Tag Archives: China

China Gold-Mine Deals at Record After Price Plunge

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“Acquisitions by China’s gold mining companies reached a record this year as the metal’s steepest quarterly drop in more than nine decades slashes mine values and sidelines Western competitors laden with debt. Takeovers and asset purchases by producers based in China and Hong Kong rose to a record $2.24 billion this year, beating last year’s record $1.96 billion, according to data compiled by Bloomberg.  China’s government has urged national gold producers to boost development of overseas resources in neighboring countries and in Africa and Latin America, according to its 12th Five-Year Plan which ends in 2015.”

http://www.bloomberg.com/news/2013-08-20/china-gold-mine-deals-at-record-after-price-plunge-commodities.html

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China’s banks to take next step in rate reform push

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“Interest rate reforms are part of a broader effort of China’s new leadership to steer the world’s second-largest economy towards a growth model that relies more on domestic consumption and gradually scale back controls and directives and allow market forces to play a greater role. The introduction of NCDs may have limited immediate impact, but the pilot is widely seen as a heralding the eventual dismantling of controls on bank deposits rates. The sources said that permission for NCDs will be expanded to other banks and non-banking institutions, paving the way for launching certificates of deposit for corporate and individual investors.”

http://www.reuters.com/article/2013/08/22/us-china-economy-reform-idUSBRE97L0EY20130822

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Needy EU Nations Woo Chinese Home Buyers to Ease Slump

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“Cyprus, Greece and Portugal are providing resident permits to foreign buyers, while Spain is about to adopt a similar measure. The chance to purchase a home at depressed prices in southern Europe and gain what’s known as a golden visa is mostly being sold to Chinese investors, according to brokers. Southern Europe is the latest target for rich Chinese homebuyers, who have been snapping up properties from Vancouver to London since 2010 as their wealth swells and China’s government steps up a three-year campaign to cool home prices there.  The number of millionaires in China rose 4 percent from the previous 12 months to 2.8 million.”

http://www.bloomberg.com/news/2013-08-21/needy-eu-nations-woo-chinese-home-buyers-to-ease-slump.html

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Venezuela will install 30,000 surveillance cameras

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surveillance-camera-via-Shutterstock1

“Venezuela is installing 30,000 surveillance cameras to crack down on rampant crime, officials said Wednesday. Most of the Chinese-made equipment will be put up in the capital Caracas. Some is already in place in a municipality within the Caracas metropolitan area as part of a pilot program. The equipment, manufactured by Chinese company CEIEC, will be delivered to Venezuela under cooperation agreements agreed by Caracas and Beijing. The information picked up by the devices will be made available to police for use in crime probes.”

http://www.wnd.com/2013/08/obamas-brother-linked-to-muslim-brotherhood/

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Japan’s nuclear crisis deepens, China expresses ‘shock’

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“The U.N.’s International Atomic Energy Agency (IAEA) said on Wednesday it viewed the situation at Fukushima ‘seriously’ and was ready to help if called upon, while nearby China said it was ‘shocked’ to hear contaminated water was still leaking from the plant, and urged Japanto provide information ‘in a timely, thorough and accurate way’. The plant’s operator, Tokyo Electric Power Co, or Tepco, has been criticized for its failure to prepare for the disaster and has since been accused of covering up the extent of the problems at the plant. After months of denial, Tepco recently admitted the plant was leaking contaminated water into the Pacific Ocean.”

http://www.reuters.com/article/2013/08/21/us-japan-fukushima-severity-idUSBRE97K02B20130821

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8 Chinese police officers fired for skinny dipping at tourist destination

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“Eight Chinese policemen were sacked Monday after their naked swim at a tourist venue made waves online, state media said. The auxiliary police officers were dismissed for ‘causing a negative impact on the image of the police’, Xinhua news agency quoted the public security bureau of Lushan county in the central province of Henan as saying. It said the dismissals came after photos circulated online showing the eight skinny-dipping or standing on the shore, with their uniforms on the bank. Two police vehicles were parked nearby.”

http://www.rawstory.com/rs/2013/08/19/8-chinese-police-officers-fired-for-skinny-dipping-at-tourist-destination/

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Credit crisis begins to cripple Chinese cities

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“Worried lenders in the informal sector raised interest rates for small and medium-size businesses, setting off a much broader wave of defaults in recent weeks, as owners found themselves unable to repay billions of dollars in bad debts, many of them handwritten and hard to enforce in court. State-owned banks have long been allowed to lend only at low, regulated rates barely above the inflation rate, with the total value of loans controlled by quarterly quotas. These loans go overwhelmingly to large state-owned businesses, government officials and politically connected individuals, who then relend the money at much higher interest rates.”

http://articles.economictimes.indiatimes.com/2013-08-17/news/41420953_1_coal-mining-cities-wenzhou

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The Beginnings of a Chinese Banking Crisis?

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“The Industrial and Commercial Bank of China (ICBC) displaced Bank of America to become the world’s biggest bank in 2012, marking the first time in history a Chinese bank has reached this pedestal. China now has four of the world’s ten biggest banks. Together, these Chinese banks have a combined market capitalization of close to $1 trillion Canadian dollars, or three times the market cap of the Canadian banking sector. ICBC alone has 393 million individual customers, which according to the Telegraph is the equivalent of a single bank managing the bank accounts of every man, woman, and child in Western Europe.”

http://www.caseyresearch.com/cdd/the-beginnings-of-a-chinese-banking-crisis

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Pops In China’s Construction Bubble (But It’s Not Going To End)

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“‘Government and banking industry sources familiar with the situation’ who ‘declined to be named due to the highly sensitive nature of the matter,’ have been spilling the beans to the South China Morning Post. The central government, they said, is considering an ‘unofficial economic stimulus’ to prop up key economies like Shanghai. On the quiet!  For that purpose, Agricultural Bank of China, one of the state-owned megabanks, inked a deal to lend the city of Shanghai 250 billion yuan (about $41 billion) for a number of big construction projects, the sources said. The loan would amount to 12.5% of Shanghai’s 2012 GDP.”

http://www.testosteronepit.com/home/2013/8/12/pops-in-chinas-construction-bubble-but-its-not-going-to-end.html

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Top Chinese official warn of ’empty cities’ emerging in China

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“In a grim warning against rapid urbanisation in China, a top development official has said that reckless expansion of cities has turned many of them into ghost towns with no occupants in sight. Qiao Runling, deputy director of the China Centre for Urban Development, said local governments had relied on quick urbanisation to stimulate economic growth and generate fiscal revenue.  State-run broad cater CCTV recently carried a report showing two such ‘ghost cities’ with massive apartment and commercial complexes with no occupants, leaving local governments in deep debts.”

http://articles.economictimes.indiatimes.com/2013-08-10/news/41268072_1_cities-china-centre-urban-population

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