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China, the devaluation possibility

June 28, 2013, 5:45 am
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A couple of points from Deutsche Bank’s GEM Equity strategy team on Friday to file under the “it’s China, not the Fed, that’s driving everything at the moment” meme:

…‘*we believe that the improvement in the Chinese economic and corporate data, which has become evident since the end of August, is not sustainable’ and that ‘the Chinese growth story is starting to unravel’.* As regular readers will know, our negative structural view derives from an examination of the relationship between the corporate sector and the state, especially at a local level, which we have documented in two longer research reports (China’s corporate sector; a messy transition’, 15 May 2012, and ‘China; no quick fix for the Beijing model’, 30 August 2012).

Continue reading: China, the devaluation possibility Reported by FT.com 11 hours ago.
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Bronzes looted from Beijing palace return to China

June 28, 2013, 6:36 am
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BEIJING (AP) — China's National Museum on Friday unveiled a pair of Qing dynasty bronzes looted from a Beijing palace more than 150 years ago and returned this year by the family that runs French luxury-goods conglomerate Kering.

The recovery of the bronze heads of a rat and rabbit is a major in a victory for China's campaign to erase a legacy of past bullying by foreign powers, but also a masterful stroke of corporate public relations for a firm seeking fat profits from newly wealthy Chinese consumers with a growing taste for luxury. Reported by S.China Morning Post 10 hours ago.
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Yea or nay: China has candid national discussion on 'happy ending' services

June 28, 2013, 6:13 am
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BEIJING -- China's law enforcers are having an unusually public debate about a delicate topic: Do paid sexual services known as "happy endings" at massage parlors count as crimes if they don't involve actual sexual intercourse? While prostitution is illegal in China, its boundaries are being discussed with... Reported by NY Post 11 hours ago.
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Autoliv to build textile center in China to support growth

June 28, 2013, 5:51 am
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STOCKHOLM--(BUSINESS WIRE)--Regulatory News: Autoliv Inc. (NYSE: ALV and SSE: ALIVsdb), the global leader in automotive safety systems, will invest around $50 million in a textile center in China. The new center is needed to meet the strong demand for airbags in China and other Asian markets. The center will also make Autoliv even more competitive by reducing supplier costs through vertical integration. The textile center will consist of a weaving plant, an airbag cushion plant and a development Reported by Business Wire 11 hours ago.
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Nike's Q4 beats, tumbles on forecast for China

June 28, 2013, 7:37 am
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NIKE Inc. (NYSE:NKE) beat analyst expectations to deliver a surge in profit and revenue in figures for the athletic equipment manufacturer’s fourth fiscal quarter, released Thursday. Nonetheless, shares in the Beaverton, Oregon-headquartered footwear seller fell in heavy trading after mention of lower revenues out of China in the first half of the new fiscal year was made in an earnings call after the release of the figures.

For the three months that ended May 31, net income came in at $668 million, for diluted earnings per share of $0.73, compared to the year ago figures of $549 million, or $0.59 per share.

Earnings from continuing operations were 76 cents, compared to the year ago figure of 60 cents. 

Revenues for the quarter increased 7 per cent to $6.7 billion, or 9 per cent on a currency neutral basis.

With the impact of changes in foreign currency excluded, NIKE brand revenues rose 8 per cent, including growth across each product type and in every geographical territory except Western Europe and Greater China. 

The results were up on analysts expectations, which called for per-share earnings of 74 cents from revenue of $6.63 billion.

For the quarter, North America, the biggest top-line performing region, recorded $2.7 billion in sales, up from the year ago equivalent figure of 2.4 billion, for an increase of 12 per cent.

Western Europe recorded $1.02 billion in revenue, down from last year’s $1.04 billion, or flat when excluding currency changes. 

The category ‘emerging markets’ recorded $960 million in sales, up from the $870 million recorded previously.

Revenues from Greater China came in at $669 million, essentially flat from the $667 million seen a year ago. Excluding currency changes, revenue in this region fell 1 per cent. 

Central and Eastern Europe sales came in at $361 million from the year-ago $330 million, for a 9 per cent bump, or 11 per cent when taking out currency changes. 

Revenues from Japan were down, dropping to $214 million from the year ago figure of $241 million, a drop of 11 per cent, or up 4 per cent when excluding currency changes. 

Gross margin rose to 43.9 per cent from 42.8 per cent, benefiting from pricing actions, easing material costs and favourable comparisons to last year, when margins were impacted by higher investments in the company's digital business and an unanticipated customs assessment in emerging markets. 

"Fiscal 2013 was a great year for NIKE, driven by our innovative products and the power of our brands,” said president and CEO of NIKE, Inc., Mark Parker.

“And we’re excited about what lies ahead. We have the best leadership team in the industry and a deep innovation pipeline. Both are aligned against our biggest opportunities to drive growth, manage risk and drive long-term shareholder value."

The company was trading down on the day after the release of figures, dropping 31 cents in pre-market trading for a loss of 0.5 per cent from a previous close of $62.32. At 9.39am EST this loss had widened to $1.11, leaving shares at $61.21. Reported by Proactive Investors 9 hours ago.
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India, China hold border talks

June 28, 2013, 6:44 am
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Beijing, June 28 : The 16th round of India-China border talks began in Beijing Friday led by their special representatives - National Security Advisor Shivshankar Menon from India and State Councillor Yang Jiechi from China. Reported by newKerala.com 10 hours ago.
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China knife attack death toll increases

June 28, 2013, 7:24 am
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China knife attack results in multiple deaths in the Xinjiang region. Police stations were one of the targets in the China knife attack. Reported by Christian Science Monitor 9 hours ago.
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Bronzes Looted From Beijing Palace Return To China

June 28, 2013, 7:58 am
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BEIJING -- China's National Museum on Friday unveiled a pair of Qing dynasty bronzes looted from a Beijing palace more than 150 years ago and returned this year by the family that runs French luxury-goods conglomerate Kering.

The recovery of the bronze heads of a rat and rabbit is a major in a victory for China's campaign to erase a legacy of past bullying by foreign powers, but also a masterful stroke of corporate public relations for a firm seeking fat profits from newly wealthy Chinese consumers with a growing taste for luxury.

"This act represents the affection and respect of the Pinault family for the people of China," Kering Group CEO Francois-Henri Pinault told guests and media at a ceremony at the hulking museum that looks out across Tiananmen Square in the heart of Beijing. "They now return to their old home, Beijing."

The bronzes were among 12 animal heads that formed the centerpieces of an elaborate zodiac fountain and were carried off during the sacking of the old Summer Palace in Beijing by French and British troops in 1860 at the close of the Second Opium War. The palace's buildings were burned and left in ruins as a punishment for the Qing emperor's obstinacy, and the bronzes spirited abroad into private hands.

China has made a priority of recovering them in recent years amid burgeoning pride in the country's economic achievements and a desire to reconstruct its former cultural and political glory. Five have already been returned to China and one is in Taiwan, but the whereabouts of four others remain unknown.

The symbolism of the bronzes derives from their origins in the reign of the Qing emperor Qianlong during the second half of the 17th century, a time when the empire's power, prestige and national territory were at their zenith.

Designed by the Italian Jesuit missionary Giuseppe Castiglione, they had been part of a rococco clepsydra, or water clock, placed in the forecourt of a pavilion inspired by Versailles.

The sacking of the palace, by contrast, stood as one of the major humiliations in the country's so-called century of shame that ended, according to the ruling Communist Party, only with the success of the revolution in 1949.

The fact that they are being returned by a company representing one of the nations that carried out the violation heightens the gesture's importance for Chinese who tend to equate nations with their business and cultural interests, said Joseph Cheng, China politics expert at the City University of Hong Kong.

"It shows that China is now in a position to win back these treasures," Cheng said.

The bronzes had been owned by the French fashion designer Yves Saint Laurent and were put up for auction in 2009 following his death. China strongly protested the sale and the auction was botched after a Chinese businessman refused to honor his winning bid of $40 million.

They were later acquired by the Pinault family, whose company owns a stable of luxury brands that includes Gucci and Saint Laurent, as well as the auction house Christies.

At the conclusion of Friday's ceremony, red velvet covers were lifted from the football-size bronzes by Chinese Vice Premier Liu Yandong and Kering's founder, Francois Pinault, an avid art collector. The pieces are to go on permanent display at the National Museum, providing a new draw amid the thousands of exhibits seeking to glorify communist rule.

Li Xiaojie, director of China's State Administration of Cultural Heritage, thanked the Pinault family for its "act of respect for and protection of China's cultural heritage," and said he hoped it would inspire others to return lost pieces of China's cultural heritage.

For Kering, formerly known as PPR, the donation is a smart PR move that shows respect for Chinese consumers who often feel slighted by Western luxury brands that do little to cater to their sensibilities, said Shaun Rein, managing director of China Market Research Group.

"It shows respect and shows that Kering is a friend of China," Rein said.

That also reflects the values of newly rich Chinese, who take it as a point of pride to buy or bid on remnants of China's cultural heritage that have flowed overseas from porcelain vases to rare manuscripts.

Macau casino billionaire Stanley Ho blazed a trail for the Pinault family with his own purchase of the horse's head from the Qing bronze zodiac in 2007 for $8.9 million that prevented it from being auctioned off by Sotheby's. Ho donated the piece to the Chinese government and it is displayed in a Beijing museum.

China's Cultural Relics Association estimates that more than 10 million cultural relics were taken overseas between 1840 and 1949, with many of them now displayed in museums in Europe and the U.S.

It says about 1.5 million pieces alone were taken from the old summer palace, known as the Yuanmingyuan, which are now spread across more than 2,000 museums in 47 countries.

The donation "will really resonate with wealthy Chinese who almost see it as a duty to bring back China's cultural heritage," Rein said.

Chinese consumers, whose taste for expensive brands has continued to grow through the global recession, will account for about a 20 percent share of luxury sales by 2015 worth around $27 billion, according to business consultants McKinsey & Co. China's major cities now burst with boutiques and show rooms for pricey goods from exclusive automobiles to vintage wines.

While Kering needs to exercise good taste in leveraging the bronzes for marketing purposes, it could use them to heighten the sense of exclusivity by offering viewings as a perk for VIP customers, Rein said.

"But already, the public relations and word of mouth they've gained just by people reading about it has been huge," Rein said. Reported by Huffington Post 9 hours ago.
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China Will Adjust Liquidity

June 28, 2013, 8:59 am
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China Will Adjust Liquidity *Follow ZeroHedge on FinancialJuice*

The statement was issued through the official news agency of the People’s Bank of China, the Xinhua News Agency today. The statement went on to mention that “prudent” monetary policy would be implemented and would continue to be used, but fine-tuning would be used where and when appropriate in a bid to calm down fears that the Chinese banking system is drying up and going into meltdown. But will this be enough to alleviate the fears that have grown stronger over the past week? In particular in the light of the fact that two major Chinese banks no longer have enough liquidity deposits and have suspended their credit lines.

On Tuesday the People’s Bank of China agreed to inject money to stop the shortage that was occurring and that was already a change of attitude. Monday saw the Shanghai Composite post its biggest drop in 4 years of 5.3%. Tuesday was almost as bad with a further drop of 6%, only managed to pick that back up when the PBOC issued the statement that liquidity would be provided in the late afternoon. *The Shanghai Composite rallied by 1.5% (+29.19 points to 1, 979.21) today so perhaps it has taken affect.*

The People’s Bank of China is certainly playing it cool. They are very wary about injecting cash into the economy as they want to see a restriction on credit and they want the shadow banks to disappear, thus enticing the Chinese to put their money into bone fide (or banks that are controllable by the state) banks. Shadow banks include trust and insurance companies as well as pawnbrokers and informal lenders. By refusing to inject money to boost liquidity deposits, the People’s Bank of China had hoped that it would cut uncontrolled lending via the shadow banks. However, major banks are currently strapped for cash and now the statement has been issued that the PBOC will indeed aid faltering banks. This will not have the desired effect, therefore of reducing uncontrolled loans.

Shadow Banking

Shadow banks are able to raise capital from two sources, both from traditional banks and also from individuals that wish to obtain a greater yield than is being currently offered by those traditional banks. Those banks have lost out to enterprising possibilities on offer by the shadow-banking sector.

According to analysts, shadow banking is the fastest sector to grow in the financial area right now. *In 2010 for a 2-year period shadow banks ended up doubling their outstanding loans and that came to a whacking 36 trillion Yuan ($5.8 trillion)*. In GDP terms, that represents about 69% of China’s current GDP.

Naturally, the shadow banks have little control from the state and so there business deals tend to be riskier and also they sometimes take over projects that would normally be dealt with by the traditional banking sector. That’s taking work away from the traditional banks, reducing even further their liquidity. But, if the state has little control over them, then that means when things do go really downhill, then there may be greater debt that will be popping up all over the place, further fuelling a meltdown that is already in progress.

If the People’s Bank of China has issued a statement today that they will continue to be prudent, but that they will use all kinds of tools to fine tune the Chinese economy, then all well and good. It just remains to be seen what that actually means. Prudence is a good thing, but what are the tools that are going to be used. Come on PBOC, tell us more! Otherwise if nothing is done very soon, the People’s Bank of China might actually end up taking down the sign hanging outside head office and replace it with the spheres suspended from a bar.

*Follow ZeroHedge on FinancialJuice* Reported by Zero Hedge 8 hours ago.
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FIDELITY CHINA SPECIAL SITUATIONS PLC - Total Voting Rights

June 28, 2013, 9:08 am
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Fidelity China Special Situations PLC Voting Rights and Capital as at 28 June 2013. This announcement is made in accordance with DTR5.6.1. As at 28 June 2013 Fidelity China Special Situations PLC'... Reported by FinanzNachrichten.de 8 hours ago.
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China Health Food Industry Explored by ResearchInChina in Cutting-Edge Report Available at MarketPublishers.com

June 28, 2013, 9:19 am
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Market research report “China Health Food Industry Report, 2013” drawn up by ResearchInChina has been recently published by Market Publishers Ltd. According to the study, the sales revenue of China’s health food industry amounted to RMB 110 billion in 2012.

London, UK (PRWEB) June 28, 2013

China’s health food industry hit a RMB 100 billion mark in the second decade of the 21st century. The sales revenue of the industry amounted to RMB 110 billion in 2012, a rise by almost 5 percent Y-o-Y.

The Chinese nutrition and health food industry is expected to grow by about 20 percent on average per year through 2015. By 2015, the market is likely to comprise a dozen behemoths, each having the sales of more than RMB 10. At present, participants in the Chinese market include, among others, Besunyen, Lei Shi, Wang’s, Zhen-Ao Group, Tiens Group Co. Ltd., etc.

Market research report “China Health Food Industry Report, 2013” drawn up by ResearchInChina has been recently published by Market Publishers Ltd.

Report Details:

Title: China Health Food Industry Report, 2013
Published: May 4, 2013
Pages: 98
Price: US$ 2,100.00
http://marketpublishers.com/report/other_food_products/china-health-food-industry-report-2013.html

The report offers an insightful guide to the Chinese health food industry. The study provides a detailed overview of the industry, reviews the development course, regulations and policies, import and export trends, market sizing. The report unveils market segments; covers the competitive landscape and development trends. Detailed profiles of industry participants; information on revenue and net income, sales volume and revenue breakdown; historical data and future industry outlook are available in the research study too.

Companies profiled in the report include: Joincare Pharmaceutical Group Industry Co. Ltd, Shandong Dong-e E-Jiao Group, Hainan Yedao (Group) Co. Ltd, Neptunus Bioengineering Co. Ltd, North China Pharmaceutical Group Corp (NCPC), Besunyen, Hailisheng Group, Lei Shi, Hong Fu Loi Holdings Limited, Zhongjianxing Group Co. Ltd, Wang’s, Shanghai Jiaoda ONLLY Co. Ltd, Harbin Pharmaceutical Group Co. Ltd, Ruinian International Limited, Jiangzhong Medical Co. Ltd (JZJT), BY-HEALTH, Jiangsu Sihuan Bioengineering Co. Ltd, Perfect (China) Co. Ltd, Amway (China) Co. Ltd, Zhen-Ao Group, Tiens Group Co. Ltd.

Report Scope:


·     Comprehensive overview of China’s health food industry
·     Data on imports and exports, development trends, segments and size
·     Information on revenue and profit, sales volume, marketing channels and distributors
·     Review of regulations and policies related to the industry
·     Historical market data
·     Detailed profiles of health food companies
·     Projections of the future industry development

More research reports by the publisher can be found at ResearchInChina page. Reported by PRWeb 7 hours ago.
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China's 'Shadow Banking' And How It Threatens The Economy

June 28, 2013, 10:27 am
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China's economic growth has been fueled by bank loans that flow freely. But during the latest bout of turmoil, China's central bank indicated that it may no longer lend so quickly and cheaply. The so-called shadow banking sector is of particular concern. Reported by NPR 6 hours ago.
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Sex video official sentenced to jail in China

June 28, 2013, 11:09 am
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Beijing, June 28 (IANS) A former official embroiled in a sex video scandal was sentenced to 13 years in jail for bribery Friday in southwest China's Chongqing city. Lei Zhengfu, former secretary of Chongqing's Beibei District Committee of the Communist Party of China, was also fined 300,000 yuan ($48,550), according to a Chongqing No.1 Intermediate People's Court ruling. Lei said he would consider whether or not to appeal after the trial, reported Xinhua Reported by Firstpost 6 hours ago.
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India, China hold 16th round of border talks

June 28, 2013, 12:18 pm
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Beijing, June 28 : India and China began the 16th round of their border talks here Friday led by their special representatives - National Security Advisor Shivshankar Menon from India and State Councillor Yang Jiechi from China. Reported by newKerala.com 4 hours ago.
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17 People Killed by Knife in China's Gun Free Zone

June 28, 2013, 12:07 pm
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17 People Killed by Knife in China's Gun Free Zone A group of murderous rioters went on a rampage in the western region of Xinjiant, China, leaving a total body count of 27 after the dust had settled. Chinese reports state that the mob targeted police stations, government buildings, and construction sites. The group allegedly set fires and stabbed bystanders, killing 9 police officers or security officials and 8 other civilians. The rampage finally ended when the police shot 10 of the assailants.

China has some of the strongest gun control laws in the world, with police officers and military officials being the only people allowed to carry firearms. Some people are allowed to own guns for hunting, but the concept of concealed handguns is completely foreign in China.

Gun rights advocates have pointed to the incident as an example of the failure of gun control policies. Philip Hodges of Godfather Politics writes, “In the case of the Uyghur people in Xinjiang, they weren’t going to stop until they were physically forced to stop. And the only way to stop a mob of knife-wielding maniacs is to shoot them with a gun.”

Of course, it’s also necessary to consider the type of devastation that these rioters would have caused if they’d had access to guns. Adam Lanza killed 28 people by himself during the Sandy Hook shooting spree, which exceeds the death toll in China even after including the 10 rioters who were gunned down. What would the death toll have been if the rioters had used guns instead of knives?

There were 31,000 homicides in China in 2006, which is a murder rate of 2.39 for every 100,000 citizens. That same source states that the United States had a murder rate of 5.61 during 2006.

Removing guns from a society clearly doesn’t stop mass murders from occuring, but it does inarguably make it harder for citizens to kill other citizens. This is a double edged sword – gun control makes it harder for criminals to go on rampages, and it makes it harder for law-abiding citizens to defend themselves.

Which is better: a society where everybody can get guns, or a society where no one can get guns?

Source: Godfatherpolitics Reported by Opposing Views 5 hours ago.
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China`s Xinjiang witnesses fresh riots

June 28, 2013, 12:12 pm
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China`s Xinjiang witnessed violence for third day even as China on Friday hit out at the US for criticising its policies in the oil-rich region by alleging discrimination against Muslim Uygurs. Reported by Zee News 5 hours ago.
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TheGrill: Filming in China? Get Used to Doing Business Chinese-Style

June 28, 2013, 12:50 pm
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Looking to tap into the Chinese entertainment industry? If you're going to succeed, you'd better go native.

Larry Namer, co-founder and president-CEO of Metan Development Group -- which delivers Western entertainment to China and produces content in China to be sold to the international market -- explained the importance of immersing yourself in Chinese culture at TheWrap's conference TheGrill on Friday at the AFCI Locations Show. 

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Image Caption: 
Jonathan Alcorn

read more Reported by The Wrap 4 hours ago.
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TheGrill: In the Wild, Wild Far West of China, the Key Word Is 'Reciprocity'

June 28, 2013, 2:52 pm
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As China becomes a bigger player in the international movie business, it's opening up on the television side as well.

"The TV business has changed a lot in the last few years, and the back-room dealings don't really happen as often as they used to," Nick Lafferty, head of production for FarWest Entertainment, said Friday during the panel discussion "How to Navigate China" at TheGrill@Locations, sponsored by TheWrap.

Related Articles: 
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Image Caption: 
Jonathan Alcorn

read more Reported by The Wrap 2 hours ago.
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TheGrill: Was 'Iron Man 3' a Movie or a Treaty With China?

June 28, 2013, 2:52 pm
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"Iron Man 3" has made more money in China than any other U.S. production this year, grossing more than $125 million at the box office to-date. That's almost double what "Man of Steel," which opened to $117 million in the U.S., is on track to make.

So what was the secret?

Chris Fenton, president of the movie's co-financier and co-producer DMG Entertainment, credited pressing the right levers with the Chinese film commission.

Related Articles: 
TheGrill: In the Wild, Wild Far West of China, the Key Word Is 'Reciprocity'
TheGrill: Bring Us Your Gods & Aliens! How Other Countries Snag Film Production From California (Video)
'Iron Man 3' $21M Box-Office Debut Is China's Biggest Ever
Chinese Censors Approve 'White House Down' for Late July Release (Exclusive)
Image Caption: 
Jonathan Alcorn

read more Reported by The Wrap 2 hours ago.
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China says Xinjiang riots were ‘terrorist attack’

June 28, 2013, 2:57 pm
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China says Xinjiang riots were ‘terrorist attack’ TURPAN, China: China on Friday labelled riots in restive Xinjiang as “a violent terrorist attack” after state media said the death roll rose to 35 and authorities tightened control ahead of the anniversary of 2009 clashes. Wednesday’s violence in the western desert region, which is home to 10 million mostly Uighur Muslims, were the worst [...] Reported by The News Tribe 2 hours ago.
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