Saturday, 17 January 2009
Only a third of companies approved for public listing last year by Malaysia’s securities watchdog did so, with the remainder deciding that weak market conditions were too dicey to chance.
Friday, 16 January 2009
Almost two decades ago, China’s paramount leader Deng Xiaoping issued a series of instructions regarding the orientation of Chinese foreign policy, in which he emphasised the need for Beijing to keep a low profile and never take the lead.
Most stock market observers know that 2008 was a pretty bad year as far as new listings were concerned - only 30 companies went public last year compared to 61 in 2007, which in turn meant funds raised plunged 77 per cent to just US$1.2 billion versus US$5.3 billion the year before.
With the central government pumping big money into the economy, as much as 100 billion yuan by the end of 2008, indicators ranging from industrial production to credit show a slowing of the recent economic slide. Expectations are building for Plan B.
In the testosterone-fuelled world of financial trading, it appears that hormones do rule and size really does matter, British researchers said on Monday.
A current winter chill for the global steel industry is not as cold for Shen Wenrong, chairman of Jiangsu Shagang Group, China’s largest private steelmaker. While other steel companies are downsizing, Shen leads a company that’s actively exploring the capital and raw material markets, and planning further expansions based on low-cost advantages.
The battered blue chips of 2008 have pulled off a strong turnaround so far this year, but analysts caution that the trend may have started to run out of steam as bargain-hunting interest tapers off.
Japan’s major retailers are stepping up purchases from suppliers in Asia other than their traditional source, the mainland, as labour costs there continue to climb, a report said on Monday.
Some of the domestic outsourcing companies may have almost got knocked down in the aftermath of the global economic meltdown, but they can’t be knocked out, for sure. If anything, they are now gearing themselves to fight back the ill-effects of the recessionary tendencies by constantly reinventing and upgrading themselves.
Some analysts claim China already operates over-the-horizon radar installations to detect and track ships far out to sea and is backing this up with maritime surveillance using its own satellites in space. They say that China will soon test an ASBM.
Do not forget the principle that every transaction has a supply side and as well a demand side. Do not forget the principle that every economic argument has its counter balance “on the other hand.”
Guangdong officials say they are willing to look the other way if key businesspeople and technical personnel are accused of minor crimes, in an effort to help the province ride out the economic downturn and maintain social stability.
In the scramble to unload their stakes in Chinese banks, international lenders are hurrying out a door that took years to pry open and may be shut more tightly against them in the future.
The Monetary Authority of Singapore (MAS) has begun civil penalty proceedings in two separate cases in the High Court. Today understands this is the first time the financial regulator is using the courts to impose civil penalties under the Securities and Futures Act (SFA).
If yesterday’s lacklustre stock performance of mainland carmakers says anything, it would be that investors doubted the effectiveness of Beijing’s 15 billion yuan (HK$17 billion) support measures and concessions to arrest the decline of the vehicle sector.
Shanghai has been badly hit by the global financial crisis and the government’s revenue is likely to drop sharply this year, the city’s Communist Party chief has admitted.
Many of the biggest losers have been sent to prison and at least 15 have been executed. Some have committed suicide. The scandals have become a source of deep embarrassment for the Chinese government, which has now begun cracking down on travel visas for Macao.
True Fitness has six centres here including outlets at Great World City, Parkway Parade and VivoCity. It is part of the True Group, which was set up in 2004 by Mr. Patrick Wee, and also offers spa and yoga facilities here as well as in Thailand, Malaysia, India and Taiwan.
Worries are greater over imports. According to China Customs, the decrease of overseas orders will affect processing trade demand. This, together with the big decline of international raw material prices and the domestic economic slowdown, means import decline will be more damaging than export decline in a short period.
“Owners of capital will stimulate working class to buy more and more of expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable. The unpaid debt will lead to bankruptcy of banks, which will have to be nationalized, and State will have to take the road which will eventually lead to communism.”
Karl Marx, 1867
Karl Marx, 1867
In 2007, in an end-of-year message to the staff of the National Neuroscience Institute, I wrote: ‘Whilst boom time in the public sector is never as booming as in the private sector, let us not forget that boom time is eventually followed by slump time. Slump time in the public sector is always less painful compared to the private sector.’
No such problem in China, where the top banks remain majority or wholly state-owned. Beijing’s large fiscal stimulus package needs bank lending support, and it is getting it. But this support is going to come at a cost – namely, in an increase in nonperforming loans.
Given all this, it’ll take a brave man to really argue that stock prices have fully priced in the bad news. Stocks are cheap, but they can be cheaper. Think about it this way: there could be a whole year’s worth of bad news waiting for stocks - and there really is no need for any hurry to jump back into the market.
GoldenTree Asset Management, a credit hedge fund, is offering investors who want to withdraw money securities instead of cash, triggering protests from those who in many cases lack means to dispose of such instruments.
Abu Dhabi Investment Authority may have lost $125 billion last year, pushing the sovereign wealth fund to second place behind Saudi Arabia after the global credit crisis cut asset prices, economists at the Council on Foreign Relations said in a report.
So you thought Wall Street might be out of the woods? Think again.
We can be happy, even with very little in our lives, but the minute we’re given something bigger and better, we want even more! We lose our sleep, our happiness, we hurt the people around us; all these as a price for our growing needs and desires.
“NGOs will eventually push democratic change,” he said. “Whatever the Chinese government thinks about that, it will happen eventually.”
Thursday, 15 January 2009
But the chill winds blowing through the global economy are putting a damper on this Chinese Lunar New Year, especially for the millions of migrant workers who toil in factories and building sites, and who only get to go home this time each year.
Bank valuations for Singapore homes are as much as 54 percent lower than sellers’ asking prices, leading to fewer sales in the property market amid an economic crisis, Today reported.
Tuesday, 13 January 2009
Madoff affair sparks wave of applications for withdrawals from hedge funds
The Reuters/Jefferies CRB Index of 19 prices slid 4.1 percent. Corn, soybeans and wheat plunged the most allowed by the Chicago Board of Trade, crude oil fell below $38 a barrel and gold declined the most in six weeks.
Citigroup Inc will close its about three-year-old private banking unit in China, where the third-largest U.S. bank by assets once tried to attract money from fast growing millionaires, sources familiar with the situation said on Tuesday.
Monday, 12 January 2009
The US recession will probably be the longest since World War II and could worsen without heavy government spending, according to a closely watched survey of economists released last Saturday. The Blue Chip Economic Indicators poll of 52 economists from top financial firms, major companies and academia found that most expected a tepid recovery to begin later this year, with growth returning to more normal levels in 2010.
2008 was a very challenging year for directors as the market plunged to a five-year low of 1,600 in the fourth quarter, ending the year down by more than 49 per cent to 1,761.56. The steep fall in the market resulted in the most active year for buyers and the least active year for sellers, since 2001.
Last week’s column strongly advised investors to be sceptical about the year-end rally and to sell into strength at every opportunity, or risk getting caught in yet another bear trap.
The approach recognises that while in developed countries, outright bribery may be less prevalent, companies can sometimes benefit from ‘legal corruption’ by achieving undue influence over regulation and policymaking. In such an environment, lax oversight and corporate scandals can be expected.
Two steps forward, one step back: This painting titled 'Mao I: From the Masses, To the Masses' by Chinese artist Zeng Fanzhi is valued at over HK$30 million. Market players say in the end, the Chinese market will emerge healthier and more locally focused
China’s artworks auction market continued to slow sharply in the second half of 2008, a report says.
Venture capital and private equity deals also in the decline