Think-3 Investment Idea Sharing Platform

State fund becomes market player

2006-03-21T18:32:00.000+08:00

Tuesday, March 21, 2006ENOCH YIU and BEI HUThe National Council for Social Security Fund (NSSF) has opened an account in the local stock market's clearing house, indicating that it has successfully lobbied mainland authorities to allow it to receive shares, rather than cash, from the initial public offerings of state-owned enterprises.Market sources say that such a major policy shift will mean

Big Name Bets on Small Deals

2006-03-21T18:26:00.000+08:00

Goldman FindsGrowth on the Cheap In Hong Kong-Listed FirmsBy KATE LINEBAUGHMarch 21, 2006; Page C14HONG KONG -- Investors hunting for small China or Hong Kong plays might consider following the money. Goldman Sachs' money.In recent months, Goldman Sachs Group Inc. has invested US$140 million in three small Hong Kong-listed companies in businesses ranging from construction to gas exploration.

China: What Next?

2006-02-13T00:50:00.000+08:00

Andy Xie (Hong Kong) *****Overcapacity is causing investment slowdown: I estimate that fixed investment in industries that are experiencing overcapacity contributed 40-50% of GDP growth in 2005. Without other components of the GDP accelerating, China’s economy should slow in 2006. *****Spending more on infrastructure won’t reverse the trend: The infrastructure areas that can justify more

China Steelmaking Capacity Balloons

2005-10-05T01:26:00.000+08:00

Global Industry Group FearsBuildup Could Hurt PricesDespite Growth in Demand By PAUL GLADERStaff Reporter of THE WALL STREET JOURNALOctober 4, 2005; Page A6 SEOUL -- World steel industry leaders are worried that mounting overcapacity in China could push down steel prices at some point, despite continued steady demand growth for their products world-wide. "In coming years, there will be

Prices Fall in Manhattan As Housing Market Cools

2005-10-05T01:24:00.000+08:00

By DANIELLE REEDDOW JONES NEWSWIRESOctober 4, 2005 12:44 p.m. NEW YORK -- Housing market watchers can exhale. Prices in some of the nation's hottest markets are at least leveling off, and in some cases even coming down. In New York, a report prepared by appraisal company Miller Samuel Inc. on behalf of real estate firm Prudential Douglas Elliman released Tuesday showed that average

日民間企業平均薪資連續7年減少

2005-10-04T01:29:00.000+08:00

日本的國稅廳根據去年所得稅繳納情形調查了在民間企業工作的人的平均薪資，結果發現民間企業平均年所得為438萬8000日圓(約台幣131萬6400元)，較前一年下滑了5萬5000日圓(約台幣1萬6500元)，已是連續7年的減少。　　而去年一年在日本民間企業工作賺取所得的工作者數，也較前一年少了13萬人(0.3%)來到4453萬人，整體薪資總額也較前一年減少了2兆8529 億日圓(1.4%)，來到195兆4110億日圓，這個數字也是連續7年減少。　　之所以會減少，依國稅廳的評估，主要是因為換工作的人增加，且改變企業雇用型態從正職改為兼職或是打工的企業增加，

美國市場掀起液晶電視「超低價」行銷戰

2005-10-04T01:25:00.000+08:00

台灣日本綜合研究所副所長林武雄從今年開始，美國的液晶電視市場販賣台數是明顯地增加，其中成長最快的當推「Western House」、「Magnavox」、「Polaroid」等三個品牌。這三個品牌的市佔率在年初就達到10%，同時每月都呈現快速的成長、可謂來勢洶洶。至今年6月底，全美地區已突破30%的市佔率。　　根據調查指出，這三家品牌「人氣」走紅的理由在於「低價位」。就以26吋液晶電視而言，Sharp、三星等名牌的商品店頭售價是1500美元左右，但前面所言三種品牌相同尺寸的商品卻便宜四成。在量販店Circuit City較年長店員推薦的理由是：「Polaroid的液晶電視畫質不輸Sharp和SONY，但價格便宜、品質又好。」年輕的店員則是推薦 Magnavox液晶電視。

A Place in the Sun

2005-09-18T17:41:00.000+08:00

By ERIC J. SAVITZ SUNSHINE IS FREE. That simple fact is what gives the solar-power business so much allure. You don't have to extract it from the ground, it's not subject to embargos, it's nonpolluting and if the supply ever ran out, we'd have a bigger problem than high gasoline prices. On the surface, at least, it certainly seems like an obvious way to address some of the economy's

Tasty Outlook

2005-09-18T17:37:00.000+08:00

Barron, By ANDREW BARY ASSET-RICH NESTLÉ IS STARTING TO ATTRACT greater U.S. investor interest, due to the strength of its global food business, an increasingly shareholder-oriented management and the huge combined value of its stakes in Alcon, the world's top eye-care company, and international cosmetics colossus L'Oréal. Nestlé's U.S.-listed shares (ticker: NSRGY) have risen 9%, to 72,

U.S. Focuses on a Macau Bank In Probe Into North Korea Ties

2005-09-18T17:20:00.000+08:00

By GLENN R. SIMPSON and GORDON FAIRCLOUGHStaff Reporters of THE WALL STREET JOURNALSeptember 16, 2005; Page A4 The U.S. government's accusation that a small bank in the Chinese enclave of Macau was laundering money for North Korea triggered a run by depositors and appeals for calm by the government there. The developments came after Secretary of State Condoleezza Rice linked such U.S.

It's Fourth and Long for Stocks

2005-09-18T17:18:00.000+08:00

WSJ, By CRAIG KARMINSeptember 18, 2005 The stock market is heading into the final stretch of 2005 in what could be the first down year for U.S. stocks since 2002. While there's plenty of cause for concern in the fourth quarter, there's starting to be some reason for hope, too. First the bad news. Economists are still scrambling to assess the economic damage wrought by Katrina. Bank of

Incremental Decision Making and Corporate Restructuring

2005-09-18T13:06:00.000+08:00

Barry Naughton Economic and business stories have dominated Western press attention to China in 2005, perhaps more so than in any previous year. Perceptions of a dynamic "rising China" have burst into American consciousness in an unprecedented fashion. Ironically, however, leadership decision making on economic policy in China seems to be sliding back toward a more bureaucratically dominated and

Not the New Deal

2005-09-16T16:43:00.000+08:00

September 16, 2005 By PAUL KRUGMAN Now it begins: America's biggest relief and recovery program since the New Deal. And the omens aren't good. It's a given that the Bush administration, which tried to turn Iraq into a laboratory for conservative economic policies, will try the same thing on the Gulf Coast. The Heritage Foundation, which has surely been helping Karl Rove develop the

China's Benchmark Measure Of Capital Expenditure Rises

2005-09-16T16:30:00.001+08:00

By AIPING CUIDOW JONES NEWSWIRESSeptember 16, 2005 BEIJING -- China's urban fixed-asset investment grew faster than expected in August, partly because of the low base a year earlier. But fixed-asset-investment growth continues to ease when compared with recent years, suggesting that authorities won't see a need to rein in economic growth by tightening monetary policy, economists said. The

Hong Kong Debates Volatility

2005-09-16T16:30:00.000+08:00

Critics Fret About PlansFor 'Bull-Bear' Contracts;'Domino Impact' on Stocks? By JON OGDEN and NISHA GOPALAN DOW JONES NEWSWIRESSeptember 16, 2005 HONG KONG -- Hong Kong's stock exchange regulator plans to introduce an equities derivative that its detractors believe could undermine the city's thriving warrants market, and bring unwanted volatility to leading blue-chip stocks. The move to

China's Uranium Search Attracts Interested Sellers

2005-09-15T22:20:00.000+08:00

By DENIS MCMAHON DOW JONES NEWSWIRESSeptember 15, 2005 SHANGHAI -- As China moves to line up uranium supplies to feed its planned nuclear-power expansion, it is facing little resistance, sparking interest from countries with deposits of the mineral. In the next 15 years, China plans to build as many as 40 nuclear plants to supplement the nine it has now. That is part of a plan to become

Wynn Resorts Raises Financing For Gambling Resort in Macau

2005-09-15T22:19:00.000+08:00

By KERI GEIGER DOW JONES NEWSWIRESSeptember 15, 2005 HONG KONG -- Wynn Resorts Ltd., controlled by U.S. casino operator Steve Wynn, has raised a US$744 million loan to finance the construction and expansion of its gambling resort in Asia's gambling capital of Macau. Wynn Resorts (Macau) SA, a unit of the U.S. parent, tapped a US$729 million equivalent term loan due 2011 and a HK$117

Rio Tinto Says Oil Prices to Affect China's Demand for Commodities

2005-09-15T22:18:00.000+08:00

By JAMES T. AREDDYStaff Reporter of THE WALL STREET JOURNALSeptember 15, 2005 4:59 a.m. SHANGHAI – China shows no sign of letup in its appetite for commodities such as iron ore, but high energy prices are among the threats to global growth that could yet impact demand, according to resources giant Rio Tinto PLC. Paul Skinner, chairman of the London-based company, said Thursday that his

China Construction Bank IPO Contends With Leery Investors

2005-09-14T22:56:00.000+08:00

By KATE LINEBAUGHStaff Reporter of THE WALL STREET JOURNALSeptember 14, 2005 HONG KONG -- The big guns have had their shot at investing in China's banking story. Now it's everyone else's turn. Next month brings the initial public offering of China Construction Bank, expected to be one of the biggest IPOs in the world this year. As the first stock offering in one of China's "Big Four"

Chinese Regulators Review Cap On Foreign Investment in Banks

2005-09-14T22:48:00.000+08:00

By KATHY CHEN and REBECCA BLUMENSTEINStaff Reporters of THE WALL STREET JOURNALSeptember 14, 2005 12:16 a.m. BEIJING -- Chinese regulators are considering raising the permitted level of foreign investment in Chinese banks, a move that would give foreign banks more of the control they seek as they plough billions of dollars into the sector. Han Mingzhi, director general of the China

Chinese Firms to Pay $1.42 Billion For EnCana Oil Assets in Ecuador

2005-09-14T22:47:00.000+08:00

By BEN DUMMETTDOW JONES NEWSWIRESSeptember 14, 2005; Page A3 A joint venture of Chinese petroleum companies agreed to buy EnCana Corp.'s oil and pipeline assets in Ecuador for $1.42 billion, as China continues to seek energy reserves world-wide. EnCana, a big Canadian oil-and-natural gas producer, said it agreed to sell the unit to a venture called Andes Petroleum Co. An executive with

Some Say 'Sell the Yen' Despite Koizumi's Win

2005-09-14T22:46:00.000+08:00

Contrarians Raise DoubtsAbout His Political Clout,Favor Singapore's Currency By RON HARUI DOW JONES NEWSWIRESSeptember 14, 2005 SINGAPORE -- The outlook for the yen may have turned more bullish in the aftermath of Prime Minister Junichiro Koizumi's landslide election victory, but some analysts say it is time to sell the Japanese currency against others like the Singapore dollar. Shorting

China to Avoid Jarring Markets With Yuan Moves

2005-09-12T17:02:00.000+08:00

Central Bank Will KeepTo Gradualist ApproachOn Currency Restructuring By J.R. WU and RICK CAREWDOW JONES NEWSWIRESSeptember 12, 2005; Page A14 BEIJING -- China's central-bank chief, Zhou Xiaochuan, said the country's foreign-exchange changes will progress steadily, with the central bank intervening less in the foreign-exchange market. The remarks come just days before Chinese President Hu

Online Phone Services Spur Backlash in China

2005-09-12T17:01:00.000+08:00

State Telecom Giant BlocksUsers From PC CallingOffered by Skype, Others By JASON DEANStaff Reporter of THE WALL STREET JOURNALSeptember 12, 2005 Skype Technologies SA and other Internet-telephony companies could face difficulties in one of their most promising markets, as a Chinese state-owned phone company appears to be moving to bar Chinese users from some of the companies' services. Skype

China's Producer Prices Climb On Rise in Raw-Materials Costs

2005-09-12T16:58:00.000+08:00

A WALL STREET JOURNAL NEWS ROUNDUPSeptember 12, 2005 BEIJING -- China's producer-price index unexpectedly rose 5.3% in August from a year earlier, the government said. The pace accelerated from the 5.2% rise recorded in July. The index is regarded as a leading indicator of inflation, because it reflects price increases that may eventually

How a Formula Ignited Market

2005-09-12T16:57:00.000+08:00

That Burned Some Big Investors Credit Derivatives Got a BoostFrom Clever Pricing Model;Hedge Funds Misused It Inspiration: Widowed Spouses By MARK WHITEHOUSEStaff Reporter of THE WALL STREET JOURNALSeptember 12, 2005; Page A1 When a credit agency downgraded General Motors Corp.'s debt in May, the auto maker's securities sank. But it wasn't just holders of GM shares and bonds who felt the

KPMG Names Two To Head Up Its Tax Practice

2005-09-12T16:56:00.000+08:00

By JONATHAN WEILStaff Reporter of THE WALL STREET JOURNALSeptember 12, 2005; Page C1 KPMG LLP has selected new leaders for its tax practice, tapping two senior partners with no apparent ties to the tax shelters at the heart of the accounting firm's recent legal problems. In the second management shuffle at the division since early 2004, Shaun T. Kelly, 46 years old, will take over as the

What the World Needs Now

2005-09-11T02:54:00.000+08:00

Interview with Seth Glickenhaus,Founder, Glickenhaus & Co. By SANDRA WARD THE READERS WERE RESTLESS. Summer's nearly over, and yet we hadn't published what's become an annual chat with one of Wall Street's more successful and seasoned investors. As ever, we found the now 91-year-old at his desk at Glickenhaus & Co., the investment firm he founded in Manhattan 44 years ago and has presided

Urban Renewal : As Japan Votes, Aid to Countryside Hangs in Balance

2005-09-08T02:27:00.000+08:00

Mr. Koizumi Aims to RemoveCrutches for Rural Areas;An Airport With 4 FlightsHiwa's Elderly Ponder Future By SEBASTIAN MOFFETT and GINNY PARKER WOODSStaff Reporters of THE WALL STREET JOURNALSeptember 7, 2005; Page A1 HIWA, Japan -- In elections this Sunday, Prime Minister Junichiro Koizumi is betting he can win a mandate to engineer a shift no other Japanese leader has ever dared. His goal:

U.S. Expects to Indict At Least 12 More Over KPMG Shelters

2005-09-08T02:25:00.000+08:00

By JONATHAN WEIL and KARA SCANNELLStaff Reporters of THE WALL STREET JOURNALSeptember 7, 2005; Page C1 NEW YORK -- The lead prosecutor in the KPMG LLP tax-shelter investigation said the government expects to seek indictments against at least 12 more individuals in the coming weeks, on top of the nine people who were arraigned yesterday in a federal court in Manhattan. The additional

Pondering the Chances Of a Nuclear Attack

2005-09-07T13:52:00.000+08:00

"The Numbers Guys" column in WSJJuly 7, 2005 Several news organizations ran some scary headlines recently about threats from terrorism and war. The stories cited a new survey that found, in part, a 29.2% chance of a nuclear attack in the next decade. The survey also put odds on an attack using a biological weapon, such as anthrax. But how do you predict the likelihood of an event that has

Outsourcing Fears Help Inflate Some Numbers

2005-09-07T13:48:00.000+08:00

"The Numbers Guys" column in WSJAugust 26, 2005 A year after outsourcing was debated during the U.S. presidential election, fear of losing technical jobs to lower-wage Asian countries still runs high. To get a handle on the threat, many commentators and journalists cite vast numbers of engineers produced each year by China and India -- some estimates range as high as 600,000 for China and

Coming to Grips With a Grim Count

2005-09-07T13:47:00.000+08:00

"The Numbers Guys" Column in WSJSeptember 7, 2005 In the weeks ahead, one of the myriad tasks facing the ongoing Gulf of Mexico recovery effort is tallying a grim number: Katrina's death toll. With the search for survivors still under way, and weeks of water-pumping ahead just to restore dry land, government agencies have barely begun to count the dead. There have been scattered reports of

Compromising Trade

2005-09-07T01:43:00.000+08:00

WSJ, OpinionSeptember 6, 2005 European officials struck a textile deal with China yesterday, agreeing to share the "burden" of a massive accumulation of Chinese-made garments in European warehouses. It is difficult to see just what it is that European leaders see as burdensome in allowing their own retailers to receive shipments that they ordered months ago for the fall and winter collections

Economy Shows Resilience in Face Of Massive Jolt

2005-09-07T01:38:00.000+08:00

Fuel Stockpiles, Temp Firms, Fed's Credibility All Serve, Vital Shock Absorbers By JON E. HILSENRATH and GREG IPStaff Reporters of THE WALL STREET JOURNALSeptember 6, 2005; Page A1 The U.S. economy's shock absorbers kicked in within days of one of the worst natural disasters in its history, offering hope that the massive jolt to the country's energy and transportation systems won't produce a

KPMG Partners Lucked Out -- Thanks to Enron and Arthur Andersen

2005-09-07T01:15:00.000+08:00

By Allan SloanTuesday, September 6, 2005; D02 There's one group of people who should be giving thanks daily for the Enron scandal: the partners of KPMG, one of the Final Four accounting firms. That's because the fallout from Enron is what allowed KPMG to extract a favorable settlement from the Justice Department last week. The firm agreed to fork over less than a year's profit in return for not

Where Cash Flow Is King

2005-09-05T03:51:00.000+08:00

MONDAY, SEPTEMBER 5, 2005 That's Using The Ol'Beane Interview with Richard Cervone, Portfolio manager for Putnam Investors By CHRISTOPHER C. WILLIAMS Where Cash Flow Is King | And the Victor Is... FUND MANAGERS Richard Cervone and James Wiess righted the stumbling Putnam Investors Fund (ticker: PINVX) three years ago, by focusing on quality stocks undone by scandals or

Dedicated short sellers

2005-09-05T03:50:00.000+08:00

Barron Interview with Lee Mikles and Mark Miller Partners, Mikles/Miller Management By SANDRA WARD THESE TWO LONGTIME partners in $100 million-plus Mikles/Miller Management, based in Los Angeles, are a rare breed today: dedicated short sellers. Though last year was their most dismal on record, down 13% net of fees, they've overall provided an important hedge for investors. So far this year,

Damage to Oil and Gas Facilities Pushes U.S. Closer to Energy Crisis

2005-09-05T03:37:00.000+08:00

By RUSSELL GOLD and THADDEUS HERRICKStaff Reporters of THE WALL STREET JOURNALSeptember 2, 2005; Page A1 Hurricane Katrina's continuing disruption of a substantial portion of the Gulf Coast's vast network of refineries and pipelines is pushing the U.S. closer to a 1970s-style energy crisis, straining the oil industry's ability to deliver gasoline from Florida to Colorado, sending prices

Shakeout in China Real Estate Could Offer Chance to Buy In

2005-09-05T03:35:00.000+08:00

By LAURA SANTINIStaff Reporter of THE WALL STREET JOURNALSeptember 2, 2005 Investors befuddled by China's volatile property market should pay attention to sales volumes of residential and commercial units in October, traditionally one of the hottest sales months of the year. If sales are weak, Chinese developers are likely to miss third-quarter earnings estimates -- perhaps creating an

日本與中韓台〝技術戰爭〞開打，優勢能撐幾年？

2005-09-02T15:03:00.000+08:00

台灣日本綜合研究所總編輯　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　李中邦　技術是企業的核心力量，就如同科學是國家重要的國力之一。企業擁有越寬廣、越尖端的技術，「本錢」就越雄厚，這不是炒股票、炒房地產的金錢、數字遊戲，而是真刀、真槍的實力，為什麼有的企業能製造出劃時代的新產品？為什麼有的企業就是品質精良？為什麼有些企業有創意？產品外型美觀、獨特……，簡單的說，這些都跟企業的技術能力有關。　　而企業之間或許也有銷售戰、廣告戰，但勝負關鍵終究都會回歸到技術戰上來。技術戰是沒有硝煙的戰爭，可是它非但涉及企業的命脈，也關係著龐大的商業利益。　　企業之間或許也有所謂的「技術合作」，但檯面上技術合作，私底下通常是你踢我、我踹你，爾虞我詐。這是企業間永遠的宿命。企業戰就是技術戰。　　技術是企業的核心力量，集眾多擁有尖端技術的企業則是國家經濟的核心力量。這是環環相扣的，

日便利商店不再吸引年輕人？

2005-09-02T15:01:00.000+08:00

台灣日本綜合研究所　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　傅婉禎　　講到便利商店對年輕人的吸引力，在台灣可是有增無減，再加上台灣前一陣子7-11所推出的Hello Kitty磁鐵收集活動，更是一舉將台灣的便利商店的熱潮推向了高點，但是當初由日本引進便利商店的人，可能沒有想到在創立便利商店文化的日本卻在便利商店誕生30年後起了異樣。　　這個異樣就是以往經常造訪便利商店的年齡層突然升高了，根據日本7-11表示，在1989年的時候，平均一家便利商店的一日來客數約為905人，而客層以20歲以下者佔65%，而50歲以上者則佔10%，便利商店可以說是年輕人的樂園，年輕人也養成就算不買東西也要去便利商店晃晃的習慣，一天不去便利商店就渾身不對勁者也大有人在。　　但在2004年再做調查時發現，雖然一日來客數增長為985人，但是20歲以下的人減少到41%，而50歲以上的則倍增至

BRICs 專題1：中國與「BRICs」間貿易的深化關係

2005-09-02T15:00:00.000+08:00

近年來，以中國為核心的金磚四國（BRICs）貿易關係已逐漸強化起來。巴西、俄羅斯、印度等向中國輸出逐年增加。截至2004年為止，巴西對中國輸出比前一年增加20%，金額是54.4億美元；俄羅斯增加24.3%，金額是120.9億美元；印度增加80.4%，金額是76.7億美元。同時，BRICs佔中國全部進口比率正逐年增加，從1993年的5.9%到2004年的24.2%，已佔輸入總額的四分之一。　　現在就來說明中國和BRICs的貿易發展關係吧！就中國的消費、投資來說，內需在急速增加。從2000年開始，中國各類原材料呈現短缺。因此，中國謀求與巴西、俄羅斯靠近來進口大量不足的原物料；從巴西進口的鐵礦石、生活用品、肉類、家畜使用的肥料，已呈增加的趨勢。另一方面，也從俄羅斯進口原油和天然瓦斯。近年來，隨著中俄兩國建立的戰略伙伴關係，中國向俄羅斯購買大量的先進武器；印度和中國情況類似，

日景氣復甦，加班費連續36個月增加

2005-09-02T14:55:00.000+08:00

日本厚生勞働省在8月31日發表的「每月勤勞統計調查」中指出，針對職員5人以上的公司共3萬3000家所做的調查後發現，加班費或是假日出勤費等「每月定額薪資外的給付」較去年同月上漲1.3%，來到1萬8949日圓(約台幣5685元)，已是連續36個月的增加。　　日本曾在泡沫經濟崩壞後的恢復期1994~97年有過連續42個月增加的情形，因此厚勞省推斷應該是由於景氣復甦使得工作變忙，因而加班及假日出勤的狀況增加所表現出來的數字。　　除了加班費之外，底薪和各項津貼總合的「定額薪資」也增加了0.2%，來到25萬3891日圓(約台幣7萬6167元)，也是連續4個月增加。而定額薪資及加班費以外的特別津貼(如夏季分紅)也增加了4.7%，厚勞省表示，可能是由於採取成果主義依業績行賞的企業增加，使得特別津貼或是業績獎金等名目發放的獎金也增加。　　至於雇用的情形，全職和兼職的勞工加起來的「常用勞動者」

禁令背後的廣東賣油數據：一邊缺油一邊出口

2005-09-01T23:09:00.000+08:00

2005年09月01日 10:46:26　　來源：新京報從9月1日起，全國將連續4個月原則上不再批准新的原油加工貿易合同；已批准並在海關備案的原油加工貿易合同，汽、柴油產品全部留在國內銷售，不再出口。8月24日，國家發改委、財政部、商務部、海關總署、稅務總局五部委聯合下發的《關於調整成品油出口政策有關問題的通知》(簡稱《通知》)，做出了上述規定。次日，財政部、稅務總局發佈的“財稅[2005]133號”文件(簡稱“133號文件”)規定，從9月1日起至年底前暫停車用汽油、航空汽油和石腦油的出口退稅。 “五部委連續發文顯然與上半年國內成品油進出口形勢有關，文件中關於保證國內成品油供應和控製成品油出口的目的也很了然。”國務院發展研究中心研究員鄧鬱松認為，文件強調了時間區間“今年年底前”，這意味著文件是一個針對特殊形勢的短期性措施。需提及的背景是，海關總署7月25

央企最多留100家李榮融訂立指標並購重組提速

2005-09-01T22:43:00.000+08:00

2005-08-31 17:57:47　　來源：新華網新華網北京８月３１日電（記者齊中熙）按照國務院的要求，國資委正在制定國有資本調整和國有企業重組指導意見，結合此項工作，國資委還將研究製訂加快推進中央企業重組的措施，明年予以實施。國務院國有資產監督管理委員會主任李榮融透露說，中央企業的重組和調整，要以企業為主體，按照市場化原則運作，董事會建立完善以後，由董事會來具體操作，下一步要加大推進的力度。近兩年，國資委不斷推進中央企業重組和調整，中央企業重組和調整力度不斷加大，目前中央企業已經從當初的１９６家調整到１６９家。 “國資委正在加快培育８０－１００家大型央企，透過並購重組，原來的１９８家央企完全有可能減至３０－５０家。”這是國資委政策研究中心主任王忠明在上週五舉行的“２００５第三屆中國企業並購與融資論壇”上透露的。王忠明指出，

Extraordinary Problems, Difficult Solutions Massive Floods, Pollution Make for 'Worst Case'

2005-09-01T21:00:00.000+08:00

By Guy Gugliotta and Peter Whoriskey Washington Post Staff WritersThursday, September 1, 2005; A10First they have to pump the flooded city dry, and that will take a minimum of 30 days. Then they will have to flush the drinking water system, making sure they don't recycle the contaminants. Figure another month for that.The electricians will have to watch out for snakes in the water, wild animals

Critical U.S. Supply Line Is Disrupted

2005-09-01T20:47:00.000+08:00

By Neil IrwinWashington Post Staff Writer Thursday, September 1, 2005; A01The effects of the monster storm that devastated the Gulf Coast spread through the nation's economy yesterday, disrupting shipping and rail networks and sending prices for lumber, coffee and other commodities soaring. Hurricane Katrina is likely to drag down U.S. economic growth in the months ahead, analysts said,

2005年上市公司中報謝幕

2005-09-01T19:55:00.000+08:00

2005-9-1 上市公司2005年半年報披露工作今日謝幕。從統計數據看，2005年上半年上市公司整體盈利能力仍保持增長，但受制於煤炭、電力、石油等瓶頸行業制約以及部分生產資料價格的大幅上升，上市公司的業績增長勢頭放緩，每股收益等指標略微下滑。據統計，截至今日，除南京中北、明星電力、*ST花雕以外，滬深兩市1386家上市公司如期披露2005年半年報。這些公司上半年共計完成主營業務收入19667.49億元，同比增長24.27%；主業收入總額相當於上半年GDP總量的29.17%；總共實現凈利潤1032.72億元，同比增長4.164%。平均每家公司實現主營業務收入14.25億元，實現凈利潤7451.12萬元，同比分別增長24.63%和4.164%。按加權平均法計算，1386家公司今年上半年平均每股收益0.1376元，較2004年同期的0.142元同比下降3.0986%；

PetroChina Sells Big Block of Shares

2005-09-01T19:49:00.000+08:00

Firm Raises $2.47 Billion In Offering to Institutions; A Bankroll for Acquisitions?A WALL STREET JOURNAL NEWS ROUNDUPSeptember 1, 2005PetroChina Co., the listed arm of China's largest oil-and-gas producer, sold US$2.47 billion in shares, capitalizing on investor demand for oil-related stocks.The placement of shares with institutional investors, which could reach $2.7 billion if an

Casino Owners Prepare Bonds To Finance Growth in Macau

2005-09-01T19:42:00.000+08:00

By KAREN LANE DOW JONES NEWSWIRES September 1, 2005Macau's high rollers may soon have an alternative to the blackjack table to park their cash, with a trio of bond issues from the former Portuguese colony expected to materialize in coming months.Leading the way is Galaxy Casino SA, bought recently by Hong Kong-listed K.Wah Construction Materials Ltd.Like many others, K. Wah, a unit of K.Wah

China, US Fail To Agree Over Textiles

2005-09-01T13:12:00.000+08:00

Wal Street Journal , BY Reppert-Bismarck in Brussels Global opposition to the sharp rise in Chinese garment imports continued tomount as negotiators for the U.S. and China failed to resolve their differencesin Beijing trade talks yesterday while mounds of Chinese brassieres, sweatersand pajamas piled up at European ports. With no agreement secured from the latest round of trade talks, U.S.

BARRON : Niche Player

2005-09-01T02:54:00.000+08:00

[Think-3 : China / Asia in eyes of foreigner investor ..... so called "Niche Player" ]Monday, August 29, 2005Interview with David Riedel, President, the Riedel Research GroupBy NEIL A. MARTINNOT ONE TO MISS A CHANCE, even under trying circumstances, securities analyst Riedel found his niche a few years ago, providing global investors with independent coverage of what he considered a neglected

China's Credit-Card IndustryIs Set to Take Off

2005-09-01T01:35:00.000+08:00

Overseas Banks May FalterOn Credit Cards if They GoIt Alone, Consultancy SaysBy ANDREW BROWNE Staff Reporter of THE WALL STREET JOURNAL August 31, 2005; Page A7SHANGHAI – China's credit-card industry is set for explosive growth, but foreign investors could stumble unless they find the right Chinese partner, according to a report by U.S. consultancy McKinsey & Co.International financial giants

China's Banks See Fresh Wave Of Foreign Investment

2005-09-01T01:30:00.000+08:00

By KATE LINEBAUGH and MARY KISSEL Staff Reporters of THE WALL STREET JOURNAL August 31, 2005 11:19 a.m.HONG KONG -- Singapore state-owned investment company Temasek Holdings Pte. Ltd. confirmed a $3.6 billion investment in Bank of China on Wednesday, marking the largest single investment in a Chinese bank to date and placing the historically passive fund at the center of an unusually aggressive

Poverty Rate Rises to 12.7 Percent

2005-08-30T23:58:00.000+08:00

By JENNIFER C. KERR The Associated PressTuesday, August 30, 2005; 11:10 AMWASHINGTON -- The nation's poverty rate rose to 12.7 percent of the population last year, the fourth consecutive annual increase, the Census Bureau said Tuesday.The percentage of people without health insurance did not change.Overall, there were 37 million people living in poverty, up 1.1 million people from 2003.Asians

Asia's Big Three Take Oil's Heat

2005-08-30T23:54:00.000+08:00

Indonesia Seems Vulnerable But Optimism Is PrevalentOn Japan, China and IndiaBy RON HARUI DOW JONES NEWSWIRES August 30, 2005SINGAPORE -- Soaring oil prices could deal a blow to some Asian economies such as Indonesia, Thailand and the Philippines, but the region's biggest economies -- Japan, China and India -- should remain strong, analysts said.The price of U.S. crude-oil futures had surged

China Tangles With EU, U.S.On Textile Front

2005-08-30T23:48:00.000+08:00

Talks Aimed at Capping Garment Exports Wind On; Too Many Wool TrousersBy MEI FONG in Hong Kong and JULIANE VON REPPERT-BISMARCK in Brussels Staff Reporters of THE WALL STREET JOURNAL August 30, 2005; Page A9As millions of Chinese-made garments remain stranded on European docks, China today resumes negotiations with the other huge market trying to come to grips with this year's flood of Chinese

Why Oil's Surge Hasn't Damped Global Growth

2005-08-29T13:36:00.000+08:00

Prices, Interest Rates Stay Low, While Property Boom Keeps Consumers SpendingBy BHUSHAN BAHREE Staff Reporters of THE WALL STREET JOURNALAugust 29, 2005; Page A1The near-doubling of oil prices -- to $70 in the past 24 months -- has had surprisingly little impact on the pace of global growth, as other broad economic factors have helped damp the damage inflicted by previous oil-price shocks.The

KPMG to Pay $456 Million In Settlement on Tax Shelters

2005-08-29T13:33:00.000+08:00

By JONATHAN WEIL Staff Reporter of THE WALL STREET JOURNALAugust 27, 2005 4:09 p.m.; Page C1In a crucial step toward ensuring KPMG LLP's survival, the U.S.'s fourth-largest accounting firm signed a settlement agreement with prosecutors Friday under which it will pay $456 million in penalties, admit to fraudulent conduct in connection with past tax-shelter sales and avoid a criminal indictment,

Hong Kong Moves to Stop Leaks Of Analysts' Pre-IPO Research

2005-08-29T13:26:00.000+08:00

By KATE LINEBAUGH Staff Reporters of THE WALL STREET JOURNAL August 29, 2005HONG KONG -- In an effort to prevent research reports published ahead of Hong Kong initial public stock offerings from landing in the hands of individual investors, regulators are giving the market a choice: Stop writing them or face sanctions.Neither option is apt to appeal to underwriters, which argue that such "predeal

Greenspan's Remarks

2005-08-27T15:48:00.000+08:00

August 26, 2005Reflections on central banking At a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 26, 2005.* * *In the spirit of this conference, I asked myself what developments in the past eighteen years -- both in the economy and in the economics profession--were most important in changing the way we at the Federal Reserve have approached and

Sinopec Shanghai Petrochemical Issues Warning on Second Half

2005-08-27T15:40:00.000+08:00

By ARIES POON DOW JONES NEWSWIRESAugust 26, 2005 4:27 a.m.HONG KONG -- Sinopec Shanghai Petrochemical Co., China's largest ethylene producer by capacity, said higher oil prices and slower demand for petrochemical products will cut profit for the industry in the second half of this year.The company gave its forecast after reporting a 16% rise in first-half net profit to 1.76 billion yuan ($217.4

Understanding the Greenspan Standard

2005-08-27T15:22:00.000+08:00

Friday, August 26, 2005; 2:42 PMThe papers presented at the Federal Reserve Bank of Kansas City's economic symposium today and Saturday are expected to be available to the public on the bank's Web site (www.kc.frb.org) Monday. Until then, here is a summary by Washington Post economics reporter Nell Henderson of one of the main papers:* "Understanding the Greenspan Standard," by Alan S. Blinder

Greenspan Cites Economic Risks For Consumers

2005-08-27T15:17:00.000+08:00

Warns Higher Long-Term Rates Could Reverse Housing, Stock GainsBy Nell Henderson Washington Post Staff Writer Saturday, August 27, 2005; Page A01Remarks by Federal Reserve Chairman Alan GreenspanPaper: Understanding the Greenspan StandardJACKSON HOLE, Wyo., Aug. 26 -- Federal Reserve Chairman Alan Greenspan warned Friday that recent gains in U.S. home prices, stock values and other forms of

解讀《2004中國房地產金融報告》

2005-08-26T04:04:00.000+08:00

易憲容　８月１５日，央行《２００４年中國房地產金融報告》公佈後，房地產市場的大佬們紛紛發表言論，以示自己對《報告》的解讀，有人甚至替代央行來解釋《報告》是什麼而不是什麼。可見，業界對房地產市場並無信心，十分擔心有人道出市場的真相而讓民眾了解之。我的看法是，該《報告》是央行站在銀行業的角度，利用其數據獲得的優勢，基本上客觀、專業地對國內房地產市場做出了最全面、最坦率、權威的評價，並在此基礎上對房地產市場的風險提出了防範政策建議。數據獲得的困難使不少機構的研究偏於一角，而一些既得利益集團更是在用一些研究報告來混淆視聽，因此市場與民眾無法真正了解國內房地產市場現狀、變化及未來發展，也就無法根據有效的資訊作出正確的購房決策。而《報告》對房地產市場一些問題分析較為深刻，比如對國內房地產金融的風險分析就有理有據，其中對房地產開發貸款及個人住房消費信貸不良貸款率的分析、

259家上市公司發佈三季度預報近4成公司將虧損

2005-08-26T03:58:00.000+08:00

2005年08月25日 14:33:09　　來源：證券日報目前有不少公司都在中期報告中預告第三季度業績。截至2005年8月24日，滬深兩市已經有1050家上市公司公佈半年報，其中，深市460家，滬市590家。在已公佈半年報的公司中，有158家公司對三季度業績進行了預告，另外又有101家公司透過公告發佈了業績預告。259家公司預告顯示，上市公司三季度業績不容樂觀，有38%的公司預計出現虧損，有15%的公司預計凈利潤下降。截止8月24日，有70家公司預計今年三季度業績大幅增長，10家公司業績持平，38家公司凈利潤將大幅下降，可能扭虧或實現微利的有43家，另有98家公司預計虧損，首虧和續虧分別為49家、49家，且包括18家ST公司。可見，預虧公司已經超過預增公司的40%。從中期的業績來觀察這些預虧公司，僅道博股份、ST酒花兩公司中期盈利，其餘49家公司均有不同幅度的虧損。方向光電

溫家寶主持國務院會總結今年經濟體制改革工作

2005-08-26T03:54:00.000+08:00

2005-08-25 09:53:18　　來源：新華網溫家寶主持召開國務院常務會議總結今年以來經濟體制改革工作研究部署深化改革的重點任務 (溫家寶活動報道集) 新華網北京8月24日電　國務院總理溫家寶24日主持召開國務院常務會議，總結今年以來經濟體制改革工作，研究部署深化改革的重點任務。會議聽取了國家發改委關於今年以來貫徹落實《國務院關於2005年深化經濟體制改革的意見》情況的彙報。會議認為，今年以來，經濟社會發展總體形勢是好的，經濟運行繼續朝著宏觀調控的預期方向發展。根據黨中央、國務院的部署，各地區、各部門積極推進經濟體制改革，取得重要進展，特別是一些多年醞釀的重點領域和關鍵環節的改革有所突破。農村稅費改革進入新階段，國有企業股份制改革和國有資產管理體制改革不斷深化，非公有制經濟發展的體制和政策環境進一步改善，金融體制改革力度加大，財稅、投資、流通

Rents Head Up as Home Prices Put Off Buyers

2005-08-26T03:04:00.000+08:00

August 25, 2005By DAVID LEONHARDTRents are rising again across the country, squeezing tenants who are already coping with high gasoline prices and improving returns to landlords after a deep five-year slump.The turnaround appears to be another sign that the boom in house prices and sales is finally slowing, as homes have become so expensive in many metropolitan areas that some people have decided

New Data, New Record In a Housing Market That Defies Predictions

2005-08-26T02:48:00.000+08:00

By Sandra Fleishman Washington Post Staff Writer Thursday, August 25, 2005; D01So which direction is the housing market headed in, anyway?On Tuesday, some analysts said the boom was definitively going south, based on a report from the National Association of Realtors that sales of existing homes slipped 2.6 percent from June to July.Yesterday, however, the Commerce Department reported that

Common in China, Kickbacks Create Trouble for U.S. Companies at Home

2005-08-25T23:54:00.000+08:00

By Peter S. Goodman Washington Post Foreign Service Monday, August 22, 2005; A01SHANGHAI -- For multinational companies grappling with stagnant sales, China has become a magnet for investment and a huge potential market beckoning with growth. Yet the lure of China profits combined with pervasive local corruption is tempting foreign companies and managers and bringing them into conflict with U.S

China Deals Can Pose Accounting ConflictsRadvision

2005-08-25T23:52:00.000+08:00

-Control Tech Dispute Reveals Potential Problems That Can DevelopBy Peter S. Goodman Washington Post Foreign Service Monday, August 22, 2005; A13SHANGHAI -- It began as a joint venture aimed at capturing customers in China, the world's largest potential market for pretty much everything.Radvision Ltd., an Israeli company whose stock trades on the Nasdaq Stock Market, had the products --

China's Strategy and Objectives in Global Capital Markets

2005-08-19T16:05:00.000+08:00

The U.S.-China Economic and Security Review Commission HearingThursday, August, 11 2005 - 10:00 am to 3:30 pmTranscript of the Hearing [289 pages] is available online at:http://hongkong.usconsulate.gov/pas/eb/2005/0810.htm

商業賄賂成了潛規則八大負面影響呼喚儘快立法

2005-08-19T13:20:00.000+08:00

2005年08月19日經濟參考報從去年的“朗訊風波”，到今年“張恩照事件”，再到最近的德普“回扣門”，數家跨國公司因在我國行賄，頻頻受到美國《海外反腐敗法》的制裁。一些分析人士認為，目前所暴露的商業賄賂案件，只是冰山一角。在我國的許多行業，商業賄賂已成“行規”和企業運行的潛規則，從業者已陷入惡性競爭的環境。如果不及時治理，商業賄賂導致的市場腐敗將成為我國經濟發展的瓶頸，有可能使我國市場經濟出現“拉美化”傾向。中國行規美國出事商業賄賂花樣翻新據美國司法部調查，全球最大的診斷設備生產廠商Ｄiagnostic Ｐroducts Ｃorporation(簡稱ＤＰＣ)的子公司——天津德普診斷產品有限公司，從１９９１年到２００２年，向中國國有醫院醫生行賄162．3萬美元的現金，用來換取這些醫療機構購買ＤＰＣ公司的產品，德普公司從中賺取了200萬美元。

Do Try This at Home: Assess Your Area's Real Estate Bubble

2005-08-16T00:25:00.000+08:00

August 13, 2005By DAMON DARLINFor the first time since the residential real estate marathon began 13 years ago, parts of the country are showing signs of exhaustion. But if you rely on the experts to declare that a particular area's bubble has popped, you may have waited too long.So how can a homeowner tell if a market is about to go bust? This may be one of those rare occasions when

人民網訪談：乳品行業現狀與分析

2005-08-14T15:57:00.000+08:00

http://health.people.com.cn/BIG5/22113/3525223.html【訪談嘉賓】中國乳制品工業協會理事長宋昆岡國家乳品質量監督檢驗中心主任李茂勝訪談提要1. 還原奶與鮮奶有什麼區別？對消費者有什麼影響？2. 乳品企業之間互曝內幕，說明什麼？3. 提前標注生產日期是否行業的普遍現象？4. 還原奶是合法的嗎？標簽標注要注意什麼？

阿里巴巴-與四十大盜雅虎豪賭阿里上市

2005-08-12T18:26:00.000+08:00

近排網股好消息「一蘿蘿」，百度赴美招股，首日掛牌即升3.54倍，雅虎又落實入股阿里巴巴，市場憧憬科網股翻生，一眾科網股跟隨阿里巴巴殺出一條血路。前周五內地「百度」(Baidu)網在納斯達克上市，市值一夜間暴增至約40億美元，全球賭仔無不對內地網站估值刮目相看。網站估值如此「不可思議」，雅虎立即下注10億美元另加雅虎中國全部資產，換取阿里巴巴40%，豪賭阿里巴巴能成功天價上市，希望一鋪連本帶利收回。雅虎一舖「現金加屋契」推哂出去，一眾賭仔「嘩」聲四起，繼而紛紛下注。雅虎真金白銀加磚頭「哂冷」，賭仔想了一晚，決定齊齊跟雅虎賭阿里短期內以更驚人估值上市，一眾科網股齊齊殺出。無他，以雅虎交易價計算出阿里巴巴的總市值已達45億美元(逾350億港元)，未上市市值已超越百度網。一眾科網股受到雅虎收購阿里巴巴股權的消息刺激大升，騰訊(0700)升12.21%，報7.35元，成交達1.59億港元。

Dell's Net Rises on Overseas Strength

2005-08-12T10:21:00.000+08:00

Deep Discounts Don't Help In U.S. Market, but Sales To Europe and Asia Pick UpBy GARY MCWILLIAMS Staff Reporter of THE WALL STREET JOURNAL August 12, 2005Dell Inc. reported fiscal second-quarter profit rose 28% on a tax adjustment and strong sales in Europe and Asia, but deep discounting in personal-computer prices failed to ignite U.S. sales.The world's largest PC maker said price cuts didn't

WSJ Monthly Economic Forecasting Survey: August 2005

2005-08-12T10:16:00.000+08:00

Where exactly will the federal-funds rate end up when the Fed is done with its credit-tightening campaign?The answer, according to economists surveyed this month, is 4.5%, a full point above its current level. Economists say they believe there is a greater risk that the Fed will overshoot -- lift rates too high -- than it will move too gingerly.Economists lifted their forecasts for third-quarter

發改委：高油價時期到來油價雖上漲價格仍倒挂

2005-08-09T17:36:00.000+08:00

2005-07-27 10:37:52　　來源：經濟參考報油價又漲了。然而，26日，國家發改委官員明確指出，此次國內油價上調並沒有完全解決國內成品油價格與原油價格的倒挂問題。而且，今後國際油價可能長期在高位波動。這就是說，我國企業和消費者將面臨“高價石油時期”。消費者：“油價再漲，我真的要扛不住了” 7月23日，國家發改委今年來第五次調整了我國成品油價格，我國市場上的汽油、柴油售價均再次創出歷史新高。油價的不斷上漲，對相關行業和群眾的生產生活帶來了巨大的壓力。張先生在北京某媒體工作，去年剛買了輛9萬多元的捷達轎車，沒想到不久油價就一路上漲。他告訴記者：“當時買車的時候，93號汽油的價格是每升3.5元左右，可現在漲到了每升4.26元，每月僅用油一項支出就增加了100多元，一年養車成本增加近2000元，養車總成本增加了20％。目前，

G.M. Thrives in China With Small, Thrifty Vans

2005-08-09T16:14:00.000+08:00

$5,000 minivans being assembled at a G.M.-led venture by Chinese workers who are paid $60 a month. Photo : Chang W. Lee/The New York TimesAugust 9, 2005BY KEITH BRADSHER New York Times LIUZHOU, China - In this obscure corner of southern China, General Motors seems to have hit on a hot new formula: $5,000 minivans that get 43 miles to the gallon in city driving. That combination of advantages has

中國經濟的確是在掉頭

2005-08-05T11:41:00.000+08:00

2005年08月04日 13:37:45　　來源：《中國新時代》專訪中國人民銀行研究局局長唐旭[唐旭中國人民銀行研究局局長。畢業於西南財經大學金融係，隨後考入中國人民銀行研究生部，1994年5月至今，任中國人民銀行研究生部主任，同時還兼任中國金融學會理事學術委員會委員，是金融領域卓有成就的中青年經濟學家] 爭論仍在持續自從3個月前，摩根士丹利首席經濟學家斯蒂芬·羅奇在《假如中國變冷》一文中發出中國經濟增速減緩的預言後，有關中國經濟的未來走勢就一直是經濟學界和商業界關心的話題。這似乎有點突然。僅僅1年前，人們還在為中國經濟是否存在過熱而爭執不休，彼時，全國各地的房地產業還在狂飆突進，南方出現大面積電荒，固定資產投資增長率繼續保持在令人咋舌的高位……在經歷了從1997年開始的長達5年的通貨緊縮後，中國經濟自2002年起重聚熱潮。甚至2003年的“非典”都未能阻擋GDP

財政部首次譴責國際會計公司普華永道混水摸魚

2005-08-05T11:23:00.000+08:00

2005-08-05 08:23:23　　來源：國際金融報在財政部日前發佈的第11號會計資訊質量檢查報告裏，儘管普華永道中天會計師事務所所受的處理最輕，但這是財政部首次公開點名國際會計公司違規。針對國際會計公司屢屢違規，華東師范大學遠東國際金融學院院長、博導潘英麗教授在接受記者採訪時坦言，問題根源在於我國立法和司法制度不健全。財政部此次公佈的第11號會計資訊質量檢查報告，是2004年的檢查和處罰結果。財政部及相關專員辦對8戶上市公司、8家會計師事務所和23名註冊會計師作出了處理處罰。其中普華永道中天會計師事務所和另兩家國內事務所被責令針對查出問題進行整改。有消息稱，普華永道中國區高層已於8月1日赴京“危機公關”。就在普華永道急赴北京“公關”的時候，作為科龍電器前任審計師的德勤最近的日子也不好過。而不久前，畢馬威因涉嫌妨礙司法公正和非法銷售避稅產品，美國司法部開始對其調查。

統一超商將進軍大陸餐飲藥妝市場

2005-08-04T20:06:00.000+08:00

卓展　　在台灣擁有三千多家連鎖店的統一超商，將要進軍大陸地區的餐飲藥妝市場。根據今年(2005)7月8日的報導，統一超商副總經理謝健南表示，統一超商在大陸市場的佈局將以餐飲、藥妝與量販三種形態為主。另有報導指出，統一超商這次進軍大陸將會以100%轉投資成立統一四川量販公司，資本額5000萬人民幣，目前還在經濟部投審會的申請審核階段，預計最快今年年底會在四川南充成立第一家量販店。7-11進軍大陸受阻改變佈局　　統一超商為統一集團旗下的零售子公司，目前統一在台灣地區有3894家7-11連鎖店，旗下更擁有星巴克、聖娜多堡、康是美等連鎖系統，堪稱是台灣地區最大的連鎖便利商店企業。在鑒於台灣地區便利商店數量將近七千家並日趨飽和的情況，統一超商開始把目標放在鄰近的大陸市場。大陸市場人口龐大並深具潛力，統一超商董事長高清愿更直言「台灣便利商店市場僅是中國大陸六十分之一，中國便利商店市場做一百年、

日本少子化，企業改變策略，開創新生存之道

2005-08-04T20:01:00.000+08:00

美國Wesleyan University生三年級學生　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　黃新鈺　　日本是當今世界上少子化與高齡化趨勢最顯著的國家之一。隨著不婚、晚婚的人數增加，出生率逐年遞減，改變的不只是日本人對於家庭、育兒的看法，還有整個日本社會的價值觀。隨著小孩的人數逐漸減少，老年人的人數愈來愈多，受到影響的不只是日本的人口結構，還有與各產業切身相關的消費市場。面對日本社會的這項新趨勢，各行各業若是不想關門大吉，就得紛紛開始絞盡腦汁，提出新的行銷策略，甚至是將整個公司轉型。　　少子化與高齡化所影響到的產業種類十分廣泛，小自街角的便利商店，大至全國的大眾交通運輸系統，不但都需要調整產品訴求、服務型態等，在幾年內更可能會因為總人口的減少，而被迫採取關閉某些分店、縮小營業規模等方法，才能夠繼續經營下去。各行各業在面對消費市場逐漸縮小等問題時，

China: The Slowdown Has Begun

2005-08-04T18:58:00.000+08:00

By Andy Xie, Morgan StanleyThe Chinese economy has started to slow owing to excess capacity. The rapid investment-led boom of the last five years borrowed growth from the future. I believe the economy will take at least two years to bottom.The slowdown should be good for social stability. The recent overheating redistributed a substantial proportion of household income to businesses and

《二○○五年第二季度中國貨幣政策執行報告》

2005-08-04T18:20:00.000+08:00

中國人民銀行《二○○五年第二季度中國貨幣政策執行報告》Full Report : http://www.pbc.gov.cn/showacc2.asp?id=351

浙江天健拒絕德勤合併被證實說"不"有多重考慮

2005-08-04T15:49:00.000+08:00

2005-08-04 14:39:51　　來源：經濟參考報 “談判不是一廂情願的單相思，是需要兩情相悅。如果不能協調好各方面的利益，那只能是一個沒能達成共識的談判。”8月2日，“天健係”中實力排名第二的浙江天健會計師事務所（浙江天健）行政管理部門的傅經理，向記者證實了關於浙江天健拒絕與德勤會計師事務所（德勤）合併的消息確有其事。浙江天健：拒絕德勤有多重考慮此前業內曾有傳言：浙江天健中止與德勤的談判可能是由於德勤在科龍審計上遭到了業內質疑。當記者向傅經理求證此說法時，他表示，“關於具體細節我們無可奉告，但可以明確的是原因是多方面的，並不僅僅出於一兩個方面的考慮。我們追求的是利益的平衡，聽到任何風吹草動都會有所警覺。” 浙江天健對與德勤合併的事情態度相當低調。當記者追問對談判是否有下一步考慮時，傅經理很謹慎地說一切都在變化中，未來究竟會發生什麼不大好說。

上海樓市出現新變局：住宅冷清寫字樓趨旺

2005-08-04T15:47:00.000+08:00

2005年08月03日 14:33:36　　來源：新華網新華網上海8月3日電（記者慎海雄）“剃頭的挑子－－一頭冷一頭熱”，借這句俗語形容時下上海樓市的新變化可能是合適的。進入5月份以後，房產新政下的上海樓市出現了戲劇性的轉折，多處新開的住宅樓盤終於憋不住市場的冷清寂寞，紛紛採取公開降價或打暗折等手段招徠顧客，但依然門可羅雀；而原本在樓市中並無多少聲響的寫字樓市場卻日益受到市場追捧，銷售突然趨旺。在最近的上海浦東樓宇經濟論壇上，多位經濟界人士對上海樓市出現的這一變局作出了診斷，較集中的觀點是，上海樓市正在回歸到與其經濟中心地位相稱的合理格局，開始步入良性迴圈。繼3月份“國八條”出臺之後，上海樓市隨即進入調控期。原本火爆的住宅市場在樓市新政和地方政府的有機調控下，逐漸“敗火”降溫，市場成交量也一日短過一日。進入5月以後，上海住宅一手房成交量更是跌入谷底，

物流業年底全面開放國際快遞巨頭加速搶灘中國

2005-08-04T15:45:00.000+08:00

2005-08-04 13:56:20　　來源：新華網新華網深圳8月4日電（李南玲、朱麗華）近年來，國內快遞業每年以30％增速快速發展，到目前為止形成了每年上百億元的市場。當前，快遞業主要有以中國郵政速遞EMS為代表的國有快遞企業，以宅急送、大田等為代表的民營快遞企業以及中外運敦豪、聯邦快遞、聯合包裹及荷蘭天地快運為代表的國際速遞巨頭，爭奪每年上百億元的市場。根據中國加入WTO的承諾，到今年12月中國的物流業將全面對外開放，外資快遞企業可以經營中國國內快遞業務，雖然大限還未到，但以USP為首的國際快遞巨頭們卻開始加緊擴張，準備全面涉足國內快遞市場。美國服務業聯盟預計，未來三年中國快遞業市場將以至少33％的速度持續增長。有權威人士認為，未來10～20年，全球航空貨運將增長6％，但快遞業的增長是航空貨運業的2倍，即12％，而中國則會在此基礎上再翻一番，

蒙牛乳業馬鞍山項目發生火災

2005-08-04T15:14:00.000+08:00

8月2日上午10時左右，蒙牛乳業(集團)股份有限公司在安徽省馬鞍山市經濟技術開發區投資2.5億元建設的亞洲最大的冰淇淋生產線項目發生重大火災。圖為起火後遠離現場的眾多圍觀群眾。（新浪財經）2005-08-03 10:38:41　　來源：新浪財經蒙牛馬鞍山一生產線遇祝融對銷售影響有限——發生在馬鞍山公司冰淇淋項目冷庫的大火終於以3條生命為代價撲滅了，但蒙牛乳業集團因此而展開的生產安全大檢查才剛開始。蒙牛乳業集團發言人孫先紅稱，因為這個基地目前仍是試生產，而且過了冰淇淋銷售旺季，因此對公司產品銷售的影響不算大。亞洲最大冰淇淋基地這場重大火災事發8月2日上午10時，18輛消防車、108名消防官兵花了一個半小時才把大火撲滅，而3名消防員也為此付出了生命。並且，事故發生時，馬鞍山市的書記、市長親自督戰，因為投資2.5億元的馬鞍山公司冰淇淋項目，是目前亞洲最大的冰淇淋生產基地，

Big Hedge Funds Feel Right at HomeIn Greenwich, Conn.

2005-08-04T14:41:00.000+08:00

Looking for Status, Firms Flock to Ritzy Suburb, Squeeze Out Old TenantsHigher Rents Than ManhattanBy IANTHE JEANNE DUGAN and ROBERT FRANK Staff Reporters of THE WALL STREET JOURNAL August 3, 2005; Page A1GREENWICH, Conn. -- For more than 35 years, the modest, four-story building here known as Two Greenwich Plaza was home to a hodgepodge of small shippers, manufacturers and lawyers.Today, Two

Blogosphere統計

2005-08-04T14:15:00.000+08:00

Technorati的CEO David Sifry每隔半年左右就会利用Technorati的数据对整个Blog圈作一次宏观的统计报告。以下是2005年8月最新一次报告的一些情况。- Technorati在2005年7月跟踪的Blog数量为1420万，链接13亿条。- Blog的数量继续保持每5个半月翻一倍的增长速度。- 每天新建的Blog数量为8万个，大约每一秒就有一个新的Blog诞生。- 55%的Blog是活跃的(在3个月内有过更新)，这个数据在一年以来都没有变化。- 在最近一周内有过更新的Blog占13%。- Technorati每天新收录的Blog文章为90万篇。- 平均每秒产生10.4篇Blog文章。- 从发布文章到被Technorati收入平均只需要不到5分钟。- IM软件、Moblogging工具以及第三方服务(Flickr、Del.icio.us等)等的广泛应用，让

Former KPMG Partners May Be Charged

2005-08-03T21:41:00.000+08:00

Prosecutors Investigate Individual Executives' Roles in Selling Tax Shelters in the 1990sBy Carrie JohnsonWashington Post Staff WriterWednesday, August 3, 2005; D01Federal prosecutors have notified as many as 20 former partners at the accounting firm KPMG LLP, including some who were members of its senior management team, that they could face criminal charges for their role in selling tax

Drilling for Broke? Experts Debate 'Peak Oil'

2005-08-03T10:17:00.000+08:00

Econoblog: Two energy experts debate whether demand for oil will finally outdo the world's peak production.August 3, 2005Are we nearing a peak in global oil production?Robert K. Kaufmann is a full professor in the Center for Energy & Environmental Studies at Boston University. His research focuses on world oil markets, global climate change, the global carbon cycle, and deforestation in the

Revaluation of the Chinese Yuan and Japan's Response

2005-08-02T15:21:00.000+08:00

Japan Brief / FPC, No. 0552 July 22 , 2005On July 21 the People’s Bank of China, China’s central bank, announced a revision of its fixed exchange rate system, raising the value of the yuan to the dollar by 2% and introducing a currency basket system by which, from that day, the yuan would be allowed to move up or down within a 0.3% band against this basket compared with the closing price on

China's First Capitalist Economic Cycle

2005-08-02T14:28:00.000+08:00

The Wall Street Journal, August 2, 2005 By JIM WALKER [Mr. Walker is chief economist at CLSA.]China's real GDP growth is slowing. Last year's rate of 9.5% will likely fall into the 6-7% range in 2006. But a drop in growth as a result of a downturn in a profit-generated business cycle is not a bad thing in the long term. Such fluctuations show that China has joined the ranks of capitalist

WSJ: Currency Wars

2005-07-29T12:24:00.000+08:00

By RONALD I. MCKINNON July 29, 2005[Mr. McKinnon, a professor of economics at Stanford, is the author, most recently, of "Exchange Rates under the East Asian Dollar Standard: Living with Conflicted Virtue" (MIT Press, 2005).]In 1839, the first Opium War began when Chinese customs officials at Canton destroyed a large quantity of opium that British merchants were trying to smuggle into China in

戴爾直銷電腦不敗之謎

2005-07-29T10:50:00.000+08:00

2005年7月26日【明報專訊】不少充滿創意的公司，最初都是在車房或大學宿舍內創辦起來。好像剛被《財富》雜誌選為全美最受讚賞公司的Dell(戴爾電腦)，也是源於創辦人Michael Dell(米高戴爾)在大學宿舍內的「砌機」生意。Dell以直銷模式聞名，並成為世界最大個人電腦生產商，兼以8.8%的邊際利潤率令同業既羨且妒。但鮮有傳媒能真正解開Dell的不敗之謎，本文嘗試剖析它在生產、物流和人力資源管理上的獨到之處。廠房設40大門方便櫃車上落貨高效率的生產和物流，多少關乎廠房設計。進入Dell的廈門廠房後，即發覺廠房有兩邊各有約20扇倉門。細看之下，更發覺這些倉門和貨櫃的倉門一樣大小，可以讓整個貨櫃(車)直接泊過來，方便進貨出貨﹗「我們叫這些貨櫃做『流動倉庫』。」戴爾(中國)有限公司中國客戶中心總經理李元鈞表示，一邊的倉門是全部用於入貨，而另一邊的則是全部用於出貨。此外，

China's Garment Rivals Survive Storm

2005-07-28T12:03:00.000+08:00

Smaller Asian Countries, Now Lacking Quota Help, Keep Sales in U.S. GrowingBy MURRAY HIEBERT in Washington and PATRICK BARTA in Bangkok Staff Reporters of THE WALL STREET JOURNAL July 28, 2005When global quotas on garment exports ended on Jan. 1, China was widely expected to overrun other major Asian textile producers such as Sri Lanka, Bangladesh and Cambodia. Half a year into the new order of