Tag Archives: China

China’s Footprint in U.S. Oil: A State-by-State List [2012]

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“China is gathering oil and gas assets across the U.S., The Wall Street Journal reports today. State-run giants Cnooc and Sinopec are scooping up minority stakes and signing joint-ventures, to the tune of $17 billion in U.S. and Canadian deals since 2010, to feed the energy thirsty nation. Here’s a list of the assets, by state, that China’s energy giants have bought.”

http://blogs.wsj.com/deals/2012/03/06/chinas-footprint-in-us-oil-a-state-by-state-list/

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Idaho Town Struggles After Chinese Factory Fails [2013]

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“With great fanfare, a Chinese polysilicon factory broke ground on 67 acres here in 2007. So what if the company wanted breaks and concessions? The decision by the city to buy the land and lease it back almost free seemed like a bargain at $1.4 million, given the potential payoff. Now, 18 months after shutting completely, the factory, which was to produce materials used in solar panels, stands ghostly and silent. It never went into full operation, and in the global collapse of silica prices, it probably never will, solar industry experts said. Wooden crates of equipment, some never opened, sit stacked where they were left, like time capsules from a lost world.”

http://www.nytimes.com/2013/11/06/us/idaho-town-struggles-after-pinning-hopes-on-failed-factory.html?_r=1&

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Forget Alibaba: China’s Growth Story No One’s Talking About

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“U.S. security officials are often unaware of breaches as they occur; and sometimes only detect the hacking weeks, months or even years later… if ever.  In general, TRANSCOM contractors must report cyberattacks to DOD, per a standard clause in all vendor contracts. But according to the SASC report, many contractors are unsure about what cyberintrusions to report, and to whom. That is, each contractor could have a separate ‘stove pipe’ reporting chain, with different rules about who gets a report, and under what circumstances. As U.S. contractors get hacked, it’s becoming crystal clear that the Chinese military is highly proficient and professional in its approach to cyberintrusion.”

http://dailyreckoning.com/forget-alibaba-chinas-growth-story-no-ones-talking-about/

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Bill Bonner: His New Book, ‘Hormegeddon’ and Other Insights

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“Some time in the next few months the authorities get a wake-up call. They are tapering off QE. This reduces the amount of excess liquidity driving up stocks. It is bound to increase volatility, too. It wouldn’t be too much of a surprise to see the Dow down 1,000 points in a day – or more. Then, Janet Yellen will panic, and it will be back to QE, and perhaps more. There have been several hints that the Fed and other central banks may be willing to go to direct money printing – something like dropping money from helicopters – as the next stage. When that comes it could mean fantastic increases in stocks – and who knows what else.”

http://www.thedailybell.com/exclusive-interviews/35718/Anthony-Wile-Bill-Bonner-His-New-Book-Hormegeddon-and-Other-Insights/

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GlaxoSmithKline fined $490m by China for bribery

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“China has fined UK pharmaceuticals firm GlaxoSmithKline $490m (£297m) after a court found it guilty of bribery.  The record penalty follows allegations the drug giant paid out bribes to doctors and hospitals in order to have their products promoted.  The court gave GSK’s former head of Chinese operations, Mark Reilly, a suspended three-year prison sentence and he is set to be deported.  Other GSK executives have also been given suspended jail sentences. Chinese authorities first announced they were investigating GSK in July last year, in what has become the biggest corruption scandal to hit a foreign firm in years.”

http://www.bbc.com/news/business-29274822

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Almost Half of Wealthy Chinese Want to Leave, Study Shows

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“Nearly half of wealthy Chinese are planning to move to another country within the next five years, according to a new Barclays survey.  The survey, which questioned more than 2,000 high net-worth individuals with more than $1.5 million in total net worth, found that 47% of Chinese respondents said they want to move, compared with a global average of 29%.  Singaporeans were the second-most eager to flee home, with 23% planning to relocate in five years, followed by 20% for the U.K. and 16% for Hong Kong. Indian and American rich are the least likely to move, with only 5% and 6% of respondents saying they would relocate.”

http://blogs.wsj.com/chinarealtime/2014/09/15/almost-half-of-wealthy-chinese-want-to-leave/

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Alibaba’s Alipay And PayPal Will, And Should, Destroy Physical Banks

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“Who needs banks? I’m not questioning the basis of our financial system—I’m talking about  physical (high cost, low service) bank branches.  Someone will truly digitize the entire experience—and when they do, the product will look a lot like China’s Alipay. Controlled by Jack Ma  and other Alibaba executives, the PayPal-like company processed $519 billion worth of digital payments in 2013 (Paypal processed $180 billion). Alipay offers a lot more than easy e-commerce payments.  Alibaba’s payment platform is morphing into all-in-one banking tool:  a savings bank, wire service and investment house. Most importantly, it’s all done via mobile device.”

http://www.forbes.com/sites/stevenbertoni/2014/05/08/why-alibabas-alipay-and-paypal-will-and-should-destroy-physical-banks/

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Alibaba launches entertainment investment fund

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“The product, called ‘Yu Le Bao’ or ‘entertainment treasure’ in English, lets people deposit a minimum of 100 yuan ($16.12) using their smartphones. The funds will then be invested in film, television programme and online game projects through insurance and wealth management products offered by Guohua Life, a Shanghai-based life insurance company.  Yu Le Bao has a forecast annualized interest rate of 7 percent, more than twice the capped 3.3 percent rate that traditional banks can offer depositors.  Customers who invest in Yu Le Bao can also meet the actors of the films and shows in which they invest and decide who directs and who will act as the leading man and lady.”

http://www.reuters.com/article/2014/03/26/us-alibaba-internetfinance-idUSBREA2P0NE20140326

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China’s Largest Bank Declares War on Alibaba

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“ICBC informed customers that it was cutting back resources needed to process such transfers.  Alipay said the restrictions were imposed by ICBC and referred customers to the bank’s service hotline. It also suggested customers try using a different bank account for Alipay.  The move follows on the heels of similar moves in recent months, with all four state-run banks imposing new monthly limits on the amount of money customers can transfer to mobile payment products like Alipay. In response to such moves, Alibaba founder Jack Ma has come out swinging. ‘What determines success in the market shouldn’t be the monopolies and those with power, but the consumers,’ he said.”

http://blogs.wsj.com/chinarealtime/2014/03/26/chinas-largest-bank-declares-war-on-alibaba/

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Alibaba to boost IPO size on “overwhelming” demand

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“The Chinese e-commerce company launched the IPO last week and had enough investor demand to cover the entire deal within two days, people familiar with the process said last week.  Alibaba could set a new record for the world’s biggest IPO if underwriters exercise an option to sell additional shares to meet demand, pushing it as high as $24.3 billion and overtaking Agricultural Bank of China Ltd’s $22.1 billion listing in 2010.  The company and some shareholders offered 320.1 million American depositary shares at a $60-$66 per share indicative range. Alibaba will likely file an amendment to its IPO with a higher price range after discussing the new price with large U.S.  investors.”

http://www.reuters.com/article/2014/09/15/alibaba-group-ipo-idUSL3N0RG2AD20140915

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