Tag Archives: China

BRICS establish $100bn bank and currency pool to cut out West

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“The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar.  The new bank will provide money for infrastructure and development projects in BRICS countries, and unlike the IMF or World Bank, each nation has equal say, regardless of GDP size.  Each BRICS member is expected to put an equal share into establishing the startup capital of $50 billion with a goal to reach $100 billion. The BRICS bank will be headquartered in Shanghai.”

http://rt.com/business/173008-brics-bank-currency-pool/

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China Finds $15 Billion of Loans Backed by Fake Gold Trades

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“Twenty-five bullion processors in China, the biggest producer and consumer of gold, made a combined profit of more than 900 million yuan from the loans, according to a report on the National Audit Office’s website.  Public security authorities are also probing alleged fraud at Qingdao Port, where copper and aluminum stockpiles may have been pledged multiple times as collateral for loans. Steps by the Chinese government to rein in credit by raising borrowing costs in recent years created a surge in commodities financing deals that Goldman Sachs Group Inc. estimates to be worth as much as $160 billion.”

http://www.bloomberg.com/news/2014-06-26/china-finds-15b-of-loans-backed-by-falsified-gold-trades.html

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Mexico: The World’s New China

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“Mexico is now the 7th largest auto producer in the world, with China and the US in the lead.  While labor costs play a significant role in the growing production disparity between Mexico and Brazil, Mexico also has the advantage of lower taxes and duties. So while most of the cars made in Brazil remain in that country, 8 of every 10 cars produced in Mexico ultimately end up being exported with more than half arriving here in the US.  In addition to lower labor costs and taxes, Mexico is winning a bigger slice of the automotive pie thanks to its relatively well-educated labor force, as nearly half of working Mexicans have a secondary education as compared to less than 15 percent a decade ago.”

http://www.investingdaily.com/20711/mexico-the-worlds-new-china-2/

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London Seeks New Spenders as Russians Skip $719 Champagne

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“With violence continuing in Ukraine and President Vladimir Putin pushing to reduce reliance on the West, wealthy Russians are buying fewer high-end goods from furs to Ferraris, and doing less business with the city’s law firms and investment banks. That leaves London, uniquely connected to faraway, fast-growing economies, looking for new patrons, with China and sub-Saharan African countries pitched as possible successors.  Takeovers involving Russian companies, often handled by the London offices of global banks, tumbled 39 percent in the first half of 2014 to $16.6 billion, Bloomberg data show. Russian firms are having a tougher time raising money too.”

http://www.bloomberg.com/news/2014-07-10/london-seeks-new-spenders-as-russians-skip-719-champagne.html

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Real Estate: “Millennials” Out, Chinese Buyers In

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“‘Millennials’ born in the early 1980s are shunning the [housing] market amid concerns about future financial stability, rising expenses and excessive debts. And who is increasingly filling the housing demand hole? Foreign investors, led by cash-rich Chinese buyers!  Housing Wire notes that foreign buyers purchased just over $92 billion worth of U.S. real estate in the year ending in March, up sharply from $68 billion a year earlier. A whopping 60% of them paid all cash, compared to one-third of domestic buyers.  Chinese buyers spent $22 billion of that total, the largest percentage by dollar volume. They now account for 16 percent of all foreign purchases, triple the level of just a few years ago.”

http://www.moneyandmarkets.com/real-estate-millennials-chinese-buyers-63102

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Mobile Apps Bringing a Taste of the Free Market to China

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“With DiDi Dache, you simply list where you are and where you want to go, leave a voice message for prospective drivers, and in my experience, within 5 minutes you have a taxi.  Some have reported that they were able to take rides for just 2 yuan, approximately 33 cents. This is possible due to the company’s revenue model, where revenue comes not from taxi fares themselves, but instead from ‘location-based advertising,’ which uses geo-tagging to target riders with advertisements related to their location.  A unique feature of the app is that people seeking taxis are able to bid for rides if demand spikes and/or they want a faster response.”

http://isil.org/mobile-apps-bringing-a-taste-of-the-free-market-to-china/

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The US and China: A Difference in Approaches

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“The threat from the US sheriff is very real.  But presumably, this bullying approach would be less effective if attempted against one of the world’s more powerful countries. If, for example, the US were to find itself in a situation such as the present one with China, in which the US appeared to be losing its battle over the dollar’s power as the world’s reserve currency, what would occur? Would the US sheriff attempt to bully China? And if the ploy did not succeed, would the US draw its six-guns and fire off a few rounds in the air for emphasis?  And if the above were to take place, what would the Chinese reaction be?”

http://www.internationalman.com/articles/the-us-and-china-a-difference-in-approaches

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Russia and Mongolia Mull Creation of Free Trade Zone

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“Russia and Mongolia could sign a free trade agreement and create transport infrastructure between the Customs Union, Mongolia, and China, Russian’s Economic Development Ministry said in an online statement.  During talks between Russian Economic Development Minister Alexei Ulyukayev and his Mongolian counterpart, Nyamzhava Batbayara, the supply of energy between Russia, Mongolia and China was also identified as an area of potential cooperation, according to Thursday’s statement. Ukyukayev suggested that investments in bilateral trade would facilitate the creation of a free trade zone with the Customs Union and Mongolia, the statement said.”

http://www.themoscowtimes.com/business/article/russia-and-mongolia-mull-creation-of-free-trade-zone/500788.html

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Hong Kong Brokers Drive Cabs as Competition Forces Locals Out [2013]

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“Fees have dropped since bourse operator Hong Kong Exchanges & Clearing Ltd. in 2003 removed a brokerage commission floor of 0.25 percent of the value of transactions, squeezing profits for brokers as mainland Chinese rivals expand operations.  Eleven brokerages have ceased trading this year, according to filings posted on the website of the Hong Kong stock exchange.  The number of local broking firms may decline to 300 from about 400 in the next five years, Mofiz Chan, a spokesman of the Hong Kong Securities & Futures Professionals Association, said. ‘There are many people taking part-time jobs or completely moving out of the industry,” Chan said.”

http://www.bloomberg.com/news/2013-07-22/hong-kong-brokers-drive-cabs-as-competition-forces-locals-out.html

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Escalating US-China spying war is McKinsey’s loss and Huawei’s gain

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“Equipment maker Huawei gave up on the US market after it was unable to convince the US government it was spying for Beijing, but still grew revenues 8.5% in 2013, as business in Europe and Asia grew.  The new rules come after Beijing forbid Chinese government offices from using Windows 8 last week and said they would vet imported IT equipment. Also last week, China’s Ministry of Finance proposed that foreign accounting firms be banned from working on mainland Chinese accounts without a local partner, a move that could be as much about protecting China’s domestic industry as it is spying concerns.”

http://qz.com/213398/the-escalating-us-china-spying-war-is-mckinseys-loss-and-huaweis-gain/

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