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Yazan: admin | 31 July 2008 | Comments Off
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BEIJING, July 31 (Xinhua) — The Chinese government has …
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Read full story for latest details.
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China, the Olympics and the Visa Mystery | Stratfor “In another two months… it will become clearer whether this was a spate of excessive paranoia or a reflection of a much more significant crisis facing the Chinese leadership — and…
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Draconian plan includes shutting down construction, factories and further reducing traffic in capital city, neighboring areas
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City hosts competition because organizers could not guarantee disease-free zones for horses
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Treasury prices rise and yields sink to their lowest in two weeks, as government data show slower-than-forecast economic growth as well as a worrisome jump in claims for jobless benefits.
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Second-quarter income for CVS Caremark Corp. comes in ahead of Wall Street estimates, but sales fell short of forecasts and investors take a bite out of the pharmacy retailer’s shares in early trading.
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Israeli stocks decline as investors mulled the implications of Prime Minister Ehud Olmert’s announcement late Wednesday that he would resign when his Kadima Party selects a new leader in September.
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NEW YORK (MarketWatch) — Exxon Mobil’s adjusted second-quarter production loss of 3% disappointed Wall Street, despite the oil giant’s record net income of nearly $12 billion, analyst William Featherston of UBS said. His 2008 target for Exxon Mobil is for adjusted production to be flat-to up 1%, he said. Exxon Mobil shares fell 3.3% to $81.58, giving back most of their gains in the previous session. Oppenheimer & Co. analyst Fadel Gheit said contracts with oil producing countries are constraining Exxon Mobil’s liquid output, plus flare-ups in Nigeria appear to be worsening. Exxon shares are down about 13% so far this year. “This has been one of the worst years ever for Exxon Mobil,” he said.
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AP - An Olympic official said Thursday he felt like the “fall guy” after promising reporters at the games they would have uncensored Internet access, only to find that the Chinese had blocked certain Web sites.
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Tyco shares jump after the diversified industrial manufacturer says it swung to a third-quarter profit and raises its outlook for the full year.
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China’s military would increase cooperation with foreign armed forces in order to contribute more to common development, Defense Minister Liang Guanglie said on Thursday at a reception at the Great Hall of the People in Beijing to mark the 81st anniversary of the People’s Liberation Army (PLA).
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Net income rises at Aetna Inc. during the second quarter as the health insurer sees a 15% gain in revenue, and improves underwriting margins.
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Bristol-Myers Squibb has offered to purchase the shares of partner ImClone that it does not already own for $4.5 billion, or $60 each.
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Alzheimer’s poses test for S Korea’s ageing society
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BEIJING, July 31 (Xinhua) — Chinese President Hu Jintao …
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Chinese authorities appear to have unblocked the BBC’s Chinese language website, amid a row over internet censorship.
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Media
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SEOUL : South Korea’s top court ruled Thursday that parents have the right to know the sex of their unborn babies, sparking concerns the decision might result in more sex-selection abortions.
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SEOUL : As tension heightens between South Korea and Japan over the disputed islands - called Dokdo in Korean and Takeshima in Japan - the battle has moved on the Internet.
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Financial Secretary John Tsang welcomes Standard & Poor’s decision to upgrade Hong Kong’s long-term foreign- and local-currency sovereign ratings to “AA+” from “AA”, with a “stable” outlook. He said it reflects international recognition of the city’s strong economic fundamentals and sound policies.
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Devin Hobbes submits:
Formerly Faith Bloom, then Zeolite, and now called ShengdaTech (SDTH), the company was founded in 1993, went public in late March 2006, and has traded on the NASDAQ since mid 2007. Based in Tai’an City, China, ShengdaTech operates in two segments. It is a leading producer of nano precipitated calcium carbonate products (around 46% of sales) and also manufactures coal based chemicals (around 54% of sales) for fertilizers and other products.
Nano precipitated calcium carbonate [NPCC] is derived from limestone and has a variety of applications as an additive. NPCC improves and lowers costs on epoxy resin, oil based inks and paints, paper products, plastics, PVC building materials, and tires. Demand for NPCC is growing briskly, at double digit rates. ShengdaTech says that it has about a 10% share of its current market.
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China Distance Education raises a disappointing $61.25 million and becomes only the third Chinese company to complete a US IPO this year
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“The Chinese government will continue its reform and opening-up policy, and support HP and other foreign companies to expand investment and cooperation in China,” Vice Premier Zhang Dejiang said in a meeting with Mark Hurd, chairman and chief executive officer of HP.
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Timberland closed India sourcing and now Liz Claiborne is considering doing the same, but retailers like WalMart and Target have been scaling up
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AFP - Sung Kim, the top North Korea expert at the US State Department, was due in Beijing Thursday to discuss six-nation efforts to end the North’s nuclear programme, China’s foreign ministry said.
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Michael Pettis submits:
Standard & Poor’s have just raised China’s long-tem sovereign credit rating to A+, based on its strengthening external position. In part this reflects China’s strong fiscal position – in June according to a release Thursday by Credit Suisse, China’s consolidated fiscal surplus for the previous twelve months reached RMB 443.5 billion, equal to about 1.5% of GDP (although needless to say I am worried about hidden expenditures that may one day show up as contingent liabilities). But the upgrade mainly means, I think, that China has accumulated so much in the way of foreign currency reserves that it will have little difficulty in repaying its very limited foreign-currency external obligations.
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As thousands of journalists arrive in China, authorities are blocking Web sites of Amnesty International and other groups
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For some, not anymore. High-profile Beijing Olympics sponsors Kodak, Lenovo, and J&J are pulling the plug on future Games
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You’ve all seen the Beijing National Stadium by now…
But have you seen this farmer creation?
(Actually, Aw Guo guesses that a farmer made it. We don’t know for sure.)
Via IfGoGo (originally from Xiaonei).
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China paid out $54.52 billion in old age pensions in H1, Ministry of Human Resources and Social Security announced on Thursday.
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Louis Liu submits:
Today (July 31), all major Chinese internet media outlets are reporting that Giant Interactive (GA) will likely pay half a billion dollars to buy Shanghai-based online game company Nineyou International Limited (9you). Rumors indicate negotiations have entered the ‘detail’ phase.
GA and 9you both deny these reports. 9you published a formal announcement that it has no plans whatsoever to merge with another company. 
GA closed at $9.00 Wednesday, down 10%, while the Dow Jones Industrial Average gained 1.63% and the NASDAQ rose 0.44%. $9.00$ is the all-time closing low for GA.
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The remains of British and Australian WWI troops are to be taken from a mass grave and reburied in individual plots.
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The total retail sales value rose to $22.2 billion in June, up 11.6% over the same month last year, the Census & Statistics Department says. The total retail sales volume grew 4%.
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Financial Secretary John Tsang will leave for Australia today to attend the Asia-Pacific Economic Co-operation’s Structural Reform Ministerial Meeting.
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Ministry of Human Resources, Social Security said Thursday China’s registered urban, township unemployment rate stood at 4% in H1.
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Malaysian opposition leader Anwar Ibrahim is to contest a by-election for a parliamentary seat, in a return to front-line politics.
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Six short-listed works of the Hong Kong regional phase of the Olympic Sport & Art Contest 2008 will be displayed at the Visual Arts Centre August 2 to 25.
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I can’t bring you the YouTube video of the Beijing opening ceremonies rehearsal this week but I can bring you something else – a sign of how China is opening up. Okay, okay, it’s not a big deal. It’s a…
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LONDON (MarketWatch) — Aetna reported second-quarter net income of $480.5 million, or 97 cents a share, versus $451.3 million or 85 cents a share, a year earlier as revenue rose 15% to $7.8 billion. Operating earnings, which exclude one-time items and are used by the company to judge the health of its underlying business, rose 6% to $466.3 million, or 94 cents a share, compared with analysts’ average estimate of 93 cents a share. The company repurchased 13.7 million shares at a cost of $600 million in the quarter.
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LONDON (MarketWatch) — SABMiller said comparable beer volumes fell 1.6% during the June-ending quarter on lower volumes in China and the moderation of consumer spending in some markets. Revenue growth at the producer of Miller and Peroni beers is “firm” and financial performance in the quarter was in line with the group’s expectations, although the challenging trading environment in South Africa impacted financial performance there.
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WASHINGTON (MarketWatch) — Tyco International Ltd. reported net income of $476 million, or 98 cents a share, for the third quarter ended June 27, a reversal from the prior year’s net loss of $3.55 billion, or $7.18 a share. Quarterly revenue generated by the provider of security and fire-protection services and manufacturer of industrial products reached $5.22 billion from $4.7 billion in the year-earlier period. Earnings from continuing operations came in at 41 cents a share, including one-time items amounting to 47 cents a share. The consensus estimate among 10 analysts surveyed by FactSet Research had been for a profit of 67 cents a share. Tyco International also raised its outlook for profit from continuing operations before special items to a range of $2.97 to $2.99 a share for fiscal 2008; analysts’ consensus stands at $2.75 a share.
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A cautious tone ahead of the release of the government’s estimate of U.S. second-quarter gross domestic product and a raft of earnings pressures stock index futures Thursday morning, pointing to a lower open for Wall Street.
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LONDON (MarketWatch) — Constellation Energy said its second-quarter net income rose to $171.5 million, or 96 cents a share, from $116.3 million, or 64 cents a share. On an adjusted basis, it earned $1.82 a share, compared to FactSet Research-compiled estimates of $1 a share. Rising commodity prices benefited strategies in power, natural gas and coal markets, the Baltimore company said. Constellation Energy reaffirmed earnings guidance for 2008 at $5.25 to $5.75 per share, and for 2009, the company expects to grow earnings 15% to 20%.
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