Tag Archives: China

As iron ore prices fall 60%, mining companies worldwide risk closure

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“Two small iron ore firms have recently shut mines in Australia because of low prices and Goldman Sachs says half the world’s so-called ‘tier two’ miners are at risk of closure.  Spot iron ore prices have fallen 60 percent in the past year on surging output blamed on overestimates of China’s appetite for imported ore by mega miners BHP, Vale and Rio Tinto. The World Steel Association expects China’s steel production to contract by 1 to 2 percent this year.  BHP and Rio have been able to cut costs more than smaller rivals, leaving them better able to weather low prices.”

http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/bhp-blinks-as-iron-ore-prices-fall-delays-output-boost/article24058795/

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US warns China not to challenge military flights over South China Sea

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“The U.S. warned China Thursday against confronting U.S. aerial patrols over the South China Sea days after a verbal dispute between a Chinese military dispatcher and a U.S. Navy surveillance aircraft.  The Los Angeles Times reported that the Navy released two videos and an audio recording of the confrontation, which took place on Wednesday when the Chinese dispatcher demanded eight times that the Navy P8-A Poseidon leave the area as it flew over Fiery Cross Reef in the Spratly Island chain, where China has conducted extensive reclamation work.  China claims virtually the entire South China Sea as its own, along with its scattered island groups.”

http://www.foxnews.com/politics/2015/05/22/us-warns-china-not-to-challenge-military-flights-over-south-china-sea/

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U.S. Mulls Military Deployment To South China Sea

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“The Pentagon is considering sending U.S. military aircraft and ships to assert freedom of navigation around rapidly growing Chinese-made artificial islands in the disputed South China Sea, a U.S. official said on Tuesday.  Defense Secretary Ash Carter requested options that include sending aircraft and ships within 12 nautical miles (22 km) of reefs that China has been building up in the Spratly island chain, the official said.  Such a move would directly challenge Chinese efforts to expand its influence in the maritime heart of Southeast Asia.  Beijing claims sovereignty over most of the South China Sea, through which $5 trillion in ship-borne trade passes every year.”

http://www.huffingtonpost.com/2015/05/12/us-military-china-sea_n_7270160.html

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IOU’s: China Buys Treasury Debt

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“China, meaning China’s central bank — the People’s Bank of China — started buying Treasury IOU’s again in March. It purchased $36 billion worth. It now holds over $1.2 trillion in Treasury IOU’s.  China has now leaped ahead of Japan as the #1 foreign holder of U.S. government debt. Add Hong Kong to this: another $180 billion. In short, the Communists are subsidizing American consumers (cheap goods) and American politicians (low interest rates/more debt). The Chinese masses are paying for this: reduced wealth. Americans get this wealth.  Communist politics + mercantilist economics = stupidity.  It won’t go on forever. Enjoy it while you can.”

http://teapartyeconomist.com/2015/05/16/ious-china-buys-treasury-debt/

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Auckland nears $1m average house price as experts warn of bubble

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“Small, one–bedroom apartments are selling for $800,000 and delapidated wrecks in barely desirable suburbs are fetching more than $1m.  Expensive land, and restrictions on building new and denser housing, has seen limited new stock come on the market. And a strong economy, record net migration, especially to Auckland, and banks happy to lend money in a market with significant capital gains, has seen people paying over the top of each other. The savage competition in the market has also been blamed for growing xenophobic and anti–Asian attitudes. About 8% of the Auckland market are identifiable cash buyers and likely to be foreigners, while investors are 45%.”

http://www.theguardian.com/world/2015/may/25/auckland-nears-1m-average-house-price-as-experts-warn-of-property-bubble

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$50bn Asian infrastructure bank approves 57 founding members

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“The China-led Asian Infrastructure Investment Bank (AIIB) has approved 57 countries as founding members after including an extra seven, according to China’s Finance Ministry. The AIIB is an ‘open and inclusive multilateral development bank,’ China’s Vice Finance Minister Shi Yaobin was cited as saying by Xinhua news agency. The 57 founding members cover five continents, including Asia, Oceania, Europe, Latin America and Africa, according to Shi. The founding members will have priority over other countries which might sign up later, as they possess the right to establish the rules for the bank. Russia became a founder of the AIIB after applying for membership.”

http://rt.com/business/249873-aiib-countries-membership-ministry/

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Chinese woman pays for new BMW with mountain of one-yuan notes

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“A woman stunned staff at a car showroom by making a part payment for a new BMW 730Li using 100,000 yuan (HK$126,700) in one-yuan banknotes.  The unnamed buyer, who owns a food retail business, paid the rest of the cost of her one-million-yuan car with her bank card.  She said people often paid her at work using small denomination notes.  As she was often busy she had decided to keep the banknotes until she was able to spend them all at once when buying a car. Li Moran, general manager of the car dealers, said the purchase had been the first time he and his staff had counted so much cash.”

http://www.scmp.com/news/china/society/article/1772697/chinese-woman-stuns-dealership-heavyweight-payment-new-car

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China’s new playground: America’s backyard

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“China is moving into the United States’ backyard—but it’s not clear if this is a bad thing for anyone.  Beijing is directing an increasing amount investment into Latin America, raising sphere-of-influence worries in the U.S. and trepidation among some local enterprises. China’s involvement in Latin America can be seen as an extension of its 1999 Go Out policy, which said the country should invest abroad to secure access to natural resources, gain new markets for exports and internationalize Chinese firms. Despite this open strategy—Beijing explicitly addressed its interest in Latin America in a 2011 white paper—the growth of China’s involvement in the region has taken many by surprise.”

http://www.cnbc.com/id/102376129

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Teenagers buying China stocks may indicate serious bubble

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“The lure of flush times on the Shanghai market is sweeping in unlikely investors by the hundreds of thousands. This week, both the China Securities Daily and the Beijing Morning Post had dueling reports about recent college graduates and, yes, teenagers buying shares.  Typically these young investors speculate with money given to them by their parents.  Yet another report relates that at the Beijing trading halls of China Securities Co., ‘even the cleaning lady’ has opened an account to play the market.  The data appear to agree with the anecdotes: Within the last week alone, 1.14 million stock accounts were opened in China, the biggest such surge since June 2007.”

http://www.marketwatch.com/story/china-stocks-may-be-in-serious-bubble-2015-03-26

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Young Chinese building art collections as unpredecented prices emerge

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“The young tend to have a higher appetite for risk, in investment speak, and this generation has witnessed an unprecedented rise in art prices, especially in contemporary art, which is the category they are most likely to collect.  Artprice.com’s global index of contemporary art states average prices have gone up by 70 per cent in the past decade. The New Circle members are all newbies and face the challenge of plunging into a market when prices for contemporary art are much higher than a few years ago. The young generation has only just started buying art in Hong Kong, and has no intention of stopping.”

http://www.scmp.com/lifestyle/arts-culture/article/1673008/young-art-lovers-get-help-building-collections-exclusive-hong

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