| To: MoneyPenny who wrote (26308) | 3/25/2005 10:27:28 AM | | From: zonder | | | | | I don't "admire" Trump, but neither do I condemn him as "sleazy" because several of his companies went bankrupt over time. |
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| To: MoneyPenny who wrote (26301) | 3/25/2005 10:37:20 AM | | From: Jim McMannis | | | | | Clinton/Congress provided the conduit to FL and other retirement states. Throw in low rates and the rout of FL is on. Everyone is grinning until bumper to bumper traffic and no water gives them a wake up call...but it's too late. |
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| To: redfish who wrote (26311) | 3/25/2005 10:39:21 AM | | From: MoneyPenny | | | | An old friend who has a family home in Palm Beach (grandparents, parents, and now his) calls Mar-a-Lago a club for pretenders and the desparate. I think its great when people achieve wealth and don't belittle them if they aren't
"old money" but this crowd is a little hard to take. I think of them as the Ivana- jewelled Chanel t-shirt set. (G) MP |
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| To: mishedlo who wrote (26287) | 3/25/2005 10:39:46 AM | | From: Jim McMannis | | | | RE:"is working off of a totally new economic model than any of us have ever experienced in the past." LMAO"
All real estate is, it's just magnified in retirement ares. |
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| To: russwinter who wrote (26307) | 3/25/2005 10:48:43 AM | | From: RealMuLan | | | | Yes, I agree. So I hope he will have more influence in some decision making.
Some provincial leaders have realized this development model depending on export/heavy industry development will not last. Take Zhe Jiang Province for example, for many years, both its total and per capita GDP ranked as number 4 in China, about 8% of China's total. Accompanied with this is the shortage of electricity, coal and land, as well as severe damage to its environment. It ranks as number 1 in terms of the electricity shortage, the available land available for the economic development can only sustain for another 10 years. The situation has become so bad that there is no land available for the new factory and there is no electricity for the new production. And many people there have realized that the game cannot go on much longer.
So when the central gov. started the macro-economic control from the middle of 2004, the leadership in Zhe Jiang also calls on reborn of the new development model and the revolution of the efficiency. They have made new regulation, strictly control those energy-intensive, heavy polluted industries (like cement, printing…) but encourage the industries of high efficiency and environmental friendly. And they also encourage entrepreneurs to go abroad, to buy foreign business as well as set up their own overseas.
As a result, the total industrial growth of Zhe Jiang increased 30% in 2004, but the energy consumption declined 11%. |
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| To: mishedlo who wrote (26297) | 3/25/2005 10:50:45 AM | | From: RealMuLan | | | | LOL--"OECD chief says robust US, China outlook should help Japan growth"
TOKYO : OECD Secretary General Donald Johnston said the Japanese economy should benefit from expected robust growth in the United States and China, Japan's key export markets.
Growth in the US economy, the world's largest, appeared to be "quite robust" while China, Japan's largest trading partner, was forecast to maintain growth of around 8.0-9.0 percent through to 2010, he told reporters.
"As far as the Japanese economy is concerned, consumer confidence seems to be returning to provide growth," he said, adding: "No one is predicting strong growth in Japan but certainly growth."
"I do believe that going forward the United States economy looks quite robust, and that's good news for all of us," Johnston said.
"The Chinese economy, which is very important to Japan's exports, appears also to be growing at a rate of eight to nine percent ... and people are saying that at least until 2010," Johnston said.
"It should be good news to Japan but also good news to the world," he said.
The Organisation for Economic Co-operation and Development (OECD) has forecast Japanese economic growth of around 1.5 percent for 2005 and 2006.
Official data showed that Japan's gross domestic product (GDP) grew 2.7 percent in inflation adjusted terms in 2004 after rising 1.4 percent in 2003.
Japan slipped into a mild recession in the middle of last year but crawled out in the last quarter of 2004, with GDP growing 0.1 percent from the three months to September, or an annualized 0.5 percent.
Johnston was in Japan to visit the World Exposition in the western province of Aichi and to meet government leaders.
- AFP
channelnewsasia.com |
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| To: RealMuLan who wrote (26317) | 3/25/2005 10:58:58 AM | | From: RealMuLan | | | | ING to Buy 20% of Bank of Beijing for 1.78 Bln Yuan (Update3)
March 25 (Bloomberg) -- ING Groep NV, the biggest Dutch financial-services company, said it agreed to buy 20 percent of Bank of Beijing Co. for 1.78 billion yuan ($215 million), seeking to tap affluent customers in China as the nation prepares to lift curbs on foreign participation in its banking industry.
The International Finance Corp., the World Bank's private equity arm, will also buy 5 percent of Bank of Beijing, the second-largest city commercial bank in China and the third- largest bank in the nation's capital, a company statement said.
``This investment will allow ING to deepen its penetration into the Beijing market, and provide us with a platform to sell a range of insurance and investment products to an increasingly affluent customer base.'' ING Chairman Michel Tilmant said in the statement issued before a press conference in Beijing.
ING joins foreign lenders, including HSBC Holdings Plc and Commonwealth Bank of Australia, in seeking a share of the growing market for financial services in the most populous nation, which clocked economic growth of 9.5 percent last year, an eight-year high and the fastest for a major economy. China's banking regulator last year allowed the nation's city commercial banks to expand outside their home bases for the first time, making them more attractive to overseas banks.
``The government is encouraging China's city banks to sell stakes to foreign lenders in order to strengthen the industry,'' said Liang Jing, an analyst at Guotai Junan Securities Co. in Shanghai. ``For foreign investors, Bank of Beijing is not a bad choice as it's relatively small, easier to control, not bad in asset quality and is situated in China's capital city.''
Household savings in yuan reached record 12.8 trillion yuan at the end of February, a 15.5 percent increase from a year earlier, according to central bank data.
Financial Industry
Foreign banks are seeking partners in China as the nation prepares to open up its financial services industry next year under the provisions of its agreement to enter the World Trade Organization in December 2001. Foreign ownership in domestic lenders is restricted to 25 percent.
HSBC, Europe's biggest bank by market value, agreed in August to acquire 19.9 percent of Bank of Communications, the country's fifth-biggest lender, for 14.46 billion yuan.
Commonwealth Bank last year won regulatory approval for its purchase of a stake in Jinan City Commercial Bank and has an option to buy a total of a fifth of that lender. Hangzhou Bank in the eastern province of Zhejiang said Commonwealth is also negotiating to buy a stake in it.
Bank of Beijing's pretax profit last year rose to 2.39 billion yuan ($288 million) from 1.85 billion yuan in 2003. Assets totaled 209 billion yuan ($25.2 billion) at the end of last year, outstanding 109.6 billion yuan and deposits 189 billion yuan.
The bank's bad-loan ratio at the end of 2004 was 4.8 percent and its capital-adequacy ratio, a key measure of a bank's financial strength, was 8.36 percent, Chairman Yan Bingzhu said at a Jan. 8 press briefing.
ING in China
ING owns two life insurance ventures and an asset-management venture in China. ``ING is keen to expand business in many fronts in China,'' Guotai Junan's Liang said.
In July 2000, ING bought the international life insurance operations of Aetna Inc., which owns a life insurers venture with China's China Pacific Insurance Co. ING in 2002 won regulatory approval to start business in its second life insurance venture with China's Capital Group. ING Capital Life Insurance Co. is based in China's northern city of Dalian and is half owned by ING.
The Dutch company also owns one-third of a fund management venture with China Merchants Securities Co. The venture, which is based in the southern city of Shenzhen, started operations in 2003.
ING can also invest as much as $50 million buying yuan- denominated shares and bonds under a so-called qualified foreign institutional investor, or QFII, program.
bloomberg.com |
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| To: RealMuLan who wrote (26318) | 3/25/2005 11:13:10 AM | | From: RealMuLan | | | | China to reverse substantive surplus in balance of payments
China is making measures in a bid to gradually reverse its substantive surplus in international balance of payments, according to the State Administration of Foreign Exchange Thursday.
China's balance of payments remained a "double surplus" in current account and capital account in 2004 while its foreign exchange reserve shot up to over US$600 billion at the end of last year.
It is a long-term target of the State Administration of Foreign Exchange to realize a moderate gain instead of large amount of surplus, said Wei Benhua, deputy director of the authority.
For such an end, the administration has taken a series of measures, which include reform in the management of foreign exchange account granting more rights for enterprises to utilize foreign exchanges; relaxing limits on overseas foreign exchange investment and supporting domestic enterprises to "go abroad"; selectively open securities investment in stages and expand the channels of capital flow; allowing Chinese citizens staying abroad to transfer their capitals and heritages in China abroad; allowing international development agencies to issue Renminbi securities in China.
According to Wei, the above measures will bring a change to the large surplus, which will promote a balanced development of the global economy.
By People's Daily Online
english.people.com.cn |
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