GMT индекс Токийской фондовой биржи Nikkei 225 торгуется на 0,4 процента выше на отметке 15389,5 пункта. В Гонконге акции сектора недвижимости Henderson Land Development (12) и Cheung Kong Holdings (1) торгуются выше. Galaxy Entertainment Group (27) выросли на сообщениях о возобновлении роста дохода от игорного бизнеса в Макао в июле. В Китае Agricultural Bank of China (601288 ), Bank of Communications (601328 ) и Bank of Beijing (601169) потеряли в цене. Так, согласно новостным данным, одиннадцать новых банков представили проспекты ценных бумаг для листинга на Шанхайской и Шэньчжэньской биржах. В Южной Корее Samsung Electronics (005930) и LG Electronics (066570) пошли вверх. США: Фьючерсы торгуются выше В 5 часов утра по GMT фьючерсы на S&P 500 торгуются на 0,5 пункта выше. Публикация изменения числа занятых от ADP, индекса производственных заказов, индекса текущих условий для ведения бизнеса в Нью-Йорке от Института управления снабжением и числа запросов на ипотечное кредитование от МВА планируется на сегодня. Constellation Brands (STZ), SYNNEX Corporation (SNX), UniFirst Corporation (UNF) и Greenbrier Company (GBX) объявят о своих результатах сегодня. В ходе вчерашней продлённой торговой сессии A. Schulman (SHLM) выросли на 3,1 процента ввиду прибыли за третий квартал выше рыночных ожиданий и увеличения годового прогноза по ней. Monsanto(MON) прибавили два процента на заключении компанией соглашения с JPMorgan Chase Bank NA и Goldman Sachs & Company относительно обратной покупки её обыкновенных акций приблизительно на шесть миллиардов долларов. CalAmp Corporation (CAMP), напротив, подешевели на 13,5 процента по причине мрачного прогноза скорректированной прибыли на второй квартал. Более низкая, чем ожидалось, прибыль за четвёртый квартал привела к падению Paychex (PAYX) на два процента. Американский фондовый индекс S&P 500 во время вчерашней регулярной торговой сессии прибавил 0,7 процента и закрылся на новом рекордном максимуме. Между тем, согласно июньским данным, рост производственной активностиь в США шёл чуть более медленными темпами. Netflix Inc. (NFLX) подскочили на 7,4 процента после повышения брокером рейтинга с «Neutral» до «Buy». Regeneron Pharmaceuticals (REGN) подорожали на 7,4 процента на объявлении Sanofi SA об увеличении доли в компании. General Motors (GM) продвинулись вперёд на 3,6 процента вслед за объявленияем автопроизводителя о росте июньских продаж легкогрузовых автомобилей в США. Бумаги технологического сектора International Business Machines (IBM), Cognizant Technology Solutions (CTSH) и Hewlett-Packard (HPQ) пошли вверх на 2,8 процента, 1,8 процента и 1,5 процента соответственно. Urban Outfitters (URBN) опустились на 1,3 процента в силу понижения брокером рейтинга с «Outperform» до «Neutral». Акции энергетического сектора Integrys Energy Group (TEG) и NextEra Energy (NEE) упали на 1,1 процента и один процент соответственно. Ford Motor (F) потеряли 0,2 процента в связи с падением объёма продаж транспортных средств в июне. Symantec Corporation(SYMC) сократились на 0,1 процента из-за уменьшения брокером рейтинга с «Outperform» до «Market Perform». Сводка последних новостей Увеличение денежной базы Японии замедляется В Японии объём денежной базы за июнь показал повышение на 42,6 процента в годовом исчислении, при этом в мае её рост составлял 45,6 процента. Дефицит австралийского торгового баланса повышается Скорректированное на сезонность отрицательное сальдо торгового баланса Австралии в мае расширилось до 1911,0 миллионов австралийских долларов относительно пересмотренного дефицита предыдущего месяца в 780,0 миллионов австралийских долларов. Материал предоставлен Saxo Bank
Facebook CEO Raises Dealmaker Profile With $19 Billion Takeover (BBG) WhatsApp’s Founder Goes From Food Stamps to Billionaire (BBG) U.S. Feels Putin's Sharp Elbows in Ukraine (WSJ) PBOC Drains Cash as Overnight Rate Slides to Lowest in 10 Months (BBG) Fed Puts Rate Increase on the Radar (Hilsenrath) Banks Flouting Bonus Rules in Denmark Set to Be Named by FSA (BBG) Work Set to Resume on Upgrading Panama Canal (WSJ) Euro-Area Recovery Loses Pace as Manufacturing Weakens (BBG) - uh, what recovery? Ukraine Exposes EU Policy Disarray (WSJ) Diamonds and deals as Danone struggles for China bounce (Reuters) Singapore’s Soaring Land Prices ‘Suicidal’ for Developers (BBG) Overnight Media Digest WSJ * The frenzy to acquire fast-growing technology startups reached new heights on Wednesday as Facebook Inc announced its largest acquisition ever, saying it would pay at least $16 billion for WhatsApp, a text messaging application with 450 million users around the world who pay little or no money for it. * When Federal Reserve officials last met at the end of January, they were surprised by the strength of the economy, cheered by the optimism of consumers and convinced they should continue to dismantle the Fed's economic stimulus campaign, according to an account the Fed released Wednesday. * In a surprising move, Gap Inc informed its employees on Wednesday that it would set $9 as the minimum hourly rate for its United States work force this year and then establish a minimum of $10 next year. * Regulators are taking another crack at their effort to keep the web free and open, introducing new rules that would discourage Internet service providers from charging companies to stream their movies, music and other content through a faster express lane. * Brian Moynihan, the chief executive of Bank of America , received about $12.5 million in restricted stock grants for 2013, according to a regulatory filing. * Shares of Safeway Inc surged in after-market trading on Wednesday after the supermarket chain disclosed that it was "in discussions concerning a possible transaction involving the sale of the company." * Tyler and Cameron Winklevoss, famous for their legal battle with the Facebook founder Mark Zuckerberg, have created a financial index that provides a regularly updated figure for the price of Bitcoin. * A Brookings Institution study found that income inequality was sharply higher in vibrant cities like New York than in less-dynamic ones like Columbus, Ohio. NYT * The frenzy to acquire fast-growing technology startups reached new heights on Wednesday as Facebook Inc announced its largest acquisition ever, saying it would pay at least $16 billion for WhatsApp, a text messaging application with 450 million users around the world who pay little or no money for it. * When Federal Reserve officials last met at the end of January, they were surprised by the strength of the economy, cheered by the optimism of consumers and convinced they should continue to dismantle the Fed's economic stimulus campaign, according to an account the Fed released Wednesday. * In a surprising move, Gap Inc informed its employees on Wednesday that it would set $9 as the minimum hourly rate for its United States work force this year and then establish a minimum of $10 next year. * Regulators are taking another crack at their effort to keep the web free and open, introducing new rules that would discourage Internet service providers from charging companies to stream their movies, music and other content through a faster express lane. * Brian Moynihan, the chief executive of Bank of America , received about $12.5 million in restricted stock grants for 2013, according to a regulatory filing. * Shares of Safeway Inc surged in after-market trading on Wednesday after the supermarket chain disclosed that it was "in discussions concerning a possible transaction involving the sale of the company." * Tyler and Cameron Winklevoss, famous for their legal battle with the Facebook founder Mark Zuckerberg, have created a financial index that provides a regularly updated figure for the price of Bitcoin. * A Brookings Institution study found that income inequality was sharply higher in vibrant cities like New York than in less-dynamic ones like Columbus, Ohio. Canada THE GLOBE AND MAIL * Prime Minister Stephen Harper was again rebuffed in his bid to press U.S. President Barack Obama to approve the controversial Keystone XL pipeline when he raised the issue during a North American leaders' summit in Toluca, Mexico. The proposed TransCanada Corp pipeline, which would carry Alberta crude to the Gulf Coast, has become a source of tension for the two leaders. * A Nebraska court decision Wednesday has thrown another hurdle in the path of TransCanada as it pushes for U.S. approval of the Keystone XL pipeline. * Quebecor Inc has made a C$233 million ($211 million) play on Canada's wireless industry - buying valuable wireless spectrum in the country's four most populous provinces - though it is saying little about how it intends to use it. Reports in the business section: * Lululemon Athletica Inc says its nearly year-long struggle with bad publicity linked to slowing growth and a messy product recall did not reflect any corporate intent to defraud shareholders, and that an expanded lawsuit suggesting otherwise should be thrown out of court. NATIONAL POST * An Alberta human rights adjudicator, facing criticism for ruling in favor of a Czech immigrant who claimed discrimination after failing his Canadian engineering qualification exams, is now under scrutiny for his social media comments on East African politics. * The Progressive Conservatives want to force Ontario's public sector unions to compete for contracts to provide government services in order to save taxpayers money. FINANCIAL POST * More choice for consumers in three of Canada's largest provinces could finally be on the way as Quebecor Inc appears poised to mount a big expansion of its wireless business after winning the rights to cellular airwaves outside its home province. * Shares of BlackBerry Ltd rose as much as 6 percent in extended trading on news that Facebook Inc had acquired one of BBM's biggest rivals for such a princely sum. China CHINA SECURITIES JOURNAL - Gree Electric Appliances Inc of Zhuhai said its parent company, which is majority owned by the Zhuhai State-owned Assets Supervision and Administration Commission, would sell a stake of up to 49 percent in Gree Electric's real estate unit, Gree Real Estate, to strategic investors via auction, in a sign of local level action to privatise some state-owned assets. CHINA BUSINESS NEWS - The State Administration for Industry and Commerce said it would cancel annual examinations of registered enterprises starting March 1. The agency also told branch offices to prepare to publicly disclose information on registered companies for the first time. - Bank of Beijing Co Ltd said it would cooperate with Xiaomi.com in mobile payment and credit, but media reports before the official company disclosure raised questions about insider trading. PEOPLE'S DAILY - Efforts need to be taken to achieve a mature institutional system as well as to improve governing capability, an editorial said. Britain The Telegraph LLOYDS TO DOMICILE TSB IN ENGLAND AS SCOTTISH FEARS MOUNT Lloyds Banking Group has opted to domicile TSB in England rather than Scotland ahead of the new bank's 1.5 billion pound stock market float. WAGES RISE BUT STILL BELOW INFLATION Wages are still failing to keep up with the rising cost of living despite climbing at a faster rate in the final quarter of last year. Average weekly pay including bonuses edged up 1.1 percent to 478 pounds in the three months to the end of December, according to figures from the Office for National Statistics. The Guardian EE PLANS TO RETURN 1,000 JOBS TO BRITAIN AND TRIPLE SIZE OF APPRENTICE SCHEME Communications group EE is to create 1,000 jobs over the next two years and triple the size of its apprenticeship scheme. The company said it was bringing customer service jobs to Britain from overseas centres. BAE AGREES PRICE ON TYPHOON JET DEAL WITH SAUDI ARABIA GOVERNMENT The British defence firm BAE Systems has finally agreed to a deal on the price of 72 Eurofighter Typhoon jets it is selling to Saudi Arabia following years of fraught negotiations. The Times PRIVATE SECTOR WAGES START TO OVERTAKE INFLATION Private sector pay rises overtook inflation at the end of last year for the first time since 2008. The proportion of companies planning to freeze pay this year was also forecast to "be the lowest since the start of the financial crisis". SPORTS DIRECT STAFF CLOSE TO 77,000 POUNDS BONUS Staff at Sports Direct are on track to share another multimillion-pound payout after the retailer said it was "very confident" of hitting profit targets in the penultimate year of its bonus scheme. Sky News BRITISH GAS PLOTS FIGHTBACK AFTER EXODUS The UK's biggest domestic energy supplier is drawing up plans for a price-led assault on its rivals in a bid to win back customers amid the ongoing political row over fuel costs. HOUSE OF FRASER CHAIR TO QUIT AS FLOAT LOOMS The chairman of House of Fraser, the department store chain that is seeking to join London's flotation frenzy, plans to step down if the company returns to the public markets Fly On The Wall 7:00 AM Market Snapshot ECONOMIC REPORTS Domestic economic reports scheduled include: Jobless claims for the week of Feb. 15 at 8:30--consensus 335K Consumer Price Index for January at 8:30--consensus 0.1% Leading ndicators for January at 10:00--consensus 0.2% ANALYST RESEARCH Upgrades Agnico-Eagle (AEM) upgraded to Buy from Neutral at UBS American Equity (AEL) upgraded to Outperform from Market Perform at FBR Capital Barrick Gold (ABX) upgraded to Outperform from Sector Perform at RBC Capital CAE (CAE) upgraded to Buy from Underperform at BofA/Merrill CGI Group (GIB) upgraded to Buy from Hold at Jefferies Carlyle Group (CG) upgraded to Buy from Neutral at Citigroup DealerTrack (TRAK) upgraded to Outperform from Market Perform at Wells Fargo DineEquity (DIN) upgraded to Buy from Neutral at Janney Capital HCI Group (HCI) upgraded to Outperform from Market Perform at JMP Securities Healthstream (HSTM) upgraded to Overweight from Equal Weight at First Analysis Infoblox (BLOX) upgraded to Buy from Neutral at Goldman Nabors Industries (NBR) upgraded to Overweight from Equal Weight at Morgan Stanley Thermo Fisher (TMO) upgraded to Buy from Neutral at Goldman Downgrades America Movil (AMX) downgraded to Underweight from Equal Weight at Barclays AngloGold (AU) downgraded to Hold from Buy at Deutsche Bank Apple (AAPL) downgraded to Equal Weight from Overweight at Barclays Brandywine Realty (BDN) downgraded to Hold from Buy at Cantor Employers Holdings (EIG) downgraded to Underperform at JMP Securities Equinix (EQIX) downgraded to Neutral from Overweight at Piper Jaffray Equity One (EQY) downgraded to Neutral from Buy at ISI Group Essent Group (ESNT) downgraded to Market Perform from Outperform at JMP Securities Facebook (FB) downgraded to Equal Weight from Overweight at Evercore Facebook (FB) downgraded to Hold from Buy at Pivotal Research Garmin (GRMN) downgraded to Market Perform from Outperform at Wells Fargo Hecla Mining (HL) downgraded to Neutral from Buy at Roth Capital magicJack (CALL) downgraded to Perform from Outperform at Oppenheimer Onconova (ONTX) downgraded to Neutral from Buy at Janney Capital Onconova (ONTX) downgraded to Neutral from Overweight at Piper Jaffray Polypore (PPO) downgraded to Market Perform from Outperform at Wells Fargo Range Resources (RRC) downgraded to Market Perform from Outperform at Bernstein SM Energy (SM) downgraded to Neutral from Buy at UBS Terex (TEX) downgraded to Hold from Buy at Stifel Tesla (TSLA) downgraded to Hold from Buy at Deutsche Bank The Fresh Market (TFM) downgraded to Hold from Buy at Deutsche Bank Town Sports (CLUB) downgraded to Neutral from Overweight at Piper Jaffray Initiations AGCO (AGCO) initiated with a Hold at Deutsche Bank Abiomed (ABMD) initiated with a Neutral at BTIG Allison Transmission (ALSN) initiated with a Hold at Deutsche Bank Atlas Resource Partners (ARP) initiated with an Outperform at RBC Capital Booz Allen (BAH) initiated with an Overweight at JPMorgan Caterpillar (CAT) initiated with a Buy at Deutsche Bank Cummins (CMI) initiated with a Buy at Deutsche Bank Deere (DE) initiated with a Buy at Deutsche Bank Edwards Lifesciences (EW) initiated with a Neutral at BTIG Genpact (G) initiated with an Overweight at Piper Jaffray HeartWare (HTWR) initiated with a Neutral at BTIG Joy Global (JOY) initiated with a Hold at Deutsche Bank Manitowoc (MTW) initiated with a Hold at Deutsche Bank Sunshine Heart (SSH) initiated with a Neutral at BTIG Terex (TEX) initiated with a Buy at Deutsche Bank Thoratec (THOR) initiated with a Buy at BTIG Yelp (YELP) initiated with a Neutral at BofA/Merrill COMPANY NEWS Facebook (FB) to acquire WhatsApp for $16B, shares fell 3%. Twitter (TWTR) advanced 0.5% following the announcement, while BlackBerry (BBRY) gained about 6% Facebook believes WhatsApp on 'clear path' to having 1B users Gap (GPS) raised 2014 minimum wage to $9.00/hour for U.S. employees Safeway (SWY) said in discussions concerning possible sale Trian Partners: PepsiCo (PEP) should separate into two companies Tesla (TSLA) sees delivering over 35,000 Model S vehicles in 2014 Tesla CEO Elon Musk said on the Q4 earnings conference call that the Model S has 'far lower propensity for fire than a gasoline car' eBay (EBAY) acquired PhiSix, terms not disclosed Allstate (ALL) announced $2.5B share repurchase plan EARNINGS Companies that beat consensus earnings expectations last night and today include: Quanta Services (PWR), Axiall (AXLL), Equinix (EQIX), Vectren (VVC), Blackhawk (HAWK), Portfolio Recovery (PRAA), Curtiss-Wright (CW), Questar (STR), Macquarie Infrastructure (MIC), Brixmor (BRX), Synopsys (SNPS), Trinity Industries (TRN), Jack in the Box (JACK), Avis Budget (CAR), Rubicon (RBCN), Steiner Leisure (STNR), Tesla (TSLA) Companies that missed consensus earnings expectations include: Coeur Mining (CDE), Ensco (ESV), Energy Transfer Equity (ETE), Energy Transfer Partners (ETP), Williams Partners (WPZ), Sunoco Logistics (SXL), HealthSouth (HLS), Goodrich Petroleum (GDP), Oil States (OIS), Invesco Mortgage (IVR), Cinemark (CNK) Companies that matched consensus earnings expectations include: Williams (WMB), Marriott (MAR), BJ's Restaurants (BJRI), Acadia Healthcare (ACHC), Denny's (DENN), DealerTrack (TRAK) NEWSPAPERS/WEBSITES Bayer (BAYRY), Novartis (NVS) explore bids for Merck's (MRK) consumer unit, Reuters reports Nokia (NOK) reportedly considering buying Juniper (JNPR), combining it with NSN, Reuters reports Broadcasters (CBS, NWSA, DIS, CMCSA) get first victory over Aereo in Utah federal court, WSJ reports Wal-Mart (WMT) weighs support for minimum wage increase, Bloomberg reports Slim (AMX) to exercise NY Times Co. (NYT) warrants this year, Bloomberg reports Standard Chartered (SCBFF) puts Hong Kong consumer finance unit up for sale, FT reports Intel (INTC) CEO says relationship with Apple (AAPL) getting 'closer,' Apple Insider reports BAE Systems (BAESY): U.S. unit close to 'bottoming out' this year, Reuters reports Comcast (CMCSA) confident of Time Warner Cable (TWC) acquisition approval, FT reports SYNDICATE Berry Plastics (BERY) files to sell 9M shares of common stock for holders Cytokinetics (CYTK) announces proposed offering of common stock Diamondback Energy (FANG) files to sell 3M shares of common stock Kayne Anderson (KYN) files to sell 6.75M common shares NGL Energy Partners (NGL) files to sell 8.11M common units for holders
BRIEF-Bank of Beijing, smartphone maker Xiaomi to collaborate on mobile transactions, financial products
* Says plans to cooperate with Chinese smartphone maker Xiaomi on areas of mobile transaction, sales of wealth management and insurance products
Hanwha SolarOne (HSOL -2.3%) has "finalized a framework agreement" with the Bank of Beijing for a 3-year, RMB3.5B ($574M), credit facility. Drawdowns will be "subject to the approval procedures of the Bank of Beijing, including reviews of the specific applicable project information." (PR)The news comes three weeks after Hanwha launched a $70M stock offering to shore up its balance sheet. The company had $171.5M in cash at the end of Q3, and $791M in debt. Post your comment!
BEIJING (Reuters) - China must plan its massive urbanization better to limit environmental damage and to ensure that millions of migrants benefit more from the process, World Bank Group President Jim Yong Kim said on Wednesday.
BEIJING, Sept 13 (Reuters) - Tencent Holdings Ltd, one of China's biggest Internet companies with a market cap of almost $100 billion, has applied for a private banking license, Chinese media reported on Friday.
Companies were reportedly pressured into boosting industrial output figures in LuliangChina's National Bureau of Statistics has accused a county government in southern China of faking economic data by coercing local companies to boost industrial output figures, state media have reported.Luliang county in southern Yunnan province pressured 28 local companies to report 6.34bn yuan (£665m) of industrial output last year, while according to "initial calculations" the true figure was less than half of that, the state newswire Xinhua reported on Thursday night."Companies complained that if they did not fraudulently report higher data their reports would be returned by local government departments," it said, citing a National Bureau of Statistics report. "They also said that fake reports would ensure they would enjoy favourable policies such as securing bank loans."The county government itself reported fake investment data, Xinhua added.Analysts say that phoney economic data is nearly ubiquitous in China, as officials are promoted based on their ability to present favourable numbers."You have an incentive system that encourages the falsification of data," said Fraser Howie, the co-author of Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise."We known that for literally decades provincial GDP figures have never totalled the national GDP figures – you have a fundamental mismatch of those numbers.""Anybody who's working with Chinese statistics runs up against problems, inconstancies, and incomplete data," Howie added. "There are just black holes in information gathering."Howie said that while false data was a long-running national problem, Chinese authorities may launch selective crackdowns every few months to demonstrate vigilance. "It could be that this is a particularly egregious case, it could be that there's political infighting, it could be that this leaked somewhere else first," he said.He drew a parallel to President Xi Jinping's anti-corruption drive, which critics have dismissed both as lip service and as a political purge."Its like the corruption thing – they're not going after nobody, but they're certainly not going after everybody," he said. "Yunnan is far away, nobody really goes there, nobody really cares. It's not like this happened right in Beijing, at the heart of things."ChinaAsia PacificJonathan Kaimantheguardian.com © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds
The summer lull is surely over. In the week ahead no fewer than six G10 central banks The summer lull is surely over. In the week ahead no fewer than six G10 central banks meet and a host of important economic data is slated for release. The US employment data at the end of the week is seen by many as critical for the one major central bank that is not meeting, the Federal Reserve. None of the central banks meeting, which includes Australia, Canada, Japan, Sweden, England and the ECB, are expected to alter their monetary policy stances. And the economic data are unlikely to alter market perceptions that China is stabilizing, Europe reflating, even if unevenly and the Japanese economy is sufficiently strong to allow for the implementation of the controversial retail sales tax hike next April, although with likely additional fiscal support. Barring a significant surprise, the US jobs report is unlikely to spur any one to change their outlook for Fed policy. Although weekly initial jobs claims seem to reflect improvement in the labor market, the more authoritative monthly employment report shows nothing of the kind. The six month average net private sector employment gain stands at 200k, but only because of the out sized gain in February and this will be dropped out of the six-month average with the August jobs report at the end of the week. Moreover, February was the only month this year that the private sector grew 200k or more jobs. Even if the August figures comes in at 200k, which would be above the consensus, the 6-month average will fall to levels not seen since late last year. The 3-month average has been trending lower since March and has been below 200k since May. Nor has there been much improvement in other measures, like hourly earnings or the work week. Many people say that the Fed's decision to taper is highly data dependent, but precisely what this means is rarely addressed. The decision to taper is most certainly not a technocrat response to some predetermined set of economic variables. Indeed, a dispassionate review finds that the Fed has over-estimated growth and price pressures. The pace of improvement in the US labor market remains painfully slow and does not appear to have accelerated in any meaningful way. At the same time, the Fed's preferred inflation measure is low (closer to 1% on the monthly calculus than 2%, while the GDP measure is below 1%) and has not shown any predilection of moving back towards the Fed's target. Meanwhile, even with the upward revision in Q2 GDP figures, the Fed's forecast for growth still seems high and could be trimmed as early at this month's FOMC meeting when many expect the tapering decision to be made. While we don't think that central bank meetings nor the economic data will challenge the generally held views, there are a six items we would highlight: In particular, we note that politics may trump economics in the week ahead. First, Japan's corporate spending report on Monday. It is important because it will help shape the revision to Q2 GDP (Sept 9). This in turn will be used in the debate over the retail sales tax. It may help shape the discussion of the supplemental budget,or other measures, that may mitigate some of the short-run impact. Second, on Tuesday the Reserve Bank of Australia is likely to keep its cash rate at the record low 2.5%. We expect the RBA's statement to keep the door ajar for an additional rate cut, but not necessarily October. The RBA meeting is ironically small beer ahead of the September 7 national election. The polls point to a Liberal-National victory over the Labour Party, which has suffered many self-inflicted injuries. The next prime minister is likely to be Tony Abbott, who has promised, among other things, to abolish the controversial carbon and mining tax. This has the potential to alter the investment calculus. Third, the stronger the UK economic data, the less credible the Bank of England's forward guidance is likely to be perceived, though it is difficult to imagine the UK economy accelerating more from its current pace. Unlike the US and the euro area, where inflation is low in what may be economic acceleration, the UK's headline rate did not get very low during the stagnation phase, so the recovery is commencing with relatively firm price pressures. It is not clear whether Carney will make a post-meeting statement. Under King, when the BOE did nothing, it said nothing besides confirming the continuation of the policy. This will be Carney's third meeting He spoke after the first, but not the second. Barring significantly worse than expected data, the economy may be eclipsed by UK politics. The defeat last week by the government over Syria may have been some payback for Blair's Iraq decision, in some bizarre way, but the ramifications for the Tory-led government are serious. It could produce a shake-up in the government, especially with the parliamentary team. It appears to have been a poorly worded motion and most importantly, poorly executed, but the damage is done. Ultimately, the road Cameron is leading the UK down is arguably one of marginalization, as the non-binding parliament vote, neuters its voice in the UN Security Council. And this is even before, the referendum promised by Cameron (after the next election, in the run-up to which Carney has conditionally promised to keep rates low) on whether the UK should remain an EU member. Fourth, Draghi's press conference will be more important than the ECB meeting, which is unlikely to take fresh action. The region's economy is recovering as the ECB expected, but it seems too early to conclude that the two-part forward guidance (rates will remain at current levels or lower for an extended period) is no longer needed or that the ECB is about to move away from "or lower" part of the construction. With money supply growth slowing and private sector lending contracting at an accelerated speed (June and July have seen the biggest contractions in EMU's short history), there is not reason to encourage a rise in interest rates, which is what would likely happen if the ECB so signaled. In addition, the excess liquidity in the system is gradually falling as banks payback their ECB borrowings. EONIA may face upward pressure in the months ahead. Separately, the ECB looks to be close to allowing minutes from its meeting to be published, as many other central banks do. The minutes are expected to be similar to FOMC minutes, where individual names are associated with particular comments, for fear to curtailing a forthright discussion. Nevertheless, the central bank minutes should be understood as a channel of communication more than a precise record. Under current conditions of forward guidance, central bank communication is arguably more important than ever. It makes no sense for the ECB to deny itself a useful channel. Fifth, at the end of next week, China has signaled it will re-open its bond futures market, which has been closed since a three-year experiment ended in 1995. Initially, the futures on the 3% 5-year note, will be limited in its movement to 2% on either side of the previous day's settlement. This is an important step in China's financial liberalization and follows the July move to abolish the floor on borrowing costs which had been previously set at 30% below the benchmark. Foreign investors are increasingly able to access China's bond market through its Qualified Foreign Institutional Investor (QFII) and Renminbi Qualified Foreign Institutional Investor (RQFII) programs. Chinese officials have expanded the quotas under QFII and have expanded the RQFII program to allow all qualified asset managers incorporated in Hong Kong to participate. We note that China' official manufacturing PMI was released over the weekend. It rose from 50.3 in July to 51.0 in August. The consensus had expected an increase to only 50.6, perhaps restrained by the preliminary HSBC/Markit measures that showed improvement to 50.1. The final report will be released early Monday in Beijing. Economists had previously cut their growth forecasts for China and now news reports suggest several are raising their forecasts. The PMI report forward looking components, new orders and new export orders rose impressively. At 52.4, new orders are at their high reading since April 2012. New export orders rose above 50 for the first time since March. The HSBC/Markit preliminary measure had shown a decline in export orders. Incidentally, though perhaps not unrelated, over the weekend South Korea reported its August exports rose twice what economists had expected (7.7% vs 3.8%). This is the biggest increase since January. Separately, we note that Taiwan's export growth is expected to have accelerated. It reports its August trade figures on September 9. Hong Kong imports and exports accelerated markedly in July. These developments would lend credence to the official PMI data. The convergence between the two measures is for the HSCB/Markit measure to move toward the official one, rather than the other way around. Sixth, the G20 meeting begins Thursday. The debate over Syria is likely to over shadow economic issues. Still, efforts on to curb some forms of tax evasion will continue to make slow progress. The OECD's interim economic assessment of the G7 countries and China (to be published Tuesday) will provide a backdrop. Representative from the emerging markets are likely to press their case to the major economies, especially that the US, should take their interests into account when conducting monetary policy. Emerging markets have been hit by several shocks this year, and concern about retaliation against Syria is only the latest. The depreciation of the yen exposed many emerging market countries, especially in Asia, balance of payments weakness, especially in the context of a slowdown in China. Speculation of tapering by the Fed has exposed the vulnerability of many emerging markets to a reversal of portfolio flows. It is not coincidental that US Treasuries just finished their fourth consecutive month lower, the longest losing streak since 1996, while Asian equities (MSCI Asia-Pacific Index) finished their fourth consecutive month down. August was the sixth consecutive month that the JP Morgan EMBI premium over Treasuries rose. The only thing more disruptive than being inundated with capital inflows for many emerging market countries is seeing the capital leave. The industrialization of the US, Europe and Japan occurred under a regime of restricted capital movement. In recent years, even the IMF has warmed to the idea of targeted capital controls under certain circumstances. There has been some discussion, spurred by a paper discussed at Jackson Hole, that many countries can pursue independent monetary policies if and only if their capital account is managed directly or indirectly. If a country manages its capital account and the flow of international capital is driven in good measure by the monetary policies of another country (or countries), say QE in the US and Japan, it is not clear how independent of a monetary policy it can pursue. While recognizing the symbols of monetary independence, we suspect that on closer examination, monetary independence is not quite what it pretends to be. Part of the rationale for the massive expansion of central bank reserves since the emerging market debt crisis, beginning in mid-1990s in Mexico and culminating the Asian Financial Crisis 1997-1998,was to serve as a type of self-insurance--to help smooth the adjustment process. Investment capital primarily lent to emerging markets during a period of strong commodity prices, and unusually weak growth and low interest rates among the high income economies. That period appears to be coming to an end.
BNP Paribas, France's top listed bank, agreed to acquire a 50 percent stake held by Dutch bank ING in its life insurance joint venture with the Bank of Beijing, according to a BNP statement.