Beijing time on May 4, Oppenheimer for the first time on May 2 to give the CD product will outperform rating, target price $ 7.5, the following content points:
Oppenheimer given an initial rating of the CD product will "outperform", target price $ 7.5. The only product is a leading discount retailer of brand-name network operates China's largest flash share sales site, with annual revenues of $ 227 million, the market share of approximately 18%. Oppenheimer expected to be the only product in 2013 will generate profits, the only product in the use of network discount retail growth potential has a very favorable position. At the same time, the only product with the potential competition from other network discount retailers and e-commerce sites, to product growth and profitability of rising risks, limit the rapid growth of short-term market value, Oppenheimer, optimistic about the only product will be long-term prospects for development.
Points: a leading position in the rapidly growing B2C market segments: the only product with network flash purchase a 18% market share in the sales market, with 12.1 million registered users, 1.5 million active users and 1900 brand partners. Expected that the only product will be in 2012 revenue grew about 153 percent, revenue grew about 113 percent in 2013.
Favorable macro-market trends: the growth of retail e-commerce industry, the main beneficiaries of the increasing disposable income in China, the gradual growth of the Internet user base (513 million Internet users, an increase of 12%), increasing broadband penetration (356 million broadband subscribers, an increase of 14%) and greater consumer acceptance (194 million net shoppers, an increase of 21%), and support for the development of China's logistics and payment systems.
Loyal customer base, high levels of participation: the only product will have a larger relative size of the repeat purchase customer base, contributed most of the revenue they will be the only product. 2011, the only products will have a repeat purchase customers of 900,000, accounting for 60% of the CD products will be 150 million active customers. Repeat purchase customers accounted for the only product 92% of last year's total orders.
A substantial increase in operating leverage: despite huge investments in logistics, sales and marketing activities, products will be operating expenses of a percentage of revenue should continue to decline over time, possibly as early as 2013 to a profit.
2013 commercial rate expected on the basis of valuation: valuation multiples of 0.25 multiplied by Oppenheimer, given the only product would be $ 7.5 the target price, lower than the counterparts of large-scale e-commerce company, is included in the DCF valuation analysis 5-8 U.S. dollar share price range. Oppenheimer wave aps parity the only product will target price reasonably reflects the only product will be strong growth prospects, will be the only product will be short-term operating history, the current size, profitability and short-term risks to adjust.
2012年5月4日星期五
In April the euro zone integrated PMI plummets to 46.9business shrink aggravate
Composite Purchasing Managers' Index (PMI), announced on Friday (May 4) Markit (Markit,), in April, the euro area 17 countries the private sector commercial activities contraction accelerated sharply.
The index fell to 46.7 from 49.1 in March, lower than the earlier estimate of 47.4. Markit said the euro zone services PMI in April from 49.2 in March dropped to 46.9, lower than the 47.9 preliminary estimates. The index below 50 indicates contraction in.
(Chris Williamson), Williamson, Markit chief economist, said the data show that second-quarter euro zone gross domestic product (GDP) is expected to shrink by 0.5%.
He said: "Following the beginning of the upsurge of the Eurozone business and consumer confidence, significant deterioration in the real economy, this means that the European Central Bank (ECB) to implement the stimulus measures not yet have a lasting impact." ■
The index fell to 46.7 from 49.1 in March, lower than the earlier estimate of 47.4. Markit said the euro zone services PMI in April from 49.2 in March dropped to 46.9, lower than the 47.9 preliminary estimates. The index below 50 indicates contraction in.
(Chris Williamson), Williamson, Markit chief economist, said the data show that second-quarter euro zone gross domestic product (GDP) is expected to shrink by 0.5%.
He said: "Following the beginning of the upsurge of the Eurozone business and consumer confidence, significant deterioration in the real economy, this means that the European Central Bank (ECB) to implement the stimulus measures not yet have a lasting impact." ■
The pure peanut oil prices hit a new high since April2008.
According to the Xinhua News Agency the prices of agricultural products and agricultural systems to monitor market, compared with the previous day (the same), May 4, eggs prices; edible oil prices to rise; vegetable prices down more than up less;pork prices; a steady rise of prices of beef and mutton; aquatic products, fruit prices fluctuate slightly; grain products, milk prices are basically stable.
Peanut cooking oil, soybeans, cooking oil, pure peanut oil, pure rapeseed oil, pure sunflower oil prices rise, the increase did not exceed 0.2%, pure soybean oil prices were flat; pig haunch of meat, pork pork prices were down 0.2 percent; bovine animals, fresh meat, bone and mutton prices rose 0.1 percent, sirloin meat, boneless fresh lamb prices were flat; monitoring 21 kinds of vegetables, three kinds of prices, 12 kinds of price declines, six kinds of prices were flat; ordinary fresh eggs, white bars chicken prices rose 0.2 percent, 0.1 percent.
The monitoring data show that in pure peanut oil prices since August 2008, quickly dropped from its peak in October 2009 as a whole showed a rising trend up quicker since April 2012, prices hit a new high since April 2008. And March 31 this year compared to the May 4th National Day of pure peanut oil price rose 3.3 percent. Regions, Ningxia, Jilin, Shanghai price gainers, respectively, 12.4%, 10.8%, 7.9%, 7.7%.
Peanut cooking oil, soybeans, cooking oil, pure peanut oil, pure rapeseed oil, pure sunflower oil prices rise, the increase did not exceed 0.2%, pure soybean oil prices were flat; pig haunch of meat, pork pork prices were down 0.2 percent; bovine animals, fresh meat, bone and mutton prices rose 0.1 percent, sirloin meat, boneless fresh lamb prices were flat; monitoring 21 kinds of vegetables, three kinds of prices, 12 kinds of price declines, six kinds of prices were flat; ordinary fresh eggs, white bars chicken prices rose 0.2 percent, 0.1 percent.
The monitoring data show that in pure peanut oil prices since August 2008, quickly dropped from its peak in October 2009 as a whole showed a rising trend up quicker since April 2012, prices hit a new high since April 2008. And March 31 this year compared to the May 4th National Day of pure peanut oil price rose 3.3 percent. Regions, Ningxia, Jilin, Shanghai price gainers, respectively, 12.4%, 10.8%, 7.9%, 7.7%.
Bank of America known as by rating will trigger a $6200000000guarantee demand
SAN FRANCISCO, May 4 evening news, Bloomberg News Friday quoted reports of regulatory documents, is to enhance the strength of their balance sheets by buying debt Bank of America said that if their credit evaluation has been lowered, it will trigger about $ 6.2 billion in securedneeds.
Disclosed in regulatory filing late Thursday, the estimates of the Bank of America pointed out that to calculate the company's assets as of March 31, 2012, if the line's long-term senior debt rating was cut to two, may cause the company to its the increase in holdings of financial derivatives contracts and other transactions agreement of approximately $ 5.1 billion in collateral; if the counterparty to terminate the contract under this credit rating was lowered two, Bank of America also needs an additional $ 1.1 billion collateral.
Bank of America's current estimate is based on the warnings issued before the rating agencies Moody's Investors Service. Moody's said before, is to assess the global capital markets business of banking and securities institutions may include a number of banks, including Bank of America downgrade process. Analysts have said the general downgrade will lead to increased borrowing costs, while forcing the banks to increase the collateral scale, so the results of the assessment of the Bank of America is also expected.
Assets ordered America's second largest bank, Bank of America's rating may be downgraded to a to of Baa2; its main rival Morgan Stanley, Moody's said in a report released on February 16, 2012 may be lowered up to three. Moody's assessment at the time that the investment bank credit conditions may be more serious because of the deterioration in government financing, economic uncertainty and higher financing costs and the status of weakened.
Disclosed in regulatory filing late Thursday, the estimates of the Bank of America pointed out that to calculate the company's assets as of March 31, 2012, if the line's long-term senior debt rating was cut to two, may cause the company to its the increase in holdings of financial derivatives contracts and other transactions agreement of approximately $ 5.1 billion in collateral; if the counterparty to terminate the contract under this credit rating was lowered two, Bank of America also needs an additional $ 1.1 billion collateral.
Bank of America's current estimate is based on the warnings issued before the rating agencies Moody's Investors Service. Moody's said before, is to assess the global capital markets business of banking and securities institutions may include a number of banks, including Bank of America downgrade process. Analysts have said the general downgrade will lead to increased borrowing costs, while forcing the banks to increase the collateral scale, so the results of the assessment of the Bank of America is also expected.
Assets ordered America's second largest bank, Bank of America's rating may be downgraded to a to of Baa2; its main rival Morgan Stanley, Moody's said in a report released on February 16, 2012 may be lowered up to three. Moody's assessment at the time that the investment bank credit conditions may be more serious because of the deterioration in government financing, economic uncertainty and higher financing costs and the status of weakened.
2012年5月3日星期四
Qiu Hengming: a perspective on Microsoft.
Microsoft's China trouble-prone, Greater China, Simon Leung, president to resign in April, and 10 years for the 5 he was appointed president; look at Microsoft's worldwide can be found, Microsoft has been confusion in management, the old successful model is also dying.
One day 17 years ago, Bill Gates in an interview with reporters, he said: "The technology industry is very frightening, technically backward, whether you have achieved much glory, and are not guarantees of future lead." Unexpectedly, not a few years, Microsoft rolled into there is no guarantee of the plight of the lead and continued for up to 10 years, has not out of the abyss.
Published in early 2012 with Microsoft to change the world: Alan memoir, "not only fully restore Microsoft's journey as an entrepreneur, Allen also gave a lengthy evaluation of the current situation for Microsoft, but all in a negative evaluation, can even say that is a scathing criticism.
Microsoft may be the company most closely associated with the daily lives of people in the world, but Microsoft is tortured in the past 10 years, Government of torture, the torture of the competitors, internal torment, making it miss to enter the Internet search , smart phones, social networking and a golden opportunity in the field of digital media sales. For example, in the personal computer industry occupied only high-end market Apple has become the "cool" equipment suppliers; Google uses with its own network-based "cloud computing" in the search field for more than Microsoft; in the field of social networking, Facebook is undoubtedly the boss ...
The rapid fall from grace, Microsoft has only been seen as a thing of the past. Pew Research Center has made a one-year investigation found that science and technology articles, 15% are saying that Apple, 11% with Google, only 3% of articles about Microsoft.
A technology standard-bearer fell to such an extent? Do not know if in hate, Allen first anxious, Ballmer is not suitable for Microsoft's top spot. Then, he thought Microsoft's plight with his lack of field related. He said: "Bill will miss my ability to predict the direction of development of the technology trends, the ability to cater to this trend as well as excellent and original ideas.
After reading the book, in general, we can summarize the three major reason for Microsoft in the past 10 years of frequent passive.
First of all, the beating of antitrust
In June 2000, the Federal Court of Appeal overturned the spin-off of the Microsoft ruling, and ultimately only relatively modest fine of Microsoft Office trouble. But the case against Microsoft resulted in a very dramatic impact, it cost Microsoft. Allen believes that antitrust spent Gates too much time and effort.
Kai-fu Lee, a former Microsoft vice president, and his autobiography "World of Difference" is also mentioned that before 2000, Microsoft is like a self-centered, proud and naughty children. It everywhere feisty, Tolerance and humility which is not in its dictionary, but anti-trust case completely changed Microsoft.
"In a centralized decision-making technology company lawsuits upset, CEO of the negative impact is very lethal," commented Allen.
Secondly, the inherent mode difficult to timely
Leaders like to insist on the inherent successful model. For Gates, the most viable model is super-aggressive with the super-competitive. Antitrust to Microsoft sounded the alarm, the fleeting market environment for Microsoft tasted bitterness, the old successful model is not working.
Allen recalled that in these markets, as well as many other market segments, Microsoft is to grow and develop as a quick follow-up ", from MS-DOS to Windows to Word and Excel, follow this pattern. However, the world changed again. With the transfer of content to the network, the speed of the innovation. Compared to the old software to disk-based, follow-up strategy that is increasingly difficult to implement.
With the passage of time, the Microsoft-led operations to corporate customers became rigid and was quickly moving up slow slow. After five years, Apple introduced the first generation iPod, Microsoft launched the Zune. Microsoft first used to compete with Google search "must be" able to launch until 2009, 14 months later, Microsoft MSN, Windows Live and Bing share of the domestic search engine market share, a total of only 14%, although in second place, but from Google65% share of the gap. Since the start of the second half of 2010, Microsoft fell on the high-end smart phones fourth ranked Apple, BlackBerry and Google.
Kai-fu Lee in "World of Difference" also briefly point out, Microsoft's disadvantage. Kai-fu Lee describes: all employees believe that Microsoft is the most magical moments always as number2 to learn super rush number1, and the first defeat of the time. However, once a product team lost an imaginary enemy, it will relax, Gates and Ballmer will withdraw its investment and support. For example, after the defeat Netscape in Internet Explorer, Microsoft reduced the investment to improve for years without resulting in its browser, until the emergence of Firefox the "enemy", that she began to cheer.
Third, the mismanagement
Microsoft into a bloated disease. In the eyes of the co-founder of Allen, Microsoft's potential in today's weakened. Ballmer joined 24 employees, which is in the company was established six years the When Allen to leave in 1983, Microsoft 500 people, about the monopoly lawsuit near the end of 2000 40,000 people, currently more than 90,000 people. In order to avoid the mediocrity of the company employees, it must be cruel to remove underperforming, but Microsoft is doing is clearly not enough at this point. One executive told Allen said he hoped to cut 1/4.
In 2009 and 2010, Allen worked with a dozen employees to lunch recently left Microsoft. They all talked about the same thing: the management too much really just hard work, too much power and interests of political infighting in the main product line.
Windows Vista is a wake-up call, this operating system, launched in 2007, has become an authoritative source of jokes, laugh at Apple's advertising targets. Microsoft how to make their own masters fell to such a field? Kai-fu Lee said: "Microsoft employees IQ higher than anyone else, but our efficiency is worse than anyone else in other companies, employees of intelligence is the sum of the relationship, but the IQ of our employees actually subtract the relationship"
Or one of the reasons for it.
In addition, service to business customers, away from the end consumer is one of the ills of Microsoft. Allen said: "Although in the past 30 years, Microsoft has never stopped efforts to design products so that consumers heartbeat has never been the company's strengths. Allen referenced the metaphor of the "New York Times" pipeline equipment "Once you become the largest pipeline equipment wholesalers, innovative spirit disappeared from the company's business. "You might want innovation, but just against the force of gravity as difficult."
Complacency is the Gates of the problems, Microsoft has always been the problem. For many years before Google turned into a giant today, Microsoft has the opportunity to buy Google, but Gates did not was insignificant competitors see in the eyes, he has been saying: "six months, we will be able to beat it! "complacency is the ultimate stuffed down the bitter pill.
[Venture Culling - Microsoft story]
In 1973, Gates learned that he was admitted to Harvard University, he was not surprised that he have studied the gap Putnam Mathematics Competition and the National Students Competition math skills, he scores close to the maximum, and since then Bill has been airs. Microsoft co-founder Allen warned: "Bill, you know, went to Harvard, will encounter some people better than you."
"Impossible", he said, "No way!"
Christmas holidays, Allen once again see him, Gates seems very depressed, he glumly replied: "I am a professor of mathematics at the age of 16 to get a Ph.D." His course is purely theoretical, Bill We make every effort, but got a B. In the Harvard class, Bill has not is the most powerful. Allen believes that it has dealt a blow to his motivation for learning, the final Bill turn to learn applied mathematics.
[Venture Culling - Microsoft story]
In 2000, Gates had considered buying Google's proposal, but when he talks with Google's future, the company actually already worth more than 500 million U.S. dollars, if you want to buy at least $ 1 billion to be possible. "No income, the company wants to sell $ 1 billion two children crazy! Are venture capitalists crazy?" Microsoft this proposal as a joke the same aside. They never thought that in just six years later, the company valued at $ 200 billion U.S. dollars.
One day 17 years ago, Bill Gates in an interview with reporters, he said: "The technology industry is very frightening, technically backward, whether you have achieved much glory, and are not guarantees of future lead." Unexpectedly, not a few years, Microsoft rolled into there is no guarantee of the plight of the lead and continued for up to 10 years, has not out of the abyss.
Published in early 2012 with Microsoft to change the world: Alan memoir, "not only fully restore Microsoft's journey as an entrepreneur, Allen also gave a lengthy evaluation of the current situation for Microsoft, but all in a negative evaluation, can even say that is a scathing criticism.
Microsoft may be the company most closely associated with the daily lives of people in the world, but Microsoft is tortured in the past 10 years, Government of torture, the torture of the competitors, internal torment, making it miss to enter the Internet search , smart phones, social networking and a golden opportunity in the field of digital media sales. For example, in the personal computer industry occupied only high-end market Apple has become the "cool" equipment suppliers; Google uses with its own network-based "cloud computing" in the search field for more than Microsoft; in the field of social networking, Facebook is undoubtedly the boss ...
The rapid fall from grace, Microsoft has only been seen as a thing of the past. Pew Research Center has made a one-year investigation found that science and technology articles, 15% are saying that Apple, 11% with Google, only 3% of articles about Microsoft.
A technology standard-bearer fell to such an extent? Do not know if in hate, Allen first anxious, Ballmer is not suitable for Microsoft's top spot. Then, he thought Microsoft's plight with his lack of field related. He said: "Bill will miss my ability to predict the direction of development of the technology trends, the ability to cater to this trend as well as excellent and original ideas.
After reading the book, in general, we can summarize the three major reason for Microsoft in the past 10 years of frequent passive.
First of all, the beating of antitrust
In June 2000, the Federal Court of Appeal overturned the spin-off of the Microsoft ruling, and ultimately only relatively modest fine of Microsoft Office trouble. But the case against Microsoft resulted in a very dramatic impact, it cost Microsoft. Allen believes that antitrust spent Gates too much time and effort.
Kai-fu Lee, a former Microsoft vice president, and his autobiography "World of Difference" is also mentioned that before 2000, Microsoft is like a self-centered, proud and naughty children. It everywhere feisty, Tolerance and humility which is not in its dictionary, but anti-trust case completely changed Microsoft.
"In a centralized decision-making technology company lawsuits upset, CEO of the negative impact is very lethal," commented Allen.
Secondly, the inherent mode difficult to timely
Leaders like to insist on the inherent successful model. For Gates, the most viable model is super-aggressive with the super-competitive. Antitrust to Microsoft sounded the alarm, the fleeting market environment for Microsoft tasted bitterness, the old successful model is not working.
Allen recalled that in these markets, as well as many other market segments, Microsoft is to grow and develop as a quick follow-up ", from MS-DOS to Windows to Word and Excel, follow this pattern. However, the world changed again. With the transfer of content to the network, the speed of the innovation. Compared to the old software to disk-based, follow-up strategy that is increasingly difficult to implement.
With the passage of time, the Microsoft-led operations to corporate customers became rigid and was quickly moving up slow slow. After five years, Apple introduced the first generation iPod, Microsoft launched the Zune. Microsoft first used to compete with Google search "must be" able to launch until 2009, 14 months later, Microsoft MSN, Windows Live and Bing share of the domestic search engine market share, a total of only 14%, although in second place, but from Google65% share of the gap. Since the start of the second half of 2010, Microsoft fell on the high-end smart phones fourth ranked Apple, BlackBerry and Google.
Kai-fu Lee in "World of Difference" also briefly point out, Microsoft's disadvantage. Kai-fu Lee describes: all employees believe that Microsoft is the most magical moments always as number2 to learn super rush number1, and the first defeat of the time. However, once a product team lost an imaginary enemy, it will relax, Gates and Ballmer will withdraw its investment and support. For example, after the defeat Netscape in Internet Explorer, Microsoft reduced the investment to improve for years without resulting in its browser, until the emergence of Firefox the "enemy", that she began to cheer.
Third, the mismanagement
Microsoft into a bloated disease. In the eyes of the co-founder of Allen, Microsoft's potential in today's weakened. Ballmer joined 24 employees, which is in the company was established six years the When Allen to leave in 1983, Microsoft 500 people, about the monopoly lawsuit near the end of 2000 40,000 people, currently more than 90,000 people. In order to avoid the mediocrity of the company employees, it must be cruel to remove underperforming, but Microsoft is doing is clearly not enough at this point. One executive told Allen said he hoped to cut 1/4.
In 2009 and 2010, Allen worked with a dozen employees to lunch recently left Microsoft. They all talked about the same thing: the management too much really just hard work, too much power and interests of political infighting in the main product line.
Windows Vista is a wake-up call, this operating system, launched in 2007, has become an authoritative source of jokes, laugh at Apple's advertising targets. Microsoft how to make their own masters fell to such a field? Kai-fu Lee said: "Microsoft employees IQ higher than anyone else, but our efficiency is worse than anyone else in other companies, employees of intelligence is the sum of the relationship, but the IQ of our employees actually subtract the relationship"
Or one of the reasons for it.
In addition, service to business customers, away from the end consumer is one of the ills of Microsoft. Allen said: "Although in the past 30 years, Microsoft has never stopped efforts to design products so that consumers heartbeat has never been the company's strengths. Allen referenced the metaphor of the "New York Times" pipeline equipment "Once you become the largest pipeline equipment wholesalers, innovative spirit disappeared from the company's business. "You might want innovation, but just against the force of gravity as difficult."
Complacency is the Gates of the problems, Microsoft has always been the problem. For many years before Google turned into a giant today, Microsoft has the opportunity to buy Google, but Gates did not was insignificant competitors see in the eyes, he has been saying: "six months, we will be able to beat it! "complacency is the ultimate stuffed down the bitter pill.
[Venture Culling - Microsoft story]
In 1973, Gates learned that he was admitted to Harvard University, he was not surprised that he have studied the gap Putnam Mathematics Competition and the National Students Competition math skills, he scores close to the maximum, and since then Bill has been airs. Microsoft co-founder Allen warned: "Bill, you know, went to Harvard, will encounter some people better than you."
"Impossible", he said, "No way!"
Christmas holidays, Allen once again see him, Gates seems very depressed, he glumly replied: "I am a professor of mathematics at the age of 16 to get a Ph.D." His course is purely theoretical, Bill We make every effort, but got a B. In the Harvard class, Bill has not is the most powerful. Allen believes that it has dealt a blow to his motivation for learning, the final Bill turn to learn applied mathematics.
[Venture Culling - Microsoft story]
In 2000, Gates had considered buying Google's proposal, but when he talks with Google's future, the company actually already worth more than 500 million U.S. dollars, if you want to buy at least $ 1 billion to be possible. "No income, the company wants to sell $ 1 billion two children crazy! Are venture capitalists crazy?" Microsoft this proposal as a joke the same aside. They never thought that in just six years later, the company valued at $ 200 billion U.S. dollars.
Thai Lunar New Year's house and a shooting incident in4 local officials.
Tynan Peking House on the 3rd afternoon in a shooting incident, the government Saibu Li County under the jurisdiction of a mayor and three assistant died in the shooting incident.
Local media quoted Pattani police reported that about 13:00 the same day, the Saibu Li County Tong December (Thungkla,,) The District Chief and three Assistant District Office attended the meeting and receive the salary of the district defense volunteers, motorists to Saibu Li County a wooden dragon the village, and was subsequently catch up with the assailants attacked their vehicle hit a tree, the attackers robbed them carry 300,000 baht in cash, the after they killed with AK47 and M16 rifles.
Police rushed to the scene found four people have died in their cars. Police separatist armed elements from the shooting incident.
Close to Pattani, Narathiwat province on the 2nd in a shooting incident, two defense volunteers died in the shootings, the attackers also stole four rifles. Narathiwat police have launched raids seized in two rifles, three boxes of M16 and 22-caliber bullets.
According to another report, the Northeast of Thailand Nakhon Phanom government police in an anti-drug operations in the early morning of the 3rd and drug traffickers firefight, two policemen were injured in this operation. Reported that at 1:30 on the 3rd or so, the government police in Thailand, old Mekong segment, patrol, four men from across the river by boat arrived in the side of the Datai side. Among them, a man see things brought to light, Bianxiang police opened fire and threw a grenade, followed by brief exchange of fire and police, two Thai police was wounded by a grenade. The four men then by boat to escape and hide, approximately with a 10000 methylamphetamine, amphetamine pills and some of the ice pack is discarded shore.
Local media quoted Pattani police reported that about 13:00 the same day, the Saibu Li County Tong December (Thungkla,,) The District Chief and three Assistant District Office attended the meeting and receive the salary of the district defense volunteers, motorists to Saibu Li County a wooden dragon the village, and was subsequently catch up with the assailants attacked their vehicle hit a tree, the attackers robbed them carry 300,000 baht in cash, the after they killed with AK47 and M16 rifles.
Police rushed to the scene found four people have died in their cars. Police separatist armed elements from the shooting incident.
Close to Pattani, Narathiwat province on the 2nd in a shooting incident, two defense volunteers died in the shootings, the attackers also stole four rifles. Narathiwat police have launched raids seized in two rifles, three boxes of M16 and 22-caliber bullets.
According to another report, the Northeast of Thailand Nakhon Phanom government police in an anti-drug operations in the early morning of the 3rd and drug traffickers firefight, two policemen were injured in this operation. Reported that at 1:30 on the 3rd or so, the government police in Thailand, old Mekong segment, patrol, four men from across the river by boat arrived in the side of the Datai side. Among them, a man see things brought to light, Bianxiang police opened fire and threw a grenade, followed by brief exchange of fire and police, two Thai police was wounded by a grenade. The four men then by boat to escape and hide, approximately with a 10000 methylamphetamine, amphetamine pills and some of the ice pack is discarded shore.
East alliance and Sino-Japanese Han decided to strengthen regional financial safety net construction
The 15th session of the ASEAN, Japan and ROK (10 +3) finance ministers and central bank governors held in Manila, the meeting discussed the macroeconomic situation of the East Asian region, and regional financial cooperation and other issues, and decided to expand the Chiang Mai Initiative multilateral mechanismscale, to further strengthen regional financial safety net.
The delegates believe that East Asian economies continue to maintain solid growth, but also facing a debt crisis in Europe sustainable development, volatility of commodity prices, rising inflationary pressures and disorderly flow of short-term capital challenges. In this case, the parties decided to strengthen regional trade and investment cooperation and financial safety net, and promote sustained and healthy development of the regional economy.
To further strengthen crisis prevention and response capacity of the mechanism of the CMIM, the parties agreed to expand its size from $ 120 billion to $ 240 billion, In addition, the loans extended after the crisis period of use and new crisis prevention.
May 2000, the "10 +3 finance ministers in Chiang Mai, Thailand signed the establishment of a regional currency swap network protocol, the Chiang Mai Initiative, to address the regional balance of payments and short-term liquidity difficulties. To further meet all needs, in March 2010, the Chiang Mai Initiative multilateral agreement entered into force, a total size of up to $ 120 billion foreign exchange reserve pool in East Asia is officially formed.
The delegates believe that East Asian economies continue to maintain solid growth, but also facing a debt crisis in Europe sustainable development, volatility of commodity prices, rising inflationary pressures and disorderly flow of short-term capital challenges. In this case, the parties decided to strengthen regional trade and investment cooperation and financial safety net, and promote sustained and healthy development of the regional economy.
To further strengthen crisis prevention and response capacity of the mechanism of the CMIM, the parties agreed to expand its size from $ 120 billion to $ 240 billion, In addition, the loans extended after the crisis period of use and new crisis prevention.
May 2000, the "10 +3 finance ministers in Chiang Mai, Thailand signed the establishment of a regional currency swap network protocol, the Chiang Mai Initiative, to address the regional balance of payments and short-term liquidity difficulties. To further meet all needs, in March 2010, the Chiang Mai Initiative multilateral agreement entered into force, a total size of up to $ 120 billion foreign exchange reserve pool in East Asia is officially formed.
2012年4月29日星期日
Two ministries : actively and steadily expanded to increase the scope of the pilot business
Reporters learned from the Ministry of Finance, Ministry of Finance, State Administration of Taxation, the Shanghai Municipal Government on the 28th joint news release, noting that from the business tax reform to levy VAT pilot the first quarter of operation, the reform of the overall smooth operation, the effectiveness is beginning to bear. Next, the Ministry of Finance, State Administration of Taxation will actively and steadily expand the business tax reform to levy VAT scope of the pilot.
Ministry of Finance, State Administration of Taxation, the Shanghai Municipal Government jointly expressed, from the experimental situation, the reform of the overall smooth operation, the effectiveness of previews. The pilot enterprises generally reflect the change levy VAT, due to the further elimination of double taxation, promote the social division of labor, improve the professional level of the enterprise, enhance competitiveness, but also make the tax system more fair and reasonable.
The smooth running of the Shanghai pilot, the pilot program and supporting policies and well-organized, solid and effective collection and management measures, the pilot reform has achieved the desired results. Next, the Ministry of Finance, State Administration of Taxation will continue to follow the pilot operation and timely solutions to problems in the pilot run in the summary of the Shanghai pilot experience and improve the pilot program on the basis of, and actively and steadily expanding the scope of the pilot of the business tax reform levy VAT.
Ministry of Finance, State Administration of Taxation, the Shanghai Municipal Government jointly expressed, from the experimental situation, the reform of the overall smooth operation, the effectiveness of previews. The pilot enterprises generally reflect the change levy VAT, due to the further elimination of double taxation, promote the social division of labor, improve the professional level of the enterprise, enhance competitiveness, but also make the tax system more fair and reasonable.
The smooth running of the Shanghai pilot, the pilot program and supporting policies and well-organized, solid and effective collection and management measures, the pilot reform has achieved the desired results. Next, the Ministry of Finance, State Administration of Taxation will continue to follow the pilot operation and timely solutions to problems in the pilot run in the summary of the Shanghai pilot experience and improve the pilot program on the basis of, and actively and steadily expanding the scope of the pilot of the business tax reform levy VAT.
Central bank vice governor Yi Gang Indiana University awarded honorary doctorate
April 18, 2012, the People's Bank of China Deputy Governor, the Secretary for the State Administration of Foreign Exchange, Yi Gang, Indiana University (Indiana University) awarded an honorary doctorate. In the ceremony, Yi Gang, the equalizer and the China-US trade in RMB exchange rate to the theme of a keynote speech.
Yi Gang, had previously taught at Indiana University in the United States for many years, Indiana University's granted him an honorary doctorate recognizes made extraordinary contributions to the University of Sino-US educational exchanges as well as its outstanding achievements in the field of the present work.
Indiana University President Michael McRobbie to bring relevant school leaders and board members, Yi Gang, and then has taught in the Department of Economics teachers and students, as well as local political, business leaders attended the ceremony and related activities, the whole event in the friendly atmosphere of the old friends get together . Yi Gang said the first batch of the United States as the reform and opening up one of the students activities, and Indiana University, and friends there for up to 26 years of friendship, he witnessed the Sino-US educational exchanges and friendship of the two people developments.
Welcome luncheon held by the Indiana University Yi Gang, vice governor Yi Gang, China and the U.S. university education and cultural exchanges, the theme of a speech, saying through the exchange of students, etc., University of Sino-US Higher Education The exchange is an important link to strengthen mutual trust.
Indiana University President Michael McRobbie presided honorary humanities doctorate Yi Gang (Honorary Degree of Doctor of Humane Letters,) the ceremony, his speech, he spoke highly of Yi Gang made extraordinary contributions to the Sino-US University exchange as well as its outstanding achievements in the existing areas of work.
Yi Gang, while the RMB exchange rate towards equilibrium and the Sino-US trade as the theme of a keynote speech. He said that since the exchange rate reform in 2005, Chinese trade goods cost a significant increase in non-tradable goods, including real estate and the stock market, also reflects the yuan does not exist significant underestimation of the RMB exchange rate is gradually close to the equilibrium level. In his view, the crux of the U.S. trade deficit first is that the processing trade, China has been in the trade deficit from 2010 if this part is deducted. Second, the U.S. high-tech export restrictions to suppress China's import demand. Therefore, as long as the United States to relax export restrictions on high-tech, the U.S. trade deficit situation will be greatly improved
Yi Gang, had previously taught at Indiana University in the United States for many years, Indiana University's granted him an honorary doctorate recognizes made extraordinary contributions to the University of Sino-US educational exchanges as well as its outstanding achievements in the field of the present work.
Indiana University President Michael McRobbie to bring relevant school leaders and board members, Yi Gang, and then has taught in the Department of Economics teachers and students, as well as local political, business leaders attended the ceremony and related activities, the whole event in the friendly atmosphere of the old friends get together . Yi Gang said the first batch of the United States as the reform and opening up one of the students activities, and Indiana University, and friends there for up to 26 years of friendship, he witnessed the Sino-US educational exchanges and friendship of the two people developments.
Welcome luncheon held by the Indiana University Yi Gang, vice governor Yi Gang, China and the U.S. university education and cultural exchanges, the theme of a speech, saying through the exchange of students, etc., University of Sino-US Higher Education The exchange is an important link to strengthen mutual trust.
Indiana University President Michael McRobbie presided honorary humanities doctorate Yi Gang (Honorary Degree of Doctor of Humane Letters,) the ceremony, his speech, he spoke highly of Yi Gang made extraordinary contributions to the Sino-US University exchange as well as its outstanding achievements in the existing areas of work.
Yi Gang, while the RMB exchange rate towards equilibrium and the Sino-US trade as the theme of a keynote speech. He said that since the exchange rate reform in 2005, Chinese trade goods cost a significant increase in non-tradable goods, including real estate and the stock market, also reflects the yuan does not exist significant underestimation of the RMB exchange rate is gradually close to the equilibrium level. In his view, the crux of the U.S. trade deficit first is that the processing trade, China has been in the trade deficit from 2010 if this part is deducted. Second, the U.S. high-tech export restrictions to suppress China's import demand. Therefore, as long as the United States to relax export restrictions on high-tech, the U.S. trade deficit situation will be greatly improved
International finance a week in review: EU deficit proportion dropped to 4.1%
Xinhua Beijing, April 29 Power International Finance week Highlights (April 22-April 28)
April 22
IMF and World Bank 2012 spring meeting in Washington closed. Meeting to make decisive progress in expanding the scale of IMF funds, the organization member states the amount of the capital increase commitment to a total of over 430 billion U.S. dollars of loanable funds has almost doubled.
April 23
Eurostat published figures showing that the proportion of 2011 the euro area's fiscal deficit gross domestic Product (GDP) dropped to 4.1 percent from 6.2 percent in the previous year.
Sino-German Business Summit, held at the Hannover Exhibition Center. Chinese Premier Wen Jiabao and German Chancellor Angela Merkel attended the summit opening ceremony and delivered a speech, about 400 Chinese and German political and business representatives attended the Summit to share and discuss.
The Dutch government confirmed that Prime Minister the Mark Lvte has the Queen to submit the resignation of the Cabinet means the collapse of the ruling a year and a half of the current government. In order to meet the requirements of the EU member states budget deficit to gross domestic product ratio to be reduced to less than 3% ceiling, the Dutch government and all political parties of up to seven weeks of deficit reduction negotiations, and ultimately failed to reach agreement.
International credit rating agencies Standard & Poor's, Argentina's sovereign credit rating outlook from "stable" to "negative" because the Standard & Poor's believes that the measures taken to restrict imports from the Argentine government and major oil companies forced nationalization measures to increase macroeconomic risks .
April 24
The data released by the U.S. Commerce Department showed U.S. new home sales in March fell 7.1 percent compared to February, the month U.S. new home sales showing the price and quantity of Qi or situation, the U.S. housing market is still in a difficult adjustment.
French left-wing Socialist Party presidential candidate Francois Hollande reiterated its opposition to long-term implementation of the austerity policy, and said that if he is elected President of France, signed by the EU in early March this year, "financial contract" to renegotiate.
April 25
Office for National Statistics announced that, according to preliminary statistics, the United Kingdom in the first quarter GDP shrink by 0.2%. Because the fourth quarter of last year the UK economy had shrunk by 0.3 percent, the introduction of the latest data means that the UK economy into recession.
Standard & Poor's to India's sovereign credit rating outlook from stable down to negative because of the slowdown in investment and economic growth in India, the current account deficit increased, while India's political environment is not conducive to the Government to improve the financial and macroeconomic indicators.
The data released by the U.S. Commerce Department showed that U.S. factory orders for durable goods in the previous month after rising 1.9 percent, the ring the ring in March fell 4.2 percent. However, if the deduction of the volatile transportation equipment, U.S. factory orders for durable goods ring in March fell 1.1 percent.
April 26
Bank of Korea said the first quarter of this year, Korea's actual gross domestic product (GDP), the chain growth of 0.9 percent, an increase of 2.8%, an increase of the minimum value of the highest since the third quarter of 2009.
Standard & Poor's announced that Spain's long-term sovereign credit rating down two from the previous A down to BBB +, outlook negative. Standard & Poor's believes that the risk of rising proportion of gross domestic product (GDP) rose further in view of the Spanish economy shrank by the status quo, the country's budget deficit accounted for.
April 27
Japan's central bank decided that an additional monetary easing measures, the scale of funds for assets acquired 5 trillion yen (U.S. $ 61.6 billion) to 70 trillion yen (U.S. $ 863.7 billion). In addition, as the inter-bank benchmark interest rate, the uncollateralized overnight call rate is maintained at zero to 0.1% of the ultra-loose level.
The U.S. Commerce Department released data for the first time estimate, said the first quarter of this year, U.S. real gross domestic product (GDP) growth of 2.2 percent at an annual rate. This increase was lower than the market had widely predicted 2.5 percent, also less than 3% in the fourth quarter of last year. Private inventory investment and fixed investment of non-residential housing decline was partially offset by the growth of personal consumption and exports, is the main reason for the slowdown in U.S. economic growth in the first quarter of this year.
Standard & Poor's cut Spain's long-term sovereign credit rating, a spokesman for the European Commission in Brussels said the EU believes that the Spanish Government to achieve its 2012 and 2013 to reduce the fiscal deficit target.
(Xinhua)
April 22
IMF and World Bank 2012 spring meeting in Washington closed. Meeting to make decisive progress in expanding the scale of IMF funds, the organization member states the amount of the capital increase commitment to a total of over 430 billion U.S. dollars of loanable funds has almost doubled.
April 23
Eurostat published figures showing that the proportion of 2011 the euro area's fiscal deficit gross domestic Product (GDP) dropped to 4.1 percent from 6.2 percent in the previous year.
Sino-German Business Summit, held at the Hannover Exhibition Center. Chinese Premier Wen Jiabao and German Chancellor Angela Merkel attended the summit opening ceremony and delivered a speech, about 400 Chinese and German political and business representatives attended the Summit to share and discuss.
The Dutch government confirmed that Prime Minister the Mark Lvte has the Queen to submit the resignation of the Cabinet means the collapse of the ruling a year and a half of the current government. In order to meet the requirements of the EU member states budget deficit to gross domestic product ratio to be reduced to less than 3% ceiling, the Dutch government and all political parties of up to seven weeks of deficit reduction negotiations, and ultimately failed to reach agreement.
International credit rating agencies Standard & Poor's, Argentina's sovereign credit rating outlook from "stable" to "negative" because the Standard & Poor's believes that the measures taken to restrict imports from the Argentine government and major oil companies forced nationalization measures to increase macroeconomic risks .
April 24
The data released by the U.S. Commerce Department showed U.S. new home sales in March fell 7.1 percent compared to February, the month U.S. new home sales showing the price and quantity of Qi or situation, the U.S. housing market is still in a difficult adjustment.
French left-wing Socialist Party presidential candidate Francois Hollande reiterated its opposition to long-term implementation of the austerity policy, and said that if he is elected President of France, signed by the EU in early March this year, "financial contract" to renegotiate.
April 25
Office for National Statistics announced that, according to preliminary statistics, the United Kingdom in the first quarter GDP shrink by 0.2%. Because the fourth quarter of last year the UK economy had shrunk by 0.3 percent, the introduction of the latest data means that the UK economy into recession.
Standard & Poor's to India's sovereign credit rating outlook from stable down to negative because of the slowdown in investment and economic growth in India, the current account deficit increased, while India's political environment is not conducive to the Government to improve the financial and macroeconomic indicators.
The data released by the U.S. Commerce Department showed that U.S. factory orders for durable goods in the previous month after rising 1.9 percent, the ring the ring in March fell 4.2 percent. However, if the deduction of the volatile transportation equipment, U.S. factory orders for durable goods ring in March fell 1.1 percent.
April 26
Bank of Korea said the first quarter of this year, Korea's actual gross domestic product (GDP), the chain growth of 0.9 percent, an increase of 2.8%, an increase of the minimum value of the highest since the third quarter of 2009.
Standard & Poor's announced that Spain's long-term sovereign credit rating down two from the previous A down to BBB +, outlook negative. Standard & Poor's believes that the risk of rising proportion of gross domestic product (GDP) rose further in view of the Spanish economy shrank by the status quo, the country's budget deficit accounted for.
April 27
Japan's central bank decided that an additional monetary easing measures, the scale of funds for assets acquired 5 trillion yen (U.S. $ 61.6 billion) to 70 trillion yen (U.S. $ 863.7 billion). In addition, as the inter-bank benchmark interest rate, the uncollateralized overnight call rate is maintained at zero to 0.1% of the ultra-loose level.
The U.S. Commerce Department released data for the first time estimate, said the first quarter of this year, U.S. real gross domestic product (GDP) growth of 2.2 percent at an annual rate. This increase was lower than the market had widely predicted 2.5 percent, also less than 3% in the fourth quarter of last year. Private inventory investment and fixed investment of non-residential housing decline was partially offset by the growth of personal consumption and exports, is the main reason for the slowdown in U.S. economic growth in the first quarter of this year.
Standard & Poor's cut Spain's long-term sovereign credit rating, a spokesman for the European Commission in Brussels said the EU believes that the Spanish Government to achieve its 2012 and 2013 to reduce the fiscal deficit target.
(Xinhua)
2012年4月28日星期六
On March, Chinese bank Valet settlement surplus of $7800000000
Core Tip: In March 2012, Chinese banks on settlement $ 132.7 billion $ 124.8 billion, Sale, exchange settlement and a surplus of $ 7.8 billion. This figure more than $ 4.4 billion in February, banks on foreign exchange settlement favorable balance increased significantly, but still less than half of the $ 19.4 billion favorable balance in January.
Xinhua 08 Network Beijing, April 28 (Reporter Wang Peiwei Bei) statistics released by the State Administration of Foreign Exchange on the 28th March 2012, the Bank of China Valet settlement of $ 132.7 billion $ 124.8 billion, Sale, exchange settlement surplus of 7.8 billion U.S. dollars.
This figure more than $ 4.4 billion in February, banks on foreign exchange settlement favorable balance increased significantly, but still less than half of the $ 19.4 billion favorable balance in January.
The banking exchange is handled by the designated foreign exchange banks for customers and its own foreign exchange settlement and sale businesses, not including the interbank foreign exchange market trading data. Banks on foreign exchange settlement is a designated foreign exchange banks to customers for exchange settlement and part of the banking exchange. Of the difference through the banking exchange banks in the interbank foreign exchange market trading flat, is a major source of causing the change of China's foreign exchange reserves, but its not equal to the same period foreign exchange reserves increase or decrease the amount.
The statistics show that in March 2012, the Banks to forward foreign exchange contract to $ 21.2 billion, the forward sale of foreign exchange contract to $ 17.9 billion, long-term net settlement of $ 3.3 billion. January to March, the banks on accumulated settlement of $ 370.2 billion, the cumulative sale of foreign exchange of $ 338.6 billion, banks on accumulated foreign exchange purchase and sale of a surplus of $ 31.6 billion. In the same period, the banks on the cumulative forward foreign exchange contract to $ 48.8 billion, cumulative long-term sale of foreign exchange contract to $ 36.3 billion, the banks on the cumulative long-term net foreign exchange of $ 12.5 billion.
In March 2012, domestic banks on foreign income of $ 214.1 billion, $ 199.2 billion of the external payments and banks on foreign income payment Shun received $ 14.9 billion. January-March 2012, the banks on accumulated foreign income $ 590.6 billion, the cumulative external payments of $ 535.4 billion, the cumulative foreign banks on the payments received Shun received $ 55.1 billion.
Bank forward foreign exchange contract is the Bank in consultation with the customer to enter into forward foreign exchange (Sale) contract, agreed in the future apply for settlement (Sale), foreign exchange currency, amount, exchange rate and duration, but also affect the change of China's foreign exchange reserves factors.
Banks on the foreign income payment refers to the territory of non-bank residents of institutions and individuals (collectively referred to as non-banking sector) and payment by income between domestic banks and non-resident institutions and individuals, not including the cash receipt and payment and bank foreign income payments.
Xinhua 08 Network Beijing, April 28 (Reporter Wang Peiwei Bei) statistics released by the State Administration of Foreign Exchange on the 28th March 2012, the Bank of China Valet settlement of $ 132.7 billion $ 124.8 billion, Sale, exchange settlement surplus of 7.8 billion U.S. dollars.
This figure more than $ 4.4 billion in February, banks on foreign exchange settlement favorable balance increased significantly, but still less than half of the $ 19.4 billion favorable balance in January.
The banking exchange is handled by the designated foreign exchange banks for customers and its own foreign exchange settlement and sale businesses, not including the interbank foreign exchange market trading data. Banks on foreign exchange settlement is a designated foreign exchange banks to customers for exchange settlement and part of the banking exchange. Of the difference through the banking exchange banks in the interbank foreign exchange market trading flat, is a major source of causing the change of China's foreign exchange reserves, but its not equal to the same period foreign exchange reserves increase or decrease the amount.
The statistics show that in March 2012, the Banks to forward foreign exchange contract to $ 21.2 billion, the forward sale of foreign exchange contract to $ 17.9 billion, long-term net settlement of $ 3.3 billion. January to March, the banks on accumulated settlement of $ 370.2 billion, the cumulative sale of foreign exchange of $ 338.6 billion, banks on accumulated foreign exchange purchase and sale of a surplus of $ 31.6 billion. In the same period, the banks on the cumulative forward foreign exchange contract to $ 48.8 billion, cumulative long-term sale of foreign exchange contract to $ 36.3 billion, the banks on the cumulative long-term net foreign exchange of $ 12.5 billion.
In March 2012, domestic banks on foreign income of $ 214.1 billion, $ 199.2 billion of the external payments and banks on foreign income payment Shun received $ 14.9 billion. January-March 2012, the banks on accumulated foreign income $ 590.6 billion, the cumulative external payments of $ 535.4 billion, the cumulative foreign banks on the payments received Shun received $ 55.1 billion.
Bank forward foreign exchange contract is the Bank in consultation with the customer to enter into forward foreign exchange (Sale) contract, agreed in the future apply for settlement (Sale), foreign exchange currency, amount, exchange rate and duration, but also affect the change of China's foreign exchange reserves factors.
Banks on the foreign income payment refers to the territory of non-bank residents of institutions and individuals (collectively referred to as non-banking sector) and payment by income between domestic banks and non-resident institutions and individuals, not including the cash receipt and payment and bank foreign income payments.
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