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2009-02-16T08:23:00.000-08:00

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British subsidies to 500 million pounds to help people's employment

2009-01-13T06:05:00.000-08:00

British Prime Minister Gordon Brown will launch 500 million pounds to assist employment schemes to encourage enterprises to recruit in order to reverse the 30 years the most serious recession brought about by rising unemployment.

The prime minister's office issued a statement, referring to Brown with the business sector and trade union leaders after a meeting yesterday announced the hiring and training of unemployed people in half a year or more employers, issuing £ 2500 as part of a plan to increase employment attributed to the fact that more than half a year of unemployment, due to technical and confidence in and increase their risk of long-term unemployment, it will take for them to set up a new security and extensive support programs.

Deterioration of the Great Depression, the unemployment rate

Brown in November last year raised 20 billion pounds plan to revive the economy, mainly tax concessions. Economics and Business Research Center, pointed out that the UK economy or the contraction of 2.9 percent, will create the biggest recession since 1980, in which the number of applications for unemployment benefits has increased to nearly 200 million, a record in November the number of unemployed since 1991 the largest increase, to 1860000.

Federation of British Industry said that the British banks and the financial industry may be laid off this season up to 15,000 people, to help the occasion of the sharp drop in business confidence to reduce costs, which means that if the Government does not plan to introduce in time employment assistance, labor market will be further deteriorated.

Brown said that Britain will do everything in its power to prevent the global recession to develop into global recession and unemployment to prevent short-term evolution of long-term unemployed. "Wall Street Journal" quoted people familiar with the situation said that Bank of England

Government's involvement in the possible establishment of a fund to allow enterprises to the stock exchange of the debt owed to banks, to prevent enterprises from bankruptcy caused by rising unemployment.

Ernst & Young accounting firm pointed out that by the Great Depression of the most serious recession since the impact of last year, UK companies issued profit figures for the police is to a maximum of 2001, an increase of 17% to 449, mainly from the services and retail trade, business days do not fare any better this year attributed to the fact that banks are reluctant to lend and trading partners into recession, the credit market freeze and the continued deterioration of confidence is expected next 12 months, continued to brave the stormy sea.

German government stake in financial hardship of large enterprises

In addition, the German government Monday will launch a 2-year total value of 50 billion euros to stimulate economic plans, Chancellor Angela Merkel's Christian Democratic Union-owned leader said that the Government had agreed to expand the corporate rescue scheme, shares in any winding-up due to the credit shortage faced by large enterprises , the measures include a total value of 100 billion euros in Germany Fund, issued credit guarantees to help cash-enterprise bond issues, investment company plans to expand the total value of 500 billion euros the German bank rescue fund to the overall economy.
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Big shot to buy the United States and MoroccoMeredith Citigroup to sell the future of self -

2009-01-13T06:03:00.000-08:00

All a long period of hours.

Citigroup tried to "downsizing" in order to raise funds, the latest sale was included in the list is the Group's Smith Barney brokerage business sector (Smith Barney).

"I did not sell the wishes of Smith Barney, I love this business." Month and a half ago in November 21, 2008, Citigroup CEO Vikram Pandit (Vikram Pandit) in the Board of Directors stance. That night, Citigroup shares fell to the lowest point in 15 years to 3.77 U.S. dollars, forcing Vikram Pandit once again to the U.S. Treasury Department for help. As of 21 the week, Citigroup stock has shrunk more than half, 21 closing price of 4.71 U.S. dollars, compared with September 2000 the highest value of 57.50 U.S. dollars have lost 92%.

Just entered in 2009, Pandit had also reneged on its promise to sell "non-sale," Smith Barney.

Last Friday, as the crisis in the war accused the former U.S. Treasury Secretary, Citigroup senior adviser Robert Rubin (Robert Rubin), announced his resignation after the Wall Street then came news that Citigroup and Morgan Stanley are (hereinafter referred to as "big Mount ") consultations, which plans to sell 51 percent of Smith Barney shares the right to sell their holdings.

Because I have been opposed to splitting Rubin Citigroup business, his departure would finally reached the deal to remove the obstacles. "Wall Street Journal" on the 12th, said the two sides could come as early as this week announced an agreement.

The deal represents a crisis of the past two opponents strategic transformation: Citigroup had to abandon the "financial supermarket" tradition, to smaller, more focused business model development; and have turned to bank holding companies Moreton such a move will make an important retail investment market.

Smith Barney trading

Smith Barney is Citigroup Global Financial Services, one of the two major components, the group is also a rare "health" of assets.

Citigroup's third-quarter financial results in 2008, even in the most severe financial crisis last year, 9 months ago, Smith Barney's earnings still maintained a growth rate of 2 percent year-over-year for the creation of Citigroup 7.938 billion U.S. dollars of income, in which global financial management business accounted for more than八成share. Throughout the year in 2007, Smith Barney 10.529 billion U.S. dollars income for the Group profit contribution rate after the U.S. credit card business and international retail banking business.

Even leaving Citigroup, Smith Barney itself in Wall Street history, also has a pivotal position.

Smith Barney is a global, full-service investment banking and securities brokerage firm. Its main predecessor was in 1873 in Philadelphia, Charles D. Barney set up a securities brokerage firm, and in 1892 Edward B. Smith in Philadelphia set up a securities company; Another important predecessor was the bond market has叱咤Salomon Brothers (Salomon Brothers Inc.). In 1997, these three companies merged to form Salomon Smith Barney Holdings Inc., under the Travelers Group, one year after the merger of Travelers Group and Citibank to form Citigroup today. In 2003, Citigroup would "Solomon" prefix from the company's name erased, leaving only the name Smith Barney.

On the 12th, "The Wall Street Journal" quoted unnamed sources as saying that Citigroup will pay big Moreton about 2.5 billion U.S. dollars, the acquisition of Smith Barney brokerage subsidiary of the two companies control 51% of the transaction the two sides will set up a company named Morgan Stanley Smith Barney (Morgan Stanley Smith Barney) joint venture, by the operator responsible for the management of Moldova. Great Moreton might 3 years after the holdings of shares, and in 5-6 years to hold all the shares.

Once the transaction is completed, the newly formed joint venture company will exceed the Bank of America became the world's largest brokerage firm, is expected to be about 22,000 brokers. Bank of America completed the acquisition of Merrill Lynch, has about 20,000 brokers.

Oppenheimer & Co analyst Meredith Whitney (Meredith Whitney) in the latest report of customer forecasts in the deal, Citigroup will receive large motorized 2-3 billion US dollars, after tax in accordance with the accounting rules, Citigroup will continue to receive from 5,000,000,000 to 6,000,000,000 US dollars of after-tax profit of capital.

Fox-Pitt Kelton analyst David Tronchet (David Trone) 1 on 9 interview that Moldova is likely to use large 700 billion U.S. dollars from the issue of asset relief plan (Troubled Asset Relief Program, TARP) obtained funding to pay for the deal.

Sell future

Citigroup's move to sell high-quality assets, exacerbated by the market condition of the assets of the Group of real concern.

"Fund remains the major challenges facing the United States, although we believe that the deal shortly to be able to ease the financial pressure, but only those most likely is not enough." Meredith Whitney that. She said that Citigroup Smith Barney to sell its shares, suggesting that the previous government a series of assistance and can not meet the needs of the world's largest banks.

2008, in the stock crash in November, Citigroup again obtained from the U.S. government assistance. November 24, led by the U.S. Treasury Department issued a joint statement that the U.S. government 700 billion U.S. dollars from the TARP plan to 20 billion U.S. dollars to fund the purchase of Citigroup shares, so that Citigroup accumulated from the TARP plan was 45 billion U.S. dollars capital injection. In addition, the U.S. government also said that Citigroup will be 306 billion U.S. dollars of the risk of loans and guarantee bonds.

Citigroup holds a large number of high-risk exposure to the financial crisis has suffered serious losses. KBW Bank Index, Citigroup became the worst performance for two consecutive years in the U.S. banking stocks.

In October 2008 announced third-quarter financial results, Citigroup quarter loss of 2.8 billion U.S. dollars, mainly because up to 61 billion U.S. dollars of property-related losses. Up to now, Citigroup has reported four consecutive quarterly losses, accumulated losses have exceeded 20 billion U.S. dollars.

"Citigroup not hesitate to sell their future to resolve the current financial problems, it is regrettable that they now do not have much choice." For the United States and the deal between Moreton, David Tronchet evaluation that he expected Smith Barney, worth about in the 15-20 billion U.S. dollars between.

In order to address funding pressures, Citigroup has announced plans to divest the four major assets, including its Global Services, the German retail banking business, as well as welfare services business CitiStreet, and Citigroup's technical services department, and said that there will be more similar to the sale of plan. In addition, Citigroup has come through layoffs and other cost reduction. December 5 last year, Citigroup's German retail banking business to 5.2 billion euros (about 6.6 billion U.S. dollars) sold to French bank Credit Mutuel-CIC, from four billion U.S. dollars trading income.

January 22, that is, Obama formally became the President of the United States two days later, Citigroup will release fourth quarter results, the market is expected that the Group will be released nearly 10 billion U.S. dollars for the huge losses. Germany to sell its retail banking profits in 2008 the year the Group will continue to hit 20 billion U.S. dollars more than "the worst annual loss."
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Deutsche Bank 9 years or the first loss of the securities sector deficit is 1.5 billion U.S. dollars

2009-01-13T06:00:00.000-08:00

2 According to informed sources, Deutsche Bank in the past quarter because of hedging transactions engaged in bonds and a loss of one billion U.S. dollars. In addition, the bank also suffered a 500 million U.S. dollars of stock. Analysts believe that Deutsche Bank may be a loss in the fourth quarter, which is Deutsche Bank Securities Sector 9 years for the first time showing a loss.

NetEase Financial inquiry: According to the U.S. Bloomberg News reported January 12, the two informed sources, Deutsche Bank in the past quarter because of hedging transactions engaged in bonds and a loss of one billion U.S. dollars. In addition, the bank also suffered a 500 million U.S. dollars of stock. Analysts believe that Deutsche Bank may be a loss in the fourth quarter, which is Deutsche Bank Securities Sector 9 years for the first time showing a loss.

Weak performance of the collective financial giant

Goldman Sachs, Morgan Stanley, JP Morgan Chase, Credit Suisse had a bad day for the same. Since the Lehman Brothers bankruptcy in September since four financial giants have suffered similar losses. In addition to Goldman Sachs, all the banks have declared they are to close a number of proprietary trading business. LBB Invest in Berlin asset manager Lutz - Meyer (Lutz Roehmeyer) said: "At present, the financial crisis has been brought to the Deutsche Bank have to shocks, the bank need to reduce the risk and reduce the size of transactions in order to adapt to the changing market conditions. "

In 2007, in addition to Goldman Sachs, the Deutsche Bank's trading debt than all the other banks higher. It is reported that Deutsche Bank's securities department 9 years may be a loss for the first time, reflecting the bank has not been able to deal with a very good market changes. While in the bank on February 5 before the publication of results, Jain refused to comment on the reports. Goldman Sachs and JP Morgan Chase and Deutsche Bank, together, are subject to the U.S. sub-loan market, as well as weak investment performance bond of at least 35 years to the worst, as well as the stock market's worst performance of the impact. Deutsche Bank CEO Ackermann (Josef Ackermann) at the end of last year, 12 said that its wrong to estimate the severity of this crisis. Diamond, CEO of JP Morgan Chase (Jamie Dimon) pointed out pointed out that the business of trading, the 11 and in December is very terrible.

Since 2008, Goldman Sachs has become the world's most profitable securities firms, but the fourth quarter still suffered the loss of 2.1 billion U.S. dollars. It is worth mentioning is that this is its listing since 1999 for the first time since the loss. In addition, the company's fixed income, currency and commodity sector a loss of 3.4 billion U.S. dollars, reflecting its is faced with a difficult trading environment.

Difficult difficult environment

Switzerland's second-largest bank Credit Suisse (Credit Suisse) in December 4, 2008 said that the previous two months, about 2.7 billion U.S. dollars to suffer losses, their will be laid off 5,300 people. In addition, the bank in October last year and in November the same suffered not a small pre-tax loss of income. According to Bloomberg News by the aggregate data, the world's largest banks and brokerage firms have suffered more than 1 trillion U.S. dollars of assets as well as the reduction of credit losses. Since the beginning of 2007, such cases are forced to finance its 946 billion U.S. dollars.

Deutsche Bank co-head of global credit trading by the end of 2008 in Boaz Weinstein sector losses will leave. 35-year-old Weinstein plans to take away 15 colleagues, the second quarter of his company will set up a hedge fund. Deutsche Bank global credit trading, another supervisor, also his partner Colin Fan also to join his company. People familiar with the situation on December 12 has pointed out that Lehman Brothers in September after the bankruptcy, Weinstein operation exchange credit default (CDS) contracts for the bond hedge, resulting in loss of one billion U.S. dollars, while the Weinstein has worked in Deutsche Bank for 11 years. Merck Finck & Co. Analyst Konrad Becker said Deutsche Bank intends to reduce the risk of self-Ministry is the main reason, it is reasonable to leave Weinstein.

In addition, Credit Suisse said its investment in complex products and will give up some proprietary trading (proprietary trading). JPMorgan Chase Bank analyst Kian Abouhossein said: "The current environment, everyone is under pressure, almost no one can avoid losses. Deutsche Bank the situation is relatively good, but in response to the current market uncertainty, the Bank financing may also be very large scale. "

By the assets by taking into account the impact of reduced transaction volume in 2008, before the nine months, Jain, Deutsche Bank earned only help all of its revenue 28 percent, while the figure in 2007 was as high as 54%. In 2008 the first three quarters, the consumer banking sector is the line in all sectors of the most profitable sector. In addition, foreign exchange and commodity trading to some extent make up for the Deutsche Bank in structured products revenue losses.

At present, Jain is working with several other bank executives to work together to give up their year-end bonuses. According to sources, Jain's global market sector plans 900 job cuts, the total number of employees by 15%. Merck Finck & Co. Companies in Munich analyst Konrad Becker (Konrad Becker) said: "In the past, when Jain department is the most profitable. In our view, he is the CEO of Deutsche Bank the next candidate. "further deepen the financial crisis could force Deutsche Bank to obtain from the investor more money, so Becker recommends selling shares of Deutsche Bank.

Transaction risk

According to Morgan Stanley (Morgan Stanley) banking analyst Van Steenis (Huw van Steenis) 12 dated 16 that, in spite of Goldman Sachs has the world's largest mergers and acquisitions advisory business, but Deutsche Bank's leverage ratio than Goldman Sachs Group more than twice, but also far higher than is located in London, Barclays Bank.

Third quarter of last year, due to intensified global economic recession, the risk increased, large-scale integrated-type financial institutions are facing the prospect of enormous pressure, Standard & Poor's Ratings Services (Standard & Poor's Ratings Services) lower than the United States and the European Bank's credit rating Deutsche Bank ranked one.

Van Steenis said: "We recognize that Deutsche Bank has its own good financial team, and the bank's risk management should be significantly better than many other banks. But it is not the usual time, is now such a serious credit crunch, credit market liquidity serious disruption to the flow, small-scale high-cost credit requirements, although more, but for the Deutsche Bank, such as large financial groups and there is not much benefit. On the contrary, we believe that the cost of diluting the risk remains high. "

Van Steenis said in London, Deutsche Bank, he predicted will increase by at least 6.5 billion euros the amount of capital injection, but the bank is likely to cut shareholder dividend income to improve their own balance sheet situation. This projection has great credibility. Van Steenis forecast with JPMorgan Chase Bank analyst Kian Abouhossein previous forecast made by the same amount of money. Kian Abouhossein, said: "Under the current circumstances, all the assets in the event of the diminution in value of the risks, the risks and therefore almost impossible to avoid." He also said: "Deutsche Bank's situation is relatively good, but in response to the current market uncertainty , the bank's financing may also be very large scale. "

Kian Abouhossein that Deutsche Bank's stock price changes can not indicate to the problems. But in 2008, Deutsche Bank in Frankfurt trading market share prices have fallen more than 69%, which is what investors obviously not good news, investors sold the bank's retaliatory in turn, will inevitably result in Deutsche Bank's market value has shrunk sharply . So far, Deutsche Bank's market value was only 13.9 billion euros poor.

Capital requirements

Deutsche Bank CEO Ackermann (Josef Ackermann) in November 12, 2008 made it clear that Deutsche Bank does not require government financial aid. He claimed that Deutsche Bank can fully rely on the internal self-rescue measures, such as the sale of company stock, the issuance of new corporate bonds. According to an informed source said last week, until now, Deutsche Bank does not accept government assistance plan also nothing has changed.

Germany's second-largest bank - Germany's commercial banks (Commerzbank AG) chief executive Martin - Blaesing (Martin Blessing) said that the German commercial banks would study carefully the government package of rescue package in order to determine "whether the plan to the line constitutes a practical significance, and then be taken into account. " January 9, the company announced the second phase of the Government grants have all到账a total of 10 euros, which the company will account for 25 percent of the total market value.

Although Deutsche Bank declined to accept government assistance, but that does not mean that the bank's financial situation is not without any problems. The bank December 17 aimed at the adoption of a cash fund programs involve a total sum of 10 euros, which shows that the banks have also resulted in a serious financial crisis. In view of people's doubts, Deutsche Bank made a clear response: "to make this decision because the replacement cost of funds to increase rapidly." Sanford Bernstein analyst Dirk - Hoffman - Menachem Begin (Dirk Hoffmann-Becking) pointed out that the : Deutsche Bank is seeking all possible ways to prevent the cost of capital growth.

Favorable accounting standards

According to the statistics show Abouhossein: Deutsche Bank in 2008 by total assets of the whole year is obviously much less than many U.S. banks, but also lower than the two rival UBS of Switzerland and Credit Suisse. According to statements by the end of 2008 third quarter showed that benefit from the new accounting standards by bringing the assets of reduction, the bank the third quarter of 435 million euros profit. Quarterly Bulletin revealed that the key to profits accounting rules change, which makes the bank the third quarter of assets decreased by 845 million euros, for a total of 1.2 billion euros to mention, by Assets of assets, including leveraged buyout loans, housing mortgage-backed securities and bonds and commercial real estate. Since last year, Deutsche Bank cut the total assets of 8.5 billion euros. Deutsche Bank's investment banking sector for the third quarter pre-tax loss of 789 million euros for the third consecutive quarter showing a loss. And before the once considered a stable business in the retail banking sector, asset management and global transaction banking sector pre-tax profit from the same period last year 832 million euros to 449 million euros decline.

Consumer banking business

Ackerman, president of Deutsche Bank in December 29 last year to accept a television interview that he completely failed to properly estimate the extent of the damage the financial crisis, but his quick recovery in financial markets have high confidence, the situation is expected to good changes will soon occur. But it was not until Lehman Brothers came tumbling down, the financial experts view of the financial markets should be changed. He said: "Until then I was well aware that this so bad."

Ackerman has been on the financial crisis, declined to comment, but rather focus on how to expand the Bank's business. He bought shares of Deutsche Post 30% stake in the company. Deutsche Post AG owns Germany's largest consumer banking business through the acquisition Ackerman plans to improve its private clients and corporate customer base.

Credit rating has been falling

Because of the financial market situation is too grim, Deutsche Bank's credit ratings have suffered a corresponding reduction. December 19 last year, Standard & Poor's ratings will be Deutsche Bank lowered to AA-from A +. The well-known rating agency, said Deutsche Bank in 2008 fiscal year can not be optimistic about Q4 Quarterly Bulletin, and by the market impact of the larger environment, and its level of profitability in 2009 will also be more in 2007 the level has dropped significantly. In a Bloomberg News survey of 43 analysts, only less than one-third think that investors should buy shares of Deutsche Bank. Correspondingly, more than 40% of the analysts recommended the purchase of UBS and Credit Suisse shares
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German Finance Minister: Bank mergers and acquisitions benefit the German economy

2009-01-10T10:43:00.000-08:00

German Finance Minister Peer Steinbrueck said the German Dresdner Bank mergers and acquisitions of commercial banks the benefit of the German economy, to strengthen Germany as a financial center.

German Finance Minister Peer Steinbrueck (Peer Steinbrueck) said that the German commercial banks (Commerzbank AG) acquisition of Allianz Insurance Group (Allianz SE)'s Dresdner Bank (Dresdner Bank) will help strengthen Germany as a financial center.

German Finance Ministry spokesman Torsten Albig said Steinbrueck said, "This is beneficial to the German economy", the German government of Germany's Commerzbank Dresdner Bank M & A transactions is not political bias.

German Deputy Finance Minister Joerg Asmussen said the deal is "progress in the right direction."

German commercial banks after the acquisition of Dresdner Bank, and its retail customers in Germany will be doubled to 11 million, more than Deutsche Bank (Deutsche Bank) of 9,700,000.

Germany, Mr Michael Meister said that the German commercial banks and Dresdner Bank M & A will become the second largest bank in Germany, "I congratulate all the relevant groups."

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Hot Germany to buy China stocks

2009-01-10T10:32:00.000-08:00

"In recent years, Germany's major stock exchanges are actively investing in China stocks. Currently in Germany Exchange listing more than 350 Chinese enterprises, the monthly volume of transactions reached about 500 million euros." In an interview with our reporter , the German stock exchange in Chinadepartment, said: "China concept stocks in Germany's stock market is thriving."

Ten funds name "China"

Reporter in the interview that, especially this year in March and July, two Chinese companies in the German Stock Exchange, achieved a listing of Chinese enterprises in Germany breakthrough.

In July this year from China and Germany refuse incineration technology company, its shares in the July 6 public offering before won 13 times over-subscribed. Company stock reached 23 times, far outstripping the German stock market average of 12 times earnings. The Company's shares are issued at a price of 26 euros per share, after the listing of shares once reached 37.39 euros, or more than 40%.

Dr.said that the Chinese stock market value of nearly 5 years, an increase of 5 times. China Mobile, China Telecom, as well as finance, real estate and retail areas such as the rapid growth of Chinese stock. For example, the recent Chinese stock molybdenum particularly popular, an increase of 11.11 percent a week.

At the same time, Germany's major stock exchanges also step up the issuance of China Concept Fund, now has more than 10 can engage in business in China Fund, a total of four billion euros operating funds. In the past 12 months of value-added scale, the top 10 are Chinese funds dominate the world, the rate of return are more than 100%: Schroder ISF three Chinese fund to 144.95 percent, 143.26 percent, 141.80 percent of the value-added swept the top three; Robeco Chinese funds to increase the value of 136.10% fourth; JP Morgen Fund JF China to increase the value of 131.70 percent ranked fifth.

It is reported that Germany's China Concept Fund purchased shares of Chinese enterprises. For example, in China Fund Schroder ISF, China Mobile, China Life, China Construction Bank on several pre-occupied. Person in charge of the Fund, Dr. Wolfgang told reporters that "We are the field of infrastructure such as railways and heavy machinery manufacturing industry is also very interested in the stock." In his view, the Chinese Government is to increase input in these areas will be promoted in these areas upward march.
"Invest in China" into the pet phrase of shareholders

This reporter has learned that the Chinese concept of good stock and fund returns, so that German investors on the Shanghai attention far beyond the concerns of Wall Street. Berlin stock Nangarhar, told reporters in Berlin before he time 22:00 and remain vigilant, because then it is the New York Stock Exchange closing time, from where information will be reported the next day and the trend of the stock market has a major reference value. The situation has changed now, he can sleep a quiet night sleep, because Berlin time 78 o'clock in the morning is the Shanghai stock market closing time.

Nangarhar, told reporters that over the past 5 years, the prosperity of the German stock market to a large extent, dependent on "Made in China." Although the German population a more conservative investment structure, but they are still not on the new growth centers from around the world signal of indifference. "Investment in China" has become a pet phrase of the German shareholders.

Frankfurt stock Ms. Louisa told reporters that "In the past, my main concept of investment funds in Japan, but the unsatisfactory performance of these funds. We had overlooked the Chinese market, but still strong upward, so I put 'Po' the concept of charge in China the fund. "Louisa said that the Chinese concept of the Fund brought her the excess return, the investment for two years, revenue has increased 2.5 times. Munich shareholderstold reporters that he also bought shares in China. Optimistic about its prospects for him, because China's economy to strong growth in long-term, Chinese enterprises will continue to grow.

It is worth mentioning that China's stock and the Fund has also become Germany's major banks securities advisers to the younger customers preferred proposal. German "Handelsblatt" commented that, 5 years, the Chinese concept stocks and funds will be like "Made in China", as every German investors in the hands of a "trump card."

Hope that more Chinese companies listed in Germany

China's stock and fund investors in Germany in the wave of popularity, as well as from New York, London and other places peer competition, the major stock exchanges to Germany turned its eyes to China. Dr.said: "In 2007, only Germany Exchange market in China has held more than 20 times to promote activities, carefully selected the 30 Chinese enterprises in Germany, and organized a response to China's enterprises Capital Market Forum." This is 400-year history of the German Stock Exchange the first time to look to China. China has become German Exchange in addition to the European market, the growth of key development market. Deutsche Boerse also plans to open representative offices in China.

This reporter has learned that the German Stock Exchange for this purpose also the joint more than 30 investment banks, law firms, auditors and accounting firms and so on, formed a strong "China experts" team. Internal Exchange in Germany, set up a special responsibility for the activities of Chinese companies listed on the department, at the same time employed in Germany than in the relevant Chinese departments. The main goal is to attract Chinese SMEs to come to market.

Dr.told reporters that the current German stock market's main goal is to attract Chinese SMEs to come to market. Germany Exchange, Berlin Stock Exchange and a number of investment banks have made it clear that compared with the Nasdaq and other markets, the German stock market financing and low cost, simplicity, and therefore more attractive to small and medium enterprises in China. "We hope for China's SMEs to open up the German market to provide financing services." At the same time, Germany also hopes to attract Chinese investors to directly invest in the stock market in Germany. Because the euro's appreciation vis-à-vis their U.S. dollar assets more hedge function.

Dr.pointed out that the Chinese enterprises, listed in Germany can be greater visibility and prestige, the concerns of analysts to get more access to capital to support the euro currency. In addition, machinery, automobile, chemical and other industries as the main force of the German stock market, many domestic small and medium-sized traditional manufacturing enterprises attractive.

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A British futures operator instead of the confession - investment skillsa

2009-01-10T09:41:00.000-08:00

Hailun the first year, I paid more than 60,000 pounds, I learned what?

I was in London futures market in the first year, as an independent operator instead the scene, I traded the 8804 British stock index futures contracts, a daily average of about 40 contracts.

The result is I have lost 61,620 pounds - an average of each trading day loss of 267 pounds. I have 55% of time is to make money, those days a daily average of 1009 pounds to earn profits. And other money-losing day, I average daily loss of 1780 pounds. My income is up to 8730 pounds a day, and I am the biggest loss of 22,426 pounds a day is lost. Thus, you can imagine out, then it is very difficult when I am.

I have been working hard to find how it can be profitable and stable way. But the stability seems to be the most difficult to achieve. As you see, I have the successful experience of making money, but I failed my suffocation. It seems every time one or two weeks time, I earned about £ 6000 after a few days, I would have lost all the proceeds, and even more money, about a few thousand pounds.

At that time, I am very dissatisfied with its performance and therefore do not want to spend time to analyze. If I do an analysis, I would have found that during that time, I avoid it as long as ten days of losses, I can reach the end of a small amount of profit, rather than a loss of 61,620 pounds in 10 days I lost £ 90,169!

During that time the last days, I feel very lost and irritability. I decided to withdraw from the battlefield hailun find a more stable and reliable work.

But only a few weeks, I gave up the idea of no longer hailun, has returned to the trading market. I found that I have become a stable profit operator instead of the success of the talent, I think I need some sponsorship.

I hope someone can help me no longer have those great days of losses, these losses so that the economic situation, I tend to collapse.

I have contacted a company, the company is willing to support some background operator instead, they agreed to lend me £ 20,000 start-up funding. We have six, four are divided into. I promise to be the daily loss of control in less than 500 pounds.

If one day I reached a loss of 500 pounds, the company's site manager would come and ask me to go home. Only the third day, I lost about 500 pounds, but nothing happened, no one to tell me to stop the transaction.

I feel very foolish, but in the remaining days of the week I will continue trading, while avoiding contact with the manager. That in the next Monday (the loss of the week reached a total of about 6000 pounds), I was told to and I charge as per signed agreements to meet (in the last week, he happened to travel a).

I thought he would have to cease our contract. However, I was surprised, he told me that I can trust is very important.

He said he needs to know, when the market is unstable, he can rest assured that I will not be backing a huge loss. He suggested that I clean slate. Needless to say, I am pleased and grateful to him.

In this way, I also returned to the Market Hall. That morning, I am determined to loss of control in less than 500 pounds. The next two weeks, has become my career, the most difficult and the most valuable period. When to stop losing money in my hand is a very difficult thing.

  I realized that I suffered a great loss to the past, the root cause lies in the fact that I do not accept the result of a loss. For me, a loss is unacceptable.

It is precisely because I do not want to accept the loss, I have a loss of 10 days straight. But as time goes on, although I continue to the loss of 500 pounds a day, I found my emotions started to get better.

In fact, I began to feel a loss of nothing, as long as it is in my limits. In this past 10 days later, a miracle occurred, I started a profit.

My goal is to earn £ 2000 per day, and then not more than 20% of which lost money back. So, when I began to profit when earned 800-2000 pounds per day, with an average of about 1200 pounds a day. I not only started to profit, and after another 15 days are, three weeks without any loss!

This marks a new chapter in my career hailun start. Recalling the past, I think I was in hailun fear, fear I really was a loser.

  that two weeks in harsh and strictly control the loss of the established limits, let me re-evaluate myself. I started to control the loss of both good and feel good about the bottom line up. Previously, as long as my loss, and emotional on the poor; now, only when losses exceeded my limit, I will feel bad. Ago, I never knew I would earn £ 2000, or loss of £ 5000; now, the worst result was a loss of 500 pounds, but it's no big deal.

I began to note that the loss has been controlled within the scope of my permit, which is a symbol of the ability. Enhanced my self-confidence. Looking back at my first year hailun losses, if I strictly limit my losses in the 500 pounds a day, then a loss of 61,620 pounds may be turned into a profit of £ 63,525.

Not only this, I would like in that period, if I had been a loss of control in my floor, I can be more self-confidence, I will be more profitable some day.

Absolute fear win, if we are afraid, it is the fear of what in the end?

"Our biggest fear is not their own lack of capacity, but underestimate their own. Very often, our potential power, rather than intimidated by its own darkness. We ask ourselves:

  "how could I so talented, unlimited scenery?" In fact, why do we not? You are God's children. Your self-defiance of the world is not useful. Belittle their own, making around other people will not feel uneasy, and this can not be regarded as a wise choice. We should be a glorious God-given emitted is not that we in some people, but everyone. When we let ourselves shine when inadvertently also encourages others to do so. When we freed from the fear, we should also automatically release the others. "- Nelson - Mandurah

  Whatever the root causes of our fears, to become a successful operator instead, we must build up self-confidence and overcome fear. To believe they can take the best course of action.

When we go with the psychological fear hailun, we fear it will give us so that we can take action losses. The question is how to create an unshakable confidence?

We believe that we have confidence in themselves and others, the process is similar. If others can always do that, we can believe him. Similarly, we more and more loyal to their own to become a successful operator instead of the goal, always as good as its word to comply with our plans and Trader, then will be able to trust themselves.

This sounds somewhat ambiguous, if you like, as I did not control themselves, then you how to take the correct action to build up self-confidence?

To some extent, I was lucky, I understand I have no way out, if I am more than bottom line, I will be expelled from the game. Therefore, I have to control their own. I do so the results, making me the opportunity to confront his fears, and ultimately become a loser out of fear.

From one out-and-out total in the loss to the operator instead of a stable profitable operator instead, we need to set some of which can be expected to goal.

  my original question is for those who lost a small loss into a big day, therefore, to limit the losses at the end of 500 pounds to stop the transaction at the time was a goal I am very appropriate.

For others, the first problem may be hailun can not take action in the decisive attack. We can do such a practice:

  a hailun simple system, set such a goal, when hailun trading system gives a signal, immediately without hesitation to take action, no matter how hesitant in their own hearts.

We need an   a hailun to develop their own skills. When we can be confident that we can control the loss of time, we have trained themselves hailun instruction skills.

  Then we re-training skills to increase profitability, and so on.

Like tennis star, as they are not alone to participate in the competition became a star, they are practicing a market a wide range of skills training, in the whole career to keep on training their own. As an operator instead, we have to clarify their own the necessary skills, and then concentrate on them one by one to do for training.

Tennis does not expect a rookie to start playing will be able to win the game, they know they first have to spend quite some time to learn and practice.

  Trader in the financial markets, such as playing tennis, the need for skills. These corresponding skills through continuous learning, training, can eventually grasp.
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Zhuang Unit Sit Zhuang Mold Style Exploration Peru

2009-01-10T09:24:00.000-08:00

Quest modeZhuang Unit Sit Zhuang

China's securities market a short span of ten years of history, foughtZhuang Unit: From the end of 2000 in Section venture staged high-profile diving, tohundred shares of the stock market "myth" burst and then collapse Delong Department. China's stock market fell one group after another ofZhuang Unit.

What is "Zhuang Unit"? By convention that concentrate chips, the small number of shareholders, and the per capita ownership of even a large quantity ofZhuang Unit. Typically, chip control at least 30 percent, the supercan even get more than 90%. The industry believes that the "Zhuang Unit" has the following characteristics: First, the trend of long-term see-saw, a small amplitude. Second, although the event has not been bad against shares plummeted; III commissioned to buy, the price gap between Venezuela to sell large, erratic and so on.

Zhuang Unit Sit Zhuangfour phases

AnalysisZhuang UnittheZhuang Unitmode of their life cycle, either through the following cycle.

The first stage: SelectZhuang Unitobject. This is often a bearing on the success or failure ofZhuang Unitbecause only select the right object, will have to follow the trend in order to maximize the ship to ensure the smooth.

The second phase: the collection of chips. Makers often in the market not to be optimistic about when to bargain hunting, the most typical way is to release bad news listed companies, stock prices fell sharply after the beginning to absorb.

Phase III: volume and, boost. The collection of chipsZhuang Unittechnical characteristics of the largest trading volume is continuing to enlarge, because the only way to illustrate the approach outside the capital. Makers generalsubsequently started, because many small and medium-sized investors are well versed in technical analysis, will follow the trend of bold intervention, it will chooseMakers. ThisZhuang Unitoften to see the early start.

Phase IV: shipments. Technical form of the main shippingas follows: First,hot plate, the high volume to form a single needle Department of stagflation; Second, after the heavy use of ex-dividendposture assumed to follow the trend to attract the market, shippingway. Third, innovative shipping speculators approach, that is first in the high to pull down a platform, or to suppress a section of space, and then make up a breakthrough or even another record high, to attract small and medium investors to follow the trend.

DivingZhuang Unitreasons

Strand breaks of funds is a fatal divingZhuang Unitlinks. Ultimately, the funds not be able to escape the declineZhuang Unitstrand break the deadly link. In 2001, the 2002 disaster areZhuang Unityears, many stocks in December 2001 before and after the concentration and tragic diving, mainly because stock prices are leading to significantly shrink face tight funding, a large number of funds Makers strand breaks, in some of the main also has been financing side of the stop-loss operation, then diving deep reflection of the collective fundsZhuang Unitstrand breaks to bring about a fatal blow. Of course, lead to capital-strand break numerous reasons, but the result is the same: stock avalanche.

The securities industry and industry-wide losses can be directly attributed to a large extent "" Therefore, the industry will never have announced, Does this mean thatZhuang Unitera coming to an end? Analysts believe that unspeakable optimistic. With the era after the share reform is approaching, whenZhuang Unitcontrol at any time may become the subject of the transaction, theZhuang Uniton a new mobility. Private Equity Fund in the legal status, the concentration of investment patterns will also become a stock market, an option can not be ignored. Therefore, in the post-stock reform of the institutions game era, did not rule out speculationZhuang Unitwill come back from the dead or the emergence of "newZhuang Unit" possible.

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Actual sum up the Super 10 strokes short-term stock market

2009-01-10T09:21:00.001-08:00

Actual sum up the Super 10 strokes short-term stock market

The so-called super-short-term, the same day the same day to buy or sell today, tomorrow to buy it to sell the image of a portrayal of the election principle of super-short stocks is to choose a strong stock market, leading shares, do not consider ultra-short-term stock's fundamentals, which is a purely technical analysis. How to play good ultra-short-term, I summed up the 10 strokes, purely individual stocks over the past few years experience, do not have to rely too much, otherwise I will be quite a responsibility, not to ignore, and if so, thebut your money, nonsense at least, listed as follows:

First, have a sharp market insights and adequate time.

Second, to the timely detection of the market where short-term hot spots, in fact, a minority of the total stock market trend to ignore out of outstanding short-term market, at the same time bring the whole plate. We short-term operation of the object is to choose this type of market there is widespread concern that most people still dare not hesitate to intervene in the stock.

Third, in the hot plate in time for the selection of stocks must be involved in the trend of most leading shares, rather than security considerations for the funds to participate inor follow the trend of the stock.

Fourth, from a technical analysis, ultra-short-term candidate shares must be on the 5th line up and have a certain slope of the only consideration, the timing of buying in the medium-and long-阳线heavy volume after a new high on the 5th linemeasureless time to stabilize. But sometimes encountered heavy volume for the stock soaring, especially in low volume stocks up, the next day than to enlarge it several times and even dozens of times canapproach, such as the first half of the chlor-alkali chemical, Xinlian shares Wujiang electricity. There when you hold a stock only at the end of the warehouses have been encountered by the bulldozers, the trend has just started, then I can safely do to intervene "T +0", but not expected in the afternoon can be reached before the close of trading on the stock price of illusion , the fact has given us too many lessons, such as the recent Chongqing Department Store, Qilu Software, Ling Bridge shares of Qualcomm Holdings, etc. -slightly, it will fall into the trap! (Source: Learning Network shares http://www.8% gp8.cn)

Five, ultra-short-term operation is most important to set the stop-loss point, it is necessary to bear in mind that short-term speculation, and speculation of failure is necessary to have the courage to stop out, this is iron discipline.

Sixth, to do more to set up super-short-term target, in principle, to earn three points, or 5.1, 3% or 5% of the profits out, the plot could become little more than them! If the red K-line in your eyes become the indefinite extension of the gold, when it is most in need out of your time.

7, super short-term out of principle is reversed as soon as stocks rise on out below on the 5th line or share price is less than two days before (2-day average follow-ping) or the first three days (three days average follow-ping) when the closing price run, this is a better approach. If you wanted to run in a better price point can be identified earlier on-line form of the less than satisfactory circumstances, in line after 30 minutes to 30 minutes below average for 10 out signal.

8, once you select a super-short stocks, they should be in accordance with the schedule determined to do, are now able to elect a lot of good stocks, but in the end he did not operate. We are doing more time for decision prior to believe their own more refined and systematic analysis, and not let the newspapers and Web site so-called casualwill force you!

9, you are interested to be an ultra-short-term master it?

Please play strictly by the above-mentioned operation and sent you this paragraph:

Once done right - make a lot of money are not allowed to watch,

Got it just about right - the smallest loss

Not be allowed to see, do not - suffered heavy losses

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Once, done something wrong - does not make a lot of money

10, super short-term players should keep their short positions, so if the Department Shou-son dynamic, such as rabbits off. Do not make moves have been, the newspaper is!

Shaken British stock market panic in the tense days of fall

2009-01-09T05:20:00.000-08:00

In the United States meeting in accordance with the crisis caused by the global financial turmoil, the United Kingdom shares plummeted over the past few days, the market panic tension. At the same time, the United Kingdom inflation surge in consumer prices rise, the parties to forecast the British economy will accelerate the recession, the negative atmosphere.

According to the Hong Kong Ta Kung Pao reported that the Bank of England to the market Monday put five billion pounds after the issuance of 20 billion again Tuesday to rescue the market. However, the British Financial Times index is still down 178 points Tuesday, dropped to the lowest level in three years. Today in the U.S. insurance group AIG, under an emergency, even though the U.S. government to take action to rescue the market, British shares were still trading down.

Tuesday the major British banking stocks were down in an emergency, in which Britain's largest mortgage bank HBOS's share price fall was 34 percent, and closed down 22 percent. Britain's largest real estate lending bank Xiali fass Jie Housing Agency is under the bank HBOS, with 20 percent of the United Kingdom revealed Housing loans, more than 2000 million borrowing customers. Opening on the 17th, while Britain has other banking stocks rebounded, but first and HBOS shares fell again 8:00.

Royal Bank of Scotland and the British National Westminster bank HBOS also belong to the same group, following the stock market Tuesday fell 10 percent after the market opened on the 17th also picked up again at the end.

U.S. bank Lehman Brothers in London, the City has over 5,000 employees, most of these people suddenly find themselves unemployed Tuesday. Market analysis pointed out that the U.S. is not the end of times by the storm, the estimated number of unemployed recent financial city will be close to 8-1000, their average annual salary of about 60,000 pounds, to the recent recession significantly reduced the British economy has a direct blow to the market Worse confidence.

Britain on the 17th China Federation of Trade Unions predicted that a year after Britain's long-term unemployment will be doubled. British unemployment rate currently at 5.4 percent level, to the end of next year is expected to more than one year will reach more than 700,000 unemployed people across the country the number of unemployed will rise to two million.

Tuesday released British inflation reached 4.7 percent, with 2 percent set by the official annual inflation rate vary Tatsu, at the highest level in 16 years. Bank of England this week sent a letter to British finance minister, warned that consumer prices soared as a result of the United Kingdom, the inflation rate may rise to 5%.

The latest UK inflation up to 14.5 percent of food, fuel price increases this year, nearly 28 percent, the user growth of 18 percent of electricity charges. Economic experts here have said that Britain is facing a 16-year life of the fastest growth since the consumer price index and an economic recession significant performance.

Real estate figures released this week also showed that, in the past one quarter of the sale of the National Housing rates are the lowest level in 30 years. Times by the crisis in the United States under the influence of the past six months, the United Kingdom very tight housing loans, the British property prices over the past four months consecutive decline.

350 in the British investigation of large enterprises, there are 2 / 3 of people believe that the financial credit crisis yet to come, and be prepared to face even worse prospect of even worse. A few days ago, the British entrepreneurs also warned that Britain is entering a more serious than expected economic recession, more severe credit crunch and financial crisis has not truly emerged.
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Volume of trading is honest

2009-01-09T05:12:00.000-08:00

There is an old saying in the stock market: "the ever-changing technical indicators, trading volume is honest." It can be said that the size of turnover, directly indicates that the market Pupil both sides of the market in a moment the technical form of the ultimate degree of recognition. Here, the author of two kinds of comparisons on the typical scenario for some analysis.

1, moderate volume. This refers to a stock's trading volume remains in the doldrums in the early stage after the sudden appearance of a similar "Yamagata" moderate volume for the same shape. This volume form, known as the "quantity heap." Stocks appear at the bottom of the "quantity heap" phenomenon, the general can prove their strength in the intervention funds. But this does not mean investors will be able to intervene immediately, the general stock at the bottom after the emergence of a moderate volume, stock prices will rise with the volume, the volume of shares will be reduced when adjusted appropriately. Such adjustments are no fixed time model, at least 10 days while more than a few months, so at this time investors must bargain buying in batches, and in support of the reasons for buying has not been proved to be wrong, there enough patience to wait. Need to pay attention to is that when stock prices rose moderately heavy volume after the adjustment should not be lower than its previous low volume, because the adjustment, if lower than the main Jiancang cost areas, at least the market sell-off was also a great possibility of having to adjust higher.

2, sudden massive release. Analysis of such trends, it should be divided into several different cases to treat. Generally speaking, put up the process of multi-volume usually indicates the strength of the use of depleted, market outlook will be very difficult to continue to rise. The massive drop in the process of generalmostly concentrate on the last release, having the possibility to continue the deep or small, short-term rebound may be in front of the. Another contrarian situation is a big bang, a shout in the market when the sound of heavy air upside, resulting in a very eye-catching effects. Such stocks often have only 12 days of the market, then instead of accelerating the decline in the volume of many investors to follow up on that day goes to Colin Montgomerie, was locked.

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Stock should pay attention to the nine factors - stock pickers sea

2009-01-09T05:08:00.000-08:00

From the medium and long-term point of view, the current stock market is still in the bottom of the region, in the stock when the need to pay attention to the following factors:

1. Select prices have been far below its historical transaction-intensive areas and the recent hold-up disk-intensive areas of stocks traded.

2. Select experienced a period of deep rate cut, prices on the 30th to stay away from the average line, deviate from the rate of deviation of the larger stocks.

3. In the course of the actual operation should pay attention to the cost of the distribution of mobile reference, when the cost of distribution of mobile disk profit of less than 3%, to the Unit as a priority concern.

4. "When re-up power, or when the quality." In a bear market or just to the end of the bull market transformation period, the stock should be concerned about the stock performance is fine, whether the fundamentals such as growth factors.

5. Select stocks with rich subject matter, such as: a high proportion of sub-themes to send to the new small-cap stocks.

6. Through technical indicators of stock, it can not just choose on-line indicator of the success of the stock bottom, and choose to focus on line indicators and weekly indicators, indicators of sync bottom line on the success of the stock, these stocks are often built at the bottom When the bottom of the historic.

7. From the volume analysis, stock prices bottomed out on the eve of turnover often remains in the doldrums, when the occasion of the general trend of stable, they have to change the basis of disk, choose a moderate turnover enlarged active species.

8. From the morphological analysis, in the bottom of the region to choose a long-term downturn to build a long time at the bottom of the form, shape uncertain stocks.

9. From the stock trend analysis, at the bottom of the market in the region, we should pay special attention to stocks in the leading indicator for the market to stabilize before the first start in the market, the first volume in the stock market should closely follow the observations, the next hot market in the mainstream tend to rise in such stocks.

It is worth noting: In the bottom of the regional stock to buy when they skillfully applied the contrary theory, stock analysts have repeatedly stressed at the bottom and most investors are often recognized at the bottom of just at the bottom of a stage, when not entirely Mancang orintervention, but also pay attention to timely profits. For example: the market in 2001 recognized the policy at the end of 1500 points. Only when the market has not easily made at the end or the majority of investors are afraid to hunters, the real strategic Jiancang suited to be the advent of the bottom.
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If you buy on a regular or a sell recommendation on the up coming to look at

2009-01-09T04:51:00.000-08:00

Many novice investors friends often face such confusion in their hands stocks, often bought on or a sell on the rise. . . It seems the main staring at their own operation on the same! This is how to avoid, I have a few points below the view and operation of the proposed (simple):
To avoid a buy or not to operate on the following stocks:
1, to avoid pre-operation or too large variety of species such as the operation, and newcomers easy to commit large directional errors, the most damaging. How specific perspective, to open K-line movements, to observe the trend of the stock at what price from the start, after more than a long time. . .need ashould not be confined to a range of vision. Or too much stock, and newcomers not to memorable and greedy! (I myself have never read of such shares) the wrong direction, I am not guilty!
2, short-term or too fast, stock prices on the 5th from the average, high, average and prices in between the formation of a lot of space, do not buy a short-term, will face a short-term buy callback.
3, short-term or too fast, driven up prices rapidly on the 5th Move fast moving average, 5 and 10, between the average large open area at this time to buy, also occur on or buy a phenomenon.
4, the stock started to go downward after reaching a certain decline in the price range of the start of a consolidation, we should not think in the end stock price, and often fell relay it!
5, the stock is in decline, the average price down level by level to suppress this kind of stock, do not take it for granted that will not fall, many stocks are often the main force in the rise will come before a power vent, the rapid fall short period of time, From the last time the floating chips! So do not touch the stock!

To avoid a sale on the rise not to operate the following stocks:

1, the stock experienced a continuous long-term decline in share prices on the show from several multi-resistance, but they have all failed, and began to appear in the volume continued to enlarge the signs, so that the stock will not be easily thrown out, brewing market rebound , could erupt at any time. A single spark can start a prairie fire.
2, robust stock price steadily dependent on the 5th, 10-day average prices, volume and price with a modest, do not take it for granted that the stock does not move up at this time should be held so that the full growth of profits.
3, the stock rose in the channel, the stock surged to a certain extent, the emergence of a relatively high finishing sideways trend, many people think the stock peaked, and will be hurried out, in fact, only the technical forms of repair but often the formation of up relay!
4, the stock decline in the short term aggressive, far from the average price of repression, the middle has been formed relatively largeto, at this time although very bad shape, but to hold back, there will be a technical rebound at any time. Do not low!
5, the stock long-term decline, the recent re-emergence of the steep decline at this time need not fear, the stock rose precursor! Do not thrown out!
6, the market crash, all stocks have plummeted by irrational, this time not to rush out of stock, and it can not irrational panic out of all stocks, unless they technically remain high for the stock can be a different matter! Now the majority of the stock is facing such a situation!
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To cover short positions to grasp the main points

2009-01-07T11:15:00.000-08:00

To cover short positions after being locked in a passive response strategies, it is not a good way to release, but in certain specific circumstances it is the most suitable method. The stock market is not the best way, only the most suitable method. As long as the use of well-managed, it will come weapon; if the application may not be law, it will also become a hotbed of its own. Thus, in specific application of skills to cover short positions when we pay attention to the following points:

A bear market can not cover the initial stage. This is the reason why people who understand stocks, but some investors Callable Bull / Bear Contracts can not be distinguished from a turning point in how to do? There is a very simple approach: stock prices do not fall to its determination not to cover short positions. If the stock price than buying the lowest-five percent do not have to cover short positions, because any time intraday shocks may deadlock. If the current price than buying the lowest-20% ~ 30% or more, and even some tender shares were off, it could be considered to cover short positions, having a further decline in space has been relatively limited.

Second, the market has not stabilized do not scramble to cover short positions. Market in a down-channel or a rebound when they can not relay to cover short positions, because when the index fell further down the vast majority of stocks will decline with only a handful of strong stock market trends can be exceptions. The best time to cover short positions in the index at a relatively low level, or just when upward reversal. At this time there is huge potential for increases, decreases in the smallest possible, to cover short positions is safer.

Third, do not fill vulnerable stocks. Especially those who market it does not rise up, bigfollowed it down without. Because the objective is to cover short positions with shares later to cover positions ahead of a profit to make up for the loss of Mantle shares, since this need not limit themselves to fill the original quilt species. What varieties do not cover up the key, the key is to cover positions to get the greatest variety of profit, we should focus on this is taken into account. Therefore, to cover short positions to fill up on strong stocks, stocks can not make up for the disadvantaged.

Fourth, the early surge had not completed the super-black. History has many leading leader, issued a brief shining brightly, the then entered a long night of darkness. Such as: Sichuan Changhong, Shenzhen Development, China Jialing, Qingdao Haier, Jinan Qingqi and so on, they fell long after the fall can often deep deep down, after the bottom there is a deeper bottom. Smoothing investors such stocks tend to be more set up, and the deeper the more sets will eventually be caught in a quagmire.

V. grasp the opportunity to cover short positions to a successful. Subparagraph should not be covered, step by step to cover short positions. First of all, ordinary investors are limited, can not stand on many occasions by the smoothing operation. Secondly, to cover short positions on the previous error to make up for buying behavior, which in itself should not once again become the second error of the transaction. The so-called margin call level is for the buying behavior so imprudent defense several times to cover short positions, the more the result of buying more sets will be able to extricate themselves into their position.
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Must be big winners in the stock market? Retail money Art of War

2009-01-07T11:12:00.000-08:00

Who says corporate big winner is the stock market? Retail on the doomed is the loser? Legends of the equity investments of the United Kingdom representative of a successful example of Jim? Slater (Jim Slater), advocated stronger than a laser beam shotgun, so he focused on the excavation ignored by the market of small growth stocks, and thus creating much higher than the market return on investment gains rate. Taiwan's "Money + fiscal home" magazine published in its September, made an introductory text, excerpts are as follows:

Year 1879, the British army and the tribal peoples of South Africa's Zulu Kingdom (Zulu Kingdom), the outbreak of the colonial and anti-colonial war. Zulu strength knowing the poor, and therefore to take the strategic focus of the raid, Hill was in Iraq ouanne classic battle (The Battle of Isandlwana), with spears and hand-to-hand combat knife, defeated the British army has a strong firepower to allow British troops since then more than half a year after a bitter struggle to get the victory, put the time and strength far beyond the original expectations. Because of this classic battle, let Zulu war and even under the "impact of the 100 world war", a book, in Africa's recent history with the history of the struggle against colonialism, the stay Next Legend.

Layman unique self-study the success of the stock market's Art of War

And the 20th century, a successful example of the British stock investment representative Jim? Slater (Jim Slater), his stock investment will be grouped into-force, "Zulu law", the main system is to emphasize in the investment market has been living in disadvantaged individual, Zulu must learn the same concentration of firepower in their own niche in selected areas of expertise so as to play to our strengths, and thus to defeat the large corporate and earn excess compensation.

Investment, the truth is the "information asymmetry of the carry trade," compared with those in the slow response of the retail, corporate investment information on the enjoyment of the speed, depth, accuracy and so on, so the retail level of investment performance is often difficult to defeat corporate. Retail investors also have had a profound recognition.

However, Slater's experience tells us that the money-losing retail Forever is not destiny, the inherent disadvantages, in fact, can be acquired through the efforts, as well as the appropriate investment strategy, be reversed, and then victory.

Accountants who Slater, 32-year-old (1961) began to interest on investment. He was employed by the British AEC companies, often travel abroad to negotiate business. A meeting in Spain, infected with the sequelae of accidents last several years, a disease, in order to tone the body, he converted to less physical exertion and it is trying to invest through the stock market, diversify sources of income.

The new darling of the media to make a comeback after bankruptcy

Zulu Slater investment rule of thumb is the stock market's main-force, but also the key to his comeback. Slater in 1963 ~ 1965 years, to the capitalists (Capitalist) as a pseudonym for the British "Sunday Telegraph" (Sunday Telegraph) column to write the stock market, the recommended portfolio reached 68.9 percent return on the same period, the British stock market index rose only 3.6%, he has fame and became the media darling.

His first partner of the cause of an investment Slater? Walker companies, through mergers and acquisitions in the stock market will soon become a powerful financial group, but the good times never last, because of excessive borrowing, but also encountered from 1973 to 1974 economic downturn and financial crisis , and in 1975 by the British central bank to take over, Slater became an instant billionaire millions from "negative Weng."

Subsided after 17 years, Slater in 1992 in order to best-selling book, "Zulu law" (The Zulu Principle) again in 1996 ~ 1997 investment Black Leisure companies, shares in the 17 months rose by 50 pounds to 549 pounds, profit up 10 times the mass market a much-told tale, the then 68-year-old than he had earned before bankruptcy than wealth.

Zulu effective rule Taiwan market

Taiwan corporate transactions in recent years the proportion of increase was significantly less than the past, retail investors are facing growing pressure of competition, just as the British army was facing the border, like Zulu. Taiwan's listed companies to small and medium-sized mainly counters, including small growth stocks, Slater Zulu therefore considers that the rules in the stock market works.

Slater music lovers in Taiwan ─ ─ Lu Zhang, director of investment team to invest in order to come to experiencepointed out that the law revealed by Zulu investment concept is indeed very suitable for Taiwan investors, especially the accumulation of wealth in the stock market wants to small retail investors, as well as a fall those who want to make a comeback after.

"Slater of the many concepts and details of our operations in Taiwan's stock market has the highest guiding principle and discipline. He focuses on investments in small growth stocks, and our team fully focused on the Taiwan stock market, and only focus on counter-hing, OTC, focus market capitalization of NT 3.0 billion the following, and business must take the growth of the Taiwan Strait shares, all investment growth is thinking only asked. "

Slater saidfor instructors, the Special Trustee of the last year to the United Kingdom old bookstall everywhere find only buy out of print of the original book "The Zulu Principle". However, he reminded the people of Taiwan, the United Kingdom, Taiwan is different, different eco-industries, for Slater revealed in his book on the stock can not accept the quantitative criteria.

More than 100 years ago, the British Conservative Party leader was painful to admit that "only the use of Zulu spears and, was recognized as the world's first British infantry under the hail of bullets, more than once to break up the British team, even British forces rout "; 100 years later, if the knowledge of Zulu law, even in the face of plenty of money, information sufficient legal force, retail investors can still win the wealth for themselves.
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Shares surge to capture the 32 formula

2009-01-07T11:08:00.000-08:00

Jian is the main compass prices plummeted and dynamic monitoring system, timely rain band initiation and 2:40 stock system designers, inventors. He produced a well-known to capture shares soaring 33 formula, it is with all the lecturers, analysts and users to share.

Volatility in four-way,

Top or bottom, or to distinguish between;

Start the first day of rally,

It is the seventh-inch Hydra.

To choose on the first day of the election,

Shortly after the operation to increase the volume.

There is continuous incremental drama,

Continuous shrinking abandoned.

Volume also look at technology, and

Watching to see support for the resistance.

The more recent the more practical support,

Vietnam rising farther resistance.

After depends on morphology,

Head-shoulder at the end of the right shoulder is crucial;

Right shoulder to start the first day

Neckline below the warehouse building;

Breakthrough in the neckline as effective,

Post-up space.

"Band master" Look wave-shaped,

are taking five waves.

123 is increased by waves,

Lang Lang is the third explosion.

Start the first day of the three waves,

Prudentdare.

Decisive battle to get a major,

Start looking for stocks where plate.

1 Unit Synthesizer difficult start,

Similar 3 stocks into a plate.

main plate,

Decisive opportunity will come.

Plate surface to find leader

Easy big themes shares soaring.

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Hailun main approach

2009-01-07T10:56:00.000-08:00

Hailun main the most commonly used methods are: 1DavidCang, 2 rolling air, 3 changes in costs, 4 guide, 5 position, 6-set, 7 synergies, 8 antagonistic.

First,DavidCangmeans and purposes
The main wayDavidCangthe following:
1,JiancangDavidCangstyle. A major one is very optimistic about the species, there is a bargaining chip in the circumstances, the use of a clear market trend than a downward trendDavidCang, characterized by price run regularly and measureless, Japan and the micro-movements against the disc features (otherwise Tatsu Less than Jiancang purposes). ?)

2, cleaningtypeDavidCang. Some of the main rise in the official launch ago, in order to reach a finalJiancang with the purpose of cleaning the use of short-term trend of rapid decline, which is characterized with the news or on the final trading hours for an hour down the volume.

3, antagonistic way for airDavidCang. The main market is not up space in the market or the market for air background obviously given prompt background, the main point in the absence of clear profit would be massive for the space, in order to release earnings after the potential of space, the space for the main purpose is toshot (at this time will be strong rebound) and the index hit low (nothe emergence of the market take a long time to deal with the sideways or weak rebound).

4, rich experience of institutions in general do not easilyDavidCang, because there will be transaction costs as the loss of short-termnotDavidCang. But the new body comparedDavidCangpreferences. The results also no reason the main reason of the loss of a large number of transaction costs.

Second, a major role in rolling empty
Makers in the completion of the main low after the Department of Jiancang, the key is to make the stock price from the cost of the district, when the need for rolling air operation, the operation of rolling space above the main trading hours compared with the week-prone over the weekend, and in opening an hour before the transaction, Apart from the cost of outside, many major institutions have the following purposes, such as chips continue to gather
1, long-term repeated shocks in the low box unpopular stocks and let the market speculation that subject.

2, fundamentals or news of the occurrence of a major turnaround gradual and subject matter.

3, long-term follow-channel stocks rise in shipments last cicada crazy change.

4, entered the market latemarket indicators.

5, was re-sets demolitionto release new funds.

Third, changes in the cost of transportation methods used primarily for long-term disk
Such shares generally in the low to hold sufficient chips (60%), the main force in order to obtain information outside the arbitrage costs and save transaction costs, the general law to take up the baton shocks or by external funds pushed share prices to make their own the cost of the same or lower price, while other investors hold the stock purchase price rising cost of long-term changes in the future Makers smooth out the premise. All this point to make badcan easily change the short-term long-term, contribute to long-term change.

Fourth, to guide the main way of thinking
Portfolio investment is a highly confrontational activities, it can be said of investors between the interests of strong competition, and therefore need to feel in the disk, the technical indicators prompted, the media information guide opponent implied by their own purposes operation, For example,guide, locks raise guidance smoothing guide. An operator instead of the level of quality reflected in the market and guide the key technology and experience to guide technology needs of the overall consistency of the use of individual isolation technology results in general, the share price was not low long-term vision, the image of the stock market Once so bad, it can be said there is no way the short term.whether to follow the trend of big capital and small and medium-sized financial needs more practice in that regard with the increase in anti-guide means is a long-term target tracking stocks and shares the goal of all the changes recorded for analysis. ?

5, positioning the psychological advantage
Large funds the whole process of the operation mainly in the following areas: 1. Low Jiancang, 2. To raise stock prices, reinforcing the same message 3 high, 4. Cash honor. Many big funds that simple for Zhuang rush into battle, resulting in Jiancang very simple, very easy to try for (according to trading board buy), the later can not be shipped, the "bubble intohusband and stock market speculation into shareholder" phenomenon . Makers to good stock pulled high, the use of stocks of materials, hot, linkage, industry, performance, equity and other means to expand the market shares of the subsequent recognition of a better, so that people may not lose their money's situation, the top software, Zhongguancun, the operation can be said to be more successful. Set to follow the trend of fraud in this regard is to strengthen the preventive measures on the target market shares cost analysis and tracking. 

Sixth, set-style by raising and prevention
Stock market investors pattern is repeated whenor stock market activities to observe the formation of a positive vision and action, set the pattern is to attract the attention of the market attracted buying, breaking ceremony is scheduled to ship in order to smooth. The main pattern are: 1.order pattern changes, in order deliberately hung out in particular the sale of a large single. 2. Disk small price changes pattern (closed out with long lines on the Shadow K Line), the most typical is leaked lights (Nanfang Securities). 3. Calorimeter with pattern and form, and deliberately to make the so-called-for-Zhuang shape and form of low volume. 4. Plate hot-set target stock glorious concept of adding a certain hot spots.

Seven, the usefulness of collaboration
Main group synergies mainly refers to the main part of the Super arbitrage in order to better improve the efficiency and the adoption of a joint front, the overall planning, to achieve the hot planning, non-conflict Jiancang, push or shock, cover shipping and other aspects of space沽压coordination, the most common means of collaboration are:

1 toor volume as the leading trend in the development of synergies.

2, hot stocks, there is a similar synergy hot topics. ?

3, use of indicators shares B shares with major reversalssynergistic cover.

8, inverse operation of the key
Inverse operation of the key agencies operating profit, mainly inverse operation of the following:
1, the index antagonistic, mainly fear and hysteria antagonistic.
2, news antagonistic, which include high and low positive antagonistic antagonistic bad.
3, the cost of antagonistic, which is far away from the cost of making arrangements for the most easy-to-use method.
? 4, operation antagonistic, given the direction of small differences, to induce investors to operate in the opposite direction, for example, a pre-Jiancang shares, closed up red when you are given four percent of the difference, if you do not sell, trading shares also fell, the next operation will be sold for you.
Technical proficiency and increase the need for intellectual talent and diligent practice. Can not necessarily read chess champions, readers do not expect to win a tricky move. Investment in fruit-sheng was the first real need to constantly hone and master learn to reflect the book knowledge into instinct, and the second will need to be carefully observed study of the market with their rivals, the timely detection of their operational profits point targeting vulnerable enemy offensive
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10 stock market classical

2009-01-07T10:51:00.000-08:00

First, speculation is as old as the mountains

This sentence I was from the "hand of stocks for the memoirs of" see, every time I read all this in my heart it, although a short sentence but speculation Road to do the attitudes of the market, I seem to see long speculative long struggling people, including the authors of speculative himself after the failure of the speculative nature of the game will not change, human nature will not change, greed, fear, despair, ecstasy, and the outcome is often in the beginning when already doomed.

(If you follow the band to the center line for the definition of speculators, and the use of homeopathy for the transaction, and that the results would not be as hopeless. Those who have always tried to overcome by virtue of their small market smart idea, sooner or later the market will be merciless The eaten. only really know how to coexist with the market resonance investors, and ultimately the market will become a long-term winner.)

Secondly, I prefer the disposable people to pick up my

This seems to come from China, "Huo Zhi Biography Records of the Historian", "Huo Zhi Biography" contains a wealth of ancient Chinese private sector financial management thinking, "I prefer the disposable people, the person to whom I have to." Sima Qian was a surprise move as an important strategy in the stock market, I suggested that it would be "I prefer the disposable people, the person to whom I have to." as a basic way of thinking to use, more than in this way to think about problems in order to maintain vigilance against all kinds of predictions, and efforts greedy when others cautious, while in others when fear bold.

(This is typical of the opposite theory to understand, but that needs attention is the contrary, the theory is not applicable at all times.)

Third, rely on the confidence to buy, hold on patience, sold by the determination of

This is my early look at a manual on public investment to see, that book has collected a number of maxims, and the baptism of time, I now keep in mind is this, three sentences to invest in specific investment behavior stresses the principle of simple, thorough, thorough review of their investment experience, almost all of the error also includes the three sentence.

(To achieve that investors should not only go beyond the ordinary people have a strong heart and will, but also must have on the stock market has been the essence of the sense of understanding.)

Four, only the shareholding in order to make a lot of money

Would like to make a lot of money in the stock market, stock holders the ability to make an effort to learn, regardless of whether you have the level of index, whether there is the level of shares, can you really make money is how the true martial arts holdings, how to stake Research indexreason to recommend the stock as, say a few words to understand the short-term improvement of the content easy, it needs long-term investment experience, the psychological quality and continuous improvement in the use of an effective way to control risk.

(This is a real element of the true meaning of the stock market, the stock market investment holdings in order to make a lot of money only, rely on adjustment of the city in a rebound scramble to increase profits and make up for losses, in itself has been the main force into the trap.)

Fifth, the long-term enterprise value of stock price decision

This is my theory of the research value of the investment after a brief summary, after nearly a decade of investment practice, I feel that in order to study not only maintain but also to maintain a normal stock that they must set high and low stock prices on the criteria, even if you are using some simple criteria for judging it does not matter, it is important that you must have, you are on the market price level can not depend on whether the views in the upper and lower cost of funds, otherwise blindly superstitious large capital strength, If you are the main reason for the transaction of funds from the large signs, you can not concerned about the price, but not the transaction, you can easily buy into frequent, and because you do not have their own stock or low standards, it may lead to you often to follow those in fact, many individual with the same stupid big money in the stock market in general those who found value in value as the starting digging up the big money easily successful, it be easy to achieve profits, capital alone out of an attempt to control the market value of rampant speculation Finally, the outcome will not be promising, the stock market more mature, the more obvious this point. Supply and demand to create short-term fluctuations in prices, the intrinsic value of corporate long-term fluctuations in the direction of the decision.

Six, do not easily predict the market

To determine what level of share price to reach more than the projection of how long it would arrive at a certain level of easy. No matter how the forecast acquired skills, to accurately predict short-term trend rate of over 60% of it is very difficult, if you always try to stop the wrong out of the market, not only lose your money, but will continue to undermine your confidence, I think we should start from the fundamentals to find some long-term potential of the stock price, combined with a number of technical methods of proper control of risk as far as possible to live long-term holders of stocks, and for the long-term market movements to give a contour-based assessment. (Dow has long been the definition of the market day the unpredictability of clutter, only to grasp the trend. But the human smart aleck, leaving things to chance, greed fear weaknesses, all the time not to send away those who are weak in the mind of the people are constantly repeated the mistake. For example, the market now total some people, every day the market the next day, week or even every day ahead of the trend had been painted out of you, I really admire their imagination.)

7, the stock market fell like a month of storms is a normal phenomenon

This is's "victory over the Wall Street" in the sentence, "In fact, the stock market dropped like a month of storms is a normal phenomenon, if to be prepared, it will not hurt you. Each fall is a great opportunity, you can be selected by the storm to scare away investors to give up cheap stock. "I think this sentence is the image illustrates the cyclical nature of the stock market, people in the spring, summer, autumn and winter in the reincarnation unknowingly, while shares Change the market are often surprised, in fact, the stock market Change how the normal ups and downs, but our market is too short and sometimes it's spring, winter is too long, I would like it to stay in the northeast of people accustomed to understand it does not would be too difficult.

(New investors came to the stock market only start to look for risk, in order to live a long time. Stocks up and down, up more than down, or more will go up, this is the nature of the stock market.)

Eight, as simple as possible

This is a technical analysis of the U.S. expert John Murphy's "shares () technical analysis of predictions," a book repeatedly stressed in the introduction of a word, he means is the use of technical analysis of the time "as simple as possible", I understand the so-called as simple as possible is to grasp the core idea of using, such as the formation of short-term irreversible trend once. Stock shares, such as led to the election. In my practice, often remind myself to make their own investment philosophy, investment principle is simple, simple things will become clearer on their investment behavior is bound by a strong change, and it does not meet our principles *** things so they are prone, such as the Forrest Gump general, plain implication of the simple pleasures of life and true wisdom. (Only simple technology in order to be accepted by ordinary people, complex may not be practical. But to use the same technology many people, in fact, the success rate of warfare will naturally lower. Therefore, the open market has been the technology, if not through their own amendments and refined, most of its signals are wrong.)

9, continuously reduce transaction

This is from my numerous mistakes and lost money many times to understand the word, Buffett has said that "money here flows from the active investors have the patience to investors. Many" energetic "and aggressive Heart investor wealth gradually disappear. "In fact, no matter what your philosophy is to speculators or investors, this statement applies to all. Reduce your error on the start to reduce transaction begin.

(Frequent short-term transactions, the general stock market investors to invest the outcome of the inevitable failure. Because of frequent short-term transactions, will make you every moment of the holding costs are relatively high in the market, once the market is changing its stance, your losses will be terrible, believe that 5.30 is a very good witness and the lessons learned. Moreover, the stamp duty hike, the transaction costs also increased by 0.4 percent, the sale of a combined total cost of more than 1.2%)

10, stay away from the market, away from the crowd

"Rabble," a book stresses: the accumulation of the crowd is ignorance, not innate wisdom. Stocks of mind with you and the crowd is inversely proportional to the distance, do not recommendation stocks, less to talk about stocks, and the market keep a distance from the crowd with the daily price fluctuations and we should try to distant points, not to let the market drive mix you already clear transaction concept. University of times seen a Japanese pamphlet how to appreciate the joy of solitude, I like the book perspective, loneliness is a special kind of strength, if you feel a sense of loneliness and is happy, then congratulations to you, your mind is powerful. The noise in the stock market is the most should be a place of loneliness and isolation. Only then can certainly know, and then set to quiet, static and then to security, security and then to consider, and then to have to consider.
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To cover short positions to grasp the main points

2009-01-07T10:46:00.000-08:00

U.S. investment migration trends

2009-01-06T00:40:00.000-08:00

With the 2007 crisis in the United States substandard produce, the U.S. economy be affected, the Government has been the relaxation of U.S. investment policies and to increase immigration quotas, hoping to attract more foreign funds to help the development of the U.S. economy, which EB5 means the United States for investment immigration applications will be much easier and faster.

Because the United States investment immigrants with a certain degree of risk, therefore, many investors still holding a wait-and-see attitude, the United States compared with people who were investing in strategic vision for the investment project has its own risk awareness applicants. In future, less risky, with a rate of return on investment, a successful investment projects initiated by the management company will be more investment immigrants by investors.

Meicheng Tatsu Information Service Co., Ltd. SUSAN immigration experts predicted in 2008 by the American Life Limited launched Seattle Sodo area of investment projects will be a gradual migration by the Chinese investors Green ignorant. There are three reasons, first, about 50% of the investment customers are local residents and U.S. funds, their investment is not the purpose of obtaining immigration visas, but to obtain a stable return on investment; the second is by far the company has successfully operated the 35 projects and a large number of investors to settle the conditions of the lifting of the success of a green card case; The third is by the world body the authority to investigate the risk of D & B D & B as a "minimum risk" level.

The investment project can be said that immigration is a real sense of the word "investment" because the United States immigration law, no person shall make a return on venture capital will be abolished visa otherwise secured, so investors can invest in a large number of immigrants make the appropriate projects choose to go to avoid investment risks.'
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The problem of illegal immigrants has become a problem for the United States

2009-01-05T23:50:00.000-08:00

May 1, illegal immigrants held a United States national demonstrations. My curiosity mixed with the Chicago procession. Along the way, has met the two journalists holding a microphone asked me where to, is not to support their action. I said that from China, only to see it busy. Marchers unified hands produced balloons, placards, leader of the home country of holding the national flag, some holding children, pushing a car shaking, the whole family out, mighty flow from all directions along the designated route to the Grant Park pool. From the national flag, the participants of illegal immigrants from Asian countries, from Eastern European countries, from Middle Eastern countries, but the vast majority from Latin American countries, especially Mexico. I also saw the side "of the People's Republic of" small flag, a total of not a few people, apparently to strong momentum of. Slogan on the reunification of the slogan is also prepared, with the expression of demands, such as "amnesty", "should be legalized, not criminals of (Legalize, Don't criminalize)"; have adopted a "sub-spear attack our very own" approach, shouted "human rights" and "equality", "love"; there with the Americans, the United States political parties near Rafah, such as "We are America", "Today we march, tomorrow we vote"; many processions also the collective singing the U.S. national anthem, but used is Spanish. The next day the media by the mouth of the masses to express dissatisfaction with the Americans, saying that "the U.S. national anthem sung in English only."

Chicago took part in a rally the day the number of people estimated to be 200,000, it is reported that Los Angeles up to 60 million, New York, San Francisco also have more than 300,000.

U.S. media said the problem of illegal immigrants is the United States "the most serious domestic problem." Carefully pondering about, think that this is not an exaggeration. First, the number of illegal immigrants too. How many, mixed media, saying, 11000000, 12000000, 14000000, ranging up to say there are 20 million, of which there are only from Mexico 11 million. In some cities have become a "state within a state", is a not inconsiderable force. Second, these people with the United States by a lower level of education were the formation of social work in the middle and lower competition, exacerbated by the employment pressure, this part of the Americans on illegal immigration the most intense emotions. Third, bring the white population has dropped drastically. According to statistics, the United States at the end of the sixties of the last century in other countries, only 10 million immigrants, and now has reached 36 million, accounting for 300 million one-eighth of the total population; recently added the population accounted for only 10 percent white, and Hispanic accounted for 50%. Two years ago, Harvard professor Samuel. Huntington's new book, "Who are we? "Reflected the U.S. white Protestant Anglo - Saxon culture of Latin American descent faced by peaceful means to conquer the danger concerns. Fourth, do not see the prospect of problem-solving. If the illegal immigrants agreed to the request, the U.S. government amnesty for them and give them legal status, then such a law, does not correct the practice of law may encourage more illegal immigrants enter the United States, it would have to go on forever amnesty . If the forced deportation and deprived more than 1000 million trailer home with the mouth of people's livelihoods, not to mention difficult to achieve, but also with the United States has always advocated the "human rights defender" and the image does not, for fear of criticism in the international arena. To maintain the status quo will only make the problem more cumulative. Moreover, the Americans themselves attitude on this issue is not consistent, those who rely on cheap labor of illegal immigrants and the small and medium-sized family farmers, they would like to see the existence of illegal immigrants, they call on the Government to be an amnesty, or even take part in the procession expressed their solidarity with. The Republican Party, the Democratic Party in order to win votes in an election year approaching when more and more illegal immigrants from time to time to ogle.

Latin America in order to control the influx of illegal immigrants to continue, the United States intends to take some "fundamental" measures. May 17 this year, the Senate passed a provision, agreed to repair the US-Mexican border, along 595 kilometers of fence and 805 kilometers of the fence, and after the House of Representatives in December 15, 2005 to vote on the US-Mexican border through the construction of the wall resolution. Media say this will be the Western world of the 21st century "Great Wall thousands of miles." In this regard, the President of Mexico, published a televised speech to express our strong protest, saying the move is a serious insult to Mexico.

May 15, President Bush also announced an additional 6,000 policemen to guard stationed at the US-Mexican border towns, strengthen guard. Not long ago, also visited the US-Mexican border inspections, border officials to boost the morale. The success of these initiatives, it is rather suspect. US-Mexican border more than 3200 km, walls and fences only 1,400 km. There are newspapers published in Mozambique and Zimbabwe, a poor lie on the crocodile's back disguised as driftwood adventure into South Africa is reported, suggesting that repair of the wall on land, illegal immigrants can also almost 2000 kilometers of border smuggling. Moreover, Mexicans will be in the walls and under the cut holes into the fence.

Caused a large number of illegal immigrants into the fundamental reason for this is that uneven development among countries, rich or poor gap. Some people say that this imbalance and the disparity resulted in two "power": "Rally" and "thrust." American society of the rich and high-income, strongly attract illegal immigrants to their home country from; illegal immigrants economically backward country of origin, political unrest againtheir citizens. A push-pull, of course, illegal immigration on the formation of a strong trend, blocking all

If Mexico and other Latin American countries in the near future with the rapid development, or the United States is willing to generously help them rapidly developed, and they and the United States has greatly narrowed the gap between rich and poor, the U.S. growth momentum of illegal immigrants or is likely to stop. However, this possibility does not exist, the United States this cupboard must have read it.

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European stock markets closed higher, the FTSE index closed up 2.44 percent

2009-01-04T06:29:00.000-08:00

European stock markets closed higher Monday in light trading in close higher led banking stocks. Another outbreak of the conflict between Israel and Hamas to boost oil prices, strong energy shares. French national statistics agency announced Monday the end value of the data showed that French GDP in the third quarter over the previous quarter growth of 0.1 percent, representing a 0.6 percent increase over the same period last year, in line with preliminary data; the council said, GDP growth, so that the country is currently able to To avoid falling into recession.

British FTSE100 index rose 102.76 points, or 2.44 percent, at 4319.35 has been reported;

Germany's DAX index rose 75.48 points, or 1.63 percent, at 4704.86 has been reported;

France CAC40 index rose 14.51 points, or 0.47 percent, at 3130.72 reported.

In the oil and gas stocks, BP, Royal Dutch Shell and gas producer BG Group and Tullow Oil were up 3.2-3.8%. European shares closed, oil prices are up to 38 U.S. dollars a barrel earlier as a result of a weaker U.S. dollar and tension in the Middle East, oil price 40 U.S. dollars at one time or wear.

Mining stocks also strong, helped by rising metal prices. Lonmin, Vedanta Resources, Anglo American and Kazakhmys rose 5.6-10.7%.

Bank shares, Royal Bank of Scotland rose 14 percent, the bank said Sunday, is seeking to sell off its insurance business, despite press reports that it is prepared to abandon the plan.

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FEX Exchange on May 8 and operation of the proposed exchange market

2009-01-03T07:52:00.000-08:00

Wednesday the foreign exchange market in a very strong performance, mainly by the U.S. Federal Reserve official hard-line speech on the U.S. Federal Reserve rate cut cycle may be nearing the point of view at night and Europe announced in March retail sales data fell sharply in March and the German manufacturing orders continued to decline, as well as weakness in the United Kingdom The industrial output data increased the Bank of England to cut interest rates Thursday the possibility of the next boost. U.S. dollar strength. In the last two months to reach the highest high of 73.88, while the pound against the U.S. dollar dropped to two-month low of 1.9550 to continue downward. 1.9500 hit the lowest mark in the vicinity of an integer, and also to speed up the euro against the dollar and fell below the 1.5400 mark integer. To explore the minimum 1.5366, while the dollar hit 1.0600 Swiss francs once again integral points. Judging from the current situation as a whole, there are a lot of rumors that are reported, Europe and the United States do not want to see the depreciation of the dollar, at the same time, many policy factors are also happy to see the views of U.S. dollars, but in the near future European economic data showing weak Coupled with the announcement last Friday's non-farm accident data up under various factors. To alleviate the market for the U.S. economy into a deep recession fears sentiment. In order to continue to boost the strength of the U.S. dollar trend.

Africa and the United States currency:
The euro: the scope of today's volatility :1.5400-1.5150
Operational recommendations to short-selling of the euro continued to rebound. 1.5450 break strict stop-loss. Goals 1.5150

Yen: Today, the scope of :103.5-band 105.00
Operation: maintaining a high level of short-term bargain-hunting left. Risk control within 50 points.

Sterling: the scope of today's volatility :1.9400-1.9580
The proposed operation. Continue to bounce to short sell the pound. 1.9650 break strict stop-loss. Goals 1.9400

Swiss franc: volatility today :1.0530-range 1.0730
Operation, continue to buy back proposal. Risk Control 1.0480. Target 1.0730

Australian dollar: the scope of today's volatility :0.9280-0.9450
The proposed operation: bargain buy Australian dollars. . Strict stop-loss below 0.9230, 0.9450 short-term goals

Canadian dollars: the scope of today's volatility 1.000-1.0150
The proposed operation. Continue to maintain the highest bargain-hunting high throw. Risk control within 50 points.

Gold: Today, the scope of :871.30-band 855.30
Recommendation to short-selling of gold rebounded. 876 break strict stop-loss. 855 in the vicinity of the target point.

Foreign exchange risk. Operation to be cautious. Risk
FEX Exchange

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U.S. economic crisis facing the triple Bernanke publicly admitted for the first time a recession may be

2009-01-02T06:05:00.000-08:00

According to Agence France-Presse reported April 2 that the U.S. Federal Reserve Chairman Ben Bernanke, Washington time Wednesday to members of Congress warned that the U.S. economy in the first half of 2008 may not increase substantially, "may even be a slight tightening." Bernanke as suggesting the U.S. economy may already be in recession in the process, which is also the first time he publicly acknowledged the U.S. economy may decline.

In view of the U.S. economy is currently facing the housing crisis, credit crisis and financial crisis, such as "triple crisis," Bernanke to the U.S. Congress Joint Economic Committee (Joint Economic Committee of Congress) to provide testimony, the state has made short-term outlook for the economy than previously A more pessimistic assessment. But he was not clear on whether the Federal Reserve will cut interest rates next position.

Bernanke in testimony before Congress in prepared remarks for the first time publicly admitted the possibility of a recession in the U.S. economy. Economists regard to the general economic recession is defined as: two consecutive quarters of economic activity continued to contract, shall be deemed to have deterioration of the recession. Bernanke in testimony to the congressional joint economic committee, said: "The present situation shows that in the first half of 2008, real gross domestic product (GDP) growth, even if the growth rate will not be great, or even a slight contraction."

At the same time, however, Bernanke hinted that any recession will be mild. In his testimony, said: "We expect that economic activity in the second half of this year will be strengthened, the incentive of monetary and fiscal policy will play some role."

The latest official statistics show that in the fourth quarter of 2007, a year ago with the U.S. economy grew 0.6 percent, almost at a standstill. A large number of analysts said that the United States in 2008 and even further weakening of economic activity, Bernanke said that while the share that view. He said: "Compared to the Federal Open Market Committee (FOMC) released by the end of January outlook, the recent economic outlook has weakened."

Bernanke also stressed that the central bank has taken a lot of action, including a significant reduction in key interest rates, relaxation of direct loans to banks, as well as opening up the Fed's control of the Corporation's credit, and so on in order to ease the housing market to collapse of the credit market caused by pressure .

Bernanke said: "Despite the recent action seems to have helped to stabilize the situation in the market, but financial markets are still a lot of stress are. Since the beginning of the end of last year, short-term capital market once the pressure eased, but now Have once again enhanced. "

At the same time, Bernanke in testimony to the Federal Reserve rescue of investment bank Bear Stearns defended the action, the Fed said it intended to market to avoid "chaos" volatile situation, it could trigger a wider economic Impact. He also said that the U.S. Federal Reserve rescue Bear Stearns in the case facing the "public policy challenges."

Bernanke also disclosed for the first time, Bear Stearns in March 13 to inform the Ministry of Finance and the Federal Reserve of its serious liquidity problem, if there is no special financing, the company will apply for the second day of Chapter XI bankruptcy protection. He said that Bear Stearns bankruptcy would be very serious consequences. He said: "As the financial environment is very fragile, and once all of a sudden collapse of Bear Stearns, may lead to a series of problems in the market disorderly carried out on the floor, which would seriously shake the confidence of the market."

Bernanke stressed that: "Based on the global economy and financial system is currently facing unusual pressure, the collapse of Bear Stearns losses may be very serious and extremely difficult to control. Not only that, or even adverse effects will not be able to limit the financial system But may, through its credit and the value of the assets, the impact of a wide range of economic entities. "

Finally, Bernanke said that the supervision of the Ministry of Finance reform plan was "useful and effective," the first step, the Federal Reserve will continue to monitor the market to ensure financial stability. However, he pointed out that most of the necessary economic and financial market adjustment has been completed, monetary and fiscal policies should be able to support the U.S. economy in the second half of this year, as well as the resumption of growth next year. He thus implied that the future may no longer need to take additional monetary policy to stimulate the economy.
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Britain prospects dollar index concussion

2009-01-01T23:41:00.000-08:00

The United States is about to become the director of the National Economic Council, Summers said that the government will only spend money to stimulate consumer spending will be on a short-sighted mistake. Has served as the U.S. Treasury Secretary Summers said that the policy of taking into account the need to create jobs in the short term and long-term investment needs of both.

Japan's three major insurance companies - Mitsui Sumitomo Group Holdings, Aioi Insurance, as well as damage with Nissay and damage insurance plan merger to create Japan's largest non-life insurance companies. The main purpose of the merger tide over the difficult period of economic downturn because of the financial crisis has led to the Japanese auto insurance and fire insurance market demand.

Data, the French gross domestic product (GDP) in the third quarter of the value of the end for the growth of 0.1 percent, to confirm the euro zone's second-largest economies - France in 2008, not just slipping into a recession. Statistics released by the end of November with the value in the early hours of the same value. France in 2008 in the second quarter GDP shrinking 0.3 percent. The data show that France has not enough to plunge into recession.

Human Experts predict that next year there may be up to the United Kingdom 600,000 people are unemployed, will be set in 1991 for the worst performance. Believes that a wide range of expected economic downturn next year will be a serious blow to Britain, the economic recovery will be postponed or unemployed before the nearly 300 million mark. Britain's bleak economic outlook fell to promote pounds.

Corporate news, Dow Chemical and Kuwait decided to scale up from 17,400,000,000 U.S. dollars joint venture, the news made investors worry that Dow Chemical may not be able to complete the acquisition of Rohm & Haas, led the U.S. stock market fell. The billionaire investor's investment company Tracinda Kekeruian the spokesman said Kekeruian has sold its holdings of Ford Motor all remaining shares.

The stock market, U.S. stocks fell Monday, the Dow Jones industrial average was down 31.62 points, or 0.37 percent to 8483.93 points.

The bond market, U.S. bond prices rose most, as a result of the outbreak of violence in the Middle East conflict to hedge buying of new support. The impact of hedge buying has been going on for more than a year. For the biennium public bond yields fell to 0.79 percent; 10-year yields fell to 2.11 percent; 30-year yields 2.64 percent was reported.

Commodity market, U.S. crude oil futures rose in trading in shock, mainly due to the tense political situation in the Middle East, a weak dollar, China intends to expand the Strategic Petroleum Reserve, as well as bargain hunting set, and so on. NYMEX-2-dated crude oil futures up 2.31 U.S. dollars or 6.13 percent, reported 40.02 U.S. dollars a barrel. New York Mercantile Exchange (COMEX) -2, gold closed at 875.30 U.S. dollars an ounce on the increase of 4.10 U.S. dollars or 0.47 percent.

In the foreign exchange market, the dollar index yesterday's sharp oscillation and eventually closed below 80.685.

The euro against the U.S. dollar: as a result of investors in quiet trading in again to absorb dollars, while the euro was unable to hold as a result of war in the Middle East again and recorded a rise. New York trading, the euro against the U.S. dollar fell 0.6 percent to 1.3977 U.S. dollars, 1.4361 earlier opinions. The current trend, the current top of the pressure, the euro has a tendency to make the top. Concerned about the range of 1.39-1.42.

Sterling against the dollar: in 2009 there were reports of British house prices will fall further, sterling trade-weighted index earlier fell to a record low of 73.7. Sterling against the dollar also see a low 1.4456 U.S. dollars, in May 2002 to the worst level. As the British economy in the doldrums, the pressure on the British role is quite obvious. Has been below the key 1.46 support, market outlook will remain weak pound.

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S & P 500 S & P 500 INDEX, RTH (^ GSPC)

2008-12-31T01:50:00.000-08:00

Time-sharing plans

Japanese K Line

Zhou K Line

On K Line

The Nasdaq Composite Index (^ IXIC) - time-sharing plans

2008-12-31T01:48:00.000-08:00

Time-sharing plans

Japanese K Line

Zhou K Line

On K Line

The Dow Jones industrial average (^ DJI) - time-sharing plans

2008-12-31T01:45:00.000-08:00

Time-sharing plans

Japanese K Line

Zhou K Line

On K Line

U.S. funds to rescue the market has over-spending tens of billions of dollars in recent

2008-12-31T01:07:00.000-08:00

Congress authorized the U.S. Treasury Department in the financial industry 350,000,000,000 U.S. dollars in relief funds has been overrun by nearly 100 billion U.S. dollars, which may limit the incoming government to spend the rest of Obama's financial means.

Ministry of Finance said Monday, 6,000,000,000 U.S. dollars will be allocated to help financial services company General Motors (GMAC LLC), so the problem assets from the relief program is committed to providing relief funds and guarantee the total 358,400,000,000 U.S. dollars. This indicates that the Ministry of Finance is to use before Congress in October allocated 700,000,000,000 U.S. dollars of relief funds remaining half.

Criticism of the rescue plan Vermont Senator Sanders (Bernie Sanders) said they were testing the bottom line. They are now being vigorously to create a situation in which Obama was elected president and Congress put pressure on the remaining requests for 350,000,000,000 U.S. dollars.

According to the relief funds approved by the Legislative Council, the Ministry of Finance early access to 350,000,000,000 U.S. dollars, and the need to provide a detailed financial plan in order to use the pressure to spend the other half of the funds. The purpose of this legislation is to enable the broad authority given to the Ministry of Finance have misgivings of lawmakers to conduct a review.

The Ministry of Finance said that it is acting in accordance with the relief bill. Monday informed the matter to the reporter's Ministry of Finance officials said the short-term cash flow from the point of view, the Ministry of Finance has yet to reach the upper limit of 350,000,000,000 U.S. dollars, because not all the promises have been fulfilled. As of Tuesday, has allocated funds of about 207,000,000,000 U.S. dollars.

Ministry of Finance, including the actual commitment to the bank injected 250,000,000,000 U.S. dollars to the insurance company American International Group (AIG) injection of 40,000,000,000 U.S. dollars, the U.S. Federal Reserve (Fed) to provide consumer financing plan 20,000,000,000 U.S. dollars of funds to Citigroup Group (Citigroup Inc.) Provision of 25,000,000,000 U.S. dollars and grant assistance 23,400,000,000 U.S. dollars U.S. auto industry.

Treasury Secretary Paulson (Henry Paulson) on December 19 announced that the automotive industry assistance plan that Congress clearly needs to spend the rest of 350,000,000,000 U.S. dollars of funds in order to maintain financial market stability. But a growing number of members of the Yituanluanma rescue plan is not satisfied that they have made it clear that Paulson did not want to fund, and Obama would rather give the money to the Government, or simply to defer the use of the funds.

Washington Center for Economic Policy Research (Center for Economic and Policy Research) co-director Dean Baker • (Dean Baker) said that the Ministry of Finance in excess of their authority to make decisions is a commitment to "arbitrary".

Obama will be able to government as it considers appropriate way to adjust the plan and security, but also to guard against financial market turmoil caused.

New investors in the master how to resolve

2008-12-30T06:05:00.000-08:00

With the market all the way down, has also experienced the pain of frequent resort, not only to erase the entire profit last year, and the principal of a loss of more than 50%. However, as market Exploration low point of 1664 after fierce fighting several beautiful turn of the battle, more than the stock had a smooth release, but also to achieve a profit, it is worthy of new investors in the master.

Thinking fighter to win

Professional investors are not fierce, occasionally working hours to open the computer to look at the stock market, a look at one single mistake on the Green to turn off the computer and concentrate on doing their jobs. By the end of July this year to about 7 yuan / share of the purchase price in the Second Railway Bureau, did not expect more than a month after the stock fell about 3.6 yuan, 30,000 yuan lost almost half. "At that time, a lot of investors out one after another resort, but I think the Board of Iron II is the railway sector, the country's economic development be able to leave the railway it? Definitely has the potential in the future, it is worth the long-term holders. So low they make up the 10,000 yuan." Fierce Told reporters.

Later, in the Second Railway Board rose to 10 all the way around sharp sell stock, not only successfully resolve, but also earned nearly 30,000 yuan.

Follow the money and run hot

Another strong stock market is characterized by following the hot spots, to attract bargain-hunting, once the stock up, to earn 20% -30% of the profits out. To help stand up a fierce fight in the second battle of Chinese stocks is the medium-term. By the end of October this year, China fell to the lowest mid-term of about 10 yuan / share, is a fierce 15 yuan / share into the cargo, fitted by more than 4 months, shares in the hands of paid 5,000 yuan.

"At that time, the news media have published, the state will launch stock index futures in a timely manner, I think China is a medium-term futures industry leader, once the market starts, it will have a ferocious round of the rally. Such shares can not be sure resort, so this year I am 11 In mid another 13 yuan / share price of 10,000 yuan to cover positions. The results a week after it had risen to 18 yuan. 5 days trading both, a total of up to about 40%, I would not only release, also earned a million in the past. " Said fierce.

Do not be greedy bear market may be set free

Note the country in senior financial analyst Chang-ting all the East, said the new investors in the stock bull market in fixed and often get returns. But the bear market in stocks, fixed cover, often the most tragic loss.

Zhang said that the East are in a bear market in the release of the basic strategies are: low to cover positions, Jiancang temper, not greed, not to give up, the cumulative number of operations, can continue to reduce costs, out of deadlock. But the point to grasp and the grasp stocks particularly hard. The first is to choose stocks fallen too far, and the other is to choose hot stocks, the first intervention and wait for the new capital raised, and then shipped. The new shareholders hold a fierce success of these two points, the success of the release, the experience is worth learning from.

How to resolve: the stock release solution

2008-12-30T06:03:00.000-08:00

Talk about how to resolve - resolve stock solutions:

Into the stock market investors have been virtually locked in, this is an all reluctant to talk about, but everyone can not be avoided. It is the maturing of each investor must pass through a threshold. Now that can not be avoided, we must face it bravely, to find their own solutions.

Resolve the deadlock strategy initiative is divided into passive strategies and release strategy.

Release strategy initiative:

1, Zhancang: When they find their purchase is a very serious mistake, especially in the pre-buying surge Niugu over the top, then there must be Zhuangshiduanwan determination in a timely manner Zhancang resort to abandoning Diuju. As long as we can to ensure that funds from big losses in the stock market will always have numerous opportunities can be taken as a bonus

2, convertible: in the hands of shares in a weak position after being locked in, there is still room for down time, if accurately judge the other's shares rose shortly after the space, the trend will certainly stronger than in the hands of their own species, can be decisive convertible, In order to buy a new species of the former offset profit losses.

3, short: Some people might think that Chinese stock market is no mechanism for short, can not be short, this is wrong and can be fitted on the stock short. When they find deep-set has been unable to Zhancang, also confirmed that market or stock market outlook is still room for further deep down, can be used short way, the first hold-up to sell shares, wait until the re-location of the lower back, to effectively reduce costs .

4, after T +0: based on the present system can not do T +0, but there are bearing a share of the pre-condition to full use of them. On all aspects of the Unit usually more understanding, Any sign of trouble, get a fishing, the commission is now down only a fraction the cost of money in and out easily.

Passive strategy to resolve:

1, smoothing: buy when the price is not high, or optimistic about the future of the market when the firm could choose to use smoothing techniques. Ordinary investors in the funds are usually only able to withstand a second-share, the most important thing is the time-share must be a good choice

2, wait: Mancang has been locked in depth, can not cut, it can not afford to cover positions, only to wait for such a negative way. As long as it is their money, not as long as the use, loan, and so it can not be afraid?

The final release is the best strategy

Release strategy, and that is your own state of mind to grasp. After the lock-in, first of all, fear not, there must remain cool-headed thinking has done nothing wrong, wrong, and in what manner strain. Do not Poguanposhuai emotional, or blindly to cover positions, or the easy indiscriminate resort to do together. Hold-up is not terrible, Yang million once said: "Sometimes not making money is not set, but a lot of money trap," I feel the same. So, do not simply believe that the hold-up is a disaster if the strain well, it may turn into an opportunity.

European shares closed down 15 banks led by stocks

2008-12-30T05:54:00.000-08:00

European stock markets slightly lower Monday. As the market worried about a lot of banking companies may be subject to Bernard - Adolf Michael (Bernard Madoff) investment companies implicated in the fraud case, banks generally lower plate, offset by oil producers and mining companies rose positive impact.

Bank stocks were the biggest drag on the index, Ma Duofu as a result of investment fraud on the banking sector as investors worried about the impact that may have been the case for investors 50,000,000,000 U.S. dollars of losses.

Once the stock market rose in early trading, the oil and gas heavyweights strong boost at the same time, the three major U.S. auto manufacturer likely to receive government assistance is also expected to support the market. However, Ma Duofu cases as well as the Federal Reserve may cut interest rates to 16 to 0% of the stock-taking is expected to lead to a rise in early trading.

The Dow Jones Stoxx 600 Index fell 0.4 percent to 197.5 points. UK FTSE 100 index closed down 0.07 percent, to 4277.56 points. French CAC 40 index fell 0.87 percent to 3,185.66 points. German DAX 30 index fell 0.18 percent to 4,654.82 points.

In addition, the United States in November industrial output data also weighed on stocks. The data in the third decline in four months, showing that the U.S. state of the industry is still not optimistic.

Up close, the pan-European Dow Jones 600 index (ST: SXXP) fell 0.4 percent to close at 197.51 points.

Monday all the major European countries in the stock market, the British FTSE 100 index (UK: UKX) down 0.1 percent, to close at 4277.56 points. French CAC-40 (FR: 1804546) index fell 0.9 percent to close at 3185.66 points. German DAX 30 index (DX: 1876534) fell 0.2 percent to close at 4654.82 points.

European stock markets today, the bank board by a great deal of industry news.

Fortis Bank (Fortis) this week and a suspension of trading Tuesday, after a court of the company's shareholders should consult their plan to split. The bank said that with BNP Paribas (BNP Paribas) (FR: 013110) to complete the transaction will not be subject to the above-mentioned decision.

Fortis Bank and BNP Paribas, originally scheduled for this week from the beginning of the transaction.

BNP Paribas shares fell 10.1 percent.

New York, the three major stock indexes down

2008-12-30T05:45:00.000-08:00

Kuwait to terminate the joint venture with Dow Chemical to set up the news put pressure on the market and energy stocks offset the positive impact of rising, 29, New York, the three major stock market indexes were lower.

On the New York Stock Exchange was light. Kuwait decided to cancel the establishment of Dow Chemical and petrochemical joint venture. Dow Chemical shares fell 19%. As the market worried that the decision on the Dow also plans to buy Rohm and Haas has dealt a strong blow, Rohm and Haas stock price has plummeted by 16%.

The Standard & Poor's energy sector is big business in 10 plate up only in the plate. On the New York market, international crude oil futures prices rose for a second day because of Israeli air strikes in Gaza continue to lead investors to worry that the Middle East oil supplies might be interrupted. The rise in oil prices to the consumer-related stocks pressure.

New York stock market closed, the Dow Jones industrial average price index over the previous trading day down 31.62 points to close at 8483.93 points, or 0.37 percent. Standard & Poor's 500 index fell 3.38 points to close at 869.42 points, or 0.39 percent. The Nasdaq composite index fell 19.92 points to close at 1510.32 points, or 1.30 percent.

Major European stock markets rose one after another on the same day. London stock market, "Financial Times" 100 Share Index rose 2.4 percent to close at 4319.35 points. Frankfurt DAX stock index rose 1.63 percent to close at 4704.86 points. Paris CAC40 stock index rose 0.47 percent to close at 3130.72 points.

U.S. stock markets rose sharply overnight

2008-12-29T01:58:00.000-08:00

U.S. stocks rose sharply Thursday, as a result of the Fed's statement was interpreted as the current rate hike cycle nearing an end, the Dow rose 217 points.

Up close, the Dow Jones Industrial Average rose 217.24 points to 11190.80 points, or 1.98 percent. Today, the Dow was up a point since April 2003 has been high, the Dow 30 kinds of constituent stocks rose across the board.

The Nasdaq composite index rose 62.54 points to 2174.38 points, or 2.96 percent; Standard & Poor's 500 index rose 26.87 points to 1272.87 points, or 2.16 percent.

New York Stock Exchange, shares rose more than 5 to 27 leading stocks fell on the Nasdaq stock market rose more than 6 to 24 leading stocks fell on.

New York Stock Exchange volume was 2.6 billion shares 3100, Nasdaq volume was 2.1 billion shares 5800.

In the stock market all day to keep up, but the Federal Reserve will raise overnight interest rates to 5.25 percent after the major indexes rising to a new high, this is the 17th consecutive time the Federal Reserve raising interest rates.

Investors the Federal Reserve to change the wording of the statement made a positive response. Federal Open Market Committee to delete the words "may be" more of a steady demand for policy measures to control the statement, and will be based on the economic prospects and decide whether or not to take "additional measures to control" its place.

EKN Financial Services stock market analyst Barry - Hyman (Barry Hyman), "the Fed is still worried about inflation, but seems to hint that the current rate hike cycle is coming to an end."

He said that this does not mean that the Fed will not be meeting again in August rate hike by 25 basis points, but the statement clearly shows that rate hike cycle is about to end.

Stephens Capital Management's fixed-income analyst Bill - Taidefute (Bill Tedford) said that the statement is a strong hint that the Fed will stop raising interest rates.

He pointed out that the statement of impartiality and integrity of direct economic growth is easing, but the previous statement that the economy may be easing. He said, "I do not think the Fed will be easing in the economic circumstances interest rate increase."

Mike Holland of the fund balance - Holland (Mike Holland), said the wording of a statement to alleviate the fears of investors, "Prior to the market worried about the Federal Reserve will make a stupid statement, but the statement is a responsible, not People would mistake for the U.S. Federal Reserve economic mess. "

At the end of the quarter buying also supported the market, some portfolio managers expect to increase buying by portfolio value. Friday is the June, as well as in the second quarter of the last trading day.

Today's report showed that the two economies in the U.S. economy in good condition.

First-quarter gross domestic product growth was revised to the final 5.6 percent, a three-year high. MarketWatch survey of economists on average expected growth of 5.5 percent.

At present, economists expected in the next few quarters, U.S. economic growth will slow to around 3%, non-inflationary growth rate of close to the long-term economic development under pressure from the ceiling.

In the first quarter of the core consumer price index to grow by 2%, lower than the fourth quarter of last year's 2.4 percent.

Last week, for the first time the number of applications for unemployment benefits increased 4,000 to 313,000, an average of four weeks to apply for unemployment benefits fell by 6,000 to 305,500 people, the highest since Feb. 25 has been low. MarketWatch survey of economists expected growth to an average of 311,000 people.

Other market

Since the Fed's statement did not show his hard-line attitude of the U.S. dollar hit a new low for the week.

The U.S. dollar against the Japanese yen exchange rate fell 1.3 percent, to 1 U.S. dollar 114.96 yen; the euro against the U.S. dollar exchange rate rose 0.8 percent, to 1 euro dollar exchange 1.26.44.

The bond market closed higher, the fixed income market on the current rate hike cycle is expected to terminate the Fed's statement made a positive response.

The benchmark 10-year bond rose 10/32 point, to 99 12/32, to yield 5.205 percent, down from Wednesday's 5.247 percent.

Gold futures closed higher. Gold futures for August delivery rose 7.90 U.S. dollars to 588.90 U.S. dollars an ounce, the contract was a breakthrough after 600 U.S. dollars.

Crude futures also rose in recent months, the contract rose 1.33 U.S. dollars to 73.52 U.S. dollars a barrel, or 1.8 percent. In the past seven trading days, the price of crude oil were up 6%.

Focus stocks

McDonald's (MCD) rose 5.0 percent, closing 33.56 U.S. dollars. Merrill Lynch raised the rating of fast food distributors, the brokerage expected McDonald's sales and profit margins, particularly in Europe, will be improved.

Ford Motor (F) was down 0.31 percent, closing 6.40 U.S. dollars. CEO Bill Gates - Ford (Bill Ford) in "The Wall Street Journal", said the company than the current situation a few months before the expected worse, as a result of the recent rise of oil prices, sports car sales decline in the rate Faster than expected.

Walt Disney (DIS) rose 1.7 percent, closing 29.88 U.S. dollars. The company said yesterday that the company has named John Pepper Jr. For the new chairman and chief executive officer.

Tenet Healthcare Corp. (THC) fell 1.8 percent, closing 7.10 U.S. dollars. The health care provider agreed to pay 700,000,000 25,000,000 U.S. dollars to the U.S. Department of Justice and its pre-2003 part of the medical insurance payment receipts to reach a settlement. The reconciliation of the financial arrangements relating to the medical and health insurance code.

The company also revealed a plan aimed at improving profit margins. The company will sell 11 hospitals and expand its capital investment projects.

Cardiovascular stent maker Boston Scientific (BSX) fell 1 cents to close at 16.94 U.S. dollars. Citigroup will be the medical equipment manufacturer rating from "hold" tune down to "sell." The broker that the company's acquisition of Guidant to make a wrong decision the financial situation in trouble, and the growth of its more limited scope.

Britain to suspend a century-old store retail stocks red strobe

2008-12-29T01:56:00.000-08:00

Founded in 1909, the existing 840 outlets in Britain daily necessities and household goods and entertainment supermarket chains WOOLWORTHS26 Group announced today that its stock of the London Stock Exchange suspended. Recently, people have been hearing voices from the United Kingdom greeting card companies, furniture companies, enterprises, "bad news", the United Kingdom began a variety of retail "warning."

WOOLWORTHS in a statement that the group is working with the British Broadcasting Corporation (BBC) consultations, the two will set up a joint venture to produce entertainment company 2ENTERTAIN40% of the shares sold to the BBC. In view of the ongoing negotiations on the acquisition, the board of directors to apply for shares stopped trading on the entry into force on the 26th. When the news was announced, the company's stock price will stop at 1.22 pence per share level (1.5 U.S. dollars or about 1 pounds, 1 pounds to 100 pence).

WOOLWORTHS said, because of specific conditions still under consultation, also with its lending banks to maintain close contact. Market speculation, WOOLWORTHS relative to this part of the money transfer business, but also to get some money to live, to ease the pressure on the company right now.

The century-old from Liverpool in the old All-England has 30,000 employees in the past 12 months, the company's share price fell by 90%. The company had announced 19 to 1 pounds are willing to "honor the price" to sell themselves, but because of its liabilities of up to 385,000,000 pounds, very interested buyers.

25, referred to as Britain's largest seller of the gift card, "Clinton's gift card chain," announced in the past 16 weeks, the company's sales dropped 6%. Before Christmas is the gift card sales this season, but that the performance of the greeting card retail business professionals how tense.

In addition, the greeting card company since early August, although opened 12 new stores, but at the same time it was closed 21. Although the new store opened as usual, the customs of the old shop is quite normal "strategic adjustment", but taking into account the decline in sales, so some adjustments in the number of "ominous".

The luck seems to be more than the two above-mentioned enterprises, the latest news in Britain, 110 stores in MFI Furniture company is also facing the risk of bankruptcy. The company executives said, because of difficulties to pay the rental store, the company may be closed.

As a result of this operation are not good in 2006 to 1 pounds of hand-turned furniture price is a 80-year-old shop in the UK there are more than 1,500 employees, specializes in home and office furniture. In addition to the store, also on-line sales. Despite this year in September to replace the management, but many of its stores are still facing difficulties to pay rent.

November U.S. stock fund net inflow of 14,900,000,000 U.S. dollars

2008-12-29T01:34:00.000-08:00

November U.S. stock mutual funds recorded a net inflow of 14,900,000,000 U.S. dollars, show that since March this year, funds from flowing into the stock market's trend is continuing. However, in October compared to the 25.3 billion net inflow of 1 million dollars the amount of inflow in November The amount of the stock market has been slow. At the same time, the Organization of the United States Investment Company (ICI) data also show that the November bond funds recorded a net outflow of 2.5 billion, money market funds also recorded a net outflow of 7,700,000,000 U.S. dollars. In November, is now in the hands of fund shares than the weighting of 4.6 percent, and October's 4.5 percent or less the same, but less than 5 percent a year ago.

German companies reported losses in emerging solar energy shares passed their prime

2008-12-29T01:18:00.000-08:00

Berlin, Dec. 16 Germany's largest solar power company Conergy companies said last week that the company this year will be 150000000-200000000 euros pre-tax loss as a restructuring of the company, will lay off 500 people next year. After the announcement, the company's share price fell more than 20%.

Within two months, Conergy shares have fallen about 70%. As early as in early November, the company issued a profit warning for the first time on the market panic, the company's share price fell nearly one-third of the day. 8 trading days later, Germany 10 emerging energy prices a quarter of the shares, investors shudder.

In recent years, new energy enterprises can be said to be Germany's brightest stars of the stock market. In the past 4 years, the German Technical Exchange index of 10 component stocks of companies the market value of the stock up almost 8 times.

In fact, such a surge in the fall after not unusual. At present, Xiamen Machinery & Electronics Exhibition has always been the type of stock analysts have changed their view that solar and wind energy stocks are no longer "unlimited scenery." An investment bank analyst noted that, while such enterprises have good prospects, but in view of falling commodity prices, profit margins, as well as reduce the silicon raw material supply bottlenecks encountered, their production capacity and the ability to profit expansion can not be sustained.

In addition, Germany, according to previously issued by the "Renewable Energy Law", began in 2009 at the latest from government subsidies to the industry will be gradually reduced, which will cause the industry's profits shrink. The German solar energy equipment, the main importer of the United States, the legislature would extend the tax benefits of these products is unknown.

From the statistics, in the new round of energy shares fell, hurt most are still small and medium-sized investors. They emerging energy stocks may be too high expectations, many individual investors also joined by the banks to issue new shares of energy index warrants gamble, some people now have to lose money.

All-around to Germany-based Bank of corporate finance model Review

2008-12-29T01:04:00.000-08:00

Britain and the United States compared to Germany's relative stock market is neither here nor there, despite the domestic bond market to develop good, but because of participation in the bond market is the main government and the banks, in general very few industrial and commercial enterprises to issue bonds in 1991 and just the opening notes The market is stagnant. In this context, the German enterprise debt-equity ratio than the United Kingdom and the United States than about 50% of the companies rely largely on external financing to bank loans, a large proportion of which is a long-term fixed-rate loans, securitization of loans to the extent Compared with the United States also Very low. However, the German banking industry in corporate finance in the impact of significantly more than the United Kingdom, the United States, the bank will not only give direct loans to enterprises, but also help enterprises to issue stocks and bonds, at the same time assume the commercial banks and investment banking functions of the two. In addition, the German bank's shareholders to vote through proxy, the board of supervisors seat, and other enterprises to obtain further imposed on listed companies. As a result, Germany's banking system known as the "all-round banking system", the all-around in the banking and corporate finance to participate in corporate governance plays a very significant role. In particular, the German banking system is all-based bank, the Bank added in a professional, all-around banks, including commercial banks, savings banks and cooperative banks 3 system among commercial banks as the core. The full participation of all-bank financial activities, including deposits, loans (including mortgage loans), the issuance of securities underwriting, including direct investment in stocks and other kinds of securities can engage in traditional commercial banking, investment can also be carried out Banking, is a multi-functional, and a full range of banking. Germany's major commercial banks including Deutsche Bank, Dresdner Bank and commercial banks such as Germany 3 major banks, regional banks, as well as a number of foreign bank branches; savings banks are in the public interest, not to maximize profit target Banking institutions, including local, state and central level 3; cooperative bank depositors at the same time, the bank's shareholders as well as local, state and central level 3. Does not belong to the professional all-bank financial services offered by banks is less than all-banks, such as specializing in mortgage loans, agricultural credit or bank credit for SMEs.

First, all-German banks and non-bank business relationship between ownership

OECD (OECD) released statistics show that: (1) to the end of 1993, German banks hold a total of public and private non-financial enterprises by the total number of issued shares of 14%, while Britain and the United States of the banking sector to Non-financial holding companies is practically nil. This is the German banking sector from the British and American counterparts the most important feature, that is, they are directly held by non-bank companies a substantial proportion of the shares. (2) U.S. non-financial enterprises of the shares in the main control in addition to individual investors and banks outside the hands of institutional investors, insurance companies and pension funds control of the British non-financial enterprises the main shares, while Germany is the ratio of institutional investors holding Small, on the contrary, non-financial companies holding shares as high as 39%. (1) In addition, Deutsche Bank and non-bank businesses, non-bank mutual holding companies is widespread. Table 1 provides that in 1991 Germany's major banks at the time of the 10 largest manufacturing company's shareholdings.

Table 1 in 1991, Germany's largest manufacturing company's 10 shareholding banks list

─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┬ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┬ ─ ─ ─ ─ ─ ─

10 largest manufacturing companies owned bank │ │ bank shares

─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ─ ─

Daimler is contained - Mercedes-Benz, Deutsche Bank │ │ 28.5%

│ Banken und Versicherungen │

Bayer │ │ 38%

│ (bank insurance) │

China Rubber Company, Deutsche Bank │ │ 28.5%

Germany's Linde │ │ commercial banks about 10%

Schering Corporation │ Banken und Versicherungen │

│ (bank insurance) │ 23%

Heidelbeger Zement's Dresdner Bank │ │ more than 25%

Didier-Werke AG │ │ Deutsche Bank more than 25%

│ │ Hypobank bank more than 25%

Brau und Brunnen's │ │

Dresdner Bank │ │ more than 25%

Phoenix's Deutsche Bank │ │ about 20%

Hamburg's Holsten Brauerei │ │ community banks is greater than 25%

─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ─ ─

Note: these manufacturing companies ranked according to sales.

Source: German commercial banks, "Who Belongs to Whom?", 1991 annual data.

Table 1 shows, including Germany's Commerzbank, Deutsche Bank and Dresdner Bank, Germany's major banks in the top 10 manufacturing companies have a substantial proportion of the shares. As the German company law does not require banks to disclose shares held less than 25% of the stock of information, so this is just one of the most conservative statistics, the actual all-around bank-owned manufacturing company's equity ratio will certainly be much higher than these figures. At the same time, German law provides that the shares held by more than 25% can veto power, which means that like Daimler - Mercedes-Benz such a major decision-making in large companies must first of all with the consent of Deutsche Bank's agreement, no resolution Can not be adopted. Even ignore the ownership below 25% could not disclose the factors, Germany's largest 10 companies in the manufacturing sector is still at least 8 in the bank holding more than 25% of the phenomenon, which means that this bank's 8 The main decision-making with veto power, also shows that Germany's leading banks have been firmly in control of the whole manufacturing sector. Let's look at Germany's biggest bank in Germany in 1994 of equity portfolio (part of), as shown in table 2.

Table 2 in 1994, Deutsche Bank shares held by the main list

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Daimler is contained - Mercedes-Benz │ 24.4% │ Leonische wire and cable │ 12.5%

Gerling Insurance Group │ 30.0% │ Linde Company │ 10.1%

Philipp Holzmann's │ 25.8% │ Metal Co., Ltd. │ 16.6%

Hutschenreuther company │ 25.1% │ Schmalbach-Lubeca's │ 10.0%

Klockner-Humboldt-Deutz │ │ │

Company │ 45.0% │ Phoenix's │ 10.0%

Nǖrnberger Investment Company │ 25.9% │ SalaMander Company │ 10.7%

Allianz insurance holding company │ 10.0% │ Sǖdzucker Company │ 12.8%

China's rubber │ 10.1% │ joint power generation equipment company │ 6.3%

Fuchs Petrolub company │ 10.0% │ Verseidag Company │ 10.4%

Hapag-Lloyd's │ 10.0% │ Vogele Company │ 10.0%

Heidelberger soil Chen Ning Company │ 10.1% │ Vossloh's │ 7.6%

Karstadt's │ 10.0% │ WMF's │ 9.1%

Aachener und Mǖunchener │ │ Mǖnckener Re │ 10.0%

Investment Company │ 5.0% │ │

│ │ Leifheit's │ 11.0%

─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┴ ─ ─ ─ ─

Source: Deutsche Bank Annual Report 1995.

Table 1 and compared to some of the reduction of Deutsche Bank AG - Mercedes-Benz shares, but still holds a direct 24.4 percent stake. The bank has been holding shares of both companies, including investment companies, insurance companies, financial companies, including many manufacturing companies, covering a very wide range of industry sectors. All-German banks to non-bank holding companies in general are very stable, they will not easily change the existing ownership structure, which Germany shares in the company's sustainable development has provided more favorable to the protection of the system, at least so that the company faces significant pressure on the M & A Mitigate and help managers to focus on the realization of the company's long-term goals. In Germany, the all-around not only the banks holding a large number of shares, non-bank companies also hold large shares of the all-around bank, which is Germany with the characteristics of mutual shareholding system, the system in the non-bank enterprises are also very popular.

According to German law provides that a person can not be two companies each hold more than 25% of the shares, but does not limit cross-shareholdings. This is among German companies, including financial enterprises and non-financial enterprises between a wide range of mutual ownership structure provides a legal basis. Prowse (1994 years), taking into account the characteristics of the companies holding each other after the re-calculated the actual market value of the stock markets, that is deducted each other listed companies held by the flow of stock market value, Germany and Japan found that the actual market value of almost adjustment Pre-shrunk by half, and the United Kingdom and the United States before and after the big change. This shows that Germany and Japan held each other phenomenon is widespread. As shown in Table 3, 1985, Germany accounted for a total market value of the stock when the gross domestic product (GDP) of 29%, after holding deducted from each account for only 14% of GDP, that is, the net market value of the total market value of 48.3%. (2) Wenge, and Kaserer (1998) in carefully identified at the end of 1994, German listed companies holding each other amount, calculated after deducting holding each other's net market value of listed companies is 73% of the total market value, the figure Prowse is greater than the estimated value, but can be seen as the upper limit of the market value of the net. Since the law does not require listed companies to disclose all the information held, so the public disclosure of data calculated the net market value and the actual market value of the net between sure there is a big difference. Kasere and Wenger in particular, the study asked about the insurance companies listed on a Wurttembergische AG, the company found that the actual number of shareholders than provisions of the law to disclose the amount should be higher than 33%. If the company as a reference, it is estimated that their data from 73% to 64% adjustment, which is estimated Prowse out 48.3 percent of the data on a closer.

Table 3 of the main countries in 1985 and held each other a list of the total market value of the stock market

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United States │ │ Britain │ │ Japan Germany

Calculation of indicators │ │ │ │

─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ┼ ─ ─ ─ ─

Shares with a total market value of the proportion of GDP accounted for │ 51% │ 90% │ 71% │ 29%

After discounting the effect of cross-shareholdings of listed companies after the net │ 48% │ 81% │ 37% │ 14%

The proportion of GDP accounted for the market value of │ │ │ │

Net market value of the total market value of the share of │ 94.1% │ 90% │ 52.1% │ 48.3%

─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ┴ ─ ─ ─ ─

Source: Prowse, S.1994.Corporate Governance in an IntemationalPerspective Basle: Bank for Intemational Settlements.

Table 3 of the statistics concise and pointed out the company's Japan and Germany and the United States system, the major difference between Britain, which is almost half the market value of shares held by each other out to create a "virtual" market value, and holding each other in the UK And the United States, there is very little. This is from a macro point of view on the stock market mutual shareholding system, a micro point of view, the financial enterprises, financial enterprises and non-financial enterprises are holding each other to form a very stable ownership structure. As shown in table 4, Allianz Insurance and Reinsurance Company Münchener Germany is the largest and second largest insurance company, Dresdner Bank and Bayer.Hypo. Is Germany's second-largest and fifth largest bank, the 4 large companies core Companies, such as AMB and 4 of these large financial companies belonging to the company's satellite companies, a large number of shares they hold each other. Table 4 shows that the core and satellite companies took control of Allianz Insurance 42.67 percent stake in Dresdner Bank's 31.6 percent stake in Münchener Re and 45.9 percent of the shares also were close to those of the minority holders of the company. It can be said that this 8 of the financial holding company with each other through the establishment of a strong shareholding structure of the internal and external impact is difficult to shareholders of these companies operating managers in decision-making, external capital markets almost impossible for them to pose any threat. From the corporate governance point of view, this holding each other and the formation of a special ownership and control structure would be the advantages and disadvantages of co-existence.

Table 4 in 1994 with the German banking industry mutual insurance holding of the typical cases (%)

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│ 4 large holding company's core

├ ─ ─ ─ ─ ┬ ─ ─ ─ ─ ─ ┬ ─ ─ ─ ─ ─ ┬ ─ ─ ─ ─ ─ ─ ─

Allianz │ │ Bayer. │ Dresdner Adams │ Mǖnchener

Insurance │ │ Hypo. │ │ Dayton Bank Re

─ ─ ┬ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ─ ─ ─

Allianz Insurance │ │ 0.06 │ 5 │ 10.08 │ 26.07

│ Bayer. Hypo. │ 22.6 │ - │ - │ 5.8

Dresdner Bank was │ │ 23.0 │ 1.27 │ 1.27 │ 2.53

│ Mǖnchener hold Re │ 25 │ 6.19 │ 12.1 │ --

Unit │ │ │ │ │

Public │ AMB │ 5.01 │ - │ 14.7 │ 8.6

Secretary │ BHF │ 15.2 │ - │ - │ 6.2

│ IKB │ 12.0 │ - │ 3.67 │ 6.2

│ Victoria │ - │ - │ 6.6 │ 23.64

─ ─ ┴ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ─ ─ ─

│ 4 large holding company's core

─ ─ ┬ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─

Allianz Insurance │ │ 41.21

│ Bayer. Hypo. │ 28.4

Dresdner Bank was │ │ 28.09

│ Munchener hold Re │ 43.29

Unit │ │

Public │ AMB │ 28.31

Secretary │ BHF │ 21.37

│ IKB │ 21.83

│ Victoria │ 30.24

─ ─ ┴ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─

─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┬ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─

Holding Company │ 4 satellite company

├ ─ ─ ─ ─ ─ ┬ ─ ─ ─ ─ ─ ┬ ─ ─ ─ ─ ┬ ─ ─ ─ ─ ─ ─ ─

│ AMB │ BHF │ IKB │ Victoria

│ │ │ │

─ ─ ┬ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ─ ─ ─

Allianz Insurance │ │ 0.02 │ 1.41 │ - │ 0.03

│ Bayer. Hypo. │ - │ - │ - │ --

Dresdner Bank was │ │ 1.39 │ - │ - │ 2.12

│ Mǖnchener hold Re │ 0.11 │ 2.28 │ - │ 0.26

Unit │ │ │ │ │

Public │ AMB │ - │ - │ - │ 2

Secretary │ BHF │ - │ - │ 4 │ --

│ IKB │ - │ 10 │ - │ --

│ Victoria │ 4.75 │ - │ - │ --

─ ─ ┴ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ─ ─ ─

Holding Company │ 4 satellite company

─ ─ ┬ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─

Allianz Insurance │ │ 1.46

│ Bayer. Hypo. │ 0

Dresdner Bank was │ │ 3.51

│ Munchener hold Re │ 2.65

Unit │ │

Public │ AMB │ 2

Secretary │ BHF │ 4

│ IKB │ 10

│ Victoria │ 4.75

─ ─ ┴ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─

Source: Wenger, Ekkehardard and Christoph Kaserer, 1998.The German System of Corporate Govemance-A Model which Should not be Imitated, inCompetition and Convergence in Financial Markets: The German and Anglo-American Models, edited by SWBlack and M. Moersch , North-Holland, 1998.

Cross-ownership system brought about by the obvious benefits: (1) financial enterprises as well as between non-financial enterprises and financial firms to form a stable strategic partnership for long-term goal of enterprises is of positive significance. (2) the business is relatively stable shareholding structure, forming a large number of shareholders of the common control mode, which can solve the supervision of the shareholders and managers of the power-sharing costs. (3) from the accounting point of view, mutual shareholding system allows enterprises led to the holding of the actual cash flow significantly reduced, which facilitate corporate use of limited funds to achieve portfolio, the realization of other companies have been able to maintain control at the same time good assets Mobility. A company such as 1-funded 0,000,000 yuan to hold 10% of the company's B shares, while company B and 8,000,000 yuan investment holding 8% of the company's A shares (A, B Company's share capital are set up to 1 million), A company's actual cash outflow of 2,000,000 yuan only. (4) in general will not always exist in our country, "Yigududa", several major shareholders of the common control between competition and cooperation is the unity, which helps to avoid an absolute controlling shareholder of the interests of other shareholders Erosion.

However, each holding the disadvantages are also obvious, the main problems: (1) holding each other to form a system of a relatively stable shareholding structure will help the company achieve Although the long-term goals, but also the company's control over the market's managers Bound relatively ineffective. Germany's managers are usually held by the group to appoint or hire, their jobs and the stability of the company's share price fluctuations in the correlation between relatively weak. Franks and Mayer (1990 years) An Empirical Study: German companies facing hostile takeover was a lot less than Britain and Germany. (3) (2) all-German banks were holding each other because of some of the core business control, holding a smaller proportion of the bank's shareholders on the bank a direct impact on the all-bound to be very limited, which in turn will affect the all-round participation in non-bank financial firms Corporate governance initiative and effectiveness, as they rarely from the bank's minority shareholders interests of the exercise of the duties of supervisors, and often subject to the entire shareholding of the Group of common interests. (3) business ownership among investors confused with the investors, shareholders and the relationship between the company and the interests of both the complexity of relations and even long-winded. (4) from an accounting point of view, although arrangements for the holding of mutual holding companies can incur a reduction in actual cash flow, greatly reducing the cost of holding companies, but the minority shareholders is a clear disadvantage. In the above example, A real company has invested only 2,000,000 yuan on the B's have 10% of the voting rights, the actual price is 0.2 yuan per share, while the actual inflow of B Company of 2,000,000 yuan is holding 8% of A Company Equity, real negative for the stock. This situation is clear for the A's and B's other minority shareholders is extremely unreasonable, because the minority shareholders to buy the stock price of 1 yuan per share, much higher than the A's and B's. This is clearly a violation of "the same right to share with the" basic principles, the impact of minority shareholders to participate in the effectiveness of corporate governance. (5) mutual holding companies have been under the all-around, including banks, several major shareholders of common control, even though this can be effectively resolved between the shareholders and managers of the issue of conflict of interest, but cooperation between the major shareholders than the competition, then They are fully possible "conspiracy" to erode the common interests of minority shareholders.

Second, all-German non-financial enterprises in the banking supervisory board seat and influence

In 1965 promulgated the Law provides that Germany shares the shares of three companies to set up a statutory body: the management board of directors, board of supervisors and the annual general meeting of shareholders, that is to implement two-tier management system. Management and board of directors of the board of supervisors are very clear division of responsibilities, which is responsible for the company's day-to-day operations and strategic decision-making, corporate governance by the board of supervisors responsible for the implementation of their primary function is to oversee the management and control of the board of directors, directors who sit on the board of supervisors can not be members of the board of supervisors Can not bear any day-to-day management tasks. Due to Germany's all-around non-bank financial firms have a considerable proportion of the shares, they will certainly send a representative to act as a member of the board of supervisors. Germany's two-tier management system and below constitute a mechanism for joint decision of the German-style house the core of governance.

Germany's all-appointed board of the Bank acts led to a number of large companies on behalf of the board of supervisors in the bank too, and some of the senior management of the bank at the same time more than the company's board, which has been so much controversy that end, in 1965 Germany adopted the so-called Abs of the bill provides that each person can only serve as supervisors of 10 posts. Abs was named by the bill, because at the time of the Deutsche Bank governor Hermann-Josef Abs at the same time the 30 board positions in the stock market and investors are very worried that this kind of bank supervisors whether there is sufficient energy to participate in corporate governance. In order to better play the role of supervision and control, German bankers have begun to take the initiative to avoid a number of companies as board positions, but generally do not serve as Chairman of the Board of Supervisors, unless their own investment bank was the company's largest shareholder. As a result, the current German bankers in the company's board of supervisors in the occupied seats than Abs which greatly reduces the times, but still has a very high proportion.

As shown in table 5, 1993, Germany's 100 largest banks in the board of supervisors still have the 99 board seats, accounting for 6.3 percent of the total, on behalf of the workers and other industrial companies on behalf of the respective shares of 35.2% and 27.4%.

Table 5 in 1993 Germany's 100 largest source of a list of members of the board of supervisors

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Supervisors source │ │ proportion of the number of

─ ─ ─ ─ ─ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ─ ─

Private Banking │ 99 │ 6.3%

Other banks and insurance companies │ 53 │ 3.4%

Industrial companies and other companies │ 427 │ 27.4%

Politicians and civil servants │ 67 │ 4.3%

On behalf of other owners │ 155 │ 9.9%

Representatives of trade unions │ 211 │ 13.5%

Other workers on behalf of the │ 549 │ 35.2%

The total number │ 1561 │ 100%

─ ─ ─ ─ ─ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ─ ─

Source: Federation of German Banks, 1995.Power of Bank, Cologne.

Table 5 also reflects Germany's corporate governance structure is another characteristic that is representative of the workers at the Board of Supervisors holds a very important role, which by the trade union representatives and shareholders to participate on behalf of the board of supervisors, known as "co-decision system." The system was first set up in 1951, first in the iron and steel, coal mine enterprises to provide a total of 11 members of the board of supervisors, on behalf of shareholders and employees on behalf of the 5, 11 have been identified by members of the 10 supervisors to the Annual General Meeting To make recommendations by the Annual General Meeting elected. In 1976 the revised decision of the common system applicable to the shares of major companies to stipulate that 50% of the company members of the board of supervisors should be elected by shareholders and the other 50% of the workers by the members of the election. The size of the board of supervisors according to the number of workers in all the company decided that if fewer than 10,000 employees, board of supervisors should be 12 members; the number of employees more than 10,000 people but less than 20,000 people, should be composed of 20 board of supervisors. Chairman of the Board of Supervisors has a special power, that is a member of the board of supervisors after two rounds of voting are still unable to obtain a majority (more than 50%), the President has the final decision. Chairman of the Board of Supervisors elected by the entire board, a candidate must receive two-thirds majority to be elected. If no candidate obtains a two-thirds majority vote by the board of supervisors in the press on behalf of the President of the shareholders, employees and representatives of the elected Vice-Chairman.

This joint decision was Germany's system of corporate governance is an important feature of the trade union's participation in decision-making and corporate governance has played a positive role, but some people think this is a system weaken the bank's shareholders include the election of supervisors in the corporate governance of Role. Wenger and Kaserer (1998 years) that the board of supervisors to effectively monitor managers brought about the ultimate value-added shareholder value to control who belong to (such as all-Bank) and control (AG) of private shareholders, and the board itself can only be part of the proceeds, here There are still oversee the costs and benefits of asymmetry, that is, as the supervisors who are not shareholders, but that representatives of the shareholders. At the same time, the German financial enterprises and non-financial enterprises there is a clear mutual shareholding relationship, to shareholders of the general all-around bank does not constitute an effective external pressure. Germany to send some of the all-around bank of supervisors and managers often do not want to rigorous implementation of the supervision of the main reasons is that these banks did not come from its private shareholders of external pressure. (4)

Third, proxy voting system with the German bank's control over the all-around

German banks to participate in all-round corporate governance is another important means of access by small and medium-sized shareholders to authorize proxy voting, which is known as the proxy voting system. According to the Baums and Fraune (1995 years) statistics, the 1992 all-around Germany's largest bank in the 24 listed companies annual general meeting of shareholders to vote on the actual average of 60.95 percent, in one of the 11 companies the right to vote or even more than 75 %. (5) The reason why the bank can agent all-round vote, which the law allows them to assume the functions of investment banking presence in close contact. Deutsche Bank shares will bear a greater share of the underwriters, they will usually have most of the underwriters to sell shares to their customers, and these customers for the safety of investing in stocks and lower transaction costs and generally kept in bank stocks. Cable (1985) estimated that about 50% of the shares of listed companies shareholders was deposited in the bank. (6)

Proxy voting system is characterized by: (1) did not develop all-automatic proxy voting, but must be authorized by shareholders in order to exercise this right, generally by the bank shareholders to take the initiative to obtain such authorization. (2) In practice, the German individual investors or minority shareholders usually commissioned by the bank to act as custodian of the shares and shares in the company's annual general meeting of shareholders on proxy voting by banks, shareholders and proxy voting rights in general can only be entrusted to a A specific credit institutions, and commissioned period of up to 15 months. (3) of the bank's annual general will be to the shareholders the right to vote the use of the possibilities, and then make a decision by the shareholders. If Deutsche Bank is usually recommended to their clients as much as possible to participate in the annual general meeting of shareholders, or the right to vote will be entrusted to individuals or on behalf of the shareholders association, if these customers are not interested in Deutsche Bank is also acceptable to the commission to vote on their behalf. (4) Bank as the custodian must take part in the annual general meeting of shareholders before the vote, or the intention of the proposed motion to inform shareholders of its customers, clients or shareholders did not object, the bank must be prepared in advance in accordance with the general meeting of shareholders to participate in the program can not Not change his mind. Clients (shareholders) in the general meeting of shareholders before the voting power of the specific proposals put forward, and the bank must comply with these recommendations, but in practice an average of only 2% of the shareholders will vote in specific views. (7) (5) Universal Banking in the face of the more controversial issues often consult the views of shareholders, if the shareholder has not given a clear vote, the bank will give the agent the right to vote. For example, Daimler - Mercedes-Benz in 1995 before the general meeting of shareholders expected in 1996 will be 5.7 billion German marks for the huge losses, the general meeting of shareholders in 1994 and is expected to return to moderate growth to judge the contrary, in the face of this grave situation, The company's major shareholders, Deutsche Bank, Dresdner Bank and the German commercial banks have their own recommendations of its customers and shareholders to participate in the exercise of the right to vote, or by the customer as to whether the restructuring of the managers are given very clear, otherwise these large banks Will abstain from voting.

These features indicate that the proxy voting system under the all-around small and medium-sized banks do not have a monopoly of the shareholder the right to vote, but with full respect for the legitimate rights of small shareholders, only if they are authorized to carry out the premise of proxy voting, but also to ensure that the general meeting of shareholders before the vote With the full intention of small and medium-sized shareholders to communicate in a major conflict of interest in particular cases, to seek specific shareholder vote, or else give up on the agent the right to vote. Such proxy voting system was that the OECD is a very effective means of corporate governance, as the bank through active participation in the annual general meeting of shareholders to effectively monitor and restricted shares of the company's day-to-day decision-making operating and maintaining the vast number of investors, including debt and equity investors to invest Interests.

Universal Banking proxy voting system has two main advantages: First, to address the spread of joint decision-making groups, shareholders when there is a "free rider" problem and cost-sharing. However, the large number of shares held in very small groups of shareholders to safeguard the common interests sometimes must unite to vote, but because of the existence of "free rider" problem, the implementation of this joint vote difficult. All-around polling commissioned by the bank is effectively overcome this problem, the bank will be the cost of proxy voting by all clients (shareholders) share, significantly reduced the minority shareholders in joint decision-making costs. Secondly, the proxy voting system to build a stable shareholder groups, is conducive to maintaining the stability of the business for the company managers and shareholders, board of supervisors, such as communication, thereby reducing their short-term volatility in the stock market under pressure to take some short-term behavior At the expense of long-term interests of the company. In the absence of proxy voting stake in the company and the system is relatively dispersed, the floor manager of the company is facing an uncertain and even a random shareholder groups, as they dispersed small and medium-sized shareholders at any time can be combined or reorganized into a new Large groups of shareholders, which will increase the manager level and the major shareholder groups to communicate more difficult, different combinations of the shareholder group may often interfere with normal business managers in decision-making activities, thus affecting the long-term interests of all shareholders. In the company's share price down and become a M & A target, the pressure is more obvious, because in the end to ascertain whether a floor manager and who to consult, not knowing whether the shares of small and medium-sized shareholders has been to focus on the acquisition. In order to avoid the risk of mergers and acquisitions in order to safeguard the stability of their jobs, managers are usually taken are conducive to the promotion of short-term stock price decision-making, but this is the decision-making at the expense of the company's long-term interests. This is Britain, the United States market-based financial model, the typical short-sighted in the stock market problems. Proxy voting system to create a long-term vision of the right to vote and to have control of the voters - all-around bank. The reason why the bank has the all-around long-term perspective: (1) all-bank holding company directly to a larger share of stock, they will lead to the need to focus on long-term gains rather than short-term capital gains; (2) to the all-around bank of these enterprises paid a huge amount of Long-term loans, loans to safeguard the safety and profitability, they must proceed from a long-term care to vote on the decision-making; (3) all-bank proxy voting must be to safeguard the fundamental interests of the client, if the reckless decision-making will inevitably harm the interests of its clients in order to All-around final damage the credibility of the bank, and one through the absorption of loans to deposits to obtain profits of major banks, credit is undoubtedly the most important.

Proxy voting system is the largest bank in each general meeting of shareholders on whether the real will to safeguard the interests of investors, in particular, it represents the interests of minority shareholders. Many economists expressed doubts, Wenger and Kaserer (1998 years) put forward, as the German Securities Exchange Act does not require banks to disclose their all-around on behalf of the list of shareholders and those shareholders holding shares in the amount, a number of subsidiary In the investment banking firms and other institutional investors are fully commissioned by the bank may choose to give up voting in person participate in the general meeting of shareholders, so as to ensure that the market does not rise to the attention of shock and achieved a number of strategic objectives. At this point, all-around at the expense of the bank is likely at the cost of the interests of minority shareholders and institutional investors for profit, but such actions are hidden, often under the banner of safeguarding the interests of minority shareholders of the banner appears, therefore, great potential harm. German investment company managed domestic stock market value of about 800 billion deutsche marks, accounting for total stock market value of about 10%, many of the investment company is a subsidiary of some of the largest banking subsidiary, the Bank of proxy voting with the minority shareholders when there is a A certain degree of conflict of interest. (8) Although the all-German company law requirements of the banks that they must represent the interests of the shareholders to implement Deputy voting rights, but the abuse of the law of the agent the right to vote in order to achieve the purpose of self-interest bank does not have enough sanctions.

Fourth, all-German bank and the banking system and the mode of financing Review

Based on the above analysis, all-German bank through four main channels of influence business investment, companies involved in corporate governance, first, loans, and the other is held directly, as is the three supervisors, four proxy voting is. Compared with the United States, Germany's main source of funds business from the all-around banks and insurance companies, such as Poensgen (1980) found 75 percent of German companies debt financing from the banking system. (9) Germany 3 major banks - Germany's Commerzbank, Deutsche Bank and Dresdner Bank in the credit market, accounting for the special share, in 1972 they accounted for Germany's manufacturing sector loans 28.2 percent, to the 20th century, 80 The market share has declined in 1982 but still reached 18.2 percent. (10) all-German banks, through direct ownership, as supervisors, proxy voting, and so fully involved in the process of corporate governance will help the bank more extensive and in-depth collection of business information in order to better supervise the utilization of loan funds and For future decision-making loans to provide useful information. In fact, companies can also take part in the government bank in the process of benefit, which benefits not only the performance of the enterprise will be stable credit funds, and they can share in the financial banking, technology and other fields of expertise. Through the bank as corporate supervisors directly involved in major business investment, finance, personnel, and other decision-making, is in control of first-hand information and to avoid the credit market, there is usually a result of information asymmetry as a result of adverse selection problems, contribute to the bank for business The specific credit and financial situation of the development of specific loan interest rates, loan guarantees, loan repayment policies, which the bank credit to optimize resources, reduce credit risk, increase the income of credit has been very positive. And other companies and their investors on behalf of the board of supervisors from the bank can also participate in corporate governance activities, the importance of access to financial information and other expertise, is conducive to scientific decision-making. More importantly, because of the bank in the information symmetry can be achieved under the optimal conditions for the loan arrangements for credit and financial condition of enterprises, they can effectively in-house information to banks and banking supervisors themselves, so as to obtain Conditions for preferential loans to avoid becoming a victim of adverse selection, the corporate cost of capital will also be greatly reduced.

Cable (1985 years) that the German banking and industrial sectors closely related to the creation of a "quasi-internal capital markets," the quasi-capital market pressures brought about by encouraging enterprises to minimize costs and maximize profits.According to his research, the German banking sector and large industrial enterprises is closely linked to the extent of these large enterprises and the financial position of a significant positive correlation between. Gorton and Schmid (1996) studied the years 1974-1985 the bank holding company and the relationship between performance and found that: in 1974, the bank holding company to improve performance, instead of the bank holding company's performance did not affect. By 1985, they found that banks and non-bank holdings are holding on to improve the performance of the company to have a positive impact. Shows that Germany is indeed all-stock banks directly help to improve the performance of the company, but from the 1970s to the 80s that the changes in the bank's influence with the development of capital markets and non-bank holdings and increase the relative decline of these non-bank Institutions have begun to actively participate in corporate governance, the banking sector in Germany's corporate governance pose a challenge to the special status. Elston and Albach (1995 years) of the study is further evidence of Cable's "quasi-internal capital markets" hypothesis, they believe that the general day-to-day business operations must attach great importance to the mobility of assets, only to maintain a certain level of liquidity in order to ensure that The timely repayment of short-term bank borrowings and other liabilities, in order to guarantee a certain degree of mobility, enterprises must consider when making investment decisions to stay out of a short-term capital investment or direct bank deposit, the rate of return on investment is relatively low investment in fact a waste of valuable Financial resources in the guise of improved corporate financing costs. (11) Under normal circumstances, a more distant relationship with the creditors of the business need to maintain a higher proportion of liquid assets, in order to reduce the risk of default and bankruptcy risk. But the all-around with the bank to maintain close relations in business investment decision-making when you do not need too much liquidity into account, because the bank to give the all-around is the main long-term loans, and business and close a large bank is relatively easy to negotiate. Albach and Elston also found that in the years 19831992, and close to all-bank businesses to invest its function of the liquidity problem is not sensitive, and the other of our investments should be very clear that the liquidity constraints of the problem. (12) Chirinko and Elston (1996 years) in the course of the study did not find that Germany close relationship between the bank and to reduce the company's financing costs, but also found no relationship between the bank's profitability and positive correlation between, but Discovered an important fact that the close relationship between the bank and the type of concentrated ownership structure of the relationship between the alternative. (13) in the highly fragmented ownership structure of the company prevails in the "free rider" problem, although the shareholding structure of the focus can be part of the settlement of shareholder oversight of managers, but would give rise to the major shareholders and the interests of minority shareholders of the conflict to form The new agency costs. ChirinkoElston in accordance with that type of close relationship between the bank and can substitute for part of the centralized ownership structure to better address the issue of corporate governance, which can address the excessive concentration of ownership structure where the majority shareholder of the interests of minority shareholders erosion, it can help solve Ownership Structure spread too thin layer under the manager and the interests of minority shareholders and managers of the conflict-monitoring.

The all-powerful banks and the close relationship between the bank and the German model of financing a large impact. On the whole, Germany is not well-developed stock market, oversee functions is not clear that the company's shareholding structure is more concentrated, many listed companies the right to vote on the all-hands Bank, the company can not control the market and what role to play. In addition, the company's share price based on the performance of managers incentive compensation system has not been established in order to pay a fixed salary as the main source of the managers prefer to engage in low-risk investment projects and construction of a wide range of corporate structure with the aim of reducing The company into financial crisis, as well as reduce bankruptcy caused by specific human capital loss. From the internal structure of corporate governance, the Board of Supervisors play a larger role. Board of Supervisors of the main trade unions on behalf of the employee's efforts to safeguard the stability of employment and, therefore, managers and the same preferences in low-risk investment projects or a wide range of business activities. Board of Supervisors on behalf of the workers in the non-elected by the shareholders, they are usually controlled with the right to vote on behalf of the interests of the bank's all-around, rather than other non-bank shareholders. Bank of the interests of the all-clear, they are concerned about the company is able to guarantee payment of principal and interest of loans, their participation in corporate governance is the ultimate objective of the loan in order to protect the safety and profitability. All-around small and medium-sized Bank settlement of a shareholder vote "free rider" problem, so that decision-making mechanism of listed companies not meet the shareholding structure of the fragmentation of failure, both at the same time to prevent a "vacuum of control" and restricted the managers of the company's "internal control "Solved in a modern company owner operator of the supervision and restriction issues.

In short, to all-bank-based financing model for German companies to cultivate a stable ownership structure and control structure, the financing model of the internal structure and external relations than market-based financing model more simple, especially for this model The requirements of the legal system is relatively low because the interests of small and medium-sized investors, directly or indirectly, by the all-around bank of effective protection, rather than the interests of minority shareholders in the United States must be very sound legal system to protect this relationship-based financing model is Conducive to promoting the steady macro-economic growth.

UK fund managers in December for the second consecutive month of increase in the proportion of shares held by

2008-12-29T00:55:00.000-08:00

Investigation revealed that UK-based fund manager for the second consecutive month in December to increase the proportion of shareholders, the reduction of debt and cash positions, as a result of a further decline in interest rates, the market found some support.

9 of the British investment company survey showed that in December they hold stock average proportion rose to 63.0 percent, in November when the survey of 11 investment companies accounting for 61.0 percent share.

The average bond holders increased from 24.6% down to 22.7 percent, the proportion of cash fell to 7.7 percent from 7.5 percent.

Fund positions imply changes in the proportion of investor risk appetite recovery, thanks to the Government's intervention measures and a series of initiatives to cut interest rates, the market has become more stable.

Bank of England rate cut in December to 2%, the lowest since the 1950s level.

Britain in December to the fund's investment in the stock market, the United States market share of 38% to 23.6% in the euro zone, the European Union outside the euro area to 14.7 percent, Japan 10% of the market, the Asian market outside Japan to 8.7 percent, to Latin America 2.1%.

Standard Life Investments head of global strategy Andrew Milligan said: "The recovery in financial markets poses a number of components needed to put in place gradually. Asset classes there are a lot of great value, such as the bond market, stock market, and even some of the real estate business."

"In the New Year at the dawn of the view that we remain cautious as a result of taking into account the depth of the recession on corporate profits, debt default, foreclosure and bankruptcy, and whether the market price to completely absorb all the bad news there is doubt."

Germany's E. ON declined to bid for British Energy Group rumors comment

2008-12-28T23:57:00.000-08:00

German energy giant E. ON declined to 16 companies bid for British energy company on the rumors of the Group for comment.

Comprehensive news on April 16 reported that the media rumors about Germany's E. ON may bid for British Energy Group (British Energy Group PLC) has, E. ON declined to comment.

16 Earlier, the media have quoted company E. ON spokesman as saying that E. ON will not be a separate company or other companies to jointly bid for British energy group.

But the report also quoted the spokesman as saying, E. ON company in the UK for new nuclear power plant operating in the territory optimistic.

The company E. ON, Germany's spokesman also said that he did not know the direct source of these come from.

U.S. stocks higher; the overall European stock markets lower

2008-12-28T00:35:00.000-08:00

U.S. stocks closed higher Wednesday, the market due to holiday falls on light trading. GM (General Motors) and Citigroup (Citigroup), and other companies have recently suffered the setback rebound, the stock market to close higher. However, the type of material, and other economically sensitive companies have been weak consumer spending and drag the poor unemployment data.

The stock market ahead of Wednesday's close, the Dow Jones Industrial Average index closed up 48.99 points to 8468.48 points, or 0.58 percent, but down 36 percent this year, cumulative, in December fell a total of 4.1 percent. Standard & Poor's 500 index rose 4.99 points to 868.15 points, or 0.58 percent. The Nasdaq composite index rose 3.36 points to 1524.90 points, or 0.22 percent.

Data:

U.S. MBA Market Index rose 48.0 percent to 1245.4; last week to 841.4; MBA purchasing index rose 10.6 percent to 316.5; last week to 286.1; MBA refinancing index rose 62.6 percent to 6758.6; for 4156 last week.

United States Department of Labor (Labor Department) Wednesday announced a seasonally adjusted basis, as of December 20 the week for the first time the number of applications for unemployment benefits increased 30,000, to 586,000, a record high of 26 years. Every Thursday due to the Christmas holidays, the data released a day ahead of schedule. Prior to Dow Jones Newswires (Dow Jones Newswires) survey of economists expected, on December 20 weeks when the United States for the first time the number of applications for unemployment benefits will increase by 6,000 people.

U.S. Department of Commerce (Commerce Department) published Wednesday, seasonally adjusted, the United States in November durable goods orders dropped 1.0 percent, to 186,880,000,000 U.S. dollars. Above the 1.0 percent drop lower than market expectations. Wall Street analysts had expected durable goods orders in November fell 3.0 percent of the total.

U.S. personal spending in November for the fifth consecutive month decline, while the previous one of the key indicators to measure inflation low, but consumers want to reduce the economic recession of their own lives, the U.S. personal savings in November also increased again. Wednesday, the Commerce Department reported a seasonally adjusted basis, November personal spending fell 0.6 percent from the previous month; October personal spending fell 1.0 percent for the initial value.

Data released Wednesday showed that on December 13 the week the Dow Jones - Mitsubishi Tokyo UFJ Bank (Dow Jones-Bank of Tokyo-Mitsubishi-UFJ) business climate index fell 0.5 percent after declining 0.7 percent for the week.

U.S. Department of Energy: U.S. crude oil inventories fell last week, 3,101,000 barrels, to 3.18188 billion barrels; gasoline inventories increased by 3,336,000 barrels per day, to 2.07295 billion barrels; distillate inventories increased by 1,814,000 barrels per day, to 1.35337 billion barrels.

Stock:

Stocks higher in large part by the impact of General Motors, which rose 25 cents to 3.25 U.S. dollars, an increase of 8.3 percent.

Bank of America (Bank of America) and Citigroup led a large banking stocks, Bank of America rose 78 cents to 13.53 U.S. dollars, up 6.1 percent; Citigroup rose 26 cents to 6.78 U.S. dollars, or 4%.

Home builder stocks fell across the board again Wednesday, Pulte Homes fell 23 cents to 10.31 U.S. dollars, or 2.2 percent.

Although the number of non-essential consumer stocks rose slightly on Wednesday, but this year's holiday shopping season, business performance for the past several decades may be the worst fears mood level is still lingering. Macy's rose 11 cents to 8.82 U.S. dollars, or 1.3 percent, but the unit still has this week dropped a total of 17%.

Bulk commodity prices and the trend of the stock market's further evidence of the slowdown in global economic growth expectations. Alcoa (Alcoa) fell 18 cents to 9.39 U.S. dollars, or 1.9 percent, since the unit earlier this year hit a peak level has since dropped 79%.

European stock markets Wednesday Review:

European stock markets closed Wednesday down overall. This is the week's last trading day.

UK FTSE 100 index closed down 0.9 percent, to 4216.6 points, the French CAC-40 index fell 0.4 percent, to 3116.2 points. Frankfurt market closed Wednesday. Trading was quiet in the market, the market can guide the company more than news.

British stock market crash for a few days of tension panic

2008-12-28T00:32:00.000-08:00

In the United States by the time the crisis caused by global financial turmoil, the British stock market over the past few days, the market panic tension. At the same time, the United Kingdom increased inflation, consumer prices, the parties predict Britain will speed up the economic recession, a negative atmosphere.

According to the Hong Kong Ta Kung Pao reported that the Bank of England Monday to 5,000,000,000 pounds into the market after the payment of 20,000,000,000 again Tuesday to rescue the market. However, the British Financial Times index is still down 178 points Tuesday, fell to the lowest level in three years. Today, the U.S. insurance group AIG in an emergency, even though the U.S. government to take action to rescue the market, the British were still falling stock market opened.

Tuesday all the major British banking stocks were down in an emergency, in which Britain's biggest mortgage bank HBOS's share price had once dropped by 34% and 22% to close down. Britain's largest real estate bank loans Xiali Fass Jie Housing Agency is under the bank HBOS, Britain has a 20% open Housing loans, borrowing more than 2000 million customers. 17, when the market opened, while other British bank shares rebounded somewhat, but HBOS shares rose before 8:00 back again.

Royal Bank of Scotland and the British National Westminster Bank also belong to the same group HBOS, the Tuesday following the stock market fell 10 percent after the market opened on the 17th also see the end of the pick-up.

U.S. bank Lehman Brothers in the City of London has over 5,000 employees, most of these people suddenly find themselves unemployed Tuesday. Market analysts pointed out that the United States by storm is not the end of the meeting, the City estimated the number of unemployed in the near future will be close to 8-1000, their average annual salary of about 60,000 pounds, down significantly to the recent economic recession caused by a direct attack on the British market Worse still, the confidence.

Britain 17 forecast China Federation of Trade Unions, a year after Britain's long-term unemployment rate will be doubled. British unemployment rate is currently at a level of 5.4 percent, to the end of next year, is expected to exceed more than one year of the unemployed will reach 700,000, the national unemployment rate to rise to 2,000,000.

Britain announced Tuesday the inflation rate reached 4.7 percent, with the official set by the 2% annual inflation rate amounted to vary considerably, at the highest level in 16 years. Britain Governor of the Bank of England this week sent a letter to the finance minister, warned that the British consumer prices rose due to the inflation rate may rise to 5%.

British food-to-date inflation up to 14.5 percent, since the fuel price increases this year, nearly 28% of the electricity user fee increase of 18%. Economic experts here said that Britain is facing a 16-year life of the fastest-growing consumer price index and the economic recession is a significant performance.

The real estate figures released this week also showed that in the past in the first quarter of the country's housing sale at a rate of 30-year low. Meeting in the United States affected by the crisis, the United Kingdom over the past six months building a considerable tightening credit, the British property prices over the past four months in a row down.

In Britain 350 large enterprises in the survey, 2 / 3 of people believe that the credit crisis and yet to come, and be prepared to face the worse the prospect of even worse. A few days ago, the British entrepreneurs also warned that Britain is entering a more severe than expected downturn in the economy is more severe credit crunch and financial crisis yet to come.

Germany this year and next year is expected to grow by 1.5% and 1%

2008-12-28T00:28:00.000-08:00

Deutsche Bundesbank president and European Central Bank (ECB) member Weber said on May 5, the central bank is still expected to Germany in 2006 Germany's economy will grow by about 1.5 percent during the year the growth rate may accelerate to 2%, but lower annual average number.

He also said: "The German central bank is still expected 2007 economic growth rate of about 1%, may be higher.

Short-term economic risks and in the past, is the basic balance. Medium and long term there may be a slight downward risk because of global economic imbalances caused. But basically, I think the outlook for 2012 remains unchanged. "
German Ministry of Economic Affairs said that the recent rise of the euro against the dollar if it continues, it may end up on Germany's export industry will be affected.

German Ministry of Economic Affairs, in its monthly report that since February the euro against the U.S. dollar exchange rate increased significantly. If prices continue to rise into the final, will be getting more and more negative impact on export activities

A large number of new funds flowing into China, Switzerland, Germany equity funds so popular these days

2008-12-28T00:22:00.000-08:00

In the United States on the brink of bankruptcy three major auto plants, the Government continued to shout "help", Germany's Porsche (Porsche) has earned Fan Tian, a year profit more than 10,000,000,000 U.S. dollars.

Porsche Motor Company announced on the 7th, by the end of July deadline for the fiscal year, pretax profit rose 46 percent to 8,570,000,000 euros, the equivalent of 10,900,000,000 U.S. dollars. However, 80 per cent of the profits from the production car is not, but skillfully operating profits of financial instruments, which operate for a long time to Porsche and Volkswagen would like to buy (VW) the intention of the relationship go a long way.

Porsche in the operational profit, the actual depot for more than two General of the United States and the Ford Motor Company of the total market value. The share price slide all the way General Motors, has only a few of the current market value of 2,470,000,000 U.S. dollars, Ford only 4,570,000,000 U.S. dollars.

Led the "sea fishing" is the long-running Porsche Wade King and Chief Financial Officer and special, but more importantly, their collaboration and the Volkswagen Beetle is the creator of the grandson of the two snow-bo (Wolfgang Porsche) Piech and (Ferdinand Piech), they are the Porsche and Volkswagen's chairman of the board.

Since 2005, Porsche through a selection of the right tools to make large profits, and help them quietly to the creation of Fox's huge holdings, and the market has no information on this. Until the end of last month, Porsche disclosed information shows that they have real control over the market shares of most of the Fox, Volkswagen's share price has been soaring along with it.

As a result, the original stock of Fox's short hedge funds, they rolled into the classic trap air, the Fox share price rocketed even got to allow the global market value of the Volkswagen car company's highest throne. The hedge fund industry desperately in the market chasing a limited stock of the results of their week in just a few hours on the loss of hundreds of millions of dollars.

The Porsche's move shows that the traditional old economy manufacturers have to learn from hedge funds, and have the ability to hedge funds in the main battle field to defeat them.

Porsche relying on the strategy in the global automotive industry Ku Haha, or even struggling for survival, in the last fiscal year's net income surged 51% trend has reached 6,390,000,000 euros. Moreover, the settlement in July only to the financial year, not even reflected in last month's huge profit.

However, it has not yet come to an end, German monetary authorities have to investigate to find out whether there is a Porsche improper operation of the Fox shares suspects. Porsche stressed that they do not have any misconduct, Fox share price boom is the result of short replenishment.

But on the other hand, Porsche Porsche wants to control the revenue is 15 times the output of up to 60 times more of the Volkswagen, it seems that there are many obstacles to be overcome.

U.S. pressure in the coming year the central Tinggang is timely

2008-12-28T00:15:00.000-08:00

For the three-week Christmas Eve, the U.S. stock market early in the 13 o'clock closed, trading volume decreased significantly. Rest of the morning before the U.S. government announced a series of positive and negative sides of the mixed economic data, including consumer spending in November fell for the fifth consecutive month, but the margin was better than market expectations, initial applications for unemployment benefits last week, a further increase in the number of high - The market expected, and so on. In these slightly better than market expectations data under the influence of U.S. stock index more positive response.

This week for the long Christmas holiday, many fund managers on leave, and that the transaction volume deserted, I believe that many investors this year will no longer sell investment is expected to wait until early next year, will start to deploy, this period will be in the index Hovering within a narrow range.
Last week, U.S. mortgage applications increased 48% as a result of home loan interest rates to 5-year low and then increase the number financiers. U.S. Mortgage Bankers Association's index of applications last week, including the purchase of mortgage loans or refinancing applications have also increased significantly, the highest in 2003. Last week, U.S. 30-year fixed-rate loan, the average interest rate dropped to the second lowest in the history of loans to reduce monthly payments. Although the increase in applications for home purchase, home purchase index or an eight-year low near the home sales showed a sharp recession may last until next year.

U.S. consumer spending in November after adjustment for inflation, the increase in the last two years, the biggest hit, showing a decline in oil prices to the American people more cash to spend during the Christmas holiday. The United States in November After adjustment for inflation, personal spending growth of 0.6 percent for the six months increased for the first time.

Gasoline prices plummeted, and many discount retailers such as department store sales, though the American people to face the second year of economic recession, but also to maintain spending. However, more than 1,900,000 people out of work, also a record decline in housing prices, consumer confidence has been shaken in the next few months will not be any major improvement in sales. In the coming year is estimated that U.S. pressure.

Although the People's Bank of China on Monday abruptly cut interest rates, but the rate is far lower than the market expected, the performance of Hong Kong stocks affected the opportunity to short before the long holidays to reduce the hands of the shareholders, and look forward to the earlier interest rate cuts through improper means and within the Housing Unit also Has obviously been taking. China Eastern Airlines shares as a result of the acquisition came on the air and news to stimulate the restructuring of the industry, leading to a whole are subject to the support plate. I believe that next year there is still room for interest rate cuts, the Mainland in the future there will be more of the new monetary policy introduced.

Hong Kong stocks in the long Christmas holiday for a few days ago, "Jiaoruan" week or three days a total of nearly 1,300 points, deserted investment climate, further contraction of the transaction to close to 26-month low.

Now how to revive and rebuild market confidence in the Hong Kong Special Administrative Region Government must deal with as quickly as possible, key issues, the central government last week introduced 14 measures to support Hong Kong can be described as timely. The combination of boxing is using the policy to buy time to develop in exchange for living space, involving more than 14 measures in the field, I believe Hong Kong can benefit from a wide range of industries.

I believe that many of the "Ting Gang" measures, the largest and most far-reaching impact on the permit is eligible to RMB business in Hong Kong, trade payment, which will help strengthen our position as an offshore renminbi trading center, as well as clearing center , To strengthen the economy of Hong Kong, the Hong Kong dollar to maintain the linked exchange rate system, while Hong Kong's commercial banks have the opportunity to develop new business and reduce redundancy.

U.S. stocks rose slightly as the focus of the retail section (4)

2008-12-27T06:45:00.000-08:00

Friday oil prices push gold higher

Friday, New York, gold (186, -0.04, -0.02%, right) futures prices rose nearly 3 percent, to close at more than 870 U.S. dollars an ounce. By crude oil futures prices rose sharply and the decline in retail sales, such as news, investors preferred to raise hedge, gold prices push higher.

Affected by the Christmas holiday, Friday gold futures market volume was light. Trading was most active on the New York Mercantile Exchange, February delivery gold futures contract rose 23.20 U.S. dollars, or 2.7 percent, to close at 871.20 U.S. dollars an ounce.

Friday afternoon, crude oil futures prices rose 5.4 percent, the price break through 37 U.S. dollars a barrel. Before trading day of a 9.3 percent drop in oil prices. Rising oil prices lead to increased inflationary pressures, increased market demand for gold as an investment tool in the fight against inflation interest.

U.S. retailers to take aggressive price promotions on the gold market today, obviously played a role. Friday's SpendingPulse MasterCard International Organization report released by the department showed that, excluding car sales, excluding, in November this year, U.S. retail sales over the same period last year, a decrease of 5.5%; in December before Christmas Eve to Christmas sales year-on-year decrease of 8% .

GoldForecaster.com Web site editor Julian - Phillips (Julian Phillips) said, "As more and more bad news impact of the financial markets, including retail and other industries have felt the impact of the price of gold also showed long-term The rising trend. "

December delivery gold contract will expire on December 29, and Friday the price of futures contracts also rose to close at 870.40 U.S. dollars an ounce. According to information provided by the Comex institutions, as of this week, five in December contracts outstanding amount of (Open interest) - that is, is still to stay in the market, the market price changes affect the amount of the contract - for 212 hands, that is, 21,200 Ounces.

According to the Comex agency published the latest data, as of three this week, the agency's supply of gold futures for 2,832,883 ounces, more than the previous trading day decreased by 100 ounces.

Friday in the foreign exchange market, the dollar fell against the euro exchange rate, exchange rate against the pound sterling and the yen rose. Eastern time Friday 14:13 (Beijing time on December 27 03 points, 13 points), tracking U.S. dollar trade-weighted basket of major currencies, the dollar exchange rate the performance index (DXY) rose 0.1 percent. Generally, the price of gold and the dollar to the contrary.

It was the world's largest gold-stock index fund SPDR Gold Trust (GLD) to the data provided by the agency this week, three positions still held by the 775.33 tons of gold, unchanged from the previous trading day, over the past month, an increase of 20 tons. U.S. stock market Friday afternoon trading, SPDR Gold Trust shares rose 2.5 percent, reported 85.51 U.S. dollars.

Friday afternoon, spot gold trading for large-scale gold spot trading between the base price of London gold price fixing (London gold-fixing price) reported 836.75 U.S. dollars an ounce higher than Tuesday afternoon, down 6.75 U.S. dollars.

Other metals futures, the New York Mercantile Exchange for delivery in March silver futures prices rose 1.7 percent to close at 10.53 U.S. dollars an ounce. January delivery platinum futures prices rose 3.6 percent to close at 890.20 U.S. dollars an ounce. March palladium futures delivery rose 0.6 percent to close at 176 U.S. dollars an ounce.

March delivery of copper futures prices rose 2.3 percent to close at 1.3035 U.S. dollars per pound.

U.S. stocks rose slightly as the focus of the retail section (3)

2008-12-27T06:43:00.000-08:00

OPEC production is expected to push oil prices rebounded Friday

Friday in New York crude oil futures prices closed higher. In the last trading day of crude oil futures prices fell 9.3 percent after buying some of today's oil prices push in the four trading days up for the first time.

Up close, the New York Mercantile Exchange, February delivery of crude oil futures rose 2.36 U.S. dollars, or 6.7 percent, to close at 37.71 U.S. dollars a barrel. Today, despite rising oil prices, but oil prices this week dropped a total of 11%.

According to FactSet Research data released by the agency so far this year, the cumulative decline in crude oil futures prices have more than 60%, is likely to suffer in 1983 on the New York Mercantile Exchange crude oil futures since the beginning of the largest annual decline.

Prior to this Organization of Petroleum Exporting Countries (OPEC, OPEC) has taken measures to stabilize oil prices, but were unsuccessful.

OPEC members control the world's oil production of about 40%. The organization will be in November this year, members of the daily oil production quota cut of 150 million barrels in the December meeting also decided to 2,200,000 barrels per day output.

Historically, the former OPEC member countries reached an agreement to cut oil production quotas, very few sincere cooperation. However, the International Monetary Fund analyst Edward - Meyer (Edward Meir), said, "There is no doubt that oil prices have plunged in a row makes the organization of the Joint shocked, therefore, we can infer that the member countries of OPEC Cooperation between the attitude may be some more seriously than before. "

Meyer said that "if OPEC member countries is indeed the one heart and one mind to comply with the provisions of production, by the end of January next year when crude oil futures prices may have bottomed out."

According to Dow Jones news report, OPEC's third-largest oil among manufacturers in the United Arab Emirates Thursday, said from the beginning of February to cut oil exports up to 15%. According to the OPEC report, in November this year, the United Arab Emirates daily oil production was 240 million barrels.

OPEC rotating president, Algerian Energy and Mines Minister Chakib - Khelil (Chakib Khelil) has recently said that in order to stabilize oil prices, the organization is willing to continue to take the necessary measures to cut. Saudi Oil Minister Ali - Ali (Ali Naimi) has recently reiterated that "fair and reasonable" oil prices should be around 75 U.S. dollars a barrel.

According to Reuters, Naimi said oil prices fell for the oil-producing countries has led to the investment plans hit "catastrophe" and would seriously affect the future supply of oil.

Friday published a number of economic data is also further evidence of global economic growth is slowing, so that oil futures have been a serious downward pressure.

Japanese Economy, Trade and Industry (Ministry of Economy, Trade and Industry) reported Friday, November industrial output decreased by 8.1 percent last month, the Japanese government since the 1953 publication of the report the largest decline since.

Japan is ranked in the United States and China after the world's third largest oil-consuming countries.

U.S. stocks rose slightly as the focus of the retail section (2)

2008-12-27T06:30:00.000-08:00

Volume extremely light, the New York Stock Exchange volume of 516 million shares, Nasdaq volume was 218 million shares. New York Stock Exchange outnumbered 3 to 1, the Nasdaq Stock Market breadth was 15 to 11.

Asian stock markets ended mixed Friday, Tokyo stocks closed higher, while China and South Korea had been a drop in the stock market.

As a result of a number of Asian stock markets closed for holiday, the United Kingdom and Europe in the stock market is still closed. The Japanese government report on industrial output record the largest decline, the highest since 1953, the Japanese government to collect data since the beginning of a new high.

Wednesday, in November as a result of consumer spending and durable goods orders figures were better than expected, U.S. stocks rose slightly. Dow up 0.6 percent, the Standard & Poor's 500 index rose 0.6 percent, the Nasdaq rose 0.2 percent. U.S. stocks closed Thursday.

U.S. Christmas holiday sales this year, down 4% year-on-year

According to MasterCard Advisors (MasterCard Advisors)'s SpendingPulse's retail data released Friday reported that this year's holiday sales season, the U.S. consumer is not only a necessity to reduce spending, but also to reduce the clothing, electronics and jewelry And so on, therefore, the highest retail sales fell 4%.

According to MasterCard's research and analysis, vice president of Maikenaman Michael (Michael McNamara), said this year's holiday season, consumer spending since the beginning of 2002 from the MasterCard SpendingPulse provide services to its lowest level since. According to his forecast, excluding car and gasoline sales, on November 1 to December 24 between the retail sales fell 2% to 4%.

SpendingPulseG reported on November 1 to December 24 between the women's sales fell 23% in the same period last year, men's sales were down 14%; electronics and electrical appliances sales fell 27 percent year-on-year, with more than 1000 U.S. dollars of product sales The worst; luxury goods such as jewelry sales dropped 35% year-on-year.

Maikenaman said: "To put this in perspective, this year's holiday sales season ever has been the most challenging time."

U.S. consumers are currently experiencing an economic downturn and tightening credit standards and the 15-year high unemployment rate and so on the plight and therefore reduce the holiday season gift expenditures. United's second-largest department store chain Mae (Macy's Inc.) And a luxury department store operator Saks Inc.'s The highest price range are up to 70%, hoping to attract consumers, its profit margins would likely suffer.

Earlier this week, according to Chicago-based research firm ShopperTrak RCT Corp. Published report said on December 19 to 21 U.S. retail sales fell 5.3 percent year-on-year, customer traffic dropped 24% in the same period last year, hitting a new all-time high decline The discount retailer indicated that further measures failed to attract consumers to play a role.

ICSC (International Council of Shopping Centers) also announcement this week reported that opened at least a year or more retail outlets in November and December sales may fall up to 2% higher than previously expected decline of 1 percent, which would Make this year's Christmas sales season, at least 40 years since the worst performance.

After the Christmas sales season from now on, and the holiday season's retail sales will decline during this period to continue to pressure.

U.S. retailers Union (NRF), a spokesman Scott - Krugman (Scott Krugman) in the Dec. 24 interview, said: "The Friday after Christmas will be another 'Black Friday'. For Retailers, this year the week after Christmas than ever before is all the more important. "

So far this year, S & P 500 retail index has fallen by 34%, of its 27 stocks, only two rose. The world's largest retailer Wal-Mart is not the index constituent stocks of the company on December 24 in the New York Stock Exchange (NYSE) trading up 15 cents to 55.44 U.S. dollars, has so far this year, up 17%.

U.S. retail sales rose a small plate into focus

2008-12-27T06:12:00.000-08:00

Amazon (AMZN) rose 0.7 percent. The company said Friday, despite the general downturn in retail trade, but the 2008 holiday sales situation is "the best ever."

However, a retail report showed that the initial investigation, for retailers this year's Christmas was miserable. According to "The Wall Street Journal" reported Thursday, MasterCard's SpendingPulse data published by the department showed Excluding automobiles, retail sales in November than the same period last year, 5.5 percent, in December (as Christmas Eve) 8% decline in retail sales.

If excluding petrol, Christmas this year, total sales year-on-year drop of 2-4 percent. Investigation revealed that "the adverse economic situation, as well as before the last week of bad weather in 2008 so that the Christmas shopping season in decades into the most challenging year."

Windham Financial Services chief investment strategist Paul - Mendelsohn (Paul mendelsohn) said that the "very poor retail industry data, but bad news for the market reaction is not heated, then this is good news."

He pointed out that "the market has already digested the bad news too many people trying to find the other end of the tunnel of light."

Friday in New York gold futures rose nearly 3 percent, to close at more than 870 U.S. dollars an ounce. By crude oil futures prices rose sharply and the decline in retail sales, such as news, investors preferred to raise hedge, gold prices push higher.

U.S. stocks slightly higher energy and raw materials led plate

Up close, the Dow Jones Industrial Average rose 47.07 points to close at 8515.55 points, or 0.56 percent, the Dow 30 component stocks in a total of 17 stocks rose. Alcoa rose 4.2 percent, Exxon Mobil rose 1.9 percent, Coca-Cola rose 1.1 percent.

General Motors rose 12.6 percent.

GM's GMAC financial sector need to bond holders in the Friday deadline will be decided 38,000,000,000 U.S. dollars into bonds at a lower value of the bonds, so that GMAC will it be possible to become a bank holding company, is the only way is to say only Eligible for the Ministry of Finance issues 700,000,000,000 U.S. dollars of assets in the financial rescue plan. According to reports, GMAC need access to 75% of the bondholders agreed to the restructuring of the debt can be.

Standard & Poor's 500 index rose 7.38 points to close at 872.80 points, or 0.85 percent; Nasdaq composite index rose 5.34 points to close at 1530.24 points, or 0.35 percent.

Energy Plate rose 2%, crude oil futures fell 33% in the month after today's rebound.

Mendelsohn said, "do fund managers and market value adjustment of trading positions for next year is the impact of the current market a major factor."

He pointed out that "many of the investors in the past two weeks to sell shares for tax considerations, as the end draws near, some stores have to wear the hope that investors may buy back some of the energy sector."

Communications rose 2% of the plate, the plate of raw materials rose 1.8 percent.

So far this year, the Dow fell a total of 32% stake in the financial weight of the larger Standard & Poor's 500 index fell 41 percent, the Nasdaq was down 42%.

Foreign exchange real-time quotes

2008-12-27T04:57:00.000-08:00

Currency name Cash purchase price Cash purchase price Ask Benchmark prices

U.S. 681.76 676.30 684.50 683.62

Sterling 1,001.58 980.46 1,009.62 1,007.18

Yen 7.50 7.34 7.56 7.53

HK 87.97 87.26 88.30 88.20

Canadian Dollar 557.02 545.27 561.49 559.26

New Zealand 390.21 0.00 393.34 391.78

Swiss franc 631.52 618.20 636.59

NOK 95.07 93.06 85.87 85.53

Allianz Präsident des deutschen Bankensektors Fusionen und Akquisitionen äußern sich nicht auf spezifische

2008-12-27T01:37:00.000-08:00

Aus rechtlichen Gründen, Allianz Deutschland, Präsident der Industrie-Banking Fusionen und Akquisitionen äußern sich nicht auf spezifische, aber er sagte, dass die Allianz ist ein Zusammenschluss der Verhandlungen.

Umfassende aktuelle Berichterstattung über 7 August Diekmann, Vorstandsvorsitzender der Allianz (Michael Diekmann) 7 sagte, die Versicherung Allianz (Allianz SE) des deutschen Bankensektors kann nicht wahrscheinlich, in seiner Dresdner Bank (Dresdner Bank AG) Bank Branch, eine klare Stellungnahme zu der Fusion.

Diekmann in einer Telefonkonferenz mit Reportern, wiederholte frühere Bemerkungen in 2008, sagte er, dass die Allianz ist eine deutsche Bank Gespräche über eine Fusion in der Partei, weil der aus rechtlichen Gründen konnte er nicht offen legen weiter.

Es wird berichtet, dass Deutschland die Dresdner Bank und Commercial Bank (Commerzbank AG) für die weitere Diskussion auf die gemeinsame der beiden Banken.

Diekmann auch gesagt, dass der Dresdner Bank werden in der Retail-Banking-Geschäft mit anderen Banken sind auch gespalten die rechtliche Trennung als geplant.

Die Bank plant, werden vor Ende August dieses rechtliche Trennung.

Allianz Chief Financial Officer Peret (Helmut Perlet) sprach 10% des Kapitals Markt zurückgehen wird, die durch die Gruppe von 800.000.000 Euro zusätzliche Abschreibung.

(Huang Huan-Compiler) weitere finanzielle Informationen: www.caixun.com

Disclaimer: Die Informationen in diesem Artikel, werden nur zu Informationszwecken und stellt keine Anlageberatung, San Francisco oder verwenden Sie die Informationen als Ergebnis wird nicht tragen keine Verantwortung. Wenn die Original-Daten und gibt es Unterschiede in den ursprünglichen Text, um zu herrschen.

U.S. Stocks Rise, S&P 500 Posts Back-to-Back Gains; GM Rallies

2008-12-27T01:00:00.000-08:00

Dec. 26 (Bloomberg) -- U.S. stocks rose, giving the Standard & Poor’s 500 Index its first back-to-back gains in three weeks, after GMAC LLC’s conversion to a bank spurred a rally in General Motors Corp. and oil’s increase sent Exxon Mobil Corp. higher.

GM jumped 13 percent and Ford Motor Co. climbed 8.5 percent. The Federal Reserve’s approval of GMAC’s shift eased the threat that the automobile lender, which provides financing to GM dealers, will default. Exxon advanced after oil surged 6.7 percent to $37.71 a barrel. Macy’s Inc. lost 2.5 percent on data from SpendingPulse that suggested holiday-shopping sales dropped the most in four decades.

“The taxpayers are bailing out another financial company,” Ralph Shive, the South Bend, Indiana-based manager of the $800 million Wasatch 1st Source Income Equity Fund, said of GMAC’s conversion. “In the long run it may come back to haunt us, but in the short run it’s being viewed as a positive.”

The S&P 500 added 0.5 percent to 872.80. The Dow Jones Industrial Average climbed 47.07 points, or 0.6 percent, to 8,515.55. The Russell 2000 Index of small companies rose 1.3 percent to 476.77.

Fewer than 4.3 billion shares traded in the U.S., or 58 percent less than the three-month average. Almost 3.64 billion shares changed hands on Dec. 24, the least since Dec. 26, 2003, as trading on the New York Stock Exchange and Nasdaq Stock Market ended three hours early before the Christmas holiday.

The MSCI Asia Pacific Index rose 0.3 percent today on speculation takeovers and higher memory-chip prices will help the technology industry overcome the economic slowdown. Markets were closed in western Europe, Canada, Australia, Hong Kong, New Zealand and the Philippines, while yesterday and today were Japan’s two slowest full days of trading in the past five years.

Economic Reports

The S&P 500 fell 1.7 percent during the holiday-shortened week, extending its 2008 slide to 41 percent as home prices plunged, the government confirmed the economy contracted by the most since 2001 last quarter and the outlook for corporate earnings deteriorated.

GM advanced 13 percent to $3.66 for the biggest gain in the Dow average and the third-largest in the S&P 500. The Fed used emergency powers to grant GMAC’s bank conversion, citing turmoil in financial markets and the potential impact on GM as the biggest U.S. automaker taps emergency federal loans to stay in business.

Ford Motor Co. added 8.5 percent to $2.29.

GMAC’s shift to a bank may help prevent a default that threatened to dry up credit for GM dealers who used the company to finance about three-quarters of their inventory. GMAC also handled loans for about 35 percent of GM’s 2007 retail buyers.

Oil Production Cuts

Exxon, the biggest U.S. energy company, advanced 1.9 percent to $77.19 and contributed most to the S&P 500’s gain. Crude oil futures rose the most in two weeks after the United Arab Emirates said it would reduce output to comply with OPEC’s supply curbs.

Macy’s, the second-largest U.S. department-store company, fell 2.5 percent to $8.60. Nordstrom Inc. lost 1.2 percent to $11.91.

Discounts of 70 percent or more by Macy’s, AnnTaylor Stores Inc. and other retailers failed to prevent a spending drop of as much as 4 percent during the final two months of the year, according to data from SpendingPulse. Including fuel, sales tumbled as much as 8 percent.

The SpendingPulse data follow forecasts of falling sales from industry groups. Sales at stores open at least a year may drop as much as 2 percent in November and December, the International Council of Shopping Centers said on Dec. 23, the worst drop since at least 1969.

‘Best Ever’

Amazon.com Inc. rose 0.7 percent to $51.78. The world’s largest Internet retailer said this was its “best ever” holiday season, with a record number of orders on Dec. 15. Amazon didn’t provide specific profit or revenue data.

The U.S. stock market historically performs better-than- average during the Christmas week, according to Bespoke Investment Group LLC. The Dow average has risen an average 0.7 percent during the holiday season, compared with a 0.1 percent advance for all 4-day periods, data since 1900 from the Harrison, New York-based research firm show.

Jones Apparel Group Inc. surged 44 percent, the most since it began trading in 1991, to $5.62. The maker of Jones New York clothing and Nine West shoes reduced its credit lines and got more flexible lending terms from bankers.

Key Tokyo foreign exchange market〕 dollar steady against the yen on every holiday quiet market

2008-12-25T07:12:00.002-08:00

* Trading was quiet as many investors in the market at the end of degrees holidays * Concerned about the pounds to see whether the euro fell against the parity level Reuters, Tokyo, Dec. 25 - --- Dollar steady against the yen Thursday, due to holidays quiet trading floor. Earlier part of the U.S. recovery dimmed yesterday after the publication of data recorded a decline.

Key U.S. stock〕 The New York Times in November year-on-year decline in advertising revenue 20%

2008-12-25T07:12:00.001-08:00

Reuters, New York, Dec. 24 - --- The New York Times (NYT.N: Quote) said Wednesday that its November advertising revenue fell 20 percent, the newspaper shows that the United States in the financial crisis, the increasingly weak advertising revenues. The New York Times publisher - The New York Times Media Group, said in a statement, in November advertising revenue declined 21.2 percent over the previous year, due to real estate ads and the number of job ads dropped. In addition, the audio and video entertainment, automotive, books, financial services advertising was also weak and powerful. The company's New England Division, as well as on behalf of the company's other newspapers, revenue also declined, the company overall revenue fell 13.9 percent. Newspaper publishers large majority of the regular monthly business publication, The Wall Street need immediate attention because of its subtle changes in the wind and waves could rise to slightly press the shock value of the shares. The New York Times, November's sales data more significant, as a result of the company in 2009 to carry out the obligation to repay their loans and reduce borrowing costs and savings are, in order to ward off recession, the impact of the newspaper business.

Stocks surge higher, led by financial sector

2008-12-25T07:11:00.000-08:00

Wall Street soared for the second straight day Wednesday, rallying in the last hour of trading after a rebound in financial stocks and optimism about private sector jobs.Investors brushed off a sharp jump in oil prices. The Dow Jones industrials rose more than 180 points, bringing its two-day gain to more than 450.Bank and brokerage stocks, many trading at multiyear lows, turned higher and led the late advance. There was some relief in the market after the Federal Reserve said it would extend and expand its program to lend money to investment banks. The central bank's move reassured the market that the banks would have cash if they needed it.Investors have been worried that some of Wall Street's biggest names will be slashing prices on more of their assets — and needing more money — after Merrill Lynch & Co. unexpectedly announced a $5.7 billion write-down late Monday."There's a growing sense that what we saw out of Merrill Lynch is the beginning of the end for the financial cleanup," said Craig Peckham, market strategist at Jefferies & Co. He added that the ADP number was also a good sign for the economy.Earlier, Automatic Data Processing said private sector employment rose by 9,000 this month. After seeing jobs disappear by the thousands in recent months, the stock market is eager for any insights into the Labor Department's take on the job market on Friday.The ADP news helped offset a big spike in the price of oil after a weekly Energy Department report showed a surprise decrease in U.S. gasoline supplies. Israeli Prime Minister Ehud Olmert's announcement that he plans to resign in September stirred concerns about the viability of Middle East peace efforts and rising tensions with Iran.Light, sweet crude rose $4.58 to settle at $126.77 on the New York Mercantile Exchange. Oil has fallen sharply, however, since hitting a high above $147 on July 11. A drop in oil prices Tuesday contributed to a huge gain on Wall Street.The late rally may also have been due to technical trading; in times of great volatility, many institutional investors start adjusting their holdings before the closing bell.The Dow rose 186.13, or 1.63 percent, to 11,583.69. On Tuesday, the blue chips jumped 266 points, more than wiping out a nearly 240-point loss from the previous session.Broader stock indicators also surged. The Standard & Poor's 500 index advanced 21.06, or 1.67 percent, to 1,284.26, and the Nasdaq composite index rose 10.10, or 0.44 percent, to 2,329.72.Advancing issues outnumbered decliners by about 2 to 1 on the New York Stock Exchange, where consolidated volume came to 5.06 billion shares from 5.11 billion in the previous session.Bond prices fell as stocks advanced, diminishing demand for the safety of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 4.05 percent from 4.04 percent late Tuesday.The dollar was higher against other major currencies, while gold prices fell.Shares of Morgan Stanley and Lehman Brothers Holdings Inc. climbed more than 5 percent, while Citigroup Inc. and Merrill Lynch rose about 2 percent.Fannie Mae and Freddie Mac, the government-chartered mortgage companies which together hold or back nearly half of all U.S. mortgage debt, also rose on news of the Fed's latest moves. Fannie Mae advanced 45 cents, or 3.9 percent, to $12.05, while Freddie Mac rose 6 cents to $8.48.Wall Street has been juggling a number of intertwined worries in recent months as it tries to determine where the economy is headed. There is continued concern about bad mortgage debt that many banks are holding because homeowners swept up in the pullback in the housing market are missing mortgage payments.And the rapid rise in oil and other commodity prices this year has only made it harder for many consumers to keep up with their bills. Any sign of an easing in the credit and housing markets, or a drop in energy prices, offers some investors hope that the economy could begin to recover.Investors are anxious for the government's advance reading on second quarter gross domestic product, which is due Thursday. Economists expect that, while it might not feel like it to many consumers, the economy is still eking out growth. A good chunk of it may be due to government tax rebates.In earnings news, Starbucks Corp. said costs related to its closure of 600 underperforming stores led it to post a loss in its fiscal third quarter. However, it matched Wall Street projections.The Walt Disney Co. said third-quarter profits surged nearly 9 percent thanks to revenue growth at ESPN and strong results from its theme park near Paris, where the weak U.S. dollar was helpful.The Russell 2000 index of smaller companies rose 4.31, or 0.60 percent, to 718.86.Overseas, Japan's Nikkei stock average rose 1.58 percent. Britain's FTSE 100 jumped 1.91 percent, Germany's DAX index advanced 0.96 percent, and France's CAC-40 jumped 1.85 percent.

Global Wire Transfer Services

2008-12-25T07:09:00.000-08:00

Currency/Rates10yr Treas 2.18% 0.00

Euro / $1US 1.40 0.0041

$1US / Yen 90.34 -0.5400

Pound / $1US 1.47 0.0025

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Global stock market information

2008-12-25T07:03:00.000-08:00

U.S. Europe
Dow 8,419 -100.28
Nasdaq 1,522 -10.81
S&P 500 863 -8.47
Global Dow 1,474 -4.68
Oil $39.04 0.08
Gold $838.10 -9.10
Frankfurt 4,629 - 9.64
Global DowEU 994 -4.32

Europe

London 4,25 66.82
Paris 3,128 -22.95
Paris 3,128 -22.95

Asia

Tokyo 8,517 -206.68
Hong Kong 14,184 - 36.65
Sydney 3,515 46.80
Global Dow 1,474 -4.40
In Tokyo, the Nikkei 225 Average dropped 2.6% to 8,501.47 in the afternoon, while the broader Topix index fell 2.7% to 825.42.Hong Kong's Hang Seng Index ended the shortened trading session down 0.3% at 14,184.14, China's Shanghai Composite Index dropped 1.2% to 1,874.49.Singapore's Straits Times Index rose 0.9% to 1,740.80.Hong Kong and Singaporean markets were open only for a half-day session Wednesday. Most of Asia will be closed Thursday for Christmas, with Tokyo and Shanghai markets being exceptions.South Korea's Kospi lost 1.9% to 1,122.30.India's Sensitive Index, or Sensex, dropped 0.7% to 9,624.22 in morning trading. Shares of Satyam Computer Services (SAY:satyam computer services ltd adrNews , chart , profile , moreLast: 7.35-0.91-11.02%4:01pm 12/23/2008Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss FinancialsSponsored by:SAY 7.35, -0.91, -11.0%) slumped 14.4% on reports the World Bank has banned the software developer from its corporate procurement program.Australia's S&P/ASX 200 index rose 1.4% to 3,582.20, and New Zealand's NZX 50 index added 0.2% to 2,668.06.Taiwan's Taiex slipped 0.1% to 4,400.98, while Malaysia's KLSE Composite gave up 0.4% to trade at 867.95.Regional detailToyota (TM:toyota motor corp sp adr rep2comNews , chart , profile , moreLast: 60.37-0.52-0.85%4:01pm 12/23/2008Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss FinancialsSponsored by:TM 60.37, -0.52, -0.8%) (JP:7203: news , chart , profile ) fell 3.8% in Tokyo after the company said Monday it expects a group operating loss of 150 billion yen ($1.7 billion) for the fiscal year ending March 31, compared to a 2.27 trillion yen profit a year earlier.The company also cut its net income projection to 50 billion yen, down 91% from its earlier estimate, in addition to lowering its unit-sales target to 7.54 million vehicles from 8.24 million units. See full story on Toyota outlook.Separately, the company Wednesday said its domestic production dropped for a fourth straight month in November, by 27.2% from the year earlier period to 288,138 vehicles.Shares of Bridgestone (BRDCY:bridgestone corp adrNews , chart , profile , moreLast: 26.15-0.50-1.88%3:12pm 12/23/2008Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss FinancialsSponsored by:BRDCY 26.15, -0.50, -1.9%) (JP:5108: news , chart , profile ) tumbled 4% after the tire maker cut its net income forecast for 2008 to 12 billion yen from 66 billion yen on dropping sales, a strong yen and a write-down of some U.S. assets.In Seoul, Hyundai Motor Co. (HYMLF:HYMLFNews , chart , profile , moreLast: Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss FinancialsSponsored by:HYMLF, , ) sank 4.4%, and Kia Motors Corp. (KIMTF:KIMTFNews , chart , profile , moreLast: Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss FinancialsSponsored by:KIMTF, , ) skidded 4.2% -- on top of their double-digit percentage declines in the previous session -- after they also cut their sales forecast earlier this week.National Australia Bank (AU:NAB: news , chart , profile ) (NABZY:National Australia Bank LimitedNews , chart , profile , moreLast: 13.24-0.01-0.08%3:59pm 12/23/2008Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss FinancialsSponsored by:NABZY 13.24, -0.01, -0.1%) shares gained 2.6% after the banking major said discussions to purchase Wizard's brand name, distribution network and prime mortgages had ended with their offer rejected.Shares of Commonwealth Bank of Australia (AU:CBA: news , chart , profile ) (CBAUF:commonwealth bank of austral shsNews , chart , profile , moreLast: 18.01+0.01+0.06%12:27pm 12/23/2008Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss FinancialsSponsored by:CBAUF 18.01, +0.01, +0.1%) overcame early losses to 0.4% in afternoon trading, after the bank said it will acquire up to A$4 billion of home loans originated by Wizard.In Hong Kong, market heavyweight China Mobile (HK:941: news , chart , profile ) (CHL:china mobile limited sponsored adrNews , chart , profile , moreLast: 48.19-1.51-3.04%4:00pm 12/23/2008Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss FinancialsSponsored by:CHL 48.19, -1.51, -3.0%) gave up 1.3% and Industrial & Commercial Bank of China (HK:1398: news , chart , profile ) lost 1.2%.Shares of HSBC Holdings (HK:5: news , chart , profile ) (HBC:HSBC Hldgs PlcNews , chart , profile , moreLast: 45.60-0.70-1.51%4:03pm 12/23/2008Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss FinancialsSponsored by:HBC 45.60, -0.70, -1.5%) finished up 0.3%, recovering from early losses and after dropping in the previous four sessions.February crude-oil futures rose 12 cents to $39.10 a barrel in electronic trading, after falling 93 cents to $38.98 a barrel on the New York Mercantile Exchange.In Asian currency trading, the U.S. dollar changed hands for 90.42 yen, compared with 90.57 yen Tuesday.Overnight on Wall Street, the Dow Jones Industrial Average ($INDU:Dow Jones Industrial AverageNews , chart , profile , moreLast: 8,419.49-100.28-1.18%4:04pm 12/24/2008Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss FinancialsSponsored by:$INDU 8,419.49, -100.28, -1.2%) fell 1.2% to 8,419.49, and the S&P 500 Index ($SPX:S&P 500 IndexNews , chart , profile , moreLast: 863.16-8.47-0.97%5:00pm 12/23/2008Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss FinancialsSponsored by:$SPX 863.16, -8.47, -1.0%) gave up 1% to 863.16, while the Nasdaq Composite ($COMPX:Nasdaq Composite IndexNews , chart , profile , moreLast: 1,521.54-10.81-0.71%5:16pm 12/23/2008Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss FinancialsSponsored by:$COMPX 1,521.54, -10.81, -0.7%) shed 0.7% to 1,521.54

The 25 Largest Mutual Funds

2008-12-25T07:02:00.000-08:00

Rank Symbol Fund Name1 FDRXX Fidelity Cash Reserves2 VMMXX Vanguard Prime MM;Inv3 PTTRX PIMCO:Tot Rtn;Inst4 PDR Trust;15 CJPXX JPMorgan:Prime MM;Cap6 AGTHX American Funds Gro;A7 CAIBX American Funds CIB;A8 TMPXX BlkRk Lq:TempFund;Instl9 CWGIX American Funds CWGI;A10 FCNTX Fidelity Contrafund 11 AIVSX American Funds ICA;A12 AMECX American Funds Inc;A13 OGVXX JPMorgan:US Gvt MM;Cap14 AWSHX American Funds Wash;A15 FTIXX Finl Sq:Trs Inst;FST16 VFINX Vanguard 500 Index;Inv17 VTSMX Vanguard T Stk Idx;Inv18 SWVXX Schwab:Val Adv Mny;Inv19 DIRXX Dreyfus Trs Prime;Inst20 GOIXX Federated Govt Obl;Inst21 FGTXX Finl Sq:Govt;FST22 FIGXX Fidelity IMM:Govt;I23 GVIXX WellsFargo:Govt MM;I24 SWUXX Schwab:US Treas Money25 JINXX JPMorgan:Prime MM;InstNEW YORK (Dow Jones) - Investors from the more than 4 0,000,000,000 U.S. dollars of stock and bond mutual funds in November, but the panic sell-off in the past few months appears to be weakening, according to the Wednesday figures released by research firm Lipper Inc.Despite the poor performance of the market compared to most of the time, 11 months to October, cash flow last month, more than they have at any time since the collapse of Lehman Brothers Holdings

German Stock Exchanges

2008-12-25T07:00:00.000-08:00

Germany has a total of eight stock exchanges. Frankfurt stock Exchange is one of them. It is one of the biggest and most efficient exchange places in the world. The Deutsche Bse owns this stock exchanges. Around 43% of the 300 market participants in Frankfurt are from abroad. The trading indices in Frankfurt are DAX, DAXplus, CDAX, LDAx, MDAX, SDAX, TecDAX and VDAX.The Stuttgart Stock Exchange is Germany's second largest stock exchange. Many important financial companies such as Allianz Life Insurance, LBBW Bank or Wustenrot have their headquarters in Stuttgart. Hamburg Stock Exchange is the oldest stock exchange of Germany that was founded in 1558. The Hamburg and Hanover Stock Exchanges merges merged together to form a joint organisation called the BOAG Borsen AG.Berliner Borse (Berlin Stock Exchange) merged with Borse Bremen to form Borse Berlin-Bremen. Dseldorf Bse and Hamburg and Hannover Stock Exchanges are other two important stock exchanges of the country.

Leveraged loan prices hit European lows

2008-12-25T06:59:00.000-08:00

Published: December 22 2008 16:31 Last updated: December 22 2008 16:31European leveraged loan prices have fallen to record lows as confidence in the market deteriorates further because of the bleak economic outlook.The average bid price of European leveraged loans hit 60.70 cents last week, well below par value of 100, according to Standard & Poor’s LCD. Bankers say these prices are the lowest since the market first took off in the early 1990s.The fall – from 62.31 cents the previous week – is the biggest weekly decline since the end of October. The leveraged loans market has plunged since the middle of September when Lehman Brothers collapsed.Before Lehman’s demise, the average bid price was just below 90 cents. Immediately after the rescue of Bear Stearns in March, prices rose close to 95 cents at one point as confidence briefly re-turned to the market.In the US, the average bid price of leveraged loans in the secondary markets rose to 65.80 cents last week, up from 64.83 cents. This is the first time prices have risen in five weeks – though they are still around record lows.Bankers say the market is thin with many investors having closed their books before year-end, which may have pushed prices lower.One banker said: “No one is really buying at these levels. The banks are still in the middle of deleveraging and traditional funds, such as pension funds, are sitting on the sidelines and have done so since Lehman collapsed.With the economy expected to continue deteriorating, many more companies are likely to default on loans and bonds. S&P forecasts that more than 20 per cent of all European speculative-grade companies could default by the end of 2010 because of the recession.The agency estimates that at least 60 European companies will default within the next 12 months, affecting up to €25bn ($35bn) worth of debt, followed by a similar amount affected again in 2010, making it the worst period on record for Europe.

European foreign exchange markets the Swiss franc against the euro in the light of market conditions down to put an end to a week-long rise

2008-12-25T06:14:00.001-08:00

Reuters, Zurich, Dec 23 - --- Swiss franc against the euro Tuesday fell in early trading in Europe, the termination of a week-long rise, as a result of the euro against most major currencies in thin pre-Christmas trading in up.0748GMT, the Swiss franc against the U.S. dollar against yesterday's New York closing level or 0.3 percent, the newspaper 1.5295 Swiss francs.Swiss franc against the euro since December 15 has gained a total of nearly 3% of the market that the European Central Bank (ECB) will cut interest rates further in order to reduce the relationship between Switzerland and the euro-zone interest rate."As the ECB's action has been lagging behind other major central banks, so the central bank in the near future there may be more than the central bank to cut interest rates, which should make the euro fell under pressure in the future." Swiss Life Asset Management's team of analysts in the report that .

Today, the exchange rate

2008-12-25T06:11:00.000-08:00

APStocks slip as Toyota cuts profit outlookMonday December 22, 12:33 pm ETStocks dip in choppy, cautious trading as Toyota, Walgreen disappoint
NEW YORK (AP) -- Wall Street began a holiday-shortened week cautiously Monday, slipping as investors reacted to a bleak outlook from Toyota Motor Corp. and disappointing earnings from drugstore operator Walgreen Co.
ADVERTISEMENTThe two companies -- both viewed as better-positioned than many of their peers -- provided more evidence that even stronger companies are struggling with dropping consumer demand.Toyota, meanwhile, slashed its earnings forecast for a second time, warning that it now expects to report an operating loss for the fiscal year through March. It would be the Japanese automaker's first such loss since it began reporting results in 1941, and underscores the challenges facing car companies. Toyota's American rivals, General Motors Corp. and Chrysler LLC, received a $17.4 billion lifeline from the federal government on Friday to stave off a major bankruptcy.
The gloomy corporate news Monday highlighted how weak the consumer is, said Kim Caughey, equity research analyst at Fort Pitt Capital Group. That's a troubling prospect, she said, because it appears the U.S. economy cannot rely on consumer spending to pull it out of its downturn.
On Tuesday, the Commerce Department reports on last month's new home sales, while the National Assocation of Realtors reports on existing home sales. Economists forecast that both pieces of data will show declines.
In midday trading, the Dow Jones industrial average fell 64.04, or 0.75 percent, to 8,515.07, after briefly moving into positive territory.
Broader stock indicators also dipped. The Standard & Poor's 500 index fell 14.25, or 1.60 percent, to 873.63, and the Nasdaq composite index fell 30.99, or 1.98 percent, to 1,533.33.
The Russell 2000 index of smaller companies fell 13.04, or 2.68 percent, to 473.22.
Declining issues outnumbered advancers by about 2 to 1 on the New York Stock Exchange, where volume came to a very light 383.3 million shares.
Because trading volumes were very low, and likely to stay that way throughout the week, the market's movements may not be indicative of its long-term direction.
"A truncated week is going to make it tough to generate any firm takeaways from trading," said Craig Peckham, equity trading strategist at Jefferies & Co. "I would expect to see sleepy volumes and a lot of people protecting positions going into year end."
Tax-loss selling -- when investors sell securities at a loss to offset a capital gains tax liability -- might also contribute to the market's weakness until the year's end, Fort Pitt's Caughey noted.
Toyota's U.S.-traded shares fell $3.36, or 5.2 percent, to $61.02.
Walgreen shares fell $1.40, or 5.4 percent, to $24.68.
Wall Street has shown some signs of relative stability in the last few weeks. Since reaching multiyear lows on Nov. 20, the Dow is up about 13 percent and the S&P 500 is up about 18 percent.
Besides relief over the auto bailout, investor sentiment has also grown a bit more upbeat in the past few trading sessions after the Federal Reserve cut the benchmark federal funds rate to a range of zero to 0.25 percent. Investors are looking for any signs that the government is being proactive about reviving the economy.
After doling out hundreds of billions of dollars in aid this year to prop up the troubled auto and financial sectors, the government continues to be tapped by companies for assistance. Some of the country's largest property developers are seeking government help as the threat of default on commercial properties is growing, according to a Wall Street Journal report on Monday.
Another recipient of the government's assistance, American International Group Inc., meanwhile, is selling its Hartford Steam Boiler unit to reinsurer Munich Re AG for $742 million as it works to shed assets to pay back a government loan. AIG received a $150 billion rescue package from the government last month to help it pull through the credit crisis.
AIG shares rose 8 cents, or 5 percent, to $1.68.
Bond prices were mostly lower. The yield on the benchmark 10-year Treasury note, which moves opposite its price, slipped to 2.17 percent from 2.21 percent late Friday. But the yield on the three-month T-bill, considered one of the safest investments, rose to 0.03 percent from zero late Friday.
Light, sweet crude fell $1.04 to $41.32 a barrel on the New York Mercantile Exchange.
The dollar was mixed against other major currencies, while gold prices rose.
Overseas, Japan's Nikkei stock average rose 1.57 percent, while Hong Kong's Hang Seng index dropped 3.34 percent. In afternoon trading, Britain's FTSE 100 was down 1.88 percent, Germany's DAX index was down 1.23 percent, and France's CAC-40 was down 2.31 percent.

Financial rescue plans, "there is hope that the rebound in the U.S. stock market, financial rescue plan for the implementation"

2008-12-25T06:05:00.000-08:00

Online Stock TradingTrade stocks online with no fees free charts, Free Demo Accountwww.gcitrading.com/share-tradingTraders gather at the Bank of America kiosk on the floor of the New York Stock Exchange in New York, Sept. 24, 2008.NEW YORK, Sept. 25 (Xinhua) -- U.S. stocks rallied Thursday on reports that Congress reached an agreement in principle on financial rescue plan.Investors were encouraged as key lawmakers said they would present the 700-billion-U.S. dollar plan to the Bush administration and hoped for a vote by both houses of Congress within days.On Thursday, the Labor Department said the number of people seeking unemployment benefits increased by 32,000 to a seasonally adjusted 493,000 last week, the highest level in seven years.The Commerce Department said sales of new homes fell sharply in August to the slowest pace in 17 years. The average sales price also fell by the largest amount on record.The Dow Jones average rose 196.89, or 1.82 percent, to 11,022.06. The Standard & Poor's 500 index advanced 23.31, or 1.97 percent, to 1,209.18 and the Nasdaq composite index rose 30.89, or1.43 percent, to 2,186.57.

Revelation: Song Meiling life of the number of Fortune »

2008-08-07T06:34:00.000-07:00

U.S. "Time" on the cover of the Song Meiling
Speaking of unmatched Song Three Sisters, a sentence reviews: "Big Sister love money, Erjie patriotism, love Sanmei right." Indeed, the eldest sister Soong Ai-ling to follow her husband - home Shanxi fiscal Kong Xiangxi, how can we not love Choi »2 Sister Soong Ching Ling to follow her husband - revolutionary Dr. Sun Yat-sen, how can we not patriotic »Sanmei Song Meiling follow her husband - was chairman, president Chiang Kai-shek, how can we not love the right to« their respective independent of the end of the journey of life.

Among them, Song Meiling (1897-2003), the longest life expectancy, across three centuries. The three sisters available to future generations forever Shui Buwan topic.

This paper is a discussion of the topic of mystery - Song Meiling life of wealth Colour »

The death of 106-year-old Song Meiling left no memoirs or Zixu Chuan. During his lifetime, often Youren Quan Song Meiling written text or oral history, but she was Wanyanxiejue. Song Meiling no children in Taiwan and the United States has not left the two industries. Serve her later years Miss Kong Jiada KONG Ling-(Kong Xiangxi and Soong Ai-ling's eldest daughter), said: "Laofu people left behind only 120,000 dollars deposits."

For KONG Ling-in-Song Meiling memorial at the spread of the image of being indifferent to fame and fortune, many do not know that letter. However, Song Meiling life of the various periods, she still has the economic situation may find the clues.

Song only Quan Jiafu (front row from left: Soong Ai-ling right: Soong Ching Ling, a row of the right conclusion: Song Meiling)
(1) middle-aged for 10 million (Yinyuan) Fujie

Song Meiling Songyao by his father as astute businessmen mind and the accumulation of wealth means the impact of the Chinese people know very well that the right money relations theory. That is, when they are young revealed a strong political ambition, power and keen to do. December 1927 and married Chiang Kai-shek, Chiang Kai-shek's secretary and the English translation, active in diplomatic occasions. Chiang Kai-shek introduced her to many aspects of Western culture and politics, to promote Chiang pro-US.

After marriage, she and two of the Chiang Kai-shek their financial independence, has been operating under a US-style system of the AA. Song Meiling in 1927 in Shanghai, there are a real estate, in the French Concession Xiafei Lu (Ji Jin Nanjing Road), is her marriage and the dowry of Chiang Kai-shek (这幢property in 1949 by a new Chinese regime confiscated, but now also still preserved.)

Song Meiling has long-term in government and community service, her job is a lucrative income. Such as: Established in 1929 the military Survivor schools, the establishment of "inspirational community" to cultural activities to contact the KMT military officers. Chiang Kai-shek in the implementation of the New Life Movement, she presided over the "New Life Movement of women consultants will." 1936 Song Meiling as the Secretary-General of the Aviation Committee, the KMT actively expand the Air Force.

Song Meiling also served as "China Women's Federation," founder and chairman, after the Chairman of the Board of Fu Jen Catholic University, Huaxing Yu Youyuan, Cheng Hsin Rehabilitation Medical Center, chairman, National Palace Museum Management Committee Standing Committee, was chairman of the Federation of Women . ……

December 26, 1934 "is Jiangnan" shows: "State House in Benbu dignitaries…… all the property is estimated to be, Chiang Kai-shek 13 million Yinyuan, Song Meiling 35 million Yinyuan……." At that time, the purchasing power equivalent to 1 Yinyuan now 60 yuan RMB. In other words, if rumor is true, then at that time, Song Meiling personal property now has the equivalent of 2.1 billion yuan, Chiang Kai-shek is two and a half times. This data was also found in the "Diary of Cai Yuanpei," yet to be confirmed.

However, it is estimated that the middle-aged Song Meiling property Yinyuan the number reached 10 million level, you can still agree to it.

(2) Anti-Japanese War, foreign banks in Shanghai by the Japanese occupation of deposits

October 17, 1939, "Japan's secret services to the KMT senior government officials in Shanghai, foreign bank deposits" of the secret investigation report "on board the special Group C No. 1 - the dignitaries of foreign banks in Shanghai pre-payment (deposit) to investigate Table ", of which: Chiang Kai-shek 66.39 million yuan (at the time of the currency and U.S. dollar exchange rate, about 8.09 million U.S. dollars, the same below), Song Meiling 30.94 million yuan (3.77 million U.S. dollars). Currency devaluation of 1939, about one yuan coin of this 15 yuan or so converted - 1 dollars at that time about 15 dollars today. Please note: This period of the eastern half of China's territory has been occupied by the Japanese Government has already moved to Chongqing. Song Meiling personal savings here only half of Chiang Kai-shek. (However, these specific data has yet to be verified again.)

In December 1941 after the outbreak of war in the Pacific, the Japanese invaders took over the foreign banks in Shanghai, is said to have seized the "KMT politicians" in Shanghai's foreign banks deposits.
Song three sisters had a group photo (from left to right) Song Meiling, Soong Ai-ling, Soong Ching Ling
(3) Song Meiling of personal property to overestimate

We should Song Jiang's personal property with the KMT government property, to distinguish, can not be confused with.

"People's Daily" (January 8, 1990) based on historical information said: KMT from the mainland in 1949, has three groups actually delivered to Taiwan's gold in a total of 2.775 million two, silver dollar 15.2 million yuan. It was also "Memoirs of Li Zongren," said: "It was the Control Yuan report of the Finance Committee of the conclave, the note-issuing treasury stock with a total value of 350 million U.S. dollars. This figure is based on China's open-market prices; if in accordance with the ratio of overseas, this is still more than a few . All the gold stocks to 3.9 million ounces (1 oz = 31.1030 grams), the foreign exchange value of 70 million U.S. dollars and 70 million U.S. dollars of silver. The total of about 500 million U.S. dollars from top to bottom. "

Some information said: Song Meiling was the personal property has reached 250 million U.S. dollars (equivalent to half of the state treasury stock ») is clearly exaggerated and not credible.

(4) in 1949 in the United States property

Song Meiling November 1948 to the United States for help, but the cold shoulder by President Truman. Truman at the time the KMT has lost confidence and hope he has aides frank talk about the KMT government's "corrupt and bad guys," the most important two-hole family - in the war of resistance, a major national crisis Choi, withholding USAID, Used to set up his own company, reselling the United States Yuanhua materials, self plans; during the civil war, repeatedly asking the U.S. government, to a large number of dollars into their own enterprises in the mainland Kuomintang regime on the eve of imminent collapse, the first to transfer the property Overseas, especially in the United States can not allow this…… Truman angry? »

Song Meiling in late 1948, early 1949 failure of the United States for help, they scrambled to the United States to manage their private property, so that her nephew in charge of helping KONG Ling-Kan. At that time, home-purchase of a property worth 1.5 million dollars.

Have information that:-Song 2 (Song Ziwen Kong Xiangxi and mainly) 40 USAID material and the use of their special way in the United States engage in Toujidaoba, identified by the U.S. Treasury tens of millions of dollars of tax evasion, the divisions that President Truman. U.S. Central Intelligence Agency and U.S. Treasury joint inventory, preliminary view is that, in the United States of illegal property of dubious origin actually reach more than 2 billion dollars, allegedly in the United States, Africa and France to freeze assets and bank insurance in the United States Curry dubious origin antiques, Crafts, jewelry , Gold, fill-tax amount and a fine. But finally nothing, as Doubtful Case.

For more information analysis can be done as follows: (1) should the assets of the KMT government with the so-called "Sitaijiazu" separate personal private property, can not be confused with, (2) 1949 2-for-property survey in the United States, So far is mixed, the truth not known.

Song Meiling in the front line when the Anti-Japanese War
(5) Song Meiling life after the main revenue come from »

Chiang Kai-shek dies (April 5, 1975) before every two to three months will be a Song Meiling allowance. Chiang Ching-kuo took office after the case. October 1983, should be invited to return to Taiwan Chiang Ching-kuo, released "I will be renewed," Chang-wen, Chiang Ching-kuo frequent activities to help appease the party veterans and military personnel to defuse resistance to innovation, the end of Kaifangdangjin.

January 1988 death of Chiang Ching-kuo, took part in funeral arrangements and revocation of martial law. After the withdrawal from the political arena, seclusion Taipei Shihlin residence.

The death of Chiang Ching-kuo (1988) and Song Meiling Lee Teng-hui met on the request: "You know, in the country, 'presidential palace' monthly gave me a provision, now by the death of the country, you still do not know This provision will give me »" After all, Song Meiling in accordance with the law should have去职"President" of the treatment of widows. Song Meiling on the request of Lee Teng-hui in general can meet her wishes.

(6) in the United States to settle after the huge expenditure on who »

Taiwan's "Times Weekly" reported that Song Meiling in the United States to settle the beginning, she did not have my name in what the property. This seems consistent with the actual situation. As she lives depend on the following hole-in-law, she will no longer care about money.

So after all these years she What are the lives of «Yaoduoshaoqian it will take about a year»

Song Meiling in 1972 "Sino-US joint communiques," was published, that in the maintenance of the relationship between Taiwan and the United States no longer matter for her, then transferred to the energy business Industries. In the United States to invest in oil and natural gas industries. 1984, the U.S. Associated Press reported that a telecommunications: "Madame Chiang Miss Song Meiling invest 5 million U.S. dollars, and Texas, Phillips Oil Company signed leases in New Mexico near the mining prospecting oil and natural gas cooperation……" . After that, this is the name of Kong Lingjie to her aunt, "to attract wide" for the business. Besides Hole, this is a Song. Focused on shopping malls, Song Meiling is also forced to withdraw from the political sphere but choice.

Eight Diagrams entrepreneurial husband and wife relationship of the five criteria

2008-08-07T06:30:00.000-07:00

A relationship: making the other more beautiful -
Typical representative: Pan Shiyi and Zhang Xin
A man and a woman, 12 years to do couples, in today is a very difficult thing these 12 years, the two not only at night to Dahuo live during the day but also to business partners, it is really hard on the pieces And difficult matter, and 12 with a short period of time to become husband and wife both of billions of Regal, it is simply

But the 43-year-old 42-year-old Pan Shiyi and Zhang Xinthese difficult January 1 in the foot pedal.

At 9:30 on October 8, 2007, China (0410. HK) in Hong Kong Stock Exchange main board listed on the official. Listed on the first day to 10.10 Hong Kong dollar closed, to close at 9.55 Hong Kong dollar, the Hong Kong dollar than the 8.30 issue price rose 15.06 percent. To the day closing price, SOHO China has reached a total market value of 47.7 billion Hong Kong dollar, the Pan Shiyi and his wife also worth a towering fly to 350 billion HK dollars, China's richest couples.

When a black frame of "China Pan" and a yellow streaked hair "of the United States", with 12 hours of heated run-in with the collision and eventually the Hong Kong Stock Exchange in a dazzling wealth of blooming flowers, the world's Young couples tempted to start a new round of the Fu Qidang entrepreneurial boom.

Relations between the two: Tuyangjiehe -
Typical representative: Wong Kwong Yu and his wife cuckoo

"Fu Qidang" enterprises, mainly in general is the man, the woman serving as a role-Neizhu. For example, instead of his wife Wong Kwong Yu Gome's cuckoo.

Rhododendron graduated from the Beijing University of Science and Technology of the lenders in the Bank of China. 1993, Wong Kwong Yu because the working relationship with the cuckoo acquaintance. That year, Wong Kwong Yu Gang and the separation of big brother Huang Junqin, is at a critical turning point on the cause. Both pretty capable and have good education background and work of Du Juan, undoubtedly it to the younger Wong Kwong Yu echocardiography, and not even the junior high school graduates Wong Kwong Yu, has a clever mind and to his enterprise, which also Du Juan Guamu to it. 1996, and Du Juan Wong Kwong Yu finally "Tuyangjiehe."

In 1999, Du Juan resign from the Bank of China, participate in the rapid development of the United States. She listed companies long as the executive director of Gome, Wong Kwong Yu care for their operations in Hong Kong, Peng-run investment is also vice president of the main groups responsible for overseas operations and acquisitions. March 20, 2007, Peng Run-Group and private equity investment company Bear Stearns commercial banks signed a memorandum of understanding to set up a maximum of 500 million U.S. dollars joint investment fund to invest in Chinese enterprises. And the major battles in the direct Caopan hand, is Wong Kwong Yu, wife of the cuckoo.

In the memorandum signed at the scene, Wong Kwong Yu side of the cuckoo is quite eye-catching - with her fluent English, quick thinking and partnership exchange deal with the United States.

Relations between the three: "Yinshengyangshuai" -

Typical representative: Zhang Yin Liu and her husband were in

"Fu Qidang" enterprises, there are also many "Yinshengyangshuai".

At a trade conference, Zhang Yan to know who was the husband of Liu. At that time, Liu is one of the great achievements in their career doctors, and do part-time steel trade, proficient in multiple languages. At the instigation Cheung Yan, Liu set aside in their careers, and her business. 1990, Zhang Yin and her husband Liu in the decision to move to the cause of the world's largest raw material market the United States, where the establishment of the United States and South Africa, for the purchase of factories in China and to provide recyclable waste paper. First arrived in the United States, would not say that the English Cheung Yan, accompanied by her husband in a search for a customer.

Cheung Yan Road with emotion afterwards, the women in the selection of the other half the time, we must value each other and whether you focus on the same cause, or can not understand each other, day for a long time will be tired. And Liu were in completely to achieve this, the company responsible for the development, handling the affairs of the company, he even than Zhang Yin is also formidable. Some people may mind: as a man, but in place under the woman. However, Liu in the vanity of those who do not care about the fundamental things. They live in the principle is: we should admit mistakes, but things were not right. , Chairman of Cheung Yan sometimes do not, as Liu Mingqi, vice president of the China Council for severe criticism.

Relations 4: equal -

Typical representative: WU Zheng and Yang Lan

"Fu Qidang" enterprises, there are two well-matched couples of.

WU Zheng and Yang Lan, the combination is a typical woman of her husband's wealth and business success stories. In the cause of division of labor, WU Zheng capital to operate and manage the main, Yang Lan is a little more creative, while concurrently with the company's image ambassador. In the overseas Chinese circles, WU Zheng have a very sound reputation of Chinese industrialist; to the mainland, because Yang Lan is the star, by the natural concern to more than WU Zheng, while in Hong Kong, the reputation of almost two. They have a common cultural ideas and strengths, of course, is complementary.

Another more typical is the "Pan Chang ticket." April 1994, Hainan had just the real estate bubble in the "victory of the flight," came to Beijing and the development of the Pan Shiyi, the Pinglun introduced to the work in the Wall Street bank Goldman Sachs Zhang Xin. "Tubie" and "Turtle" of love in six months time quickly bear fruit, two in October that year held a wedding.

New new look. September 1995, Pan Shiyi encouraged his wife to leave Wantong, together founded the Redstone Industries.

In one year the eyes of the venture partners, the couple left a deep impression: "at the beginning of Zhang Xin, have yet to resign her office units, 30 are still several layers of the ITC building work. Sometimes I go to Pan Shiyi and Zhang Xin, often three people at Linchuang's office, Pan Shiyi excitedly, pointing to the distance Jianwai SOHO New Town and the two said that this is our site ah! We have heard blood boiling , A major cause of dry strong impulse. "

Marriage for a period of time, the two start-up life is not so understanding, but full of differences and disputes, but was very intense, but after several years of adjustments, and that the "Fu Qidang" tacit understanding and cooperation in the increasingly well acquainted, Zhang Xin with the name later changed to the Pan Zhang Xin. They gradually formed a "Zaofang Zi Zhang Xin, Pan Shiyi Mai Fangzai" model of cooperation, all companies with foreign relations, matters outside the commercial decisions, such as project management, and other architectural design done by Zhang Xin; negotiations, marketing, government relations And all matters relating to money and are responsible for Pan Shiyi. Pan Shiyi has played a very vivid metaphor: "Like the previous Shuahoumaiyi, I was out Qiaoluo the first, and then out Shuahou Zhang Xin, with the final out of the hat is my money."

Relations 5: Zhenbiancaoge -

Typical representative: De-Hui Wang Kung Yu-sum and

"Fu Qidang" enterprises, because if a major accident caused by one side can not continue to manage the enterprise, then the other side is undoubtedly the best "Tibuduiyuan."

Gong looks like a weak heart, supporting his early years with her husband De-Hui Wang venture. When the company's development Rurizhongtian the time, De-Hui Wang respectively in 1983 and 1990 suffered twice kidnapped. In a pre-paid 11 million U.S. dollars after the release, and the second in the 60 million U.S. dollars to pay the ransom, De-Hui Wang has disappeared, from Yaowuyinxin.

Kung Yu-sum has not been this unexpected blow to the fight in her continued efforts, the Chinachem Group has developed into Asia's premier investment firms, in July 1997, the United States, "Forbes" magazine released by the world super-rich top Kung Yu-sum to 7 billion U.S. dollars of personal assets of Chinese women in the world's richest man.

Of course, "Fu Qidang" is not the whole enterprise is Juanqimei harmony story, but also because of Strange Bedfellows to Fanmuchengchou, finally led to the tragedy. Li Shuang was a芭蕾舞演员, and later married a real estate company executives. Buganjimo of Li Shuang, after a period of ease and comfort in the "full-time wife", has begun to enter her husband's companies engaged in sales, and deputy general manager of the company. Li Shuang did not let her husband disappointed in less than two years time will make himself has become famous in the industry was "Beauty Caopan hand" and "real estate beauty," a reputation. However, the success of the cause of marriage and not to increase lubricant, on the contrary, young, beautiful, plus the various advantages of strong woman, and her much older than their husbands between the accumulation of a lot of irreconcilable contradictions. Finally Zhenbiancaoge lead to a tragedy - Li Shuang positions occupied by her husband charged, thus caught in a prison deep in jail.

In the life of Jiang Qing, the pursuit of the Qinmiwujian and in the cause of reasonable, to fight for their rights and a clear division of clarity, the "Fu Qidang" enterprises is essential principles.

People's Daily: Earthquake economic fundamentals do not change

2008-08-04T11:50:00.000-07:00

May 26, 2008 07:08:12 Source: People's Daily
Wenchuan strong earthquake struck, causing heavy casualties and property losses. At present, earthquake relief work is being carried out. Expert analysis, Wenchuan earthquake will not affect the economic fundamentals, China's economy will continue to maintain又好fast development momentum.

State Council Development Research Centre Ba Shusong experts recently said that the earthquake will not change the economic growth trend. At present, China is the economic fundamentals continue to maintain fast growth又好, with the macro-control policies related to the implementation of the government work report put the 2008 economic targets can be achieved. However, the economy is the prominent contradictions in the "three-off" Although to some extent eased, but still outstanding; Although the risk of inflation in the effective control of, but from the structural to the overall trend of the spread still exists, still persist Macro-control, to implement the "two defenses" of policies and measures.

Major earthquake disaster to people's lives and property caused heavy losses, hit disaster areas of infrastructure, industrial and commercial enterprises, blocking industrial and agricultural production, which has seriously affected the local economic development. To May 22, the central disaster losses estimated rate of more than 300 billion yuan. According to preliminary statistics, 14,207 industrial enterprises in Sichuan disaster, the direct economic loss of 67 billion yuan, business services direct loss of 20 billion yuan. Chinese People's University School of Public Relations Professor Dr. Liu Xin pointed out that at present, the disaster are serious, but still limited to some areas of the country's limited impact on economic growth.

From the post-disaster reconstruction, the central financial arrangements for this year, 70 billion reconstruction fund and arrange 25 billion yuan for rescue operations, the whole of society contribute to the disaster areas to 16 billion yuan, coupled with the future of local government and community input Experts believe that reconstruction funds will be accumulated over 100 billion yuan. These inputs for earthquake relief, restore production and rebuild homes and economic development to provide strong support. From the policy levers, the People's Bank of China has announced that the disaster area to take a distinction of monetary policy, money supply will mean that the disaster areas due to relax, other relevant supporting policies for the economy will also introduced. Some experts have analyzed the disaster areas reconstruction task will be very heavy, infrastructure, housing, factories and other construction-related products will be expanded on demand, promoting related industries and economic growth.

At present, to the scientific concept of development to the overall situation, adhere to the principle of unabated grasping earthquake relief, firmly grasping the economic development, in order to achieve economic targets is scheduled to further strengthen and improve macro-control, focus on controlling inflation, the next Make great efforts to promote the production and supply security, and maintain steady and rapid economic development. (High-only)

Zhang: China's high growth has not yet entered the era of high inflation

2008-08-04T11:49:00.001-07:00

2008年05月28日 07:17:35 　Source: China Securities News
The first four months of this year CPI gain of 8.2 percent, China's economy has entered a "high growth, high inflation" era, and will run in the direction of what «Written Discussion on this recent series of forms to invite some experts talk about their domestic point of view .

The author believes that China's future will not enter the high-growth, high inflation era. Because of China's actual economic growth rate did not exceed the potential rate of economic growth, so there will be no high growth and high inflation both situations. At the same time, China's future cost of the product will not be sustained, rapid increase trend. In the long run, international commodity prices will continue rising. Increase in costs and more intense competition in the market environment, enterprises should carry out more of its own comprehensive development plan, it is precisely China's industrial structure optimization, transformation of the mode of economic development of the tremendous momentum.

First, China's actual economic growth rate below the potential rate of economic growth

From the economic growth theory and practice, high growth and high inflation both phenomena, can only occur in the actual economic growth rate higher than the potential economic growth rate of circumstances, is the level of economic growth to support economic growth over the conditions of performance. In real economic growth below potential economic growth under conditions of high growth is not possible with both the phenomenon of high inflation.

China's current economic growth rate lower than the actual potential rate of economic growth. To this conclusion, we need to do some discussion. China's potential for economic growth, understanding of different, from 8 percent to 9 percent and more than 10 percent. Mainly due to the potential economic growth rate is changing, decided to economic growth potential of the various factors are changing. Is to determine the potential supply of the main elements, including capital, technology, labor, and other. From these elements conditions, I think the potential of China's current economic growth rate should be at least 12 percent. This is because, in 2007 China's economic growth rate reached 11.9 percent, but there are still large amounts of funds remaining (bank deposit a large number of poor, large foreign exchange reserves, etc.), labor surplus (not full employment is still the most prominent one of the social problems), technology Supply potential, if taking into account the foreign technology and the formation of independent innovation of China's major core technology supply conditions, it should be said that great. Taking all these potential supply situation can be considered China's potential economic growth rate of at least 12 percent.

Performance in this potential economic growth rate above the level in accordance with another important is that when economic growth rate reached 11.9 percent of the time, there are still a lot of surplus (2007 trade surplus reached more than 2,600 billion U.S. dollars), from the perspective of national accounts This is total social investment of less than total social savings result, the actual economic growth rate is lower than the potential economic growth rate for another proof.

Of course, the potential of China's current economic growth also requires a detailed and profound analysis of this research are under way, but decided to potential economic growth rate for the level of various factors, it that our country's real economic growth rate is Below the potential rate of economic growth. The reason is mainly a new round of faster economic growth has always been bound by the effective macro-control, not rapid and sustained warming, its deep background, it is bound by the resources and the environment.

The discussion above shows that China's potential economic growth rate higher level, the actual economic growth rate did not exceed the potential rate of economic growth, so there will be no high growth and high inflation both situations.
Second, the cost-push to conduct a comprehensive analysis

Never strict interpretation of high prices or can be called high inflation. In fact discussed in the economics of inflation, currency is increasing demand from expanding further price increases caused the integrity of the process, due to lead to price increases, may also be the supply-side reasons, the price will rise collectively referred to as inflation is not Strict. The price rose from the medium and long-term, major decisions on the cost of the changes. Because of cost if not reasonable compensation, in the medium to long-term course of development, a product of the production will decline, the supply will be reduced, if other products can not be replaced, the demand for this product will be pulling its prices . This is also the value of (socially necessary labor time) decided that the price of one of the specific performance.

The current increase in the cost of promoting indeed many factors, including the increase in wage costs, the increase in raw material costs (including both domestic and international), the increase in cost, resources and environment, and so on. The increased costs will inevitably promote the level of prices. Is to be noted that the cost to conduct a comprehensive analysis must change. To see an increase in the cost factor, it is also necessary to reduce the costs of the factors taken into full consideration. Front analysis showed that, when the actual rate of economic growth below potential economic growth rate, the oversupply the market will show a pattern of widespread and intense competition, it is also practical in recent years the majority of our products in domestic and overseas markets face a basic situation . The competition led to a class of important events that enterprises in the cost of management and technological innovation efforts in two areas. Because in the competition to occupy a favorable position, the first to make products with good price competitive edge, the second to make products with better quality, performance, competitive advantage. To achieve this goal, we must strive to reduce costs, including the strengthening of cost management, efforts to reduce consumption and investment, eliminate Paomaodilou, raising labor productivity, and so on. These efforts will lead to lower cost factors of development, the competition led to lower the cost factors, we absolutely can not be underestimated.

After 1995, with the domestic market supply and demand changes, clothing, textile, home appliances, and other labor-intensive industries continue to lower prices. After 2001, is facing a raw material costs continue to increase the impact, but the trend of lower prices to maintain, an important reason is that competition led to lower the cost of these factors support the sustained development of industry. It should be noted that China's economic development mode or extensive features outstanding, compared with the developed countries, China's investment in lower and lower consumption potential is still very great; On the other hand, cheap labor, China's labor-substitute industries to capital-and technology The phenomenon is still relatively common, the potential for increased labor productivity, capital and technology substitution of the potential labour force is also very large. Through competition, give full play to such potential, it will bring enormous cost reduction effects.

Of course, also noted that the agricultural production, reduce the cost of the potential of a relatively small. However, agricultural production to specialization, industrialization, mechanization, and other aspects of development, but also contains a certain amount of the potential of raising labor productivity, contains a certain amount of cost reduction potential. At the same time, from agriculture and industry, the service sector and other non-agricultural labor productivity compare the differences of view, agriculture is a weak industry, but also very rigid demand, the product can not be replaced. So the costs of agricultural production must be considered sufficient compensation. So from a longer period, the prices of agricultural products will show a moderate increase continued the trend.

Based on the above analysis, in the promotion of increased costs and lead to lower costs of the two types of factors working together, the future cost of our products will not be sustained, rapid and improve the situation, would not push prices to continue to grow.

Third, long-term perspective, international commodity prices will not continue rising

To fully understand the role of prices. On the one hand will stimulate price increases related to the supply increase, and the international supply of primary products increased the potential for enormous, the price adjustment will be released under the other price increases will curb the demand for related products, and promote technological progress and product Alternative. The role of these factors together, the prices can not continue rising.

In addition, China's food supply and demand can be based on domestic balance, the basic livelihood of goods subject to little effect on the international market, which is the basis of price stability.

Comprehensive analysis, I think my future will not enter the high-growth, high inflation era. However, it should be noted that, since many domestic and international factors, the business environment will become more severe, the increased cost and more intense competition in the market environment, enterprises should carry out more of its own comprehensive development plan, invest more Effort. This is precisely the optimization and upgrading of industrial structure in China, the transformation of the mode of economic development of the tremendous momentum. (Zhang)

Magazine female rich business success.

2008-08-04T11:31:00.000-07:00

Cheung Yan achievements in the cause of hard work
Cheung Yan 27 billion yuan ranked first female tycoons, also ranked first in China UNIFEM, rewrite the history of the Chinese rich.

Cheung Yan talk about the success of only faintly: "I was lucky, accounting for the天时地利人和." She said when starting their own business, coincides with China's reform and opening up the golden era, and then to the United States coincides with the U.S. economic recovery The continued prosperity and, in addition, the United States forest rich in natural resources, developed the paper industry, waste paper recycling system is scientific, and this time the development in Hong Kong, the company well-funded, high starting point, rely on the operating style of honesty and trustworthiness, the development speed Amazing.

Talking about the secret of success, Zhang Yan said his biggest feature is Maitou do their own thing, everything is tailor our thinking, "If only built three-star hotel, built their own will never Duqi the five-star." Moreover, because of The accounting profession, there are unique in the management of the opinion. Promotion of "small personal, family companies," the humane management. Both under the competence to provide adequate play space, said the treatment to help them solve practical problems. The most important thing is that her success and her husband, several other vice president, with the full support of inseparable. Husband of Liu was born in Taiwan, growth in Brazil, graduated from the prestigious university, fluent in English, Portuguese, sound and meticulous way, Zhang Yin Xiao said: "We both husband and wife are complementary."

Chen Ningning vision for success
Lvhui, Chen Ningning her daughter to 6.5 billion yuan in the women's second in the rich list.

6.5 billion yuan in second place, mentioned that Hong Kong Jiaxin Group Holdings, know that most people will first so described: a mother and daughter, both from the control of large enterprises. Because in the few women to get involved in the steel and mining industries, and Chen Ningning Lvhui her daughter's name on the same Baosteel Group chairman Xie Qihua as it will be quite special.

The 1995 Hong Kong incorporated companies, also did a 24-year-old from the United States of returning Chen Ningning and her mother single-handedly built, the registered capital amounted to 22.5 million U.S. dollars. After several years of development, Jia Xin Holdings already have dozens of affiliates全资或控股, business gradually extended to iron ore resources, trade, logistics, industry and financial services, such as plate, iron ore and the import and export trade , Has been holding Jiaxin is the main industry in the main industry.

In iron ore traders "Yulonghunza", relying mainly on large steel mills and ore production from the long-term contracts directly imports of Chinese Mainland market, can win one-tenth of the market share is already a very difficult thing.

"As no statistics from the Customs and Excise Department and Hong Kong's imports of iron ore volume, it is difficult to say Jia Xin Holdings exports to the Mainland specific figures, but the company is definitely the major exports of iron ore, a few days, we will be devoted to this company Contacts and exchanges. "A steel industry association insiders told reporters.

Usually in public when talking about the present achievements, Chen Ningning more reluctant to mention the "developed questions," and will only be attributed to a little more luck, the comparison is the most insight. Her vision of the future, has the right to mine even steel mill investment.
Chen Lihua good faith not to unscrupulous merchants
Chen Lihua to 6000000000 magazine rich list ranking the third place.

Chen Lihua is investment-oriented women entrepreneurs, the eve of National Day 1999, she spent 200 million yuan investment in the Chinese red sandalwood museum, in addition to her collection of more than 300 pieces of Ming and Qing furniture, the other 2000 are more than 20 years In her own factory produced by the quality of the rare red sandalwood. She handles the museum than any one of the real estate projects are expensive. Chen Lihua said: interpersonal relationships difficult to get along. In short, while people with the noisy, with people not allowed to fight again. A businessman not afraid of their increased costs. If you can not open the delays themselves angry, people also criticize you. Time is the lifeblood of businessmen.

Chen Lihua sum up their business know-how is very simple - abide by the good faith and sincere friends. In fact, Chen Lihua pay is not all friends in the Daguan elite, many ordinary people have become her friends. In 2000 she lead Jinbao Street, Dongcheng District, municipal transformation and Weigai works, pay a lot of people friends.

Yang Lan: doing business on their minds
Fortune 4 billion, ranking fifth.

Yang Lan has 13 years of television news reports and talk shows, presided over the experience, "Yang Lan an interview with" the world by the Chinese audience. She was in New York, Columbia University, a Master's degree in international affairs. Yang Lan's husband WU Zheng Although there is no common names appear on the list, but Yang Lan certainly be his great support. Miss Yang Lan incumbent sun media Investment Holdings Limited Chairman. Sunshine Media Investment Holdings Limited is the leading domestic private enterprises of the media, is now holding 11 Asian region Meiti Lei Company's shares while the company's business portfolio includes 31 kinds of various magazines, three different types of newspapers, 10 Television broadcast channels, three portals and more types of Internet, multimedia products, investment in education and colleges, sports / racing and musical entertainment, and so on. Sunshine Media Investment Holdings Limited is now distributed in nine countries / territories in 15 cities in the development of its diversified operations.

Yang Lan its unique business acumen carried out a series of wealth expansion, but with its firm grip on their related fields, has never deviated from. Rely on business operations, is more important to mind and the unique ability to handle the market, Yang Lan done .
Lan Li Bin, the implementation of an iron fist

3.5 billion yuan, ranking sixth.

Lan Li Bin, the contacts are recognized her tough style of doing things, especially those negotiations opponents have to admit that Lee is a courageous decision, and it is very difficult in ecstasy "deal with" high-level managers. However, it is also the industry recognized that Li Bin-credit is a very particular about the people. Once, Li Bin, Portland and one day after the industry agreed to meet at Zhuhai, her body was in Ningbo, Ningbo, from that day can not buy the tickets direct Guangdong was the same night on the evening arrived from Shanghai, Ningbo, Shanghai Flew to Shenzhen and then arrived by car from Shenzhen Zhuhai, in the agreement for the final time in the meeting place, the other impression不已.

Li Bin, an iron fist decisive governance-Shafa of its strict requirements. Li Bin, in Portland who worked for the young people, rarely scolded her not to suffer, especially for those who undermine the interests of the black sheep of the company, Li Bin-more fully demonstrate the style of its strong hand. In each issue to be published in the "new good", a section of the Pichu, published around the branch dealing with a summary of bootlegging, found that a dismissal is almost a never hesitate.

"Under the good opponent, is to give them confidence, to enhance their learning opportunities and help them solve practical problems, and the Sungongfeisi acts, the new one is no good Qingmian can say." Lan Li Bin, said so.

Zhai Meiqing adhere to a successful career

Zhai Meiqing, Mr Lau Chi-keung and his wife, 3300000000 ranks eighth.

Zhai Meiqing once advised, "the entrepreneurial ambitions of the young woman": "We must seize the opportunity, we must fight to keep on learning. Many people think may not be able to do, can do may not be able to adhere to. We must think of And to adhere to
Done. I am successful is because I insist. "" Real estate SHOW "Comments: business celebrities Mr Lau Chi-keung and business genius Zhai Meiqing become even justified, it is become more real. It is no wonder that in a short period of three to four years time, to a layman to become real estate developers in Southern China Tai Wan.

Second-generation leader of the drive for assignment

Ranked ninth 2500000000

Liu Chang, the Hope Group Liu Yonghao, chairman of the woman. 1996, 16-year-old Liu Chang went to the United States to study in 2002, was returned after an MBA in Beijing extensive contacts with business celebrities, Baishixueyi. Liu Yonghao said that several years ago, 10 years will not let the next generation and media contacts, Liu Chang is still only play a symbolic role. However, holders of hope for assignment Group 36.93 percent of shares, thereby indirectly holding new hope (SZ000876) and the Minsheng Bank (SH600016) two listed companies, also served as a new hope that the group's non-listed companies in Sichuan hope that the chairman of the South .老店want to do a hundred years as the second-generation family business, the pressure on assignment in future not small. Hope Group is China's largest feed manufacturers, and have their own Naiyuan bases and dairy processing plants, to get involved in the financial industry, how do Foundation Liu Changqing is the parents who hope for assignment.

Zhang Xin: professional to concentrate on
As a Cambridge, MA, Wall Street investment advisers, if not married to Zhang Xin Pan Shiyi, her life will surely another magnificent, but this "was not good for the people of marriage" or one of the achievements of China today Construction of the outstanding women. Pan Shiyi and Zhang Xin in 1995 co-founded Redstone Industries limited liability companies, they have developed a SOHO New Town, the commune at the foot of the Great Wall, built in SOHO, SOHO Shangdu and a series of well-known event. In 2002, China's first museum of modern architecture "commune at the foot of the Great Wall," Zhang Xin won the Venice Biennale of "personal architectural art to promote Award" in 2004, Zhang was also sponsored by Montblanc International Arts Award.

Although they both like brilliant career in the family, Zhang Xin Pan Shiyi spend more than the thought and time. Large family to buy a house, decoration, buying furniture, small enough to please aunts, drivers, the daily household chores, things are Zhang Xin. At this point, Pan Shiyi no secret of his wife's praise and appreciation. He said: "Because such an outstanding Xian-hui and a good wife, the domestic division of labour often give rise to disputes, in my house almost non-existent." Not only that, the Pan Shiyi Zhang Xin also the real estate sector into a section An entertainment star, Pan Shiyi in the film "aspirin" in shaping a successful image of returnees.

Source: "World Business Report"

Can humble the rich man who changed the language Zhen

2008-08-04T11:30:00.000-07:00

A vagrant, begging for more than 40 years, traces of Tabian more than half of the world. One day, he came to the front of Bill Gates plans to discuss Dayton Fan Qian. Bill Gates said: "You want to be a dollar, or 10,000 U.S. dollars» "vagrants know that Bill Gates is the world's largest millionaire. Said: "I think it gave 10,000 U.S. dollars." Bill Gates can only gave him a dollar, plus a sign saying "You play to the strengths of the knowledge wealth" of the card, saying that "this is a Dollars, which is 9,999 U.S. dollars. "Vagrants received money and business cards:" This card is really value so much money? »" Bill Gates said: "As long as you do照着, Value may be more than over 9,000 U.S. dollars. "Vagrants seriously pondering a business card on it, the town hall to the Department of Trade and Industry wrote an application: We now begging for the establishment of the New York consulting firm. The reasons are as follows: 1. Huge market. According to "The New York Times" published the latest figures, the streets of New York has 200,000 to vagrants and beggars living. 2. To serve the community. As vagrants more, more and more stingy donor, the attitude is getting worse, resulting in very survival of some vagrants pressure. 3. Eligible. I stray 40, experienced begging, begging means comprehensive. 4. The needs of the times. Knowledge economy has arrived, I belong to rely on knowledge to get rich. City Hall Ministry of Commerce and Industry vagrant no reason to refuse the application, "the New York consulting firm and beggars" were allowed to set up. What about the results of «let people surprise! 2000, his breakthrough on the assets of 10 million U.S. dollars. Shortly thereafter, the company again "knowledge and beggars" as the theme to open up European markets to the European countries benefited from the vagrants. For example, an 8-year-old started begging, grinding life of her mother only once knife vagrants, after consultation, the beggars at the language from "pity!" With the "Brothers?» "Revenue increase. For instance, a child only once in his father Roll back the vagrants, through the Advisory soon in the bath found work. Even a no skills of the old vagrant, through the Advisory also improved the living, because he was London's streets are well known to every one, the Advisory officers let him do a "personal leader Company." Bill Gates, a vagrant in the induction, taking advantage of their "knowledge" for the company, results, beggars become a millionaire, and he provided the advisory opinion of the other vagrants, but also with their own "merits" of the change Their living conditions. Strange? «Not a bit strange, strange But the inertia of thinking so that I do not know how many people bury their" knowledge. " By Bill Gates saying that to do it, it can humble the rich man who changed the language Zhen。

Mao Zedong venture dealing with 11

2008-08-04T11:28:00.000-07:00

Mao Zedong once said: leadership is the responsibility of ideas, with cadres. Many people admire the vote in five of the late Qing Dynasty Famous Official Zeng Guofan in the know, the issue of employment can be said to be on a lifetime. Who also wrote a monograph of "ice Kam." A broad array of "Ershiwushi" and Sima Guang Zhu Bi's "Comprehensive Mirror" are a large number of historical events, to get to know the people, and therefore success or failure of personnel records. However, this door needs most, the most common knowledge, is the most difficult, most difficult to learn and changeable, difficult to grasp science. Many ancient and modern VIPs due to employment and employment because of the success or failure of the examples seen. And many of them are bad things in his closest and most believe that the close people. "Apart from God, believe that" some people have become famous.

However, in order to make a big point of the matter, it is impossible to do it all. To be employing. Many people think that "their loved ones most reliable", "Dahu or brothers, father and son battle or soldiers." Such thinking on the many family-run enterprises came into being. But in developed to a certain extent, the family business will be generated internally in this Nayang the issue, thus endangering the survival of enterprises or hinder the healthy development of enterprises. As a result, knowledge, selection, employment has become entrepreneurs must carefully study the science.

Enterprises employing people has been without a certain pattern. Are based enterprises, and changes in the external environment changes. Because of different conditions, the two companies use the same approach to employment may have some success and failure. Therefore, just as I mentioned in front of the posts, that is, enterprises employing people want to talk about principle and flexibility. At the same time, China's national conditions and restrictions, many things that can not or do not do that. Employing people, because it involves "political trickery" and "moral" issues, said most of those Huimorushen. As a result, next only to some common things with the Internet users here On:

1. Grasp of the business start-up phase, the period of development and maturity of employing different criteria and methods. Start-up phase to the "Kuama able to break through the world" talent. And developed to a certain extent after the need for "Tibi can be at peace," the figures. As Mao Zedong said, start your revolution is the driving force, to a certain period, you may become targets of the revolution or the resistance. Enterprises in the development process, only in maintaining the basic stability at the same time, continuously, "Tugunaxin", which eliminated a Xiangxingxianzhuo of staff, enterprises can maintain an exuberant vitality. This "Tugunaxin" is sometimes cruel, but it is necessary for enterprise development. The venture, the "founding fathers" can use money, shares, to appease Xianzhi, can not these people for the emotional and "face" and affected the healthy development of enterprises.

2. Must not "Mara car" or "small Mara large carts." The so-called "big car Mara" is a small business with only the big people. If the three countries as a county magistrate Pang Tong, the only non-Baili day after the arrival of drinking fun, negative sabotage. However, "Malaysia" Once the car has been running up to subvert or destroy the danger. "Little Crane Mara" Although there is no such danger, but because of the "pony" of the gas is too small, and Latin America rather than fixed, enterprises will not advance. As a result, many of the deep water for much of the fish business is selecting and employing people in a wise choice.

3. Although there is a wide range of people, but to entrepreneurs employing the vision to see, can be broadly classified into three categories: First, can trust and who can not be Dayong. This is what a straight but not capable person and the other is available and can not be trusted, which is capable of some heavy but selfish, personal interests in order to Zuanying up with substance, even betrayed their conscience; Third, it is credible And the available people. As entrepreneurs, want to find a third person. But such people are often difficult to identify personnel who Cajianerguo. In order to the development of enterprises and entrepreneurs should use all kinds of characters. As long as the full recognition on the basis of improper use, Yangzhangbiduan, rational allocation, we can maximize the role they play.

4. The staff must not too exorbitant. To the staff wages, benefits, incentives must Yanbi end, will be fruit. Of the outstanding contributions to willing to Piaozi, to the position, do not mean. Truly a jealous Award, in the heart of impunity to receive Enwei both results. We must also bear in mind-the hoodwinked by individual staff members. Because the management and the management is always antagonistic, to a certain interest or to get you the trust and favor, managers were often consciously or unconsciously tell you some lies to deceive. Do not you believed. Several best to ask "why." Because these people get benefits, will not thank you and behind you will laugh is a "fool" or "false cap."

5. Subordinates do not care about the shortcomings and small mistakes. As an enterprise employing people, not in the search for saints, wisdom, but useful for the enterprise of people. Although some employees who have Nayang problems, as long as no harm business interests, without too much concern and accountability. Chen Ping, Liu Bang to join the Western Han Dynasty, some people were with him. He said his sister-in-law at home and fornication, seeking refuge with Xiang Yu was not reusable, seeking refuge with Han Wang after taking bribes, and so on. Chen Ping, Liu asked to help find a clear situation. Mr Chan said: these things are. I Costa Rica after his death to my nephew married a Saosao, Xiang Yu, I do not reuse from him before I left, to your return, you're not here I can only Shouli support the family. I can help you Datian Xia However, I am not saints, you are looking for saints I can resign. Liu Bang or his left. Later, when the prime minister. In Bao Han Shi, anti Zhulv played a key role.

6. Respect for human nature, not to employees of companies seeking absolute loyalty. Remember that Marx once said: the variety of activities are in the pursuit of best interests. You and your staff are to come together in the pursuit of personal material interests or the interests of the spirit. Although there are feelings of friendship elements, but in the fundamental interests of a conflict, feelings, friendship will be watered down. Shanmenghaishi the husband and wife can "when their flight to disaster" that some staff verbally-to-business loyalty can only laugh The can not be believed. To Kuanyan of economic, Winn and Oxfam, with material and moral interests of the greatest enthusiasm.

7. Bold delegation of authority, management at different levels. Slightly after the development of enterprises, management at different levels should be taken. When the referees more and less when the athletes and not everything personally intervene. In this way, a middle-level staff to meet the power to mobilize their enthusiasm; two can be objectively and fairly deal with the problems arising enterprises and prevent the emergence of "true colors do not know, the only body in the margin of this mountain"; three can escape The direct confrontation with the staff, so that the middle Heilian sing, you sing the red to show your "generous benevolence" heart……

8. Timely help is better than icing on the cake. In the current severe employment situation of social circumstances, selecting and employing people there will be a great alternative. Thus selecting and employing people, in the same conditions, the best choice of the poor economic conditions, the difficulties of life, much-needed work. Timely help is better than icing on the cake. These people's enthusiasm and loyalty of most of the enterprises so that enterprises can be satisfied.

9. Trivial stupid, smart event. As an owner of SMEs, the key technology, the main customers, raw materials and products marketing network must master himself, a regular or irregular personally involved. Must not be one or two individuals control, otherwise, once the accident was stuck on the neck of the不已regret.

10. Common to many critics, who use more short commended. Song to the outside under tight inspection. All preparations for long-term use, or to allocate staff to point out that a lot of their shortcomings, so as to enterprises of the commonly used is not prepared to employees, will have a lot to commend, for the "good-as well scattered," he said. Inspection staff, must not, as the party's organization department Nayang big way. Mingsong dark to bear, in the inspection of the invisible. In particular their parents, Luo Nan and the mistakes of the attitude of my colleagues, one can often see people with good intentions or bad heart, or the villain is a gentleman. If a person on the parents and Luo Nan were no filial piety and compassion in enterprises if the accident, such people can not rely on.

11. Reuse for the staff not to mention seniority, the knowledge, ability and contributions to the enterprises concerned. Under the same conditions to the staff mentioned in the bottom line. For example, enterprises lack a department manager, a general staff and a vice president of the conditions is, if you Fuzheng the vice president, he would think that this is the logical thing; If you ask a staff when the manager, he will feel additional Schein, Corporate loyalty and enthusiasm of the city than the original vice president is much higher. Although the vice president will be subject to the original point of impact, but which many strong, junior staff has brought hope.

At the same time, the management of enterprises should size up the situation, Kuanyan a degree. The pipe to pipe, the pipe should not be a matter of do not. "Half drunk sober half." We should know that "no clear water to fish, who is not only to detect."

Too is the world's people will make money

2008-08-04T11:22:00.000-07:00

Too is the world's people will make money, and now in China have appeared in this group will make money, "the Jews", that is, Wenzhou People.

December 28, 2005, in Wenzhou Yueqing Flying Association held a private aircraft models to promote the meeting, 22 Wenzhou businessmen to seven well-known domestic and international aircraft manufacturing, sales companies collectively ordered 22 private aircraft, the total amount Of 133.2 million yuan.
"In this large-scale orders, Wenzhou has become China's largest local private aircraft." China's general aviation network CEO Yang Xiao Lennon said.
September 4, 2006, the Wenzhou businessmen in Xiamen days to 5 million yuan bought a set of "good" and "Paul", "Shou" San Jiantao Jade, Jade hit Fujian single highest auction Record. After the successful bidders, Mr. Lee told the auction house's staff, recently bought himself a new house, "Fu Lushou" for the family, "Tim glory."
Such examples list goes on. This shows that the Wenzhou People's wealth is how Jingxian. According to the Wenzhou Branch of the findings of the Commissioner of Banking, at present, Wenzhou, the private capital should be around 150 billion. However, an authoritative source said that this figure is not accurate. Because, Wenzhou People in general do not like to reveal the rich, many millionaires, even billionaires millions of rich, their life or a thrifty, people do not know they have what is the real wealth. Therefore, the statistics are often shrinking. As economist Wu Jinglian said, the number of Wenzhou People in the performance of very modest, the actual wealth is greater than the official figure. In recent years, the wealthy investment Wenzhou People everywhere, Chaofang, speculation coal…… as long as there is Qianzheng place, there will be Wenzhou People. The Wenzhou People's input is often generous, it is shocking. Therefore, Wenzhou People suddenly become the focus of public attention.
Now, Wenzhou People have been seen as the people in the most global perspective, the most business-minded, most close to the grass roots, the most able to overcome national 'bad quality, can best represent the trend of capital profit group of people. Wenzhou People's wealth grew larger, new generation of Wenzhou People have become a wealthy businessman to help.
So, why the Wenzhou People will become rich? »" Grid Gulliver's Travels, "the author of Swift, said:" Wealth should be stored in our brains, and our feelings in. "If you look closely, you'll find , The rich and the poor do not actually have the same mentality. As a successful businessman to help the creators, of course, Wenzhou People's way of thinking is different.
First of all, Wenzhou People think that poverty is incompetent, life is the goal of making money. Many people in efforts to find a good job at the Wenzhou People have been doing business as their own cause.
Second, the Wenzhou People at the time the market dynamic, grasp the needs of consumers, understand the status of competitors, to知己知彼, pre-emptive, timely seize the high ground of the market. When many people exclaimed unable to enter the market when these people have found that in fact the market has already been occupied Wenzhou People.
Once again, be good at Wenzhou People Yangzhangbiduan they be good at using his advantage a surprise move. When people do still look down on the commodity business, Wenzhou People have a monopoly of commodity markets, Wenzhou has become a national distribution center for small commodities.
Fourth, the Wenzhou People at the situation, seize opportunities and manufacturing. When many people still worry about the business opportunities, Wenzhou People have already earned purses of the Gugu.
Finally, the Wenzhou People in the operation of no fixed method, often under different circumstances to take a different approach. Many of the Wenzhou People management methods can not always Zhuomo people, and they can always be found to make money Road.
So, what are the spirit of Wenzhou People do »" spirit of Wenzhou People, "including: start from scratch, Chikunailao, perseverance, keep making progress, development and constantly improve, in the face of adversity can Qinfenhaoxue, hard tenacity, not Pazang, is not afraid of tired , Does not aim to not admit defeat, the goal can jump, Goudong to drilling, rather Jitou, not to Feng Wei, be good at modifications to the power of small, Nengqunengshen, smart, capable, and dare to venture, development, the ability to adapt to the environment is Strong, "do not want to work, just want to Zuolao Ban" and "never discouraged the ball".
Here, the spirit of Wenzhou People Wenzhou People is actually a way of thinking and behavior habits. Do one thing, a very important concept, the concept is correct, relatively easy to implement, the matter can be easily handled on the comparison; concept wrong, but to turn their brains, are doing will not work. Enrichment is a habit of thinking, you have rich people's thinking habits, you can become rich, you do not have the habit of thinking of the rich, you can only be poor. Only those with rich way of thinking and behavior habits, you can be really rich.
Why would a rich Wenzhou People »because of the Wenzhou People want to and you do not like.

RMB exchange rate against the U.S. dollar into the "six times" two "six times" What's the difference betweenRMB exchange rate against the U.S. dollar

2008-08-04T11:20:00.000-07:00

1 asked two "six times" What's the difference between
For the current FX168, chief currency analyst Li Jun, 15 years ago, the swap scarce dollars on the foreign exchange market, the depreciation of the renminbi moving rapidly the situation is still Lilizaimu, Bank of Communications is working at the time he was responsible for U.S. dollars foreign exchange settlement and sales business, Probably in late 1992 and early 1993 when the U.S. dollar against the RMB exchange rate the way to the market, six yuan in the Dangkou almost without stop,
Instant perforation of the seven yuan barrier.

15 have passed, the RMB exchange rate against the dollar yesterday, once again returned to the "six times." Li Jun said that it is now今非昔比, China's comprehensive national strength, macro-economic and financial environment than 15 years ago with earth-shaking changes.

Recalling China's foreign exchange system History shows that in January 1, 1994 China announced the cancellation of dual exchange rate system, there are the official exchange rate and the swap market exchange rate at the same time both the exchange rate pricing system, but at the time the shortage of foreign exchange, foreign exchange resources in Demand and allocation between the providers "wrong", the official premium "price without the city."
At the same time, from around 1988 began gradually built up foreign exchange swap is unusually prosperity. Before and after 1993, the domestic economy overheating, there inflation, the surge in demand for imports, "is very scarce foreign exchange things, the market will think that the substantial depreciation of the renminbi, would result in a substantial appreciation of the Exchange, in the panic buying (Exchange)." Bank of Communications Lian-ping, chief economist recalled that time the Stock Market, also has a profound impression.

15, the RMB exchange rate against the dollar once again perform a "break 7", entered the "six times." But apart from the depreciation of the process is the last time, Now is the appreciation of the basic differences, the two "six times" There are many factors can not compare the background.

15 years ago, as a measure of a country's comprehensive national strength of key economic indicators, China's foreign exchange reserves, about 20 billion U.S. dollars; Today, China's foreign exchange reserves have more than 1.5 trillion U.S. dollars over 15 years ago, an increase of 70 times. 15 years ago, the domestic financial order more chaos, massive violations of bank credit market funds; Today, China's financial market after years of construction, are more open attitude to integration into the global market, multi-level construction of the market system with remarkable results.

"Two times'6 'is clearly not the same day and language." Li Jun, the current RMB exchange rate did not reflect their real value, "cracking 7" will continue to rise.

2 asked whether it will slow down the pace of appreciation

For the future trend of the renminbi issue, Lehman, UBS, Bank of America and many other investment bank economists believe that since the first quarter of this year, 4 percent appreciation of the renminbi, although they also expected the appreciation of the yuan will continue, but not to the past Within the next few months as the rate of appreciation of the renminbi's future reference. Under the influence of multiple factors, the yuan's appreciation against the dollar rate will slow.

The revaluation of the renminbi in the first quarter of about 4% of the problem, Bank of America Greater China economic research and strategy director Wang Tao believes that this partly due to the depreciation of the dollar-driven, the yuan on the project has not been effective in a more substantial revaluation. Lehman Brothers chief economist of China Sun Mingchun believes that the domestic price increase last year to promote the key factor is the raw material, food and other global markets soaring prices of raw materials caused by rising import prices, and currency appreciation will help curb domestic product imports Prices.

For the future trend of the yuan, said Sun Mingchun, with the Government's anti-inflation focus from work to promote employment, the pace of appreciation should slow down significantly in the second half. "The Government's policy focus of the second half may soon shift from the anti-inflation problem of unemployment, pay more attention to economic growth rather than inflation, will slow down the pace of currency appreciation."

Wang Tao is also expected that once the inflationary pressure makes a clear slowdown in export data or weakened, the yuan against the U.S. dollar will weaken the speed of adjustment. He predicted that by the end of June this year, the RMB exchange rate will break the 6.8, the end of the year will rise to 6.65.

In exchange rate policy, the Sun Mingchun, the RMB exchange rate management in the People's Bank of China will pay more attention to the effective exchange rate and expectations for a U.S. in the second half of the year compared with other major currencies (such as euro, sterling and yen) appreciation of the RMB against the U.S. dollar's appreciation pace May not be as fast as the first quarter.

UBS chief economist for the Asia-Pacific region Anderson pointed out that there are multiple factors, makes the appreciation of the renminbi can not be expected to last four months about the appreciation of the situation as a reference. First, the renminbi is not on all the major currencies appreciate, but the appreciation of the dollar; Second, the "hot money" the possibility of returning; Third, the United States and the global economy will further slow-down in the first half of this year, which will help the economy Of exports. Once this happens, the appreciation of the RMB power would decline.

3 asked whether the appreciation of anti-inflationary pressure

Since the central bank in last year's third quarter monetary policy report for the first time raised interest rates and exchange rates to strengthen coordination and cooperation to ease inflationary pressures, the role of exchange rate tools on the market for more attention to. With yesterday's exchange rate of RMB against the U.S. dollar above the first seven yuan juncture, the road in the rapid appreciation of the RMB is the way to the high inflation pressure to play a greater role once again be concerned about.
In the third quarter last year, the central bank's monetary policy implementation in the report, interest rates and exchange rates to strengthen the coordination role, to curb inflationary pressure, the RMB exchange rate performance was positive, to bring rapid appreciation of the potential market many accidents. "In order to curb inflation pressures, in fact the central bank has pushed the exchange rate tools to the first line." CASS Institute of Finance, China's economic evaluation of Liu Yu-hui, director of the Center said.

Two sessions held in March this year, central bank governor Zhou Xiaochuan made it clear that from an analytical point of view, the proper appreciation of the yuan, or slightly faster, the Chinese currency will help curb inflationary pressures. But he also pointed out that curbing inflation pressures will not become the market exchange rate mechanism reform, or changes in the main exchange rate fluctuations.

However, with domestic and international economic environment of constant change, use the exchange rate tools to ease the inflationary pressure should also be constantly adjusted. Liu Yu-hui stressed that the current external environment is not relaxed, the Government's control ideas, considerations will be subtle changes. He believes that the Government may prevent over-tightening policies have a negative impact on the economy, but on the nature of the appreciation of the exchange rate will play a role in tightening, in such circumstances, the next revaluation of the RMB rate will definitely not be more than one quarter , But relatively slow.

Senior Manager of the Research Department of China Construction Bank, Zhao Qingming not agree to the appreciation of the renminbi to alleviate inflationary pressures views. He said that in theory, this view is to set up, but it needs a relatively harsh existence of the premise. In China's current circumstances, the renminbi to the formation of a unilateral appreciation of the market is expected to attract a lot of capital inflows, resulting in Waihuizhankuan increase the liquidity surplus, eventually formed the appreciation of the excess liquidity to strengthen the cycle, There is no pressure to help curb inflation. In his view, is the key to solve the problem by dividing the expected way, making money is no longer unilateral revaluation of the yuan have imagined, cut off the inflow of hot money, thereby reducing Waihuizhankuan due to the passive monetary base running, the final start from the currency Ease inflationary pressure. (Qinyuan-na-Beibei)

Life is a process of accumulation - Ding Lei

2008-08-04T11:19:00.000-07:00

Life is an accumulation of the process, you will always fall, even if the fall, you have to know how to grasp a hand in the sand. "- Ding Lei
U.S. "Fortune" magazine launched in 2003 following 40 years of global tycoons of the top 40, Mainland China has six list, the founder of Netease Ding ranked 14. In 2003 "Forbes" and "China 100 Rich List", Ding Lei holding company Netease 58.5% of the shares (current market value of about 7.6 billion yuan), amongst the "2003 Forbes China rich list "The first. But Ding still living a simple life, it was said that his months of living expenses little over 4,000 yuan.
Ding Lei in the end is what kind of person «Let us explore the story behind his success, his experience and experience, I believe that for many people, is a reference and intangible forces.
Dare to challenge the pioneering era
After graduating from college, Ding Lei returned home in Ningbo City bureau of work. Telecommunications Bureau Hanlaobaoshou, treatment is very good, but Ding think that two-year work very hard, but also feel the anguish before its Nanjin. In 1995, he resigned from the bureau, the family was strongly opposed, but he had intended to be bent out Chuangyi Chuang.
He described their actions: "This is my first expelled from their own. Person's life will face many opportunities, but there is the opportunity cost. Have the courage to take the first step, life is often the watershed."
He chose Guangzhou. Later, a friend asked why he had to Guangzhou, Beijing and Shanghai do not »He said a joke: the people of Shanghai and Guangzhou, in fact, the southerners and northerners, if the people of Guangzhou and Shanghai have 100 in your pocket Yuan, and then to do business, that the people of Shanghai will use 50 writers with money, and money to open 50 company, and Cantonese to the students will use the money to open 100 company.
First arrived in Guangzhou, walk in an unfamiliar city, in the face of such as the texture of the pedestrian and vehicular traffic, Ding Lei was more the importance of wealth. Is the most realistic three meals a day have to spend money it »can not sleep in the streets as it Mangliu« At that time, Ding Lei Qian Buduo on the band, he spent in the province, because he was determined to break the "iron rice bowl" Now does not allow its Hundao an impasse when the Jie Ji also rely on their parents. At that time, his greatest desire is to be able to find a job, even if Qianshao, but is better than wandering the strong.
Do not know whether to interview a number of companies, I do not know how many charges mouth, with his patience and strength, Ding Lei finally settled down in Guangzhou. May 1995, he entered the foreign invested enterprises Sebyse work.
The initial days of a difficult, and later, a well-known female friend said Ding Lei, he was superb, "cooking" and "zheng" play, to some extent, it is that period of time "Kuzhongzuole" Evidence, can also say this is the optimism and hard-working character and the achievements of today's "richest man."
Ding Lei likes to eat Chinese dishes, but when income is not high, it is impossible to daily to潇洒Guanzi Li, Guangzhou and many do not authentic Chinese dishes, so he personally went to the market to buy vegetables, personally Cooking. Usually work very busy, he would use the weekend to themselves to be a "Zuiji" or steamed fish, is invigorating its own. Sebyse work in Guangzhou Branch, 2001, Ding left again where germination and others with the creation of an Internet-related companies with the idea. At that time he can skillfully use the Internet, and became the first of a number of Internet users.
Sybase is also leaving the Ding an important choice, because he was going to be one of the original does not exist, a poor small companies. The only support he is confident that he believed that the future of the country it will have an impact on the Internet, full of enthusiasm. At that time, in addition to investment, in both his company's technology are doing. Perhaps in 1996 he only technical background, lack of sufficient business experience, finally found this company and he had many ideas in a departure from, he can only choose to leave again.
May 1997, the founder of Netease Ding decision. Since then, the IT industry in China, Ding has become enough of a crime and health care. After the famous Ding's request for money, but also maintained first place in Guangzhou during the difficult style. He said young people spend less money, perhaps less the same temptations, but the elderly different, he is now pondering is how people find reassuring, the Church parents to spend money - because every time he send money home, parents Give him a deposit, they think their children outside to earn money is not easy, Zuan in the case, but also in the time he needs Paishang often used to now, the home of a cordless phone or the boiling pot of water with a 78 Not replaced the water heater. Netease resettlement Beijing, the company team-building has been greatly improve. Many shareholders did not find fault in the background, history does not exist or entrepreneurs in their accumulation of the negative factors, the company has developed very rapidly. The company managers meeting, CEO Ding Lei often been criticized, he said this not done well, it has done wrong, he was always able to accept modest, "There has been criticism, the work can be done better."

Successful businessmen need four lights

2008-08-04T11:16:00.000-07:00

The lights information: illuminate the "money" -
From big business to be done to find information in state affairs, national political and diplomatic, or even every promulgation of a new policy, contains a business. In the eve of the establishment of diplomatic relations between China and South Korea, a South astute entrepreneurs saw frequent contacts between leaders of China and South Korea, he predicted the imminent establishment of diplomatic relations between China and South Korea, South Korea away from the Jiaodong Peninsula close to the purchase of a lot of land. The establishment of diplomatic relations between China and South Korea, he through the transfer of land use rights to make a large sum. A few years ago, China's environmental problems on the publicity, do a vivid and dramatic, this is a prelude to the Environmental Protection Law promulgated. This message was far more than a million people, but the township enterprises in Zhejiang Province a director is acutely aware of an untapped market and occupation - of environmentally friendly products market. He promptly adjust the product structure of the plant, the development of environmentally friendly products. Since then, the implementation of environmental law in the country, when manufacturers also sitting around the office examining the adjustment of product structure plan, the plant has already developed integrated water purification machines, water pressure filters, and other new products, rapid product on the market in environmental protection station A steady footing. Haier Group CEO Zhang Ruimin Turning to business opportunities with the issue, proposed a unique "eye theory." He transferred enterprises designated as the three major categories: one which has only one eye of enterprises, the concept is still in the planned economy period, eyes only focused on the government of a class is to have two eyes of the enterprises, an eye stare which users And the other eyes stare staff to meet the needs of both sides, he considered that this is a relatively complete market economic laws under the conditions more common phenomenon is also available in the other eye is to have three companies - the former with two eyes To stare customers and employees out of more than那只eyes to stare "opportunity." He said: "The business and life, not a lack of opportunities, but found that the lack of opportunities for the eyes." Kommersant than others the first step to find and use of valuable information, they must possess a "third eye." Lee occasionally listen to the municipal foreign affairs department said a staff member, a Chinese-American investment in the city want, but I do not know what to do good projects. Lee went to call on the evening of the experts, and experts to explore the city and demonstrated the most promising investment market the next day, she prepared a serious investment plan, the third day she asserted with complete confidence knocked by a foreign-lived The hotel door, Gonggongjingjing to Dishang their own investment plans. Foreign-read plan, detailed asked her some questions, she finally agreed to a "partnership" proposal. When penniless, is now in the tax Sansibaiwan yuan a vehicle maintenance manager of the company, Lee recalled his own entrepreneurial experience, said with emotion: "It seems that an insignificant in others the information changed my fate , Seems to capture the business opportunities vision sometimes much more important than the capital. "
Courage of lights: PAA bold rapid
Courage to be successful businessmen with the quality, which is shared by the information, timeliness of the decision. Sima Qian in the "Historical Records" in the business founder Baigui the description is "increasingly, if the beast Zhi bird," and described him as the Tigers capture opportunities Pushi, Eagle catch rabbits in general. Businessmen should be so. I had a friend doing business in 1996, the first half of a thriving shopping centres, he built a building loan, ready to do the following shopping malls, hotels above do. Unexpectedly, the second half of the 1996 surplus was large and medium-sized shopping malls, he hesitated usher in the Chinese Retail Trade Adjustment and variation, the supermarket was prepared to do, wait until someone else's supermarkets have opened up, he does not want a supermarket , Prepared to engage in bank building sold to the financial markets, but in 1998 the office counterparts have targeted banks, and others have Jiezuxiandeng, he also had a good high-tech brands…… This is typical of indecision led to miss business opportunities in the act. Bold business decision-making will not lose no doubt. Many years ago, the director of a textile mill business trip to Taiyuan, one night, when he saw the movie "Xi'an Incident", as Sanchang the flow of people out of theater, I heard several young people walk on: "Zhang Xueliang, General Yang Hucheng, General clothes to wear the color black. "The director did not return to his home overnight He Yan. The next day early in the morning to survey the streets in the afternoon, he immediately called for the factory to 30,000 meters olive green color of cloth. 30,000 Mibu results expected soon in the city sold out. "Strong to act first" wisdom, a Taiwan newspaper reporter accidental "unexpected windfall" of the case once again proved this point. The reporter was ordered to an interview with the mainland Chinese painting master Li Keran, Li Zhai, Unfortunately Master Li Sheng He has been to the West. Due to various reasons, the death of Master Li's news has not been made public, the press Lingjiyidong, raise money to purchase under the Rong Bao Zhai, such as calligraphy and painting shop consignment of all Li Keran painting. The first time in two days, the question people are panic buying that message left for the Masters, where there are missing, the news of a premium will be slightly easier to make a sum. Instead of saying the reporter good luck than he PAA bold, hand-and relentless.
The image of lights: to specify the naval air force to
To Chuangdang to the sea, it is necessary to create a rich businessman image of the features of the times. Following at 7:00 is the plastic image of success must do: 1. To what counts. Many businessmen often make commitments to others, but often not honoured. People who can honor its promise to the people, especially the production will be good. As a great aspirations of the business community, we must strive to match words with deeds. If you can not do or do not want to do, not to say you will do it, you can find any reason Tuidiao, but is not said: "I would like to give it a try." Otherwise, the other will leave very poor impression. 2. To be punctual. For time is money, the business community, we must treasure the time. Cherish the time a performance, that is, when dealing with others to be punctual. Especially in your new friends do business with the business community, if any, when you can begin with several compliance on time, they will deal with all that you are the Corporate Affairs. Instead, on the other side you will not have a sense of trust. 3. To wear appropriate clothing in the commercial exchanges. Generally speaking, these should be Chuande style, gives an extraordinary feeling. However, the pursuit of style, not excessive. Usually, wearing a slightly more conservative more meaningful, it will give people a stable image. 4. You should choose to reflect a positive image of the secretary. Everyone knows that you are the secretary of your contacts and exchanges with the outside world. People will be her as your mirror, from her practice to judge you. Therefore, as the boss, the Secretary must be carefully chosen. 5. A sense of humour. A sense of humour is also important in the business activities of "personal assets" to ease the tense atmosphere of humor is the most effective, most constructive means. If you can share your humor each other, thereby eliminating tension, then you can guarantee Zuoyoufengyuan. 6. Should have the courage to take responsibility. In the business activities of enterprises, there will inevitably be mistakes. Once this happens, leaders should have the courage to take responsibility, not to change the situation, the market downturn with functions such as the pretext to defend themselves, not to shift the responsibility onto subordinates. 7. To give people a sense of trust. Regardless of the size of the scope of management, which are applicable to managers. Whether foreman or manager, once in people's minds a crafty guy, it is impossible to get people's trust. To be honest and say the truth, the truth can not be discounted. In short, managers must make efforts to maintain the management of his trust.
Innovation lights: scholars maintain financial resources inexhaustible creative product innovation Osborne made the eight Key words: new use, copy, change, expand, reduce, replace, conversion, composition, the enlightenment ideas, to create a very practical invention. If the new use, is a typical example of the new technology uses foam. Foam technology first used in bread, and later American businessman用之于rubber, rubber sponge was born German businessman then made a foam; Japan's Suzuki a letter invented the bubble concrete, the noise performance of both warm Jia; After a soap factory in Japan and the use of foam technology is not sinking into a bath of the "floating soap", were competing to buy time. Jay to do with attitude of the U.S. real estate brokerage business of businessmen, one day he drank milk in coffee, a glass of milk brought braved the heat, he Liaoqi napkins wrapped in glass sent to the mouth, not Shen knock over the milk, splash in the legs, and indeed to some of the hot. He was very annoyed, and then to a sudden inspiration, not give coffee mugs, cups Niu Naibei such a development and production of not only beautiful but also heat insulation device? »Day of the tens of millions of people drink Zhuguo The coffee and milk, such devices should be very market. So he put aside the real estate brokerage business, the design of cardboard with foil to develop a "Java shrouds", after the listing of good sales, ordering all parts of the country's businessmen to come. Now, Jay development and production of the "Java shrouds" monthly sales to 4.5 million. Coincidentally, from daily life so as to stimulate innovative ideas to create business opportunities for Guangdong Gree Electric Company bring considerable economic benefits and market competitiveness. 1995, Zhu Jianghong Coca-Cola vending machines in the United States to see the color is gorgeous, inspired his inspiration. So Geli has a patented new products: Lightboxes Guiji air-conditioning. The air-conditioning for several decades to sweep away the air-conditioned "cold face", Guimian on the picturesque, "fruits and fragrance," another bit of the aesthetic. It is Zhu Jianghong "Chujingshengqing", has brought Guiji air-conditioned "face" so that the color of Guiji Gree air-conditioning than similar products on the market price of more than 300 yuan higher than in the domestic and international markets are very popular. With the product of intellectual property rights, not competitors, the company is on the market, sales of hundreds of air-conditioning in the highest profit margins. The market economy dialectics tells people: but new ideas often have a way out. □