SHANGHAI, (Reuters) - Societe General’s China fund business said it has won approval to launch a fund to mainly invest in overseas-listed China-related equities under China’s Qualified Domestic Institutional Investor (QDII) scheme.
So far, 11 domestic fund houses have obtained QDII licences, and four of them have launched the products under the scheme -- aimed at giving domestic residents more investment opportunities and to promote a better balance in China’s international payments.
Shanghai-based Fortune SGAM Fund Management Co, which received a QDII licence in August, said in a statement on Tuesday it had obtained permission for the launch from the China Securities Regulatory Commission.
The company did not mention the targeted size of the planned fund, but said it would be kicked off for sale soon.
Chinese fund management firms are allowed to raise a maximum of $4 billion for each of their QDII funds through initial public offers. The quota can be expanded to $5 billion through additional offers, industry officials say.
A Fortune SGAM official told Reuters the fund must be launched within six months, but the firm had not decided on the specific timing as it needs to monitor the overseas financial markets.
“As you know the overseas markets are not doing well so we are taking a wait-and-see attitude,” the official said.
The existing QDII funds launched earlier this year by four Chinese fund management companies have been snapped up by domestic investors, who sought to diversify their portfolios. But the funds have slipped below their par value due to turmoil in global markets caused by the U.S. subprime mortgage meltdown.
Fortune SGAM said its planned QDII fund would invest 60-95 percent of its total assets in the Hong Kong stock market, and shares of China-related firms listed in Singapore and the United States.
The China-related firms listed in New York and Singapore must derive more than 50 percent of their revenue from mainland China, it said.
The fund is allowed to allocate 5-40 percent of its total assets to overseas bonds, primarily including those traded in Hong Kong, Singapore and the United States. The bonds must carry a rating of “A” or above by Standard & Poor’s. (Reporting by Charlie Zhu; Editing by Lincoln Feast)
SHANGHAI - SHANGHAI'S top gangster was executed this week after China's top court gave the order for him to be put to death, state press reported on Wednesday.
Li Bin, 41, the self-proclaimed 'King of Shanghai's underworld' was executed on Tuesday after the Supreme Court, which reviews all death sentences, issued the order, the Shanghai Daily said.
Li was found guilty in October 2006 of heading a criminal gang that trafficked in drugs, was involved in organised gambling and illegally possessed firearms and other weapons, the newspaper said.
His appeal against the sentence was rejected by Shanghai's top court earlier this year, the report said.
His wife, Yao Yinmei, and 18 other members of his gang were handed prison terms ranging from life to 15 years.
Li was a career criminal who had been in and out of prison since the age of 17, the paper said.
Following his release from jail in 2001, Li established a drug trafficking network and operated a gambling business and drug den out of an entertainment centre in Shanghai's district of Baoshan, the paper said.
In a separate case, Zhou Liji, who had served time for fraud and larceny, was executed for drug trafficking, the paper said.
Although the government does not release figures on the subject, international rights groups say China executes more people each year than the rest of the world combined. -- AFP
Chinese teachers sentenced to death for forcing 23 girls into prostitution
BEIJING - TWO married schoolteachers who forced 23 rural girls - some younger than 14 - into having sex with Chinese coal mine owners have been sentenced to death, a court official said on Wednesday.
Zhao Qingmei and her husband, Chi Yao, were convicted by the Bijie Intermediate Court on Dec 14 of forcing 22 girls from a school where they taught into prostitution in the poor province of Guizhou in southwest China, according to a woman working at the court who refused to give her name.
Six of the girls were under the age of 14. The couple had also forced one local village girl into the scheme, which took place between March and June last year.
Chi's sentence, however, was suspended for two years - meaning that if he shows good behaviour in jail for the next two years, it will be commuted to life imprisonment, the court official said.
The two teachers were arrested in August after fleeing to neighbouring Sichuan province, according to the official Xinhua News Agency.
They were part of a group involving at least 14 others that made 32,350 yuan (S$6,459) from the vice activities. Other suspects have been sentenced to prison. -- AP
China Stocks Gain After Report Government Won’t Dump Shares
Dec. 19 (Bloomberg) -- China’s stocks climbed by the most in two weeks after a report that state-owned companies won’t “massively’’ sell their holdings in listed companies. China Petroleum & Chemical Corp. led gains.
“The news has assured investors that one of their main concerns won’t happen in the near future,’’ said Wu Kan, who manages the equivalent of $41 million at Dazhong Insurance Co. in Shanghai. “That has boosted buying sentiment.’’
Huaneng Power International Inc. rose after buying a stake in a Shenzhen electricity supplier to expand in southern China.
The CSI 300 Index, which tracks yuan-denominated A shares listed on China’s two exchanges, gained 116.38, or 2.4 percent, to 4,946.29 at the close, the biggest advance since Dec. 5 and the end of a two-day, 3 percent slide. All the measure’s 10 industry groups gained.
State-owned companies aren’t supposed to trade shares or profit from price differences in the stock market, the Shanghai Securities News reported today, citing State-owned Assets Supervision and Administration Commission’s director Li Rongrong.
A 142 percent gain in the CSI 300 this year spurred concern that state-controlled companies, which own about two-thirds of shares in publicly traded companies, would sell their stakes to profit from the market’s increase. The benchmark has declined 16 percent from its peak of 5,877.20 on Oct. 16.
Still, these companies may sell shares “within limits’’ when stock prices are too high, to remind investors of the risks involved in the stock market, the newspaper reported.
The People's Bank of China has instructed a number of banks and rural credit cooperatives they must place additional funds with it as reserves on Dec. 27, according to media reports. The special deposits will pay interest of 3.37% on three-month deposits and 3.99% on one year deposits, reports said. The moves were part of additional measures being draw up to help drain liquidity from the banking system, according to reports.
Surgeon in Hot Water After Photographing Patient's Tattooed Genitals
Wednesday, December 19, 2007
Associated Press
PHOENIX — A surgeon faces a disciplinary hearing for snapping a photo of a patient's tattooed genitals during an operation and showing it around to other doctors.
Mayo Clinic Hospital administrators said Dr. Adam Hansen, chief resident of general surgery, admitted taking the photo with his cell phone on Dec. 11. The tattoo on strip club owner Sean Dubowik's penis reads: "Hot Rod."
Dubowik, who had undergone a gallbladder operation, said he learned of the photo Monday when the Mayo Clinic called.
"I got a strange call after my surgery from a doctor who said there was a problem. He said Hansen was on the phone and would explain," he said.
Dubowik, 27, said Hansen told him he took the picture while inserting a catheter into his penis. A member of the surgical staff made an anonymous call about the photo to The Arizona Republic on Monday.
"He told me he didn't want me to read about it in the newspaper first," Dubowik said.
Hansen wasn't available for comment Tuesday and has been placed on administrative leave. He could face a range of punishment from probation to dismissal.
"Patient privacy is a serious matter, and photographing someone in this manner without a good reason is something we will investigate down to the last detail," said Dr. Joseph Sirven, education director for Mayo Clinic Arizona, the hospital's parent organization based in Scottsdale.
Dubowik said he got the tattoo on a bet and that "it was the most horrible thing I ever went though in my life."
He said he planned to contact an attorney.
"The longer I sit here the angrier I get," he said.
A man joins a very exclusive nudist colony. On his first day there he takes off his clothes and starts to wander around. A gorgeous petite blonde walks by, and the man immediately gets an erection. The woman notices his erection, comes over to him and says, "Did you call for me?"
The man replies, "No, what do you mean?"
She says, "You must be new here. Let me explain. It's a rule here that if you get an erection, it implies you called for me. Smiling, she leads him to the side of the swimming pool, lies down on a towel, eagerly pulls him to her and happily lets him have his way with her.
The man continues to explore the colony's facilities. He enters the sauna and as he sits down, he farts. Within minutes a huge hairy man lumbers out of the steam room toward him.
"Did you call for me?" says the big hairy man.
No, what do you mean?" says the newcomer.
"You must be new," says the hairy man, "It's a rule that if you fart, it implies that you called for me." The huge man then spins him around, bends him over a bench and has his way with him.
The newcomer staggers back to the colony office, where he is greeted by the smiling, naked receptionist.
"May I help you?", she says.
The man yells, "Here's my membership card, you can have the key back and you can keep the $500 membership fee."
But, Sir," she replies, "you've only been here for a few hours. You haven't had the chance to see all our facilities."
The man replies, "Listen lady, I'm 68 years old. I only get an erection once a month but I fart 15 times a day."
A man walks into a bar and orders a double, obviously upset.
“What’s the matter buddy?” asks the bartender.
“It’s a long story. I met this beautiful woman who invited me back to her place. We took off our clothes and jumped into bed and were just about to make love when her husband came in the front door. So I had to jump out of the bedroom window and hang from the edge by my fingernails without any clothes on!”
“Gee, that’s tough!” commiserated the bartender.
“That’s not what really got me aggravated. When her husband came into the room, he wanted to have sex with her. I had to listen to them grunting and groaning and when they finished he tossed his condom out the window. And where does it land?” On my forehead!”
“Damn, that really is a drag!”
“Oh, I’m not finished!” When the husband had to take a dump, their toilet was broken, so he stuck his arse out of the window and let loose right on my head!”
“That would sure mess up my day.”
“Yeah, but do you know what REALLY pissed my off?” When I looked down and saw that my feet were only Six inches off the ground!”
8 comments:
SHANGHAI, (Reuters) - Societe General’s China fund business said it has won approval to launch a fund to mainly invest in overseas-listed China-related equities under China’s Qualified Domestic Institutional Investor (QDII) scheme.
So far, 11 domestic fund houses have obtained QDII licences, and four of them have launched the products under the scheme -- aimed at giving domestic residents more investment opportunities and to promote a better balance in China’s international payments.
Shanghai-based Fortune SGAM Fund Management Co, which received a QDII licence in August, said in a statement on Tuesday it had obtained permission for the launch from the China Securities Regulatory Commission.
The company did not mention the targeted size of the planned fund, but said it would be kicked off for sale soon.
Chinese fund management firms are allowed to raise a maximum of $4 billion for each of their QDII funds through initial public offers. The quota can be expanded to $5 billion through additional offers, industry officials say.
A Fortune SGAM official told Reuters the fund must be launched within six months, but the firm had not decided on the specific timing as it needs to monitor the overseas financial markets.
“As you know the overseas markets are not doing well so we are taking a wait-and-see attitude,” the official said.
The existing QDII funds launched earlier this year by four Chinese fund management companies have been snapped up by domestic investors, who sought to diversify their portfolios. But the funds have slipped below their par value due to turmoil in global markets caused by the U.S. subprime mortgage meltdown.
Fortune SGAM said its planned QDII fund would invest 60-95 percent of its total assets in the Hong Kong stock market, and shares of China-related firms listed in Singapore and the United States.
The China-related firms listed in New York and Singapore must derive more than 50 percent of their revenue from mainland China, it said.
The fund is allowed to allocate 5-40 percent of its total assets to overseas bonds, primarily including those traded in Hong Kong, Singapore and the United States. The bonds must carry a rating of “A” or above by Standard & Poor’s. (Reporting by Charlie Zhu; Editing by Lincoln Feast)
Shanghai's top crime boss executed
SHANGHAI - SHANGHAI'S top gangster was executed this week after China's top court gave the order for him to be put to death, state press reported on Wednesday.
Li Bin, 41, the self-proclaimed 'King of Shanghai's underworld' was executed on Tuesday after the Supreme Court, which reviews all death sentences, issued the order, the Shanghai Daily said.
Li was found guilty in October 2006 of heading a criminal gang that trafficked in drugs, was involved in organised gambling and illegally possessed firearms and other weapons, the newspaper said.
His appeal against the sentence was rejected by Shanghai's top court earlier this year, the report said.
His wife, Yao Yinmei, and 18 other members of his gang were handed prison terms ranging from life to 15 years.
Li was a career criminal who had been in and out of prison since the age of 17, the paper said.
Following his release from jail in 2001, Li established a drug trafficking network and operated a gambling business and drug den out of an entertainment centre in Shanghai's district of Baoshan, the paper said.
In a separate case, Zhou Liji, who had served time for fraud and larceny, was executed for drug trafficking, the paper said.
Although the government does not release figures on the subject, international rights groups say China executes more people each year than the rest of the world combined. -- AFP
Chinese teachers sentenced to death for forcing 23 girls into prostitution
BEIJING - TWO married schoolteachers who forced 23 rural girls - some younger than 14 - into having sex with Chinese coal mine owners have been sentenced to death, a court official said on Wednesday.
Zhao Qingmei and her husband, Chi Yao, were convicted by the Bijie Intermediate Court on Dec 14 of forcing 22 girls from a school where they taught into prostitution in the poor province of Guizhou in southwest China, according to a woman working at the court who refused to give her name.
Six of the girls were under the age of 14. The couple had also forced one local village girl into the scheme, which took place between March and June last year.
Chi's sentence, however, was suspended for two years - meaning that if he shows good behaviour in jail for the next two years, it will be commuted to life imprisonment, the court official said.
The two teachers were arrested in August after fleeing to neighbouring Sichuan province, according to the official Xinhua News Agency.
They were part of a group involving at least 14 others that made 32,350 yuan (S$6,459) from the vice activities. Other suspects have been sentenced to prison. -- AP
China Stocks Gain After Report Government Won’t Dump Shares
Dec. 19 (Bloomberg) -- China’s stocks climbed by the most in two weeks after a report that state-owned companies won’t “massively’’ sell their holdings in listed companies. China Petroleum & Chemical Corp. led gains.
“The news has assured investors that one of their main concerns won’t happen in the near future,’’ said Wu Kan, who manages the equivalent of $41 million at Dazhong Insurance Co. in Shanghai. “That has boosted buying sentiment.’’
Huaneng Power International Inc. rose after buying a stake in a Shenzhen electricity supplier to expand in southern China.
The CSI 300 Index, which tracks yuan-denominated A shares listed on China’s two exchanges, gained 116.38, or 2.4 percent, to 4,946.29 at the close, the biggest advance since Dec. 5 and the end of a two-day, 3 percent slide. All the measure’s 10 industry groups gained.
State-owned companies aren’t supposed to trade shares or profit from price differences in the stock market, the Shanghai Securities News reported today, citing State-owned Assets Supervision and Administration Commission’s director Li Rongrong.
A 142 percent gain in the CSI 300 this year spurred concern that state-controlled companies, which own about two-thirds of shares in publicly traded companies, would sell their stakes to profit from the market’s increase. The benchmark has declined 16 percent from its peak of 5,877.20 on Oct. 16.
Still, these companies may sell shares “within limits’’ when stock prices are too high, to remind investors of the risks involved in the stock market, the newspaper reported.
12/19/07
The People's Bank of China has instructed a number of banks and rural credit cooperatives they must place additional funds with it as reserves on Dec. 27, according to media reports. The special deposits will pay interest of 3.37% on three-month deposits and 3.99% on one year deposits, reports said. The moves were part of additional measures being draw up to help drain liquidity from the banking system, according to reports.
Surgeon in Hot Water After Photographing Patient's Tattooed Genitals
Wednesday, December 19, 2007
Associated Press
PHOENIX — A surgeon faces a disciplinary hearing for snapping a photo of a patient's tattooed genitals during an operation and showing it around to other doctors.
Mayo Clinic Hospital administrators said Dr. Adam Hansen, chief resident of general surgery, admitted taking the photo with his cell phone on Dec. 11. The tattoo on strip club owner Sean Dubowik's penis reads: "Hot Rod."
Dubowik, who had undergone a gallbladder operation, said he learned of the photo Monday when the Mayo Clinic called.
"I got a strange call after my surgery from a doctor who said there was a problem. He said Hansen was on the phone and would explain," he said.
Dubowik, 27, said Hansen told him he took the picture while inserting a catheter into his penis. A member of the surgical staff made an anonymous call about the photo to The Arizona Republic on Monday.
"He told me he didn't want me to read about it in the newspaper first," Dubowik said.
Hansen wasn't available for comment Tuesday and has been placed on administrative leave. He could face a range of punishment from probation to dismissal.
"Patient privacy is a serious matter, and photographing someone in this manner without a good reason is something we will investigate down to the last detail," said Dr. Joseph Sirven, education director for Mayo Clinic Arizona, the hospital's parent organization based in Scottsdale.
Dubowik said he got the tattoo on a bet and that "it was the most horrible thing I ever went though in my life."
He said he planned to contact an attorney.
"The longer I sit here the angrier I get," he said.
[Joke] Exclusive Colony
A man joins a very exclusive nudist colony. On his first day there he takes off his clothes and starts to wander around. A gorgeous petite blonde walks by, and the man immediately gets an erection. The woman notices his erection, comes over to him and says, "Did you call for me?"
The man replies, "No, what do you mean?"
She says, "You must be new here. Let me explain. It's a rule here that if you get an erection, it implies you called for me. Smiling, she leads him to the side of the swimming pool, lies down on a towel, eagerly pulls him to her and happily lets him have his way with her.
The man continues to explore the colony's facilities. He enters the
sauna and as he sits down, he farts. Within minutes a huge hairy man lumbers out of the steam room toward him.
"Did you call for me?" says the big hairy man.
No, what do you mean?" says the newcomer.
"You must be new," says the hairy man, "It's a rule that if you fart, it implies that you called for me." The huge man then spins him around, bends him over a bench and has his way with him.
The newcomer staggers back to the colony office, where he is greeted by the smiling, naked receptionist.
"May I help you?", she says.
The man yells, "Here's my membership card, you can have the key back and you can keep the $500 membership fee."
But, Sir," she replies, "you've only been here for a few hours. You haven't had the chance to see all our facilities."
The man replies, "Listen lady, I'm 68 years old. I only get an erection once a month but I fart 15 times a day."
[Joke] Not Far Off
A man walks into a bar and orders a double, obviously upset.
“What’s the matter buddy?” asks the bartender.
“It’s a long story. I met this beautiful woman who invited me back to her place. We took off our clothes and jumped into bed and were just about to make love when her husband came in the front door. So I had to jump out of the bedroom window and hang from the edge by my fingernails without any clothes on!”
“Gee, that’s tough!” commiserated the bartender.
“That’s not what really got me aggravated. When her husband came into the room, he wanted to have sex with her. I had to listen to them grunting and groaning and when they finished he tossed his condom out the window. And where does it land?” On my forehead!”
“Damn, that really is a drag!”
“Oh, I’m not finished!” When the husband had to take a dump, their toilet was broken, so he stuck his arse out of the window and let loose right on my head!”
“That would sure mess up my day.”
“Yeah, but do you know what REALLY pissed my off?” When I looked down and saw that my feet were only Six inches off the ground!”
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