From the monthly archives:
Production at China’s manufacturing plants fell sharplyin November. The China Federation of Logistics andPurchasing reported that its purchasing managers indexplunged to 38.8 from last month’s 44.6 and the lowest level since the survey started in 2005.
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China’s central bank cut interest rates by more than a fullpercentage point.
The key lending rate was dropped by 1.08% to 5.58%. This is the fourth time China has dropped interest rates since September 16, but this 1.08% cut is roughly fourtimes the 0.27% previous rate cuts
The reserve requirements at Chinese banks were also reduced to [...]
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The World Bank lowered its 2008 growth projection for China from 9.8% to 9.4%. It also chopped its 2009 forecast from 9.2% to7.5%.
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Ratings agency Fitch downgradedToyota debt from AAA to AA.
“Multiple negative developments, including the rapid and significant appreciation of the yen, the concurrent downturn in all major auto markets and high rawmaterial costs, have occurred simultaneously and are impacting earnings and cash flow, even for the strongest playersin the sector.”
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The vultures are picking at AIG’s bones.
China Life said it is interested in buying theAsian assets of AIG. “We want to buy parts of AIG’s business, especially those in areas ofAsia such as Hong Kong,Singapore and South Korea.”
My view: China Life will be sorry!
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Citigroup is getting a big dose of government handout because of its portfolio of toxic debt. $306 billion worth.
Citigroup is going to dump a bunch of its crappy assets but one category it wants to hold on tight to is its emerging marketsassets.
“Our emerging markets franchise is the core of the company. We have a [...]
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Starbucks warned last night that 2009 would be a very tough year.
“As a retailer that is dependent upon consumer discretionary spending, the Company expects to face an extremelychallenging fiscal 2009 because of these economic conditions.”
Starbucks did say that it expects to end 2008 with 20 fewer stores in the U.S. but expects to have added [...]
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JA Solar, one of China’s largest solar power companies,jumped by 51% on Monday…on no news.
I know the Dow jumped by 396 points on Monday, but a 51% jump is pure speculation and a dangerous thing to chase.
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I need to exercise some caution with my remarks about China because I don’t want to get on the bad side of the Chinese government.
That is exactly what happened to the rock group, Guns N Roses, whose albumhas been banned in China.
“Blame it on the Falun Gong, they’ve seen the end and you can’t hold [...]
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Venture Capitalists poured $964 million into 59 deals in Q3, a 22% increase from the $790 million invested in 73 deals during the same periodlast year.
Year-to-date, $3.3 billion has been invested in Chinese businesses.
The Chinese stock market and economy may be down, but it is far from out. There arestill opportunities to be found in [...]
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