Saturday, 22 November 2008

Market Pundit Fined for Price Manipulation

The mainland’s securities watchdog has imposed a penalty of 250 million yuan (HK$283.65 million) on renowned stock commentator Wang Jiangzhong for price manipulation, the biggest punishment it has handed down in an individual case.

Beijing to Keep Reins on Refined Fuel Prices

Refiners will get less benefit from reform

Recession-Proof Campbell Soup Has the Right Recipe for Hard Times

Looking for a tasty recession-proof stock? Campbell Soup has a proven track record of outperforming at times when investors are running for the exits.

Boom times just a mirage as fast-paced Dubai grinds to halt

The seaside emirate of Dubai shifted into crisis mode this week as its break-neck building boom stalled, its lending bonanza evaporated and the government pondered wider steps to rescue banks.

Deadly Harvest

Guangdong’s burial ban has fuelled demand for human bodies, and criminal gangs are resorting to murder to meet it

Shenzhen Top Policeman Held Over Nightclub Fire

More than 100 million yuan in cash - the stacked bills were the size of a king-sized bed - was found in his apartment, the paper said.

Few Jobs for China Graduatesc

Holding fresh CVs but lowered hopes, hundreds of thousands of Chinese students flocked to recruitment fairs across the country this week as the government warned them not to be fussy amid the global financial crisis.

Singapore’s Temasek cuts pay to combat slowdown

Singapore’s state investor Temasek Holdings said on Friday it would cut pay across the board in a bid to slash costs as the firm projects tough economic conditions in 2009 and beyond.

Friday, 21 November 2008

Please break this fucker Cristiano Ronaldo's legs

DBS May Need to Raise New Capital: Morgan Stanley

39 Asia-Pac banks tipped to issue new shares, sell assets or cut dividends

DBS May Need to Raise New Capital: Morgan Stanley

39 Asia-Pac banks tipped to issue new shares, sell assets or cut dividends

Career Tip - You Need to Have a Plan B

Many people are great with plans for their companies, yet neglect to make one for themselves

Citigroup to Close 7 SIVs After Losses of US$2.2b

(NEW YORK) Citigroup will wind down seven failed off-the-books investment funds, ending chief executive Vikram Pandit’s attempts to salvage them after at least US$2.2 billion of writedowns this year.

Vicious Circle in the Markets

Markets are spooked by three Ds: deleveraging, deflation and depression, feeding into one another in a potentially vicious manner. With banks facing strain again, governments must rapidly complete existing recapitalization plans and probably take further steps to prevent excessive belt-tightening.

HK Investors Wary of Province’s Slow Approach to Reform

Hong Kong investors on the mainland say they may not survive to benefit from a restructured Guangdong government if reform in Shenzhen alone takes five years.

US Global Dominance ‘Set to Wane’

US economic, military and political dominance is likely to decline over the next two decades, according to American intelligence agencies.

Citigroup’s stock plunged below $5 – a 13-year low – and the banking giant’s troubles may be just beginning

Most institutional investors and pension funds are barred from owning stocks below $5. So if Citigroup’s stock remains below that level, it could trigger a wave of selling that would send the share price even lower.

“That’s the danger of crossing that $5 threshold,” says Owen Malcolm, senior vice president of Sanders Financial Management in Atlanta.

“They’re (Citigroup) already in trouble. It could get worse.”

Money managers don’t necessarily have to sell Citi immediately. But they would have to get out before the end of the quarter if the stock doesn’t recover and may opt to do so now to mitigate potential losses.

Citigroup Explores Options, Including Sale Of Company

Executives at Citigroup Inc. (C), faced with a plunging stock price, began weighing the possibility of auctioning off pieces of the financial giant or even selling the company outright, according to people familiar with the matter.

Singapore Shares End Higher On Rebound, But Rally Likely Brief

Singapore’s stock market followed its Asian peers in recovering from early falls Friday, but analysts dismissed the gain as a technical rebound that isn’t likely to last.

DJIA Monthly - Which Direction Now?

DJ MARKET TALK: HSI +4.5% Midday; HK Developers Rebound Sharply

HSI in drastic reversal, +4.5% at 12,851.78 midday vs intraday low of 11,814, underpinned by combination of bargain-hunting in cash market, short-squeezing in futures. “Asian markets are recovering in general despite U.S. stocks, that aids Hong Kong. Also, there’re expectations of more economic stimulus policies from Chinese government during the weekend,” says CASH Asset Management’s Patrick Yiu; adds 12,000 now established as firm short-term floor. Blue chips’ gain led by those sold off most aggressively of late, especially HK property stocks. Henderson Land bounces 16.6% to HK$27.00, Wharf +16.2% at HK$16.22, Hang Lung Properties +13.2% at HK$14.80. Fly in ointment is volume remains low at HK$25.92 billion; 13000 immediate HSI resistance.

Thailand Racing to a Point of No Return?

After Thaksin showed his desire to return to politics, it seems hard to aviod the likelihood that Thailand will see another coup or civil war taking place in the country

Citigroup May Seek Merger as Stock Plunges Further

Senior officials at Citigroup told CNBC that they will have to make a strategic change in the firm’s direction, including finding a possible merger partner or raising cash in the coming days to arrest a sharp slide in the firm’s stock price.

Citigroup Executives Consider Sale of Company, WSJ Online Says

Nov. 20 (Bloomberg) -- Citigroup Inc.’s executives are considering selling off pieces of the bank or the whole company, the Wall Street Journal reported online, citing people familiar with the matter.

The discussions are preliminary and don’t suggest that New York-based Citigroup is backing away from its insistence that it has sufficient capital and funding, the Journal said.

Singapore in Recession, Economy May Shrink in 2009

Singapore’s economy is seen growing around 2.5 percent this year and could shrink next year, as financial services and its exports are expected to be hit by a weaker global economy, the government said on Friday.

Waste and Corruption Worries Raised by China’s Stimulus Package

It is reported that Beijing hotels near the NDRC are overflowing with officials from local governments, each complete with a briefcase full of heavy files detailing spending plans.

China’s Accounting Standard Recognized in the European Union

China’s new accounting standard has received approval from the European Securities Committee (ESC), the first time its accounting standard have been officially accepted for a major international capital market.

U.S. Diplomat Denounced by Mao is Finally Laid to Rest in China

Stuart died in Washington in 1962. He had written in his will that he hoped his remains would someday be buried in China, where he had been born the son of Christian missionaries in 1876 and had helped found a prominent university, but where he was no longer welcome.

Mainland Firms Default on Scrap Metal Deals

Mainland scrap metal buyers have reneged on about US$1 billion in contracts from merchants in the United States as the market for the steelmaking raw material collapses, the Institute of Scrap Recycling Industries said.

Moody’s Sees Outlook Bleak for China’s Developers

The outlook for the mainland’s property developers over the next 12 to 18 months is negative, as they face rising operating uncertainties, a tight credit environment and “high regulatory risk”, according to ratings agency Moody’s Investors Service.

Cash Crunch Hits Dubai’s Luxury Homes

Property prices on Dubai’s Palm Jumeirah island have fallen as much as 40 per cent since September as buyers struggle to get mortgage loans amid the global credit crisis, real estate brokers say.

Asian Currencies Slide on Fears of Emerging-Market Asset Dumping

Asian currencies weakened against the US dollar yesterday, led by Indonesia’s rupiah, as the region’s stocks fell for a third day on speculation investors would dump emerging market assets as the global recession deepens. Fights to Rescue Reputation has been the star of mainland’s internet world. But now the search engine dubbed “China’s Google” is scrambling to rescue its reputation after state TV accused it of letting unlicensed suppliers of medical products pay for higher rankings on its results page – without alerting users.

Official Calls for Yuan Convertibility

Former central bank executive says unit should be an international reserve currency

Shipping trade heads for economic storm

Heir to one of Greece’s oldest ship owning families, Remi Maritime’s director Leonidas Polemis overlooks the heart of the Greek shipping industry from his plush office and sees a severe economic storm coming.

Watch on Overseas Payments Tightened

Beijing has tightened its monitoring of exporters’ overseas receivables in an effort to clamp down on capital flight amid the global financial crisis.

Wall Street Cull Amid Meltdown Turns Analysts into Endangered Species

Analysts have not been helped by research departments’ poor track record in calling the past year’s economic crisis and the slide in companies’ earnings and stock prices.

In one famous example, Merrill Lynch’s research team was publicly promoting, an online diary/address-book service, as “an attractive investment”. Yet the firm’s then internet analyst Henry Blodget sent an internal e-mail that said: “I can’t believe what a POS (piece of shit) that thing is.”

Mahjong table maker rolls the dice with an IPO in Australia

The clatter of mahjong tiles is among the few remaining signs of life in Asia’s dying IPO market.

Mainland’s Slump Hits Japan Hard

Economists warned the worst was yet to come, as overall exports logged their biggest fall since 2001 – the last time Japan suffered a recession.

Chen Denies New Claim of Embezzling Funds

Former Taiwanese president Chen Shui-bian has denied a fresh accusation that he embezzled funds intended to promote the island while he was in office.

Thursday, 20 November 2008

Golden Days When the Market Went Crazy

“New investors are like newborn calves that don’t fear tigers, but I have learned what to fear.”

Shanghai mayor meets cabbies as disruptive strikes continue

Shanghai Mayor Han Zheng pledged to listen to grievances and try to resolve problems during a two-hour meeting with representatives of cab drivers and transport workers on Tuesday, mainland media reported yesterday.

China News Organisations Authorised to Report Unrest

The mainland media’s increased reporting of protests over land, labour and investment issues reveals an attempt by the government to manage the impact of bad news by acknowledging it, sources said on Thursday.

3 Firms Invest in Shandong

Three Singapore companies on Thursday signed memorandums of understanding with China firms to invest in Shandong, a coastal province in eastern China.

China’s Job Outlook Grim

China warned on Thursday it was facing major unemployment problems due to the global economic crisis, as it unveiled a series of measures aimed at maintaining and creating jobs.

Woman’s $8.8m Frozen by OCBC

OCBC says the elderly woman does not have mental capacity to make financial decisions.

I like OCBC's responsible action. One more reason to switch from DBS to OCBC.

Hong Kong Recession Will Worsen and May Not Be Fully Discounted by the Market - Citi

We have fine-tuned our forecasts for Hong Kong's economic growth... a recession that we expect to last until at least mid-2009... all external sectors, including exports, finance and tourism will be under stress... a continued economic contraction with no hope for a quick V-shaped rebound that could prompt more "sell" equity market recommendations with lower earnings forecasts and target prices.

Regulars here can email me to get the full report from me.

China Internet giant Baidu’s stock price dives amid allegations

Shares in China’s Nasdaq-listed Internet giant Baidu have dived more than a third amid allegations it gave unlicensed medical firms prominent exposure for money, without telling its customers.

Dutch bars hit hard by smoking ban

Some say double whammy wiping out 30 percent of their business

3 inmates charged with sexual and physical assaults

Three prisoners have been charged with physically and sexually assaulting their fellow inmate in a cell in Changi Prison earlier this year.

Leave private jets at home

Sceptical lawmakers blasted automobile chief executives for flying private jets to Washington

Chi-X may open exchange in Singapore in 2009

Chi-X, which operates a pan-European equities trading platform that has captured a 20 percent share of trading in FTSE 100 stocks, wants to open an exchange in Singapore as early as mid-2009, a newspaper reported on Thursday.

Buffett’s Berkshire Falls Most in at Least 23 Years

Warren Buffett’s Berkshire Hathaway Inc. fell the most in at least 23 years, dropping for the eighth straight day since reporting a 77 percent decline in third- quarter profit.

Steady Climb, Steep Fall

U.S. Stocks Slide to Five-Year Lows as Banks, Carmakers Tumble

U.S. stocks sank and benchmark indexes slid to their lowest levels since 2003 on growing concern over the health of the financial system and survival of the nation’s car industry.

Citi shares in record slump, CDS spreads widen

Citi shares slumped 23% to close at $6.40. The previous biggest one-day drop was 21.7% during the market collapse on Oct 19, 1987.

Shares Near 6-Year Low, With More Losses Feared

As the stock market tumbled to its lowest level in nearly six years on Wednesday, Wall Street traders and many ordinary Americans were asking the same question: Where, oh where is the bottom?

Near The Bottom for Equities

BARTON BIGGS is managing director of Traxis Partners, a global hedge fund.

China Buys More US Debt, Supports the Dollar as the Biggest Creditor

China has finally succeeded in becoming America’s No. 1 creditor.

Why Investors Shouldn't Own Commodities

Citigroup and JPMorgan Still at Risk, Says Analyst

Crisis Won't Be Over Until We Tear Up Credit Default Swaps, Says Risk Analyst

Worst of Banking Crisis Won't Hit Until 2009, Says Top Risk Analyst

Expanded cross-strait ties to boost Xiamen real estate

The agreements are expected to hugely benefit the economic zone which includes Xiamen.

Mainland likely to unveil more stimulus measures

The mainland is expected to roll out more measures before long to stimulate demand for housing, but recovery in the all-important property market is unlikely for another year.

Downgrades spur sell-off in property stocks

Hong Kong property stocks ended lower yesterday after JP Morgan downgraded five property companies and cut share-price estimates on two leading developers.

Wednesday, 19 November 2008

Carmakers in China copy U.S. playbook

The Chinese auto industry is quietly pressing Beijing officials for help in coping with a sharp slowing in sales growth this autumn, top Chinese auto executives said in interviews here Tuesday.

China Gets it Right, the US gets it Wrong

The US stimulus package is too little, too late, thrown at the wrong sectors of the economy.

The Dead Tell a Tale China Doesn’t Care to Listen To

An exhibit on the first floor of the museum here gives the government’s unambiguous take on the history of this border region: “Xinjiang has been an inalienable part of the territory of China,” says one prominent sign.

Factories shut as crisis hits China

Right now, factory workers here are angry. The world’s financial crisis has begun to hit them.

World freight prices collapse

Freight shipping prices for transporting dry raw materials collapsed in November, slammed by the global financial crisis, slowing economic growth and falling commodity prices, industry experts said.

Wynn disagrees with Sands

WYNN Resorts Chairman Steve Wynn said he’s in ‘complete disagreement’ with a Las Vegas Sands Corp senior executive who said government decisions may have hurt the development of Macau casinos.

An estimate of U.S. car jobs in jeopardy is dubious

Supporters of a bailout for the U.S. automakers have frequently cited a statistic that the industry supports one in 10 jobs in the country. While that is a large figure, it most likely overestimates the effect a collapse of one or more carmakers would have on the U.S. economy.

A sea of unwanted auto imports

Gleaming new Mercedes cars roll one by one out of a huge container ship here and onto a pier. Ordinarily the cars would be loaded on trucks within hours, destined for dealerships around the United States. But these are not ordinary times.

Stanley Ho warns of more gloom

The current recession will last up to three years and next month will bring even more bad news, casino magnate Stanley Ho Hung-sun said yesterday.

Mr Ho said he believed the stock market would rise to 15,000 points after next month and continue rising.

Tibetans may push for full independence

The prime minister of Tibet’s exiled government said yesterday that leaders would push for Tibetan independence if the congress of exiles meeting in India this week decided to drop the Dalai Lama’s measured path of compromise.

US Spending & Commitment

Fed and Treasury spending and commitment programs in the effort to stabilize the US financial markets and economy. That is about one-third of GDP. Now, who is leveraged in the deleveraging process?

Pursuit of money has pushed aside Maoist principles

“Many Chinese now judge an individual’s success and contribution to society by their personal fortune, and everyone dreams of becoming rich overnight,” she said.

Time for reason amid a spate of protests

The latest riot on the mainland, in the northwestern city of Longnan , Gansu , is a striking reminder of the fragility that lies beneath the surface of mainland society as it faces an economic slowdown.

China aircraft carrier project taking shape

China is assembling its first aircraft carrier battle group and will eventually deploy it in the South China Sea to protect oil routes and territories, a military source said yesterday.

The Collapse of Ferro China

Crisis of Ferro China’s capital chain emerged in March, even earlier than the sudden decline of global steel industry in June.

Parent Company Sheds Light on Citic Pacific’s Trading

Citic Group has decided to clean up Citic Pacific’s balance sheet and cut down its derivatives trading exposures.

Goldman Invests in Chinese Liquor Maker

Goldman’s US$ 50-million investment in Kouzi Wine is the latest example of a foreign firm buying into China’s alcohol industry.

Macro Review: Stimulus Plan Not Good Enough

Neglecting the need to strengthen consumption leaves a big need unaddressed.

Monday, 17 November 2008

Mineral water recalled

A Japanese firm recalled eight million bottles of US mineral water on Monday after consumers complained it smelled like insecticide and medicine.

FDA to open China offices

The US Food and Drug Administration will open three offices in China this week in an unprecedented effort to improve the safety of exports headed to America amid recurring product safety scares.

Bad breath blues

Don’t let this problem get you down. Treatment and oral hygiene can nip it in the bud.

Sunday, 16 November 2008

Guangzhao IFB - Condemned Company

Observation from their 14 November 2008 results:

1) Unprofessional management didn't bother to print results to PDF file, but instead poorly scanned (poor quality and crooked). This is a sign of poor attitude - which moron will invest in this kind of management?
2) Company doesn't update shareholders the progress in their discussion with Liberty Harbor LLC. How is this kind of "talk in progress" different from FerroChina's "talk in progress"? We all know what happened to FerroChina.
3) Why did company need to give directors' loan RMB 8.32m? Doesn't matter if the money was paid back, why should directors deserve company loan? Did the director provide any collateral to company for the loan? Question about conflict of interest and fiduciary duty of directors?

I feel sad and sorry to have said anything positive about Guangzhao in the past.

Smaller stocks may prove great bargains for investors

It could be a buying opportunity - for those brave enough

Smaller stocks may prove great bargains for investors

It could be a buying opportunity - for those brave enough