Beijing pledges clean air in bid to host Winter Olympics 5 Nov Smog caused by coal consumption killed an estimatedpeople in China inaccording to a study by researchers that tries to put a price tag on the environmental and social costs of the heavy reliance on the fuel.
China's U-turn on market curbs brings back the speculators Stock Markets Nov 15, Investors look at computer screens showing stock information on the first trading day after the New Year holiday at a brokerage house in Shanghai By Samuel Shen and John Ruwitch SHANGHAI Reuters - Speculators are staging a forceful comeback in China's stock market, bidding up shares in loss-making companies as regulators ease rules around trading, fundraising and backdoor listings to prop up struggling bourses.
The measures mark a reversal of the more restrictive curbs introduced two to three years ago, which were designed to prevent a repeat of the boom-and-bust cycle that triggered the last major rout. The relaxations, however, have resulted in an immediate surge in speculative bets on possible acquisition targets and trading in small-cap shares.
But for others, the new policies are a dangerous "Faustian Bargain" that delivers short-term stability at the expense of sustainable valuations.
Imploring speculators to rescue the market could set the stage for trouble, he added. Over the past year, speculators have largely laid low due to a relentless crackdown on market manipulation and insider trading. However, a pledge by China's top securities regulator on Oct.
An index tracking so-called "Special Treatment", or ST, stocks - loss-making companies that involve high risks or are candidates for possible delisting - has surged over 30 percent since Oct That compares with a mere 3 percent rise in the CSI index CSIwhose blue-chip constituents were market darlings last year.
Money is also pouring into companies that speculators think might become acquisition targets for backdoor listings, dubbed "shell companies". Speculators have ignored repeated warnings by the automotive air conditioner maker, who said the price surge defied fundamentals.
Based on current profitability and valuation, investors buying the stock would need to wait 2, years to recoup investment through dividend payments. An investor relations official at Hengli declined to comment, saying the company had no undisclosed information.
Speculators have also piled into Changsheng Bio-technology SZ: A "special treatment" stock, Changsheng rose the maximum 5 percent on Thursday for the sixth consecutive session, despite the Shenzhen Stock Exchange flagging risks to investors.
Changsheng could not be reached for a comment. The regulator's moves in recent weeks, however, reverse these curbs. The next day, it said it would support backdoor listings by companies whose applications for initial public offerings IPO are rejected.
And last week, the CSRC revised regulations to allow listed firms to issue additional shares more frequently, and for broader use.
Also fuelling investment flows are expectations the central bank will loosen the monetary spigot by cutting interest rates.
However, Yuan, of Water Wisdom, said that relaxing rules to prop up companies that might otherwise fail is a concession to interest groups and a sign the government has been "kidnapped by populism". Shen Weizhen, a fund manager at LC Securities, said the moves skewed market behavior.
For now, market authorities appear more worried about falling share prices than a new speculative bubble.
The Shanghai Stock Exchange said on Nov. CSRC said on Oct. Retail investor Wu Beicheng said he welcomed what he saw as "corrective" measures by the government.Shopping Attached to the China World Trade Centre, China World Hotel, Beijing, offers some of the city's finest shopping.
Beijing's most popular markets are the Xiushui (Silk Market), Panjiayuan and Pearl Market where you can find antiques, porcelain, lacquer ware, jade, carpets, silk, painting, calligraphy scrolls, handicraft and embroidery. The World Gold Council cautions you not to place undue reliance on its forward-looking statements.
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Oct 29, · China’s reliance on coal threatens the health of its people in the short-run and the health of the planet in the long-run.
China produces and consumes more coal than any nation.
6 Its reliance on coal is increasingly a problem for the world, as the international community devises policies to confront anthropogenic climate change.
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