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Archive for the ‘China’ Category

How China is squeezing Trump’s balls

In China, Tourism on 18/08/2019 at 4:27 am

Tens of thousands of Chinese tourists are shunning the country as a holiday destination, and companies from Tiffany to Hyatt Hotels are counting the cost.

FT

It goes to say US business love tourists from China because on average they spend U$7,000 per including the costs of flights and accommodation, according to data from the US Travel Association.

After several years of double-digit growth, however, Chinese visitor numbers rose only 4% in 2017 and last year they declined for the first time since 2003. There were 2.99m arrivals in 2018, a drop of 6% from 2017. This trend is continuing this summer. US executives say the slowdown is weighing on profits.

Trump will cry “Uncle” when retailers renting space in Trump properties go bust.

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Huawei: More bad hair days

In China on 17/08/2019 at 5:59 pm

Further to its problems in China (Huawei accused of saying Taiwan is independent), Huawei has now had to deny a Wall Street report that its technicians were involved in intelligence-gathering operations in Uganda Zambia and Algeria on behalf of the countries’ govts.

And US technology and telecoms companies still do not know whether they will be able to sell to Huawei after Monday, when a temporary export licence runs out.

Time for Huawei’s founder to call in the Feng Shui masters? But then he’s a CCP member. The CCP requires members to be atheists.

Huawei accused of saying Taiwan is independent

In China on 17/08/2019 at 1:48 pm

Versace, Coach, Givenchy, and Swarovski faced criticism this week for listing Hong Kong, Macau, and Taiwan as a separate countries or regions – not part of China – on their official websites or branded T-shirts.

Well now Huawei is accused of implying in its smartphone settings that Taiwan is independent.

[U]sers on Chinese social media Weibo have expressed anger that Taiwan was listed as its own country when the default language in Huawei’s smartphone setting was set to traditional Chinese – the script used in Taiwan and Hong Kong. Mainland China mostly uses simplified Chinese.

“This is outrageous. This is how Huawei repays China?” one user said on Weibo.

https://www.bbc.com/news/business-49366177

 

Another headache for Xi

In China, Commodities on 16/08/2019 at 6:28 am

Eastern Europe sees sharp rise in swine fever outbreaks

Growing signs that devastating virus that has gripped Asia could hit Europe
FT headline

This reminded me that a few weeks Cranswick was the biggest riser in the FTSE 250 index after reporting that trading in the first quarter of the financial year had been encouraging.

It said Asian export revenues were strongly ahead of the corresponding period last year, reflecting increased demand from China following the widespread outbreak of Africa swine fever.

Well, the problems in Chinese pork production and the resulting inflation in pork prices is not good news for Xi.

China’s pork imports surged nearly 63% in May from the same month last year, customs data showed on Sunday, as the world’s top consumer of the meat stocked up on supplies ahead of an anticipated shortage.

….

China’s pork prices rose rapidly in the first-half of March, triggering large purchases of meat from overseas markets, including the United States.

Prices have since stabilised, with importers and traders saying demand in recent weeks for imported frozen pork has been very weak amid plentiful supplies of fresh pork from farmers slaughtering their herds as the disease reaches new areas.

Demand is likely to pick up again in coming months, however. Beijing said earlier this month that the country’s sow herd fell by 23.9% in May from a year earlier, a huge drop that will create a significant decline in output.

Analysts at Rabobank said in April that China’s pork output could fall to just 38 million tonnes in 2019, versus 54 million tonnes last year.

Imports would be capped at about 4 million tonnes, they said, based on available world supplies.

https://www.reuters.com/article/china-economy-trade-pork/corrected-chinas-pork-imports-surge-in-may-near-3-yr-high-idUSL4N23V0I2

Related posts:

China will eat & eat

Chinese zodiac’s animals: global distribution per capita

 

Interesting, relevant, little known facts about HK’s general strike

In China, Hong Kong on 06/08/2019 at 10:35 am

Strike brings Hong Kong to a standstill as political crisis deepens

Transport network crippled and flights cancelled as police clash with protesters
FT Headline

It went on

Advertising and banking employees joined construction and retail workers to take part in Hong Kong’s first general strike in half a century, showing how anti-government sentiment is now building among professionals.

There were the usual clashes and the use of tear gas by the police.

Here’s some facts that are not well known but relevant in analysing the situation in HK

There hasn’t been a general strike [in Hong Kong] since the 1960s when the Beijing-controlled unions called the strikes,” Antony Dapiran. He has written a book on the history of dissent in HK. So if the West is really behind the protests as Beijing alleges, cannot isit? Juz retaliating ler.

A HK conglomerate (Secret Squirrel tells me HK Special Branch tells him it’s the Jardine Group) said via an unofficial but authoritative spokesperson that employees who choose not to come to work on Monday could count it as a “work from home”. Seems Swire Group also had a similar policy. Both are British Hongs.

The local HK conglomerates (Cheung Kong, Hutch etc) juz said nothing as they hope not to upset Beijing, the HK govt, or their HK employees.

An HSBC spokesman said: “We respect that our employees have their own personal views on political and social matters. Our priorities are the safety of our employees and supporting our customers.”

A 34-year-old HSBC bank employee said the bank had not officially sanctioned the strike on Monday but some managers had told staff verbally they would not be penalised for not coming to work.

FT

Remember that HSBC includes the Hang Seng Bank which has a lot of branches serving the people: the takeover of Hang Seng Bank was the start of HSBC becoming a global bank: HSBC, Superman and another Cina superhero.

StanChart, Citi etc kept quiet hoping not to upset Beijing, the HK govt or their employees.

Btw, HSBC’s retail business holds billions of dollars in deposits in HK, and has a leading position in mortgages: both may suffer if instability worsens.

Trump the moron

In China, Currencies on 03/08/2019 at 3:00 pm

Trump wants a weaker US$: Another reason for Trump to be upset with UK.

But as Seema Shah, chief strategist at Principal Global Investors said his plans to impose a fresh 10% tariff on another US$300bn of Chinese products will result in a further strengthening of the US dollar – already at a two-year high before the tariff announcement – “as investors inevitably rush for its perceived safety”.

“Furthermore, US tariffs will weaken China’s economy and others that are intricately tied to China’s supply chains, putting downward pressure on their currencies and upward pressure on the US dollar.

“The reality is that the US has a far greater ability to control its own currency than Europe, which is beset with problems including Italian instability, an unbalanced economy across the bloc and fiscal tightness. At some point, the Trump administration may realise that the most effective and beneficial route to weakening the US dollar will be correcting the underlying fundamentals, not intervention.

“The quickest route to a cheaper dollar is ending the trade war”.

 

Americans and Chinese lay down the law to HK

In China, Hong Kong on 30/07/2019 at 4:19 am

The Americans were very aggressive, while the Chinese were very wishy washy, mouthing platitudes.

The American Chamber of Commerce in Hong Kong (AmCham members represent sectors ranging from financial services to logistics and tech) has called on the government to take immediate action to restore business confidence in HK, including a complete withdrawal of the controversial bill that would have enabled extraditions to mainland China.

It suggested the government restore confidence by “formally and completely” withdrawing the extradition bill “to remove any room for continued public doubt” among other measures, it said in a statement.

What I found funny was that this statement was sent following a survey of its members. Only 12% responded to the survey according to the FT yet

“A clear majority of our membership surveyed over the past week said the government needs to address the underlying causes of the protests and not simply to paper over the cracks of social instability with a short-term law-and-order fix,” said AmCham President Tara Joseph.

(BBC report)

Meanwhile, the Chinese comments were pretty mild.

“We hope that… people will stand firm in defence of the rule of law,” a spokesman for the government’s Hong Kong and Macau Affairs Office said.

Adding “We call on the general public of Hong Kong to be aware of the grave nature of the current situation.”

He condemned “the evil and criminal acts committed by the radical elements” in Hong Kong.

“We noticed he Hong Kong government has earnestly reflected on its inadequacies over its work on the extradition bill, and Carrie Lam said on July 1 she would change her governing style to be more open and tolerant in listening to Hong Kong people’s feedback.”

HK has seen eight consecutive weekends of protests.

Wechat conquers China, Facebook the world

In China, Internet on 27/07/2019 at 1:32 pm

WeChat has 1.1bn users in China (Peanuts round the rest of the world including HK), but Facebook has long outgrown the US market to boast 2.3bn* users worldwide according to Matt Sheehan at MacroPolo.  He has been looking at the quality of data collection and analysis in China and the US and compares the capabilities of the US and China.


*2.4bn as of June.

New headache for Heng

In China, Economy on 27/07/2019 at 6:14 am

Trump realises that S’pore’s freeloading off the US, and has told the US trade representative to fix the freeloading. The good news is that China and a whole host of countries are in the same situation.

In a memo to Robert Lighthizer, the US trade representative, on Friday, Mr Trump has yet again attacked the World Trade Organization, saying it allowed too many countries to claim the status of a developing economy and special treatment that is damaging the global trading system (i.e. damaging America).

As well as usual suspect China, he mentioned other countries that he thought should not be classified as developing., This included S’pore and two other   Asian city-states such as Hong Kong and Macau, as well as Gulf countries such as Kuwait, Qatar and the United Arab Emirates. He also said Turkey, South Korea and Mexico claimed the status of a developing nation, even though they were part of the OECD group of advanced economies. On these three countries I agree with him that their status of “developing nation” is illogical.

What about India meh? Can developing nation afford to send robots to the moon, even if the rocket is rubbish? Failed to launch first time. Had to repeat. Secret Squirrel’s sidekick, Morocco Mole, says his Indian cousin twice removed says the fault lay with made-in-India software. And we still relying on Indian software expertise for projects like SingPass? Re: SingPass technical support versus that of OCBC and HSBC and SingPass sucks, really sucks. (To be fair to SingPass, it does work well after one gets into the system. But getting to that stage was a struggle as the posts show.)

He reminded the benefits that came from having developing economy status at the WTO, including procedural advantages in disputes, softer tariff cuts, the ability to maintain export subsidies and weaker commitments in negotiations.

Related posts:

If China withdraws behind the Great Walls

Why Sino-US Cold War is great for our economy

“Only cold spell coming, but not Winter”

IMF affirms support for PAP policies.

If China withdraws behind the Great Walls

In China on 25/07/2019 at 4:50 am

McKinsey Global Institute thinks the world stands to lose up to U$37tn if China withdraws from the world as a result of tensions with the west. Tech forms a big part of this amount. Btw, 90% of technologies used in China follow global standards.

HK: Inconvenient truths for China and West/ FT PAP missed

In China, Hong Kong on 23/07/2019 at 5:33 am

As the letter to the Editor of the Economist (see below) points out

— “The promise of universal suffrage as the ultimate aim appears in the Basic Law”, HK’s “constitution” that was approved by Beijing. One in the eye for China for being that stupid. Another in the eye for now changing it’s mind. Why pretend in the first place?

— The British only took “action to return power to the people until they learned that there would be no hope of extending British rule beyond 1997”: “Perfidious Albion” as the French would say. Saboing China isit? Planting a bomb and hoping it would explode after they left?

To be fair to the British Foreign Office, the mandarins there were appalled by the decision of Chris Patten (last governor of HK but the first British politician to hold that post) endorsed by the British cabinet to give the HK people democratic rights which the British had long withheld from them.

The mandarins like the Chinese leaders thought that HK would be returned to China on an “as is” basis. The clock on political and social changes had stopped at the time the Sino-British joint declaration on the future of Hong Kong was agreed upon, unless both sides agreed to changes. But Patten saw a loophole in the declaration, and sensed that China did not want to make HK people more fearful of China by publicly kicking up a huge fuss about giving the HK people democratic rights previously denied to them.

The letter is from a pro-China member of LegCo. She was the Secretary for Security and tried to pass some really draconian laws but the Hongkies demonstrated and the laws never passed.

I must take issue with “China’s chance” (June 22nd), which ascribed the recent turmoil in Hong Kong to China’s alleged suppression of Hong Kong’s freedoms and reluctance to grant the territory universal suffrage in electing its chief. China has gone much further than Britain in democratising Hong Kong. The promise of universal suffrage as the ultimate aim appears in the Basic Law, Hong Kong’s mini-constitution, not in the Sino-British joint declaration on the future of Hong Kong. Nor did the British overlords take action to return power to the people until they learned that there would be no hope of extending British rule beyond 1997.

It is naive to suggest that universal suffrage will solve all Hong Kong’s problems. Its people, especially the young, are deeply angered by the acute housing and land shortage, the widening wealth gap, worsening living conditions and the narrowing opportunities for upward mobility because of competition from a rising China. Hong Kong, however, is not unique in experiencing deep divisions because of growing disparities.

Universal suffrage to elect the city’s leader, with groups fighting on opposing ideological or socioeconomic platforms, would serve only to amplify the existing schisms. Britain’s recent political polarisation among Remainers and Leavers is a cautionary tale for those who have romantic illusions about democracy. Our city’s priority must lie in tackling deep-rooted social and economic problems with a view to improving the livelihood of our people.

regina ip
Member of Hong Kong’s
Legislative Council
Hong Kong

Maybe PAP govt should have offered her a job in the civil service after she resigned as Secretary for Security. She’s their kind of FT: what with her dismissal of universal suffrage, and emphasis on security and keeping the masses contented. But she really has talent, and has a mind of her own, like many Hongkies.

Related posts:

How Xi can hurt HK the non violent way

HK demonstrations: What I’d like to know

Why Sino-US Cold War is great for our economy

In China, Economy, Indonesia, Malaysia, Vietnam on 22/07/2019 at 5:37 am

It’ll do for our economy what the Vietnam War did for HK and our economies: spur economic growth

Further to Will the last US MNC leaving China switch off the lights, the charts below show almost nothing is made in America. Almost everything is made in China, and almost the rest in Asean i.e. countries like Vietnam, Indonesia and M’sia.

As the regional trading, financial heart and hi-tech manufacturing centre (Think Ang moh manufacturer employs more people here than in China and planning to employ a lot more) of Asean, we’ll benefit (Think Ang moh who bot S$73.8m flat).

Bang yr balls Oz-based TRE cybernut and funder “Oxygen”. Left S’pore a long time ago but still hates S’pore and wishes us ill. But still has CPF account. Used to evade Oz tax, it’s alleged by Secret Squirrel.

But of course short term we suffer: “Only cold spell coming, but not Winter,” says Heng. 

Vote wisely. Remember: IMF affirms support for PAP policies.

 

 

Will the last US MNC leaving China switch off the lights

In China on 19/07/2019 at 3:50 pm

Further to Apple planning to leave China with help of Taiwanese Foxconn, big US MNCs such as HP, Dell, Microsoft and Amazon are looking to shift big amounts of their production out of China, says the Nikkei Asian Review. The potential exodus reveals how the US-China tech war is accelerating the already underway cost-push migration of capacity to SE Asia.

The plans vary for each company.

HP and Dell, which together command about 30% of the global personal computer market, are planning to shift up to 30% of their notebook production out of China. Microsoft, Google and Amazon are considering moving some of their game console and smart speaker manufacturing out of the country.

Others are evaluating options.

These plans have not changed since President Donald Trump signalled at the G20 meeting in Japan a possible softening of a ban on US businesses exporting technology to China. US policy is too uncertain, it says

But can US MNCs manage to move? Nikkei doesn’t bother to analyse. Watch this space for analysis.

How Hongkies organised leaderless protests

In China, Hong Kong on 18/07/2019 at 11:32 am

An excerpt from a BBC report. I recommend that real anti-PAP warriors read the report to pick up tips.

Many of the calls to protest are made anonymously, on message boards and in group chats on encrypted messaging apps.

Some groups have up to 70,000 active subscribers, representing about 1% of Hong Kong’s entire population. Many provide updates and first-hand reports relating to the protests, while others act as a crowdsourced lookout for police, warning protestors of nearby activity.

There are also smaller groups made up of lawyers, first aiders and medics. They provide legal advice and get supplies to protesters on the front lines.

Demonstrators say the online co-ordination of protests offers a convenient and instant way to disseminate information. The chat groups also let participants vote – in real time – to decide the next moves.

https://www.bbc.com/news/technology-48802125

Huawei bites back

In China on 16/07/2019 at 1:56 pm

Huawei is planning extensive job cuts in the US, the Wall Street Journal has reported, citing anonymous sources. Huawei has declined to comment.

HK: What MSM and alt media don’t tell us

In China, Hong Kong on 09/07/2019 at 4:36 am

Both by our constructive, nation-building media and alt media. Both focus on faking the news to further their pro-PAP and anti-PAP agendas respectively.

I got these four great insights on the situation HK from the Financial Times.

Inside, it was chaos. An alarm was ringing, papers were scattered over the floor, the walls were covered in anti-government graffiti. On closer inspection, though, it was a finely calibrated act of provocation; protesters had vandalised the emblems of power but had been careful to leave libraries and cultural artefacts untouched. They’d even left money in the fridge to pay for drinks they’d consumed.

Louise Lim on what she saw inside the the thrashed LegCo

PAP BS that the violence was mindless. No wonder there was wide-spread approval of what the thrashers did.

The police’s reasoning for allowing the storming

Police defended their withdrawal from the Legislative Council complex, saying a decision was made on safety grounds to avoid possible “physical encounters” with protesters in a confined space. The force said protesters had used “poisonous and inflammable chemicals” to attack police officers during the day and if they had attempted to ignite these chemicals inside the building, the consequences would have been “unimaginable”.

One could be sceptical of the reasoning, but I never saw this reported here. Why?

This from an FT reader on the uselessness of the Chinese propaganda machine in HK

“It’s simply amazing that foreign powers can exert such an influence on this generation of Hong Kong youngsters who are often criticised for their poor command of English. The whole CCP propaganda machine in Hong Kong that has received limitless funding for the last 22 years, should be summarily dismissed for gross incompetence!!”

Gives the lie that our constructive, nation-building media imply: that the HK people are ang moh tua kees.

And last but not least, this illustration sums up the situation:

HK: LegCo thrashing not PRC black ops

In China, Hong Kong on 04/07/2019 at 4:28 am

Further to HK: Frustration, Carrie’s gambit or PRC black ops?, where I voiced tots that the  thrashing of LegCo could have been a PRC black ops operation (“Peanuts” mob and police “cooperation”), it’s now clear that it was more the result of the frustration of some useful idiots and a head prefect’s gambit that the useful idiots accepted. We’ll have to watch and wait to see who wins.

Hong Kong protests: Parliament ‘never represented its people’

On the night of 1 July, hundreds of protesters forcibly broke into Hong Kong’s parliamentary Legislative Council building.

Pro-democracy activist Joshua Wong, who did not take part, explains why protesters felt that action was necessary.

https://www.bbc.com/news/av/world-asia-china-48824110/hong-kong-protests-parliament-never-represented-its-people

With useful idiots as Joshua Wong (He reminds me of our very own Mad Dog, now thankfully under sedation by RI doctors from the SDP), Xi doesn’t need to send in the PRC armed police.

 

HK: Frustration, Carrie’s gambit or PRC black ops?

In China, Hong Kong on 03/07/2019 at 10:36 am

Here is what a protester who was part of group that thrashed LegCo said

“Some people might say this is wrong but to us it is a necessary evil,” said one man wearing a gas mask, who identified himself only as Henry, as protesters threw eggs inside the Legislative Council, Hong Kong’s de facto parliament. “One million of us marched peacefully, two million of us marched peacefully and yet the government didn’t listen to us.”

FT report

Police inaction has led to suspicions that the break-in was encouraged* (Wilder speculation has the break-in attributed to PRC operatives and the usual “useful idiots”**)

At around midday, dozens of demonstrators broke off from the main protest and made their way to LegCo.

They effectively besieged the building, as a large crowd of several hundred watched from a distance, before eventually smashing their way through the glass facade.

Inside, they defaced the emblem of Hong Kong in the central chamber, raised the old British colonial flag, spray-painted messages across the walls and shattered furniture.

At about midnight outside the building, protesters clad in plastic helmets and brandishing umbrellas retreated from a baton charge by riot police, who quickly overcame their makeshift barriers.

Within an hour, the streets around the building were clear of everyone except the media and police.

BBC

Watch these

https://www.bbc.com/news/av/world-asia-48834050/inside-hong-kong-s-parliament-after-protesters-were-evicted

https://www.bbc.com/news/av/world-asia-china-48821664/hong-kong-protesters-removed-from-hk-parliament-building

Related posts:

HK protestors prove George Orwell’s point

Why Hongkies sang ‘Sing Hallelujah to the Lord’

HK demonstrations: What I’d like to know


*Why did Lam remove the guards, inviting in the provocateurs?

**Were these protesters provocative agents of Communist China?

 

 

Weaker Yuen is not gd for us

In China, Currencies, Economy on 02/07/2019 at 4:13 am

Neil Mellor at BNY Mellon, makes the case that so long as a weaker renminbi does not ensue, “there could still be positive implications for markets if no agreement, or an agreement to continue talking, were to trigger another, and possibly more substantial, round of stimulus from Beijing”.

That could well boost regional currencies, including those for Taiwan, South Korea, S’pore and the Philippines. A broader rally would bolster commodities, the Australian dollar and eurozone equities.

Chinese hold up the sky in luxury watch mkt

In China, Political economy on 30/06/2019 at 4:47 am

Mao and other revolutionaries will not be happy that despite all the suffering and deaths they inflicted on the Chinese to build a Communist state that, “40% of the overall global luxury watch consumption is Chinese.” This was said by the chief executive Davide Traxler of Parmigiani Fleurier, a once great brand.

He says half the lossmaking watch brand’s social media budget will go on China because “Those consumers also consume in London and Paris and wherever they go, but marketing has to be done in their home countries.” Other areas that buy luxury watches are the rest of Asia, the US and Middle East.

Europeans are too poor according to him.

That’s the downside of countries that provide generous help for the poor. The money got to come from somewhere.

How Xi can hurt HK the non violent way

In China, Hong Kong on 26/06/2019 at 11:17 am

His government is trying to create a “Greater Bay Area” an area that includes Hong Kong, Macau and mainland cities in the fast-growing Pearl River Delta, a region with a population of 70m and which has a GDP around that of Australia.

Hong Kong would be the main financial centre for the area and China would “steadily expand the channels for mainland and Hong Kong residents to invest in financial products in each other’s market”.

Well it could sacrifice some economic and financial efficiency by not making HK the main financial centre. It could promote financial activities in other cities.

Let the Hongkies see if they can eat and drink ang moh ideals: Why Hongkies sang ‘Sing Hallelujah to the Lord’

HK protestors prove George Orwell’s point

In China, Hong Kong on 24/06/2019 at 2:18 pm

The announcement by Hong Kong’s chief executive Carrie Lam that she was suspending the proposal surprised many China-watchers, who had assumed that President Xi Jinping in Beijing would be reluctant to back down and lose face. The fact that Mr Xi decided to hit the pause button suggests that the Chinese president and the Hong Kong government have collectively realised that the greatest risk facing them now is not perceived weakness, but chaos and violence on the streets of Hong Kong that could have significant domestic and international repercussions.

Emphasis mine

Well George Orwell did write

Since pacifists have more freedom of action in countries where traces of democracy survive, pacifism can act more effectively against democracy than for it. Objectively the pacifist is pro-Nazi.

“No, Not One”, Adelphi (October 1941)

A few yrs later, he elaborated further about the uselessness of pacifism or civil disobedience where democracy is absent (emphasis mine)

[Gandhi] believed in “arousing the world”, which is only possible if the world gets a chance to hear what you are doing. It is difficult to see how Gandhi’s methods could be applied in a country where opponents of the regime disappear in the middle of the night and are never heard of again. Without a free press and the right of assembly, it is impossible not merely to appeal to outside opinion, but to bring a mass movement into being, or even to make your intentions known to your adversary. Is there a Gandhi in Russia at this moment? And if there is, what is he accomplishing? The Russian masses could only practise civil disobedience if the same idea happened to occur to all of them simultaneously, and even then, to judge by the history of the Ukraine famine, it would make no difference. But let it be granted that non-violent resistance can be effective against one’s own government, or against an occupying power: even so, how does one put it into practise internationally? Gandhi’s various conflicting statements on the late war seem to show that he felt the difficulty of this. Applied to foreign politics, pacifism either stops being pacifist or becomes appeasement. Moreover the assumption, which served Gandhi so well in dealing with individuals, that all human beings are more or less approachable and will respond to a generous gesture, needs to be seriously questioned. It is not necessarily true, for example, when you are dealing with lunatics. Then the question becomes: Who is sane? Was Hitler sane? And is it not possible for one whole culture to be insane by the standards of another? And, so far as one can gauge the feelings of whole nations, is there any apparent connection between a generous deed and a friendly response? Is gratitude a factor in international politics?

http://www.orwell.ru/library/reviews/gandhi/english/e_gandhi

Related posts:

Keeping power in a one-party state

Would this happen in a one-party state?

Did Hali ask Xi for this app when they met?

“There is freedom of speech, but I cannot guarantee freedom after speech”

 

Why Hongkies sang ‘Sing Hallelujah to the Lord’

In China, Hong Kong on 23/06/2019 at 1:39 pm

I refer to HK: See the people walk, Hear the people sing.

Hallelujah to the Lord” became the unofficial anthem of crowds protesting against a controversial proposed law that would allow people accused of crimes in China to be extradited to the mainland not because the protesting Hongkies are Christians, or are ang moh tua kees or because CIA and MI6 operatives taught the organisers of the protesters the song in boot camp.

And definitely not because the protesters want to annoy Grandpa Xi and the other Chinese leaders who are all atheists.

Maybe it could to shame and irritate his head prefect in HK? After all Carrie Lam was once head prefect in a convent school and this song could be to remind her that as a devoted Roman Catholic she should not be the HK running dog of the atheistic Chinese Communist Party?

Here’s why according to BBC

For Christians in Hong Kong, the hymn is a sign of faith but also of their concerns that it’s not only political but also religious issues that are at stake, should the bill ever pass.

And

The hymn was picked up by other protesters – soon even non-Christians were singing it.

Because

“People picked up this song as it is short and easy to remember,” Edwin Chow, 19, acting president of the Hong Kong Federation of Catholic Students, told the BBC. “There’s only one line: ‘Sing Hallelujah to the Lord’.”

Also

The protesters said they sang it hoping it would have a calming effect on police, and would help diffuse tensions.

This was especially needed after police had earlier fired tear gas and shooting rubber bullets towards protesters.

Finally

The song also acted as a political shield, of sorts.

“According to the law, any religious assemblies in public areas are not considered as illegal, so if people sing hymns together, it could actually work as a protection and guarantee that [they] stay safe,” said Mr Chow.

“Therefore people started to sing this song to protect themselves.”

Btw, in case Terry Xu or Mad Dog is thinking of starting up a church, this loophole doesn’t exist in S’pore. Related post: Seelan Palay: Sylvia Lim was right

 

 

Apple planning to leave China with help of Taiwanese Foxconn

In China on 22/06/2019 at 9:23 am

Yet more headaches for Grandpa Xi on top of having to deal with his spoiled bastard grandchildren from HK, and an uncouth ang moh kaw (or is it quai low?)

From FT’s Tech Scroll Asia

Apple has sounded out its major suppliers over the cost implications of shifting 15 to 30 per cent of its production capacity from China to south-east Asian countries as it prepares to restructure its supply chain, according to this scoop from the Nikkei Asian Review. Although the shift is yet to happen, the size of Apple’s supply chain in China — and the signal this potential move sends to others — makes this a vital issue.

Key Implications: The concerns of Apple over its exposure to China derive in part from the protracted trade tensions between Washington and Beijing. But even if such tensions are resolved, several sources said there would be “no turning back”. Apple has decided that China’s lower birth rate and higher labour costs add to the risks of overconcentration in one country.

Upshot: Apple’s move heralds what is likely to be a big shift of manufacturing supply chains from China to south-east Asia. Indeed, this is already under way. Foxconn, Pegatron, Wistron, Quanta Computer, Compal Electronics and key Apple suppliers have all been asked to evaluate options outside of China.

Earlier in the week, FT reported that Foxconn said it could help Apple, for example, move iPhone production out of China if necessary. Foxconn told companies worried about the trade war between Beijing and Washington that it can move electronics production for the US market out of China at short notice and said 25% of its total capacity is now outside of China.

HK: See the people walk, Hear the people sing

In China, Hong Kong on 21/06/2019 at 4:35 am

IT WAS PROBABLY the largest political protest ever staged in Hong Kong. It may have been the biggest in China’s history. Organisers reckon that about 1.9m people joined the demonstration on June 16th. Even during the unrest in Tiananmen Square three decades ago, no single protest approached that scale.

Economist

They sang in English, “Do you hear the people sing?” and “Sing Hallelujah To The Lord”.

Organisers say two million people have turned out for a demonstration in Hong Kong, the latest large protest against a controversial extradition bill.

But what did the protests look like on the ground?

We collated images taken within a short time of each other that show the extent of the crowds in Hong Kong on Sunday.

https://www.bbc.com/news/world-asia-china-48655634

(Do look at the photos to see the scale of the protests.)

Which version would our Protection against Online Falsehoods and Manipulation say is fake? Grandpa Xi heard the Hongkies sing or Not fear of the people singing but fear of US growling made Xi chicken-out?

But maybe both reflect different facets of a very complicated situation.

What do u think?

HK demonstrations: What I’d like to know

In China, Hong Kong on 17/06/2019 at 4:51 am

How many of the protesters are mainland tourists or long term residents of HK from China.

The crowds are massive, no doubt about it. And Hongkies are really upset, no doubt about it: Not fear of the people singing but fear of US growling made Xi chicken-out.

But I’m curious about whether there are substantial numbers of mainlanders in the crowds, who are there really to protest against Xi.

The tourist numbers from China are staggering, fyi,

From January to November last year, about 58.6 million tourists visited Hong Kong, up 10.7 per cent from the previous year. Among them, 45.9 million were mainland tourists, an increase of 14.2 per cent from the same period in 2017.

In November, the number of mainland day trippers jumped 40.3 per cent year on year to a record 2.9 million, and accounted for 86.5 per cent of the city’s total of same-day arrivals.

Alan Au, a member of a Hung Hom community group, said it was common to see 300 mainland tourists blocking the streets as they waited for coaches in some parts of the district.

SCMP in January 2019

Not fear of the people singing but fear of US growling made Xi chicken-out

In China, Hong Kong on 16/06/2019 at 1:28 pm

Further to this, Grandpa Xi heard the Hongkies sing, the truth seems to be a lot more complicated.

No, people power didn’t make Xi’s head prefect in HK suspend, as she claimed. rather than withdrawn the extradition bill, arguing the amendment was well intended but had been poorly communicated to the stupid ang moh tua kee Hongkies.

It all has to with America being the tua kee capable of destroying HK’s economy and damaging China. (Today, HK contributes a  mere 3% of China’s GNP, down from 20% in 1997 but when winter’s arrived in the form of an economic slow down and a trade skirmish with the US, every little bit helps.)

[T]he US, began eyeing the territory as another possible stick with which to beat Beijing in the trade war. Congress on Thursday introduced a bipartisan Hong Kong Human Rights and Democracy Act that could remove the city’s unique trading privileges with the US if the government did not uphold its freedoms.

FT

As the BBC reported

US lawmakers have introduced a bill to amend the Hong Kong Policy Act of 1992. The amendment requires the US Secretary of State to “issue an annual certification of Hong Kong’s autonomy to justify special treatment” by the US.

“The bigger issue is probably that the global perception of Hong Kong as a separate part of China is under threat. And that includes official recognition of Hong Kong as a separate customs, immigration, tax and legal jurisdiction,” said David Webb, editor of Webb-site.com and long-time resident of Hong Kong.

“If Hong Kong loses its separate status then, for example, all of the duties that America has applied to Chinese exports would apply to Hong Kong exports. And any prohibitions on transfers of high grade technology to China would apply to Hong Kong as well.”

https://www.bbc.com/news/business-48618585

The U-turn is a humiliation for Xi and Beijing. The people of HK will suffer.

Related post: Keeping power in a one-party state

 

Grandpa Xi heard the Hongkies sing

In China, Hong Kong on 16/06/2019 at 5:03 am

And backed off.

His head prefect in HK emphasised she had suspended rather than withdrawn the bill, arguing the amendment was well intended but had been poorly communicated to the stupid ang moh tua kee Hongkies. Ms Carrie Lam, Hong Kong’s chief executive, was the head prefect in her HK convent school, really.

This song is not allowed to be streamed in China, but the Hongkies sang it as they protested and won a victory that they did not expect to win.

Do you hear the people sing?
Singing the songs of angry men?
It is the music of the people
Who will not be slaves again!
When the beating of your heart
Echoes the beating of the drums
There is a life about to start
When tomorrow comes!
Will you join in our crusade?
Who will be strong and stand with me?
Somewhere beyond the barricade
Is there a world you long to see?
Then join in the fight
That will give you the right to be free!
Do you hear the people sing?
Singing the songs of angry men?
It is the music of the people
Who will not be slaves again!
When the beating of your heart
Echoes the beating of the drums
There is a life about to start
When tomorrow comes!
Will you give all you can give
So that our banner may advance
Some will fall and some will live
Will you stand up and take your chance?
The blood of the martyrs
Will water the meadows of France!

Do you hear the people sing?
Singing the songs of angry men?
It is the music of the people
Who will not be slaves again!
When the beating of your heart
Echoes the beating of the drums
There is a life about to start
When tomorrow comes

The bad news is that the students and others who supposedly sang this song in 1848 were killed in the French predecessor of Tiananmen.

But it’s a famous victory still for the Hongkies. So let’s give them three cheers. And hope for the best.

Where China can make America Cry Uncle

In China on 15/06/2019 at 5:02 am

Stop its students from studying in the USA

The United States is the number one destination for Chinese students seeking to study abroad.

They make up one-third of the total international body in the US and pay significant sums to study at top institutions.

BBC report

Serious money: billions

Chinese cuisine with German characteristics

In China on 09/06/2019 at 4:59 am

Steamed dumplings filled with German sausage and sauerkraut. Sounds yummy.

Aldi, a German owned supermarket catering to cheapskates in Europe, the UK and the USA, has juz opened two stores in Shanghai. On sale are steamed dumplings filled with German sausage and sauerkraut alongside chicken feet and salted duck eggs. And cheap European wine and beer from the Aldi’s house brands are also available

Iran today, China tomorrow: What US will do

In Banks, China on 27/05/2019 at 9:42 am

The US Department of Justice (even under wimp Obama) has gone after foreign banks for trading with countries like Iran: the global financial system being dominated by the US dollar. A French bank was crucified, StanChart bashed on the head etc because they did biz with countries the US didn’t like.

Financial system can be used against China too.

And if sells its US treasury notes, it hurts itself. Also what can it buy with the US$ it holds in lieu of notes? Japan and Germany will make China pay to hold their debt: already at negative yields. And if it sells the US$ it holds for euros etc, how is it going to fund its Belt and Road projects using those currencies.

Why Korea is happy with US ban on Huawei

In China on 26/05/2019 at 7:39 am

Because Samsung is happy. No chance of Huawei overtaking it in smartphone sales.

Huawei could see shipments decline by as much as a quarter this year, and faces the possibility that its smartphones will disappear from international markets, analysts have said.

Smartphone shipments at Huawei, the world’s second-largest smartphone maker by volume (after Samsung), could fall between 4% and 24% in 2019 if the ban stays in place, according to Fubon Research and Strategy Analytics.

Where US has to buy from China

In China, Internet on 25/05/2019 at 2:35 pm

Many Chinese surveillance cameras are fitted with artificial intelligence including facial recognition technology, and some can read simple faces, or can estimate age, ethnicity and gender.

There are more than 170 million surveillance cameras and the country has plans to install a further 400 million by 2020.

 

How Tun saboed Jack Ma

In China on 23/05/2019 at 10:45 am

“When a foreign leader came to China and the first person he wanted to meet was Jack Ma rather than [President] Xi Jinping, you knew the company was going to be in trouble,” said a venture capitalist who has close ties with Alibaba. He was referring to Malaysian prime minister Mahathir Mohamad’s decision to visit Mr Ma in 2018 before heading to Beijing for a meeting with the Chinese president.

Venture capitalist quoted by FT

Since then Alibaba has had several run-ins with the Chinese authorities, including regulatory and IPO problems at Ant Finance.

With admirer like Tun, who needs enemies.

And he has admirers here?

— Kirsten Han trying to defecate herself and PJ out of self-made crater

— Jolovan Wham: Nothing wrong in asking Tun M to intervene in S’porean affairs

— Tan Kin Lian thinks Tun is more sinned against than sinning

Tencent doing it’s bit for Chinese culture

In China on 20/05/2019 at 5:01 am

Tencent has linked up with overseas museums that have Chinese collections, showing the country’s artefacts to the world while helping the domestic audience to view collections online.

 

Did Hali ask Xi for this app when they met?

In China, Internet on 16/05/2019 at 11:15 am

Hali’s welcome by the Chinese reminded me that the Chinese have an app that will help Heng and other 4G leaders keep S’pore a one-party state, like China:

—  Keeping power in a one-party state

—  Would this happen in a one-party state?

Seriously, like China, S’pore is concerned about terrorists. An app is being used in Xinjiang to keep China safe from the coreligionists of Hali and TRE’s bapak (Note bapak not Bapak).

—————————————————

bapak not Bapak

Btw, Morocco Mole, Secret Squirrel’s sidekick, told me that his second cousin removed working in the ISD alleges that TRE took down its republication of Watain ban: playing the easily offended game can backfire when it was threatened with suicide denial of service attacks by Jihadist Jills and Joes from bapak’s harem. (note bapak not Bapak.) Seriously, they told TRE that the first paragraph was so offensive and could get TRE into trouble with the law. Well, the original article still stands despite Harder Truths saying he’d report me: lying as usual. Or maybe, I got good ISD connections?

———————————————————

According to Human Rights Watch, predictive policing in Xinjiang comes in the form of a smartphone app, with access to data about citizens’ religion, travel history, family connections and more. Those deemed suspicious by the algorithm may potentially be taken into custody. Sounds a good thing to have in the war against terrorism.

But according to human rights activists (They not scared of being bombed or knifed is it?) this app represents a deeply disturbing scenario in which government repression and mass surveillance intersect because itpulls down data from mobile phones to build up encyclopedic knowledge of those it tracks in China.

When China and US row

In China, Economy on 13/05/2019 at 4:18 am

This is what happens to the world.

 

 

(Artist Walker Wright created the skeleton from driftwood while the vomit was made from washed-up plastic.

https://www.bbc.com/news/uk-wales-48193779?intlink_from_url=https://www.bbc.com/news/entertainment_and_arts&link_location=live-reporting-story)

Meanwhile

 

 

 

 

Chinese are sheep

In China on 07/05/2019 at 4:51 am

They are led by their noses by online KOLs (Key Opinion Leaders)

A new McKinsey report here contains the finding that 94 per cent of Chinese luxury shoppers get their information from online KOLs (Key Opinion Leaders). This is far higher than for traditional ads, which influence only 39 per cent of shoppers. No wonder that Ruhnn Holdings, a platform for Chinese KOLs, just managed to list on the Nasdaq. The IPO didn’t go well, but that doesn’t alter the fact that Chinese consumers are still the biggest force in luxury, buying $115bn last year — one-third of the world’s total luxury sales.

Related post: Why ang moh luxury brands lick Chinese p***ies

Telsa’s made-in-China “brain”

In China on 05/05/2019 at 5:40 pm

Only in America: US trade officials have rejected Tesla’s request for relief from the 25% tariffs on the Chinese-made computer “brain” of its Model 3 electric vehicle, says Reuters. The tariff was imposed by The Donald to Make America Great Again.

Telsa is an all-American electric car manufacturer.

Eat a durian and fail breathanalyser test

In China on 04/05/2019 at 3:56 am

A man in China has failed an on-the-spot breathalyser test after eating too much durian fruit.

According to Chinese video website Pear Video, an unnamed man in Rudong county, in the eastern province of Jiangsu, was pulled over by the police on 17 April for suspected drink-driving.

He failed his breathalyzer test, but was filmed by police protesting: “I’ve just eaten durian fruit!”

A follow-up blood test proved that there was no alcohol in his system, putting the man in the clear.

But it also prompted local police to subsequently carry out tests themselves, to check the legitimacy of the man’s claims.

https://www.bbc.com/news/blogs-news-from-elsewhere-48123775

The man was right.

Meritocracy? What meritocracy? How our PMs are chosen

In China, Currencies, Political governance, Public Administration on 29/04/2019 at 10:42 am

But first, where Heng and Tharman failed.

Further to  what was reported in London trashes S’pore, London in 2019 is still the king of the offshore renminbi payments market according to the Chinese.

The UK (i.e. London) accounted for 37% of renminbi foreign exchange transactions outside of China in January.In the final quarter of 2018, average daily trading volumes of the Chinese currency in London reached £76.6 billion, up nearly 50% on the same period in 2017, according to a report published on Wednesday by the City of London Corporation and the People’s Bank of China’s Europe Representative Office.

I ask again

Tot PAP govt said we had plans to be a leading off-shore renminbi trading centre.

What went wrong? After all we are already a leading global FX trading centre.

London trashes S’pore

And Heng is DPM and PM presumptive? While ang moh tua kees and some anti-PAP types want Tharman as PM?

Failure is being rewarded?

Thinking about it our PM became PM after failing big time:

Another decade, another restructuring report?

In the 80s, one Lee Hsien Loong as trade and industry minister headed a committee to recommend changes in the economy. In the early noughties when DPM he headed another committee on the same issue.

In 2010, one Tharman and his committee produced the 2010 Economic Strategies Committee (ESC). And now there’s the CFE. It’s a bit early, but then there wasn’t a report in the 90s: so maybe making up for lost time?
If Lee Hsien loong’s 1980s plan was so successful, why keep needing plans every decade? Plan succeeded, but circumstances change said people from constructive, nation-building media like Balji and Bertha then. Really?  Since that plan, new plans that are a copy and paste from the previous one: Economic restructuring: This time, it’s really different.
(And anyway can believe Bertha and Balji, now that they telling us how they helped PAP govt fix JBJ?)

Connecting SMRT failures, 4th gen ministers & change of PM (Another Heng cock-up)

Why do we keep getting mediocre ministers?

Why cabinet can’t do bold new ideas

 

What about the pink elephant in the corner, DPM Teo?

In China, Public Administration on 17/04/2019 at 11:02 am

I couldn’t but think the above, when I read in the constructive, nation-building CNA:

Despite their vast difference in size, Singapore and China have common issues to tackle, Singapore’s Deputy Prime Minister Teo Chee Hean said on Monday (Apr 15) as he hailed the good bilateral ties between the two countries.

These issues cover areas like economic transformation, skills retraining and managing an ageing population.

Read more at https://www.channelnewsasia.com/news/singapore/singapore-china-have-common-issues-to-tackle-dpm-teo-chee-hean-11447412

Funny he doesn’t mention the area where both ruling parties have a common interest: suppressing fake news.

Our very own, pending, draconian law on fake news ( Fake news law: Ownself judge ownself) sounds very much like what China already has: the ruling party decides what is fake news. But to be fair to S’pore, the PAP govt says that there’ll be an appeals procedure making the judiciary the decision-maker. In China, the judges are subordinate to the party. According to our Constitution, our judiciary is independent.

The CCP way is the PAP way: The PAP way?

 

Americans love Chinese food

In China on 17/04/2019 at 4:12 am

Chinese cooks were exempted from anti-immigration laws aimed at the the Yellow Peril.

In the 1880s, the US passed legislation barring Chinese workers from immigrating to the US. Only a few categories were exempt – including restaurateurs – and historians say this contributed to a boom in Chinese restaurants in the US.

https://www.bbc.com/news/world-us-canada-47892747

Microsoft & Chinese workers make Jack Ma eat bitter

In China on 16/04/2019 at 4:27 am

Enabled  by US technology (See How Microsoft is subverting China), young Chinese tech workers make Jack Ma eat his words about working overtime ( In China, the 996 schedule means working 9am to 9pm, six days a week) being a “huge blessing” for young workers.

Alibaba Group founder and billionaire Jack Ma again weighed in on the Chinese tech industry’s gruelling overtime work culture on Sunday, this time calling enforced long hours “unsustainable”.

Ma’s comment followed his remarks on Thursday that working overtime could be a “huge blessing” for young workers who found careers they were dedicated to.

He was responding to a debate that has emerged in recent weeks among Chinese tech workers over the 996 schedule, which means working 9am to 9pm, six days a week. Industry workers set up a discussion group called “996.ICU” on the code-sharing platform GitHub, suggesting that anyone working those hours all the time could end up in a hospital intensive care unit with burnout.

“If you find a job you like, the 996 problem does not exist; if you’re not passionate about it, every minute of going to work is a torment,” Ma said in a post on his Weibo account on Sunday.

“No one likes working at a company that forces you to do ‘996’. Not only is it inhumane, it’s unhealthy and even more unsustainable for long periods – plus workers, relatives and the law do not approve of it,” he said. “In the long term, even if you pay a higher salary, employees will all leave.”
Ma added that companies that thought they could profit by forcing staff to work overtime were “foolish” and doomed to fail.

https://www.scmp.com/news/china/society/article/3006127/alibaba-founder-jack-ma-says-companies-forcing-staff-work

Grandpa Xi will not be happy.

Young Chinese workers are “Making America Great Again” by preventing “China from Rising”. Green cards for them, and not for Indians.

How Microsoft is subverting China

In China, Internet on 14/04/2019 at 10:48 am

We read a lot in reputable Western media about how China is attempting to subvert Western liberal democracies. But we don’t hear there about how the US (the Europeans, Antipodeans, Canadians and Japanese juz roll over and play dead ) is striking back, or that China may actually be only defending itself against US subversion.

TrumpLand is using a tactic that Sun Tzu would approve: providing tools to enable lazy, unpatriotic, entitled young Chinese tech workers to demand shorter working hours.

FT headline:

China tech worker protest against long working hours goes viral

Online campaign against working 9am-9pm six days a week hits nerve with youth

It reported that the Chinese organisers are rallying support via a project on GitHub, the Microsoft-owned collaboration platform for coders and developers. The project is called 996.icu, because by working 9am-9pm, six days a week , as the English version puts it, “you might need to stay in an Intensive Care Unit someday”. They insist this is not a political protest.

The movement is being organised by volunteers on collaborative platforms — primarily Microsoft’s GitHub, used for code-sharing, as well as Slack, used for messaging. Both are US tech cos.

JD.com said in response to media reports of employees complaining that their 996 schedule was a way of forcing resignations, “We will not force employees to work overtime, but we encourage everyone to fully invest themselves.” Define “fully invest themselves” please.

Workers of China unite against Chinese tech giants and Make America Great Again.

Why ang moh luxury brands lick Chinese p***ies

In China on 14/04/2019 at 4:19 am

Further to China is Great Again

Chinese consumers account for about a third of the world’s $1.2tn luxury goods sales, according to consultancy Bain, which predicts Chinese luxury sales will grow at a “mid teens” rate this year, down from 20 per cent last year.

Much of that growth is driven by “new wealthy female consumers in their 20s who are purchasing for the first time”, said Erwan Rambourg, an industry analyst at HSBC, which predicts China luxury sales growth of 12 per cent, about half that of 2018.

FT

China is Great Again

In China on 13/04/2019 at 11:00 am

A UK royal (Duchess of Cambridge) and the UK PM wear clothes owned by a Chinese company.

Most of the UK assets of LK Bennett, the fashion and shoe retailer that went bust recently whose customers include prime minister Theresa May and the Duchess of Cambridge, have been sold to a company controlled by its Chinese franchisee.

 

London trashes S’pore

In China, Currencies on 12/04/2019 at 4:45 am

Not reported by constructive, nation-building media. Not unusual. But anti-PAP alt media is silent too. Why? Sad.

According to Swift , the payments company, more than 36% of renminbi transactions were carried out in the UK in December last year, compared with about 6% each in France and Singapore.

Tot PAP govt said we had plans to be a leading off-shore renminbi trading centre.

What went wrong? After all we are already a leading global FX trading centre.

 

Chinese miss out on two of life’s greatest pleasures

In China, Hong Kong on 08/04/2019 at 4:25 am

One is enjoying diary products like fresh milk, butter and cheese because of lactose intolerance:

Approximately 65 percent of the human population has a reduced ability to digest lactose after infancy. Lactose intolerance in adulthood is most prevalent in people of East Asian descent, affecting more than 90 percent of adults in some of these communities.

Lactose intolerance – Genetics Home Reference – NIH

https://ghr.nlm.nih.gov/condition/lactose-intolerance

The other is not being able to enjoy booze by having a combination of genes that puts us off drinking alcohol. It causes an unpleasant reaction and makes them feel unwell.

Further to Fake news on alcohol and stroke, if you did not read the BBC article I referenced there, you’d have missed something the bit about alcohol intolerance:

East Asian countries are useful places to study the effects of alcohol.

Many people with Chinese ancestry have a combination of genes that puts them off drinking alcohol. It causes an unpleasant reaction and makes them feel unwell.

As a result, there is a wide variation of alcohol intake in China – one in three men doesn’t drink and very few women do.

But by comparing the health outcomes of drinkers and non-drinkers according to their genetic profile, scientists say they have been able to assess – with much more certainty than before – the direct effects of alcohol on stroke risk, distinct from any other factors.

Western populations don’t possess these genes, so it would be impossible to carry out a similar study here.

And most studies are observational, which makes it’s difficult to judge which factor is causing what effect.

Dr Iona Millwood, study author and senior epidemiologist at the University of Oxford, said: “Our genetic analyses have helped us understand the cause and effect relationships.”

https://www.bbc.com/news/health-47817650

No wonder, we Chinese compensate for these defects by eating sea slugs, chicken claws, sharks’ fin and other exotics.

 

Downside of China-US trade deal for Asia and Europe

In China, Economy on 06/04/2019 at 1:40 pm

Citi says that should Chinese import capacity not increase and China imports up to an additional US$200bn worth of US goods — “the economies more exposed to China would be the most vulnerable to any adjustment in trade flows”.

Asian economies would be the most exposed if trade flows are adjusted from a proportional market share perspective, while European economies face similar losses across all scenarios.

China tua kee, India sua kee

In China, India on 02/04/2019 at 4:43 am

Last month the Nifty 50 index of Indian stocks gained nearly 8% last month to within touching distance of all-time highs. That beats China’s CSI 300, which rose 5.5% over the same period.

But this monthDragon

Where China leads, the hope is that others follow. Two measures of manufacturing activity for China shifted into expansion mode during March, rising above a reading of 50, helping offset disappointing news elsewhere. That sent the CSI 300 index up nearly 3 per cent and leaves the benchmark in positive territory over the past 12 months.

FT

China’s emerging fintech giant

In Banks, China, Insurance, Internet, Investment banking on 21/03/2019 at 1:53 pm

But first, why China is great again: Chinese insurer Ping An once had HSBC as a large shareholder but is now the largest shareholder in HSBC.

Besides insurance, it’s into banking, securities broking, asset management and has a trust biz.

In recent years Ping An has invested heavily in the development of new technologies including artificial intelligence, facial recognition and cloud computing.

So it’s becoming a tech co, like Goldman Sachs (At least that is what ex-CEO claimed that is what Goldie is).

Shrinking commodity inventories

In China, Commodities, Emerging markets on 07/03/2019 at 5:14 am

Is the CEO of Glencore, the miner and hard commodities trader, talking his book or does he really have a point that commodities are a cheong.

“If you look . . . around the world, we’re at record low levels for a lot of commodities,” he said in late February. “In copper we have 13 days’ supply sitting in inventories. You have zinc down at record levels of eight days’ supply and nickel at 34 days.”

Since then the prices of these have rallied but, then so has most markets.

HSBC: another view

In Banks, China, Emerging markets, Hong Kong on 24/02/2019 at 5:06 am

Further to HSBC: Looking vulnerable, the view from an institutional broker, here’s another view from the Investors Chronicle, a respected retail investor magazine.

It says “Buy: HSBC”

HSBC’s progress is encouraging. That bodes well for the maintenance of its dividend, which was last cut in 2009.

showing the retail emphasis on sustainable dividend. (Think: Hyflux is warning of investing in high dividend yield stocks.)

It says HSBC’s Asia pivot makes it a natural victim of US-China trade rows. Chairman Mark Tucker blamed market weakness during the fourth quarter for lower-than-expected revenue for 2018: must have financed large share purchases on margin.

Combined with a 6 per cent rise in adjusted operating expenses as the lender seeks to expand across the northern China and Pearl Delta areas, this resulted in negative adjusted “jaws” – the difference between the rates of change in revenue and costs — of 1.2 per cent.

In its global banking and markets business, economic uncertainty and reduced primary issuance led to lower adjusted rates and credit revenue. But this was partially offset by stronger demand for securities services and global cash management liquidity.

Retail banking and wealth management were much stronger, posting an 8 per cent rise in net operating income. That business benefited from a 9 per cent rise in lending and improved deposit margins due to rising interest rates.

But mortgage lending grew in the UK and Hong Kong, although margins shrank.

Higher lending and adverse foreign exchange movements across business lines also resulted in an increase in adjusted risk-weighted assets, which reduced the common equity tier one ratio to 14 per cent from 14.5 per cent in the prior year. However, the return on tangible equity improved by 1.8 percentage points to 8.6 per cent, with management reiterating its target to grow that figure to over 11 per cent by 2020.

Expected credit losses were slightly higher than loan impairment charges in 2017: blame Brexit and trade rows. Credit quality in the UK will get worse.

Analysts at Shore Capital expect adjusted net tangible assets of 732 cents (US) a share at the December 2019 year-end, up from 701 cents at the same time in the previous year.

HSBC: Looking vulnerable

In Banks, China, Emerging markets, Hong Kong on 23/02/2019 at 4:49 am

Because investors are likely to be disappointed: slower revenue growth, no share-buy back and dividend yield could go up (share price falls).

JPMorgan Cazenove, a leading UK broker, downgraded HSBC to “underweight” from “neutral” with a 620p target on the back of the bank’s full-year results on Tuesday. Among the broker’s concerns was a rise in funding costs as Hibor — a measure of lending costs between banks in Hong Kong — underperforms Libor, the equivalent UK rate.

Although we rate HSBC’s management highly and view the group on the right strategic path long term, we believe that revenue growth pressures (partly as a result of the changed outlook for US rate hikes, a widening Libor-Hibor gap and macro uncertainty) alongside cost investment needs could weigh on the [return on tangible equity] outlook for longer than we previously thought.”

With HSBC unlikely to deliver an 11% on tangible equity by 2020, its premium valuation of 1.2 times book value looked exposed, JPMorgan said. It added that while HSBC no longer had a capital surplus, but investors continued to expect a share buyback this year.

The dividend of 51 cents (US) should remain stable over the medium term but the yield of 6% (in line with other UK banks) might move higher (i.e. because share price falls) because of the the uncertainties faced,

Why ang moh, Asean telcos love Huawei

In China, Telecoms on 13/02/2019 at 5:31 am

Cheap, good, great tech service. Also bespoke.

[European telcos] want to keep using the Chinese firm’s equipment because they like what it offers, not only in price but quality.

“They’ve two unique advantages,” says one technology chief. “They have significantly more engineers working on R&D than other suppliers and they are prepared to innovate for a specific customer. ”

Huawei’s main competitors are Nokia and Ericsson, but another telecoms operator says “they are seen universally as being well ahead of European vendors”.

The operators also believe that the Chinese competition is forcing the European rivals to up their game …

https://www.bbc.com/news/technology-47160725

Huawei is so good for them that they don’t really care about security?

They say they are fully aware of the security issues around Huawei. They have consulted the experts at the government’s National Cyber Security Centre (NCSC) during the procurement process.

Not only ang mohs prepared to sell out their countries to the Chinese:

Huawei is among the main providers of telecoms equipment for operators conducting 5G trials in the Philippines, Singapore, Malaysia and Thailand.

Industry sources say competitors can’t match Huawei on cost and technological capability.

[…]

One of Singapore’s major telcos M1 has partnered with Huawei to trial 5G services in the country.

Singapore’s telecoms regulator says operators should “ensure vendor diversity to mitigate risks from dependency on any one vendor”, again not banning Huawei outright.

https://www.bbc.com/news/business-47166921

Given the recent cybersecurity problems that we have been having, why are we doing biz with Huawei? So cheap and so gd that the PAP govt can ignore the links between Huawei and China? Is that the reason why the PAP govt refuses to name the country it thinks is behind the SingHealth hack?

Wonder if SingHealth used any Huawei eqpt?

 

Jialat for economy, PAP/ Voters will get back more of their money

In China, Economy on 12/02/2019 at 11:16 am

China’s lunar new year spending growth slowest since 2005
Consumption ebbs as weakening economy hits sentiment and fuels worries over retail sales

Headline of FT article today

China’s economic growth could slow to the weakest level on record (since records began in the early1990s)in the first quarter, reported the Economic Information Daily, a newspaper run by China’s official Xinhua news agency (China’s ST):

It is not difficult to determine that this year our country’s economy will continue to bear pressure, with a conservative estimate for full-year cumulative growth of about 6.3 per cent and the possibility that growth for the present quarter could reach 6 per cent.

Not gd for S’pore and region: “Asean’s potential”: What a load of BS

More goodies using our own money on the way because 4G leaders need big mandate: Why PAP aiming for 65% of the popular vote.

If economy cannot generate higher wages, and property prices (Double confirm, ground not sweet for PAP), only way is Budget bribes goodies using our own money.

Remember you read this first here: “No GST rise until 2015”. Related post: How PAP can win 65% plus of the vote

Goldie says buy industrial metals

In China, Commodities on 09/02/2019 at 4:30 am

Though global growth expectations have been tempered over the past year based on slowing demand in China and the US, the end of the cycle is not nigh. The fall was from a high base and China’s policymakers are taking corrective action to support demand, Goldman said.

Global growth . . . is still sound in absolute terms, ie it implies demand growth that is above supply growth for the majority of commodities. Meanwhile, the lack of tangible capital expenditure on growth projects means that supply growth across the majority of commodities is negligible. As a result, we remain positive on most commodities overall.

Goldman

If metals prices fall, mining shares should prove resilient as, compared with previous downturns, their balance sheets are stronger and their returns are higher, Goldman said. It also said that a US slowdown would weigh on the dollar, which would be positive for commodity producers, and argued that, with the exception of zinc, supply growth remains scarce.

Its top pick in the sector was Anglo American, with the broker also repeating “buy” advice on BHP and Glencore.

When Chinese go to the moon, what do they do?

In China on 13/01/2019 at 7:05 am

They take selfies.

A Chinese rover and lander have taken images of each other on the far side of the Moon’s surface, the BBC reported.

 

Lunar rover

Chang'e-4 lander

https://www.bbc.com/news/science-environment-46836047

How Chinese borrowers and lenders think

In China on 10/01/2019 at 4:41 am

Not the way S’porean borrowers and lenders think

The availability of P2P loans helps borrowers such as Li Boqiu, a 34-year-old Chongqing-based photographer. He waited less than a day for approval for an Rmb100,000 loan from Renrendai to buy equipment for his studio. Although a bank would have charged half of the annualised 24 per cent interest rate, Mr Li would also have had to wait as long as 10 days, with no guarantee of success. (Renrendai is still cheaper than borrowing from a private lending network, which could have cost up to 120 per cent.) “I urgently needed to buy the equipment and approval from a bank would be too slow,” he said. The average size of a Renrendai loan is Rmb79,200, lent out for no more than three years. Mr Cheung estimated 90 per cent of China’s small businesses fail within three years, but is nonetheless confident that a Renrendai borrower can make monthly payments of Rmb2,000 or Rmb3,000. “The business may go bankrupt, but the owner will start a new business or will find a job,” he said.

FT

 

Asian co earnings come from exports

In China on 09/01/2019 at 8:25 am

Needless to say exports to China and US of A.

(Related post: “Asean’s potential”: What a load of BS)

“Asean’s potential”: What a load of BS

In China, Economy on 08/01/2019 at 4:26 am

Our constructive, nation-building media says we got Asean to cushion us from China’s slow down.

Excuse me, China is Asean’s biggest export market. If China coughs, Asean gets a cold. If China slows down, Asean is down with the flu. If China really, really slows down to say 5%, Asean catches pneumonia.

Asean’s potential

Economists say Singapore needs to pivot more to Asean.

As a regional hub, the city-state can benefit from investors diversifying into Asean, but these gains will not manifest so soon.

CPTPP will come into effect on Dec 30 this year.

Mr Seah said there is too much focus on China in previous years.

Data from the Department of Statistics showed that the share of Singapore’s Nodx to China has increased from 1.1 per cent in 1990 to 18.2 per cent in 2017.

The share of Nodx to Singapore’s top three Asean trading partners — Malaysia, Indonesia and Thailand — is comparable to China, but has shrunk from 20.3 per cent in 2003 to 17.5 per cent in 2017.

https://www.todayonline.com/singapore/look-ahead-2019-economy-headwinds-abound-economists-say-silver-lining-lies-asean

For the record: S’pore’s trade-reliant economy will see a slowdown in the next 12 months, according to a survey of economists by the Monetary Authority of Singapore. All 23 respondents cited intensifying trade friction as a risk to growth.

Economists … project that gross domestic product (GDP) growth could ease to 2.6% from an estimated 3.3% for 2018.

https://sg.finance.yahoo.com/news/singapore-economy-five-things-watch-2019-014107270.html

 

igNoble Hse omnishambles puts spotlight two int’l accounting firms

In Accounting, China, Commodities, Corporate governance, Emerging markets on 29/12/2018 at 4:03 am

In the coming yr, investors, creditors and S’porean regulators of Noble will be singing

Fee-fi-fo-fum,
I smell the blood of an accountant from Ernst & Young or PricewaterhouseCoopers,
Be he alive, or be he dead
I’ll grind his bones to make my bread.

The back story

Noble Group is facing insolvency after authorities in Singapore said the crisis-hit commodity trader would not be able to list shares in a new entity, dealing a potentially fatal blow to its emergency debt restructuring.

Singapore’s white collar crime agency, its de facto central bank and the regulatory arm of the country’s stock exchange said they had “significant uncertainties about the financial position of ‘New Noble’”.

In a statement they said “New Noble’s” net asset value could be as much as 45 per cent lower than stated by the company when local standards stipulated by Singapore’s Accounting and Corporate Regulatory Authority were applied.

“It would be imprudent to allow the re-listing as investors will not be able to trade in New Noble’s shares on an informed basis. Monetary Authority of Singapore and Singapore Exchange will therefore not allow the re-listing of New Noble to proceed.”

FT a few weeks ago

The auditors were and are the Hong Kong arm of Ernst & Young

But they are not the only ones facing questions.

Noble Group’s Chief Executive Yusuf Alireza sought to draw a line under a long-running accounting dispute after a report by board-appointed auditor PricewaterhouseCoopers (PwC) found no wrongdoing in the company’s accounting practices.

https://www.reuters.com/article/us-noble-group-accounts/pwc-says-noble-groups-accounting-practices-comply-with-rules-idUSKCN0QF0Y420150810

 

“Nine” not “Eight” is unlucky for Xi

In China on 24/12/2018 at 10:43 am

Why “Nine” is his and the CCP’s unlucky number.

China gets nervous about the number nine. Years ending in nine bring a clutch of awkward anniversaries that worry China’s leaders. In 2019 it is 100 years since the May Fourth Movement, a much-celebrated protest, and 30 years since the bloody suppression of student-led demonstrations in Tiananmen Square.

https://worldin2019.economist.com/fromtheeditor

The fully monty: https://worldin2019.economist.com/xijinpingsworries

 

Deluded Pine Court pigs still dreaming? They related to TRE cybernuts?

In China, Economy, Financial competency, Property on 17/12/2018 at 1:43 pm

Further to PAP whacks greedy pigs even greedier pigs

two en bloc projects are raising their asking prices.

[…]

Pine Grove near Ulu Pandan Road also raised its price in October by S$140 million to S$1.86 billion, in a bid to secure a majority consensus needed to launch a public tender.


Back to 2011

They were gunning for S$2.17bn in 2011 but failed to get anyone to even smell. Analysts said at the time said S$1.3 bn to S$1.4 billion was doable. Details in Even greedier en-blockers

Now only dropping from S$2.17bn to S$1.86 bn.  They think developers more stupid then them is it? They had better realise that Old private flats’ value can also fall off a cliff.

But then they most probably have the same mental defect as TRE cybernuts such as tax dodging Oxygen, pork eating and alcohol drinking Bapak, cheap-skate BS artist Zhenzidan and always and lying rukidding. All cousins leh suffering from the belief that only they are right and everyone else is wrong. One group thinks that S’poreans will get rid of the PAP at the next GE, the other that their properties are worth a lot more than the mkt price. Both have been proven wrong, but persist in their beliefs.


The other deluded, greedy pigs?

Those living in

Mandarin Gardens along Siglap Road, for instance, upped its asking price by close to 12.5 per cent to S$2.79 billion in November, after finding out that the land parcel it sits on was undervalued.

Whatever

Analysts said raising the asking price would likely deter developers, especially for mega sites.

“Very often sellers are only interested in what they’ll be getting – that means the premium they’ll be getting – and omit the other costs developers will acquire for the plot of land,” Huttons’ Mr Lian explained.

“It’s not just the reserve price – it’s also the lease upgrading premiums, the differential premiums, the 5 per cent non-remittable ABSD (Additional Buyer’s Stamp Duty) plus the 25 per cent remissible ABSD if they cannot sell all their units within the five-year period.”

Knight Frank’s Dr Lee said that some en bloc sellers may have a “loss aversion” mindset when it comes to selling their properties.

“Some of them may have probably bought them at quite high prices and are generally only willing to sell if prices are above a certain mark,” he added.

“In the case of Pine Grove and Mandarin Gardens, they may find their product is very unique and so they want to push up prices … But it might be a bit difficult because there are other options – many options – available in the market.”

Read more at https://www.channelnewsasia.com/news/business/more-than-30-en-bloc-bids-fail-to-find-buyers-cooling-measures-11035028

They also don’t realise that there’s a trade war looming between China and US looming and we’ll suffer

Singapore’s non-oil domestic exports (NODX) growth fell more than expected in November with shipments to most of its major trading partners declining, official data showed on Monday (Dec 17).

Exports fell 2.6 per cent in November year-on-year, data from the trade agency International Enterprise Singapore showed, falling sharply from the revised 8.2 per cent rise the month before.

This was weaker than the 1.2 per cent increase predicted by economists in a Reuters poll.

On a seasonally adjusted month-on-month basis, exports contracted 4.2 per cent in November after growing 4.2 per cent in October. The poll predicted a 0.6 per cent expansion from the month before.

Trade to top markets like China, Indonesia and Europe declined. Exports to China fell 16 per cent in November from a year earlier, compared with the previous month’s 25.8 per cent decline.

Electronics exports rose 4.5 per cent in November from the year earlier, recovering from the 3.6 per cent contraction seen in October.

https://www.todayonline.com/singapore/singapore-november-exports-fall-faster-expected

(Related post: PAP needs strong Chinese economic growth)

But then they most probably have the same mental defect as TRE cybernuts such as tax dodging Oxygen, pork eating and alcohol drinking Bapak, cheap-skate BS artist Zhenzidan and always lying rukidding. All cousins leh suffering from the belief that only they are right and everyone else is wrong. One group thinks that S’poreans will get rid of the PAP at the next GE, the other that their properties are worth a lot more than the mkt price. Both have been proven wrong, but persist in their beliefs.


 

Xi the real global polluter

In China on 02/12/2018 at 10:47 am

In When Trump is right about lying media, I mentioned that Trump loves “beautiful, clean” coal. Well here’s why Xi’s the real coal lover

For years, the increase in the number of Chinese coal-fired power stations has been criticised.

Now environmental groups say China is also backing dozens of coal projects far beyond its borders.

https://www.bbc.com/news/science-environment-46310807

Real reason why Tun doesn’t want Chinese money?

In China, Malaysia on 01/12/2018 at 5:47 am

Further to What Tun doesn’t say about Chinese money if he can use his own contractors he’ll embrace Chinese money, no matter what the cost? As fatcat abc points out, to get Chinese money condition must be to “use Chinese contractors & companies for the infrastructure jobs”.

What Tun doesn’t say about Chinese money

In China, Malaysia on 30/11/2018 at 6:33 pm

Xi should ask this guy to call Tun and explain things to him. LOL

Tanzania’s President John Magufuli has said he prefers Chinese to Western aid as it comes with fewer conditions.

Mr Maugufuli has been under intense pressure from Western nations over his controversial policies.

On 15 November, Denmark said it had suspended $9.8m (£7.5m) in aid because of “unacceptable homophobic comments” by a Tanzanian politician.

China has become a major investor in Africa, challenging Western influence on the continent.

It has promised to spend $60bn in investment, aid and loans in Africa over the next three years, mostly in infrastructure development.

“The thing that makes you happy about their aid is that it is not tied to any conditions. When they decide to give you, they just give you,” Mr Magufuli said.

https://www.bbc.com/news/world-europe-46364342

What’s gd for GM is gd for China

In China on 27/11/2018 at 11:03 am

In an interview with The Wall Street Journal, Mr Trump said GM should stop making cars in China.

So no longer true that “What’s good for the country is good for General Motors, and vice versa.”? This statement was made by Charles E. Wilson while president of the General Motors Corporation, a leading United States automobile manufacturer in 1953. Wilson later became secretary of the federal Department of Defense.

The statement has frequently been misquoted as “What’s good for General Motors is good for the country.”

 

M’sia will benefit from Sino US trade war

In China, Malaysia on 18/11/2018 at 10:38 am

M’sia is smiling:

“We’ve got so many inquiries that our greatest problem is how to ramp up capacity,” including in electronics, steel production and automation from both China and the U.S., Malaysian Finance Minister Lim Guan Eng told reporters Sept. 13 in Hong Kong. “Once they come in it is very hard to pull out.”

https://www.bloomberg.com/news/articles/2018-09-18/u-s-china-trade-tussle-is-creating-winners-in-southeast-asia

Because

Vietnam and Malaysia stand to attract the lion’s share of ICT capacity that leaves China for two main reasons, the EIU said. The first is that an ICT supply chain already exists in these countries, with Samsung and Intel having a significant presence in Vietnam and Dell, Sony and Panasonic having plants in Malaysia. The other factor in their favour is that both Malaysia and Vietnam are signatories of free trade agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which also includes Mexico, Canada and several Asian countries (but not China).

FT

And because

For the car parts industry, the main country beneficiaries of an expected shift in capacity outside China are Thailand and Malaysia.

FT

No wonder George Yeo (Remember him?) is looking at his bank statement and smiling

Malaysian billionaire Robert Kuok’s Kerry Logistics Network Ltd. is seeing “numbers are looking up a bit more” as companies divert distribution centers from mainland China and into places like Hong Kong and Taiwan, and parts of Southeast Asia, according to the company’s chairman, George Yeo.

“They’re thinking of the next factory, and they’re less likely to put it in China,” Yeo, a former trade and foreign minister in Singapore, told Bloomberg Television Sept. 14. He acknowledged that some firms already were planning to move business to lower-cost manufacturing sites outside of China.

Bloomberg

Finally

Malaysia could see the benefits both as a  trans-shipment point and because it’s a neutral country in which Chinese and American companies both would have an interest in investing.

Bloomberg

Ang moh special forces to protect Xi

In China on 15/11/2018 at 11:16 am

Where are the Red Guards? Skivving isit? Or not trusted?

Port Moresby is hosting the Asia Pacific Economic Co-operation (Apec) summit this week,

Australia, the US and New Zealand have sent special forces to make sure that attendees (including one Grandpa Xi) will be safe given the place’s reputation for violence.

Grey Rhinos, Chinese Puzzles Galore

In China on 10/11/2018 at 9:36 am

Further to China afraid of Black Swans and Grey Rhinos here’s where the Chinese first used the term “grey rhinos”

From NYT Dealbook over a yr ago (Btw, all the three cos mentioned below are in Grandpa Xi’s doghouse)

“Risks in the financial sector are sophisticated. Therefore, precautionary measures should be taken to prevent not only ‘black swan’ but also ‘gray rhino’ events.”
— Unsigned commentary in People’s Daily, the main newspaper of the Chinese Communist Party.

 

While the West may worry about unexpected events, sometimes called black swans, the focus in China is on problems that are large and very visible: gray rhinos.
You’ll recognize some gray rhinos because, until recently, they’ve been on buying sprees: Anbang, Fosun, HNA and Dalian Wanda.

Worth remembering: The recent crackdown on China’s once-celebrated international deal-makers comes straight from the top, from President Xi Jinping.

The Ups and Downs of Chinese Deal Making

 Enthusiasm for big deals with Chinese conglomerates is starting to cool.
Bank of America has decided not to do business with HNA, the huge conglomerate that The New York Times found had been giving business to relatives and associates with little disclosure to investors.
The problem? Bank of America is concerned about HNA’s shareholding and corporate structure, its complex business model, allegations concerning political connections, and Chinese regulatory interest in the company.
“We simply don’t know what we don’t know, and are not prepared to take the risk,” Matthew M. Koder, Bank of America’s president for Asia Pacific, wrote in an email.
Bank of America had been talking to HNA about new lending partnerships, according to a person with direct knowledge. It has also been among the banks helping HNA to take at least one of its many companies public.
 The beleaguered Dalian Wanda tore up a $9.3 billion agreement to sell a portfolio of hotels and theme parks and found a new buyer for the hotel properties.
After reaching a deal last week to sell the whole lot to the property firm Sunac China Holdings, Wanda announced that it would sell Sunac only the theme parks. The hotels will instead go to the Guangzhou-based R&F Properties — but for $3 billion, where the deal last week valued them at $5 billion.
The hasty reorganizations have raised concern about the due diligence being conducted. It also highlights the pressure that the Chinese government is putting on the country’s deal makers to reduce their piles of loans.
 The retail giant Suning has come under attack on Chinese state television over “irrational” foreign acquisitions, The Financial Times and Reuters reported.
In a program focused on risky overseas deals, China Central Television referred to Suning’s purchase of a 70 percent stake in the Italian soccer club Inter Milan as an example of a move that potentially raised concerns.
“This famous club has been loss-making for five years, with total losses of 275.9 million euros,” said the narrator. “What is the purpose of acquisitions like this?”

PAP’s thinking is Xi’s thinking

In China, Political governance on 09/11/2018 at 10:05 am

Further to What next? Senior civil servant saying that those who don’t vote PAP don’t wish S’pore well? where I quoted our London ambassador sneering at the ang moh way of alternating opposing parties in power

The alternative—a constant merry-go-round of contending parties—does not necessarily produce better outcomes. Politicians fail to keep the promises they make, the people become disillusioned, and eventually lose faith in democracy. Witness the low voter-turnouts in many Western democracies.

Doesn’t this sound like u/m?

Chinese leaders are too cynical about elections in the democratic West, and about the lessons that even messy campaigns can offer. They are not cynical enough about their own authoritarian system, refusing to see how it induces a sort of democracy-blindness. Even well-informed officials and scholars misread political dynamics around the world.

https://www.economist.com/china/2018/10/20/china-is-misreading-western-populism

Related posts:  Keeping power in a one-party state and Would this happen in a one-party state?

 

 

China afraid of Black Swans and Grey Rhinos

In China on 09/11/2018 at 4:14 am

Black swans, and grey rhinos, are likely to occur this year with adverse consequences, Fan Hengshan, vice secretary general of the National Development and Reform Commission (NDRC), wrote in a commentary in the state-controlled newspaper, Reuters reported recently.

Black swans are unforeseen occurrences. Grey rhinos are highly obvious yet ignored threats. China’s debt problem is a huge grey rhino.

PAP needs strong Chinese economic growth

In China, Economy, Indonesia, Malaysia on 07/11/2018 at 10:54 am

Looking at chart, it’s no wonder our finance minister is really worried if Trump paks China really hard. S’pore’s very dependent on Chinese growth because China is an integral part of Asian supply chains.

South Korea, Taiwan, S’pore, M’sia, Indonesia, Thailand and the Philippines have all benefited from the rise of China as a manufacturing power, especially since the global financial crisis.

Singapore assessing 2019 forecasts amidst escalating trade spat: Finance minister

Singapore has already witnessed a slash in business investments amidst the looming trade wars.

Finance minister Heng Swee Keat thinks that Singapore may have to look out on its economic growth projects for 2019 amidst the escalating US-China trade tensions that have pumped up uncertainty for business investments.

“In the short run, the impact is not fully felt yet,” with Singapore retaining its growth forecast for this year at 2.5% to 3.5%, Heng said in an interview with Bloomberg Television. “But any trade tension that sets back globalization will affect everyone, including the countries that are directly involved, but also collateral damage right across all economies.”

Heng acknowledged that the Lion City had already witnessed the effects of the trade war through increased uncertainty and reduced investment by businesses, noting that next year’s situation will depend on how the situation will unfold in the next few months.

The ‘global production frontier’ being diminished could allow a prolonged trade war to severely disrupt the global supply chain thereby hitting countries with long-term growth challenges, the minister said.

“Our priority areas remain for economic restructuring,” Heng explained. “The other big area is looking at infrastructure development” with urbanization being a major trend in Asia.

Here’s more from Bloomberg.

 

S’pore, Asean in trouble if Renminbi collapses below 7 to US$

In China, Currencies, Economy, Emerging markets on 27/10/2018 at 1:29 pm

Further to Trump’s US$ trumps Xi’s Renminbi

if the renminbi breaks thru  7 to the US$, this has

broader repercussions for other emerging market countries, already under pressure. This includes the likes of Indonesia, India and the Philippines. India’s rupee has slumped some 15 per cent to a record low versus the dollar this year. Other China-linked exporters such as Singapore, South Korea, Thailand and Malaysia would also see their currencies come under pressure. Then there’s the Australian dollar, seen as a more liquid proxy to play China and its economic outlook along with copper and other industrial metals — today the Aussie dropped to a new two-year low just above $0.70.

FT’s Market Forces

Trump’s US$ trumps Xi’s Renminbi

In China, Currencies on 27/10/2018 at 9:57 am

Yesterday, the renminbi touched Rmb6.9462 to the dollar, its weakest level since 2008 on Friday.

The cont’d rise and then collapse of renminbi during Xi’ reign (starting in Nov 2012). When Trump became president the renminbi rose, then collapsed.

S’pore invited to WTO reform meeting: US and China not

In China on 07/10/2018 at 6:10 am

No, not fake news, but Canadian politics and diplomacy at work.

Canada has not invited the US or China to a high-level meeting on reforming the World Trade Organisation (WTO).

The country will host a “small group of like-minded” trade ministers in Ottawa in late October to discuss the global trade body.

Officials say countries like the US and China will be included at a later date in the reforms discussion process.

The European Union, Australia, Japan, Singapore, and South Korea are expected to attend.

Brazil, Chile, Kenya, Mexico, New Zealand, Norway, and Switzerland are also invited to the 24 and 25 October meeting.

https://www.bbc.com/news/world-us-canada-45674264

The hero of the progressives and femnists around the world, PM Trudeau, must still be feeling upset, hurt and confused over having to lick Trump’s ass. Canada had to make concessions to the US in trade talks.

Jack Ma warns Sino US “war” could last 20 years

In China on 19/09/2018 at 7:08 am

Trump’s serious about a trade war and Alibaba’s Jack Ma warns trade war could last 20 years.

“It’s going to be a mess.  It’s not a trade war, it’s about competition between two countries.”
,

Africans vote, Chinese mint money

In Africa, China on 11/09/2018 at 4:36 am

A rainbow of flags, posters, T-shirts and scarves emblazoned with the names and faces of dozens of African politicians on display in the windows of more than a dozen shops make for a startling sight in the middle of the southern Chinese city of Guangzhou, writes Tom Hancock.

From presidential contenders from the Republic of Congo and Ghana to Nigerian senators and Kenyan members of parliament, Guangzhou’s Tongxin Road has found a niche in the global economy: exporting campaign products to candidates on the continent seeking an edge over their rivals.

The vibrant picture of democracy on display is evidence of Africa’s reliance on Chinese manufacturing: something that African leaders want to change. The sheer volume of the voting — this year will see at least 30 regional or national polls in 24 African countries, according to the Electoral Institute for Sustainable Democracy in Africa — and their demand for products makes for a booming business for Chinese factories selling paraphernalia for African elections.

“Usually for an election we will have tens of thousands of items,” said Amy Zhang of Xu Yang Advertising and Printing, which supplied candidates in Kenya and the Republic of Congo. “Customers don’t choose high-end products. For a normal election we will sell T-shirts for less than Rmb12 [$1.90] each” she added, picking up a 2016 election scarf bearing the name of Gabonese President Ali Bongo Ondimba.

FT

Let’s thank Trump and Xi for rowing

In China, Tourism on 01/09/2018 at 5:29 am

Big league conference moved here from Beijing

Fallout from the trade war between the United States and China has prompted billionaire media executive Michael Bloomberg, the former mayor of New York City, to relocate a conference of global business and political leaders from Beijing to Singapore.

The event, touted as a rival to Davos, the elite annual conclave in Switzerland, is to take place in Singapore over two days in the first week of November.

Mr Bloomberg made the decision after a Chinese partner last week asked the organisers in New York to postpone the event, according to people with knowledge of the planning.

PAP govt must be doing shumething right, right?

SME caught in Sino Trump tarrif war

In China on 27/08/2018 at 10:25 am

Joyce and her dad have only recently found that the speakers they make in their Chinese factory could see a 25% tariff placed on them when they are sold in the US. Speakers are on the most recent list issued by Washington that targets $200bn worth of Chinese goods.

The tariffs have yet to come into effect – in fact, they are currently only under consideration – but both Joyce and her dad are extremely worried about the impact on their company. More than half of their business in China consists of producing speakers for the US market.

https://www.bbc.com/news/business-45247000

Fortunately they have a plant in Vietnam:

they are already thinking of moving their production to Vietnam to mitigate the Chinese tariff threat.

Still they’ll suffer as these things take time.

Let’s wish them all the best.

Still game to buy into Chinese mgt?

In Casinos, China, Corporate governance on 26/08/2018 at 4:31 am

Landing International Development, a Chinese casino operator on Jeju island, South Korea
slid 19% last Friday after company told HKSE that it was unable to contact its chairman. Insiders must have been selling on Thursday because the price fell by a bigger %age that day: before the announcement.

 

Two-face Tun/ Why vote PAP

In China, Malaysia on 21/08/2018 at 7:09 am

While KPKBing about China raping M’sia, he said in a joint statement with Xi that M’sia would continue to be part of the Belt and Road Initiative — despite its reservations about the programme.

And so like Trump who he criticises: “I agree free trade is the way to go, but, of course, free trade should also be fair trade.”

PAP govt is right to insist that M’sia lives up to its legal obligations what with two face Tun as PM in KL.

The quisling who wanted us to sell our backsides to Tun has gone back to talking about food on social media. As for those Oppo figures who cheer on Tun, with enemies like them the PAP doesn’t need friends.

Our fragile neighbours

In China, Emerging markets, India, Indonesia, Malaysia on 18/08/2018 at 11:31 am

Think the woes in Turkey are irrelevant to us? Far away Muslim country.

Well look at this table https://fingfx.thomsonreuters.com/gfx/breakingviews/1/951/1238/index.html

If Turkey goes, M’sia (6th with Turkey as Number 1) and Indonesia (8th) are likely to get into trouble.

As could Thailand (15th), India (10th), China (12th) and S Korea (14th)

Xi swallows Trump’s sperm

In China, Commodities on 17/08/2018 at 4:59 am

OK, OK it’s Ownself pay Ownself’s Fees.

China imposed a 25% tariff on US soya beans as part of the trade war, and a ship carrying soya beans from the US failed to dock in time to beat the tariff imposition.

One for the Xi?

Well a few weeks later, with the ship still hanging round the Chinese coast, the Chinese customer, state-owned conglomerate Sinograin is paying the US$6m tariff bill so it can get the beans.

More ships are on the way from the US.

FT

One for the Trump.

Trump wins bigly

In China on 07/08/2018 at 4:49 am

Last night, S&P 500 gained 0.4%, eyes record high

Earlier in the day Trump ramped up trade rhetoric, and Chinese stocks slid (the CSI 300 index of big stocks in Shanghai and Shenzhen fell 1.3%). Yuan kept falling.

Meanwhile reports keep coming out from Beijing that Xi is being criticised for going against a former principle of Chinese statecraft

Maintain a low profile. Never take the lead – but aim to do something big.

Deng Xiaoping

US winning big against China

In China on 06/08/2018 at 4:32 am

In a series of tweets on Saturday, Trump said the US market was “stronger than ever”, while the Chinese market “has dropped 27 per cent in last 4 months, and they are talking to us”.

He’s wrong about the “4 months” though: Chinese stocks have lost $2.29tn in value since their high in January, falling 27%.

US elite education and AI

In China on 04/08/2018 at 4:19 am

Big advances in AI research are more likely to come from the US due to our education system which needs improvement. But in use of AI in everyday life, China will lead

Cheetah Mobile’s Fu Sheng

HoHoHo: StanChart disappoints, again

In Banks, China, Emerging markets, Hong Kong, Temasek on 02/08/2018 at 3:56 am

On Tuesday (London time), StanChart reported half-year operating income of US$7.6bn, 6% more than in the same period last year. The stock dropped 3.5% trading because operating income was below expectations. Blame higher IT spending: costs in general have outgrown revenues by a whole percentage point. Not good.

FT’s Lex

StanChart investors must be counting on costs soon falling, relative to revenues. The hope should be for a leaner and cleaner bank ready to grow at the bottom of the next cycle.

adding

Shares in HSBC, another London-listed bank with an Asian focus, have climbed 63 per cent in the past two years, compared to 13 per cent at StanChart.

 

 

S’poreans and mainlanders are the real Chinese

In China, Hong Kong, Property on 29/07/2018 at 5:12 am

Honkies and Taiwanese are not,

We and mainlanders don’t believe in renting short term (99 yr leases are not short term rental leases no matter what Goh Meng Seng and other cybernuts think)

Made in China

In China on 27/07/2018 at 5:20 am

the ARJ-21, a disaster of an aircraft that the country’s own regulators forbid from flying in the rain for safety reasons.

Economist

Lucky we only bot PRC railway carriages, not trains. For once Hard Truth that ang moh tua kee is betterest turned out well, even if ang moh is French, not German.

Prosperity with S’porean, Chinese characteristics

In China, Media on 26/07/2018 at 10:56 am

Unique to both China and S’pore

Further to Bang yr balls ang moh tua kees

The case for a free press rests not only on classical liberal principles but also on hard data. Cross-country studies show strong and consistent associations between unfettered media, vibrant democracies and limited corruption. China, which has a tightly controlled media and perhaps the world’s most sophisticated censorship scheme, thinks it has proven that prosperity can be achieved without a free press. In less extreme fashion, Singapore shares similar authoritarian attitudes. Politicians everywhere do not much like to be criticised. To a worrying number of them, this Singapore model—or Beijing model, depending on preference—can prove more attractive than the Western approach of putting up with a pesky press.

https://www.economist.com/graphic-detail/2018/07/23/the-global-slump-in-press-freedom

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Chinese tariffs on US soya backfiring

In China, Commodities on 21/07/2018 at 4:28 am

US soyabean prices plus the tariffs and freight to China were approaching parity with Brazilian soyabeans and shipping costs, limiting a further move upwards on the premium unless there was a dramatic shift in Chinese demand.

FT on Thourday

Chinese will be paying a lot more for soya and meat.

M’sia right to fear Chinese gifts

In China, Malaysia on 20/07/2018 at 4:05 am

Because they are Indian givers, as this highway to nowhere proves https://www.reuters.com/article/us-china-silkroad-europe-montenegro-insi/chinese-highway-to-nowhere-haunts-montenegro-idUSKBN1K60QX

Bringing in Chinese companies to build billions of dollars worth of freeways never seemed like a good idea in Montenegro, a southern European country of just over 600,000 people. But now the debt load of one such project has forced the country to freeze some public sector wages and even end a government benefit for mothers.

 

Right time for Trump to declare economic war?

In China on 07/07/2018 at 11:15 am

Think about it.

The EU is really having problems getting its economy to fire.

The Chinese are trying to deleverage the economy (all those debts) but afraid that moving too fast could cause a really bad economic slowdown or recession leading to riots.

Meanwhile the US economy is firing on all cylinders, rocket-boosted by tax cuts. It might overheat.

So a trade war now for the US could cause the US to cool down while causing serious damage to Europe and China.

What better time then now for the US to start a war that damages everyone but affects it least?

Trump’s not a dotard after all?

US beats s*** out of China again

In China, Currencies on 29/06/2018 at 5:10 am

The renminbi fell for a fourth successive session, hitting its lowest point against the dollar of 2018. The US dollar is heading for its biggest monthly rise against the offshore renminbi since the early 1990s.

And yesterday, Wall St recovered from a really sharp fall the previous day which was a wild ride: on Wednesday market was up strongly, then reversed sharply, losing its initial gains and a lot more.

But

there was no respite for Chinese stocks, as the CSI 300 index closed at a fresh one-year low, taking it deeper into bear market territory.

FT

America is Great Again.

 

Why Trump thinks he’ll win trade war with China cont’d

In China on 27/06/2018 at 5:06 am

Further to the equity mkt falls referenced in Why Trump thinks he’ll win trade war with China,a 0.5% fall in the Shanghai Composite Index yesterday left it more than 20% from a two-year high hit in January. it’s now officially in a bear market.

Meanwhile, last night, US equity indices recovered some of the previous day’s sharp falls.

And the Chinese currency also weakened to a fresh six-month low while the US$ is up.

Trump is making Making America Great Again.

S$ currencies tua kee

In China, Currencies, Indonesia on 26/06/2018 at 4:09 am

As emerging mkts currencies are sold off, Sino and Indo currencies remain steady versus Trump’s $.

Next mkt China wants to corner

In China, Infrastructure on 25/06/2018 at 4:24 am

Global electricity suppy via ita Global Energy Interconnection initiative.

The first stage, set to run until 2020, involves investment in domestic grid assets within other countries. The second phase would see the knitting together of some of those grids and that generation capacity.

FT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Some Western observers see a geopolitical strategy on a par with China’s Belt and Road Initiative, a grand design that seeks to boost Chinese-led infrastructure investment in more than 80 countries around the world.