Showing posts with label China. Show all posts
Showing posts with label China. Show all posts

Fine wines are booming United Kingdom as well as in China

Il y a eu des fortes augmentations de la demande de presque chaque région vinicole fine majeure, surtout de Champagne

Bien que le 2009 Bordeaux En-Primeur et prix croissants ont contribué dans une certaine mesure, le marché britannique est le plus sain qu'il a été dans un certain nombre d'années.


En plus de Bordeaux, il y a eu augmentation forte demande pour presque chaque région vinicole fine majeure, surtout de Champagne.


UK acheteurs achètent bon vin comme un investissement tant à boire.


Ventes par le biais de sociétés d'investissement direct ont augmenté sensiblement mais pas hors de proportion au chiffre d'affaires global.


Ventes de croissances premières, à l'exclusion de Chateau Latour sont encore nettement inclinées vers l'Asie.


Demande de la Vintage très cher de 2009 a été principalement au Royaume-Uni et aussi a été significativement plus diversifiée que pour les trois campagnes précédentes.


? Gary Boom est directeur général de Bordeaux Index (http://www.bordeauxindex.com/)


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China and the last love-in India raises serious problems for the West

 China is the second largest economy after the US, having overtaken Japan last year.

Relations between China and India have long been soured by bitter rivalry and mutual suspicion. Over the past few days, though, the two Asian powerhouses have cuddled up like a pair of giant pandas. This is a display of affection that matters – not least diplomatic as it could have a significant impact on the shape of the global economy.


The main point of Wen's visit was to promote bilateral trade between these two Eastern giants. He last visited India in 2005 - at which time he set a goal of raising combined Sino-Indian imports and exports from $18bn (£ 12bn) to $30bn by 2010. In fact, bilateral trade rolled around $60bn this year - twice Wen's target, despite the massive sub-prime related shock to all global trade during 2009. Over the past decade, in fact, trade between China and India has increased 30-fold.


In case anyone is in doubt, it is worth stating the relative importance of the Chinese and Indian economies. Between them, these countries are home to two-fifths of the world's population. They are also the two fastest-growing major savings on earth. China is already the second largest economy after the US, having overtaken Japan last year. Less widely recognised is that, on an inflation-adjusted basis, India is the world's number four.


Over the coming decades - and perhaps as soon as 2025 - China will surpass America to become the world's biggest economy, with India also taking massive strides. By 2050, in straightforward terms, the GDP of the people's Republic is set to be way above that of America--perhaps half dollar as big again, or even more. On the same yardstick, India's economy will be comparable with that of the US by mid-century, or maybe even slightly bigger. It is absolutely imperative to everyone - not only in economic, but also diplomatic and military terms - that these two superpowers soon-to-be "get it".


The signs, though, are not auspicious - however attractive the zoological images lately employed by Beijing's official image makers. China and India share a huge 3,500 km border, along which both nations continues to claim vast chunks of each other's territory. These countries went to war over border disputes as recently as 1962.


India remains dismayed at China's closeness to Pakistan - a relationship that prevents Beijing from recognising the disputed Kashmir region as Indian territory. China, in return, bristles at India's support for the Dalai Lama, the exiled religious leader of the Himalayan region of Tibet.


During Wen's visit five years ago, both sides vowed to make progress on such issues. Little has happened. In fact, tensions have risen over the contested Indian border state of Arunachal Pradesh. Water rights have also remained highly contentious - amidst Indian claims that Chinese hydro projects in Tibet are affecting water flow that is vital to crops across the Brahmaputra basin, most of which is in India.


Is this latest trip, Delhi had half-expected Beijing to offer a clear endorsement of India's ambitions to gain a permanent seat on the United Nations Security Council - as President Barack Obama did when he visited Delhi last month. No firm endorsement cam. India is also upset that Beijing plans to build two nuclear reactors in Pakistan - given fears that atomic materials could fall into the hands of terrorists without India's best interests at heart.


In response to these ongoing concerns, Beijing launched a charm offensive. During his visit, China's first recited Indian poetry while professing that Mohandas Gandhi, the father of modern India, has "always lived in my heart". He even encouraged Indian schoolchildren to call him "Grandpa Wen".


Schmaltzy mood music aside, China and India last week did some serious business. The two countries signed 48 commercial contracts worth some $16bn - in sectors ranging from telecoms, steel and power generation to wind energy and food. A new bilateral trade target of $100bn was set for 2015. China is India's largest trading partner already. That commercial relationship looks set to get much deeper.


India is acutely aware, though, that this is no partnership of equals. The headline numbers disguise the fact that India's deficit with China is huge e_SEnD around $25bn and by far its largest trade shortfall. The reason, Delhi complains, is that Beijing doesn't play fair in terms of market access. Country no. has launched more World Trade Organisation (WTO) anti-dumping investigations against China e_SEnD alleging that the prices of some imports are set artificially low e_SEnD than India.


While Indian exports to China largely understood of iron ore and other low - end commodities, Delhi is keen to markets its fast-developing economy's trade basket with its giant neighbour. On cue, Wen said he took the trade imbalance between the two countries "seriously" and would seek to grant more access for Indian producers in the areas of pharmaceuticals, agriculture and information technology.


That may or may not happen. China has a well deserved reputation for being slow to concede when it comes to international trade disputes. Wen last week gave India few firm commitments. And Beijing, anyway, only offered this rhetoric after it received a cast-iron assurance that India would relax domestic barriers against a slew of Chinese banks.


From a Western perspective, ever-rising trade between China and India has to be a good thing - even if it is symptomatic of our relative economic decline. When the sub-prime crisis broke in earnest, and Western economies hit the skids, many pundits said the East would also crash and burn, on the basis that "they can't grow without us".


That's turned out to be nonsense. India and China have roared ahead, as have many other emerging markets, despite Western woes. Such growth has been driven by intra-emerging market trade - typified by the explosion in trade between India and China. We should be glad the Eastern giants are replacing a heavily-indebted Western world as the engine of global growth. Without them, the world economy would be in a very sorry state.


Determined to sort out their trade disputes, China and India last week took steps towards an over arching bilateral trade deal. This would be bad for the West. The best way to ensure free trade is for all countries to sign multilateral agreements under the auspices of the WTO. Such deals have kept protectionism in check since the end of the Second World War - and a new multilateral "trade round" is now needed more than ever. Unless that happens soon - with the EU and US burying their differences and taking the plunge - then the emerging nations could go their own way, leading to very serious East-West trade disputes in years to come.


During last week's trip, Wen gorges Manmohan Singh a gift package of Chinese white tea, reciprocating the locally-produced black tea his Indian counterpart feels him last year. Singh then accepted the Chinese first's invitation to visit Beijing in 2011. The two men also agreed to have a "hotline" installed between their offices - so they could easily and regularly confer.


They may need to - given the importance and complexity of this ancient relationship. As each economy continues to grow, so will trade between them - binding them together via myriad mutually beneficially commercial relationships. In theory, that should keep the very real danger of broader Sino-Indian conflict in check. The rest of the world must certainly hope so.


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Hays announce planned in China

The company, which is located just outside of the FTSE 100 is embarking on an ambitious programme that it will be to expand rapidly from its current base of three cities over the next five years.

Sunday Telegraph has learned that the Board of company - non-executive members understand banker Lesley Knox and Alan Thomson, President Hays - be meet for the first time in China Tuesday to discuss the expansion plan.

Chief Executive, Alistair Cox, is supposed to be spearheaded by the load, with possible ambitions to become the largest Board recruitment in China.

Mr Cox is eager to take advantage of the absence of consultants specialized in China and increasing employment fast investment opportunities. Hays is also believed to be willing to offer its services recruiting foreign investors who seek to open factories or mills in China, but who do not have knowledge of the functioning of the country's labour market.

Hays installs first in the country in 2006, with the acquisition of St George Harvey Nash, who is based in Shanghai and since then has opened offices in Beijing and Suzhou.

However, it is believed Hays wants to extend all possible areas of new offices in eight cities in the coming years, Dalian, Nanjing and Shenzhen.

Due to the expected increase numbers of Hays in China will increase from what is believed to be approximately 80 consultants recruitment at more than 300.


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More great video company online deviations 161pc American Office China

Youku.com 161Pc jumped to $33.44 Wednesday, after completing a PIT 203 m $. He has recorded the largest rise since Beijing Baidu, China's most popular search engine owner, has more than quadrupled its offer in August 2005 after.

Chinese website colleague e-commerce China Dangdang - a bookseller online - acquired 87pc after his initial sale of 272 m $ on a positive day for businesses of the internet in the country.

Basis of Chicago Harris Private Bank, Chief Investment Officer Jack Ablin said Youku.com and China Dangdang "two companies that excite the imagination of investors", Bloomberg. "Intellectual property offices represent an intersection of China and the Internet, so everyone is jumping on board for this theme," he said.

Youku.com, whose name means "excellent and cool" sold m 15.85 American Depositary receipts for CDN $ each after offering 15.4 m for $9 to $ 11 each, show an SEC filing, and data from Bloomberg.

Market video online China has more than doubled, 621 m yuan (£ 59 m last quarter, according to the research focused on the Beijing Analysys International company. Google YouTube, the world, the most popular video sharing site is blocked for China's internet users.

"The opportunity to market, especially in terms of consumption, is more obvious and continues to be robust," Victor Koo, founder and CEO of Youku.com, said. "This is something that is interesting and challenging many US investors".


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GlaxoSmithKline to buy Nanjing MeiRui Pharma China 70 m $

More major drug manufacturer Britain said on Tuesday that it is buying to Nanjing MeiRui pharmaceuticals for about 70 m $ (£ 44 m) in an agreement fits in the strategy of growth through bolt-on acquisitions adding Glaxo.

Glaxo said he will have access to the company's products Chinese, as well as its staff from sales and marketing and a factory in the city of Nanjing. The agreement should be completed by the end of the month, pending regulatory approval.

Like the other major pharmaceutical players, Glaxo is struggling against win shares in one of the fastest-growing markets of the world. According to IMS Health, China is likely to be more second-large market worldwide pharmaceutical products by 2015, with sales expected to grow 25pc year next 50 billion $.

Glaxo has a pharmaceutical company, vaccines and consumer healthcare in China and also has a research and development centre in Shanghai-based Neurodegeneration.

The company generated 269 m £ prescribing and the sale of vaccine in China and Hong Kong during the first half of 2010.

Glaxo also aims to increase its consumption activities in the country - last year, he signed an agreement with Uni-Président China Holdings to distribute Lucozade in China.

Sales to consumers in China and Hong Kong in the first half of this year were 113 million to £.


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China: UK environmental technology application

UK firms have a new road in China with the creation of a Fund for the return of promising Chinese companies who may operate the Western technology.

Andrew and Robert Rickman, the founders of Weston technologies, have doubled their Rockley China Fund to $200 m (£ 128 m) with the support of Shanxi small and medium-sized enterprises Investment Corporation, a technology which is owned by the province of Shanxi venture capital fund.

Called Rockley of troops of Shanxi province, the Fund will invest in fast growth companies that could become more efficient by using the latest technologies, the line of production and analysis by the management of waste and energy efficiency.

Shanxi province has a GDP of $rise and China leads in mining area 25pc of its coal and 40pc of its coke production. The Fund relies on a similar fund established by Rockley year last for another province, Shandong.

Andrew Rickman said your company: "we work together with companies that we like and can see potential." This potential is a dramatic increase in efficiency by providing technological solutions.

"Do not take the Western technology and it force the gorge of Chinese companies." It gives them the opportunity to work on what they want to be more effective. "Mr. Rickman, leading technology Weston to become worldwide number two in the optical components before it acquired, said that he had visited hundreds of Chinese companies and seen the effects of rapid growth in management decisions.

"Short-term Chinese investment leads to the destruction full profitability unless you"

"a very differentiated business", he said. "Chinese industry grew so rapidly, but it is not benefited from the flow of perfect information." "Through these plants you can quickly work where problems occur and how they can be solved.

He said the combination of capabilities of unused production efficiencies, a fast-growing, one trade within three to five years, sales made venture investing in attractive China. He stated has no shortage of money: there are a large amount of venture capital and private investment capital and money with organizations belonging to the State."

A portfolio Rockley Ventures Fund, biological products company focused on the Oxford Green and rose on its own in China. Vince Cable company Secretary has recently signed the official agreement for the construction of a second biochemical factory in China using biobutanol society technology.


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AkzoNobel has become the best friend of China through Dulux's human and his dog

 

Buying paint for a home in China is an emotional relationship with your supplier. The courtship ritual lasts three or four months. There are repeated meetings with councillors trained in rudimentary psychology.


Rising to this Confucian challenge, Dulux is opening 15 stores a week in the country. It is pushing deeper into the "second-tier" cities (those that may not have registered on your radar screen with just 4m to 6m people, such as Ningbo) and further into the hinterland of Hubei, Hunan and Sichuan. It already has 3,000 outlets and a third of total market share on the eastern seaboard, all produced at plants up and down China.


The winning allure, surprisingly, is Dulux's old English sheepdog peering out of paint pots through a mop of white hair. "Having a dog in China has become a status symbol," said Karen Yin, Dulux's marketing director in China. "A dog represents loyalty and the warmth of the family."


You see pampered lapdogs being carried on Shanghai streets these days, often wrapped in cloaks. The ancient practice of eating the animals – let alone canine farming – is viewed with revulsion by the rising middle class, and may soon be banned.


The company's TV adverts feature the Dulux dog walking and wagging through bamboo forests with children, while the narrator explains that the paint contains bamboo chips to absorb toxins.


"The technology in our paints makes it odourless. Chinese consumers are very conscious of health risks and wary of chemicals. They often don't move into a new apartment for several months to let it breathe," she said. This cultural quirk might help to explain in part why the property vacancy rate based on electricity usage seems abnormally high in China.


Dr Wijers, a former Dutch economy minister, said China, India and Brazil are the triple spearheads of AkzoNobel's global expansion, and it is the ICI acquisition that has opened the doors.


The group is world number one in both paints and protective coatings – typically for bridges, pipelines, harbours, ships, planes and cars – with a third line in speciality chemicals. It employs 57,000 people.


"About five years ago I looked at our position in Asia, and I realised we were too late in the game. We were sixth, seventh, eighth place in different countries and far behind rivals like ICI. From a strategic point of view, the acquisition absolutely made sense."


"I understand that for the British people ICI was the bellwether of British industry, but that was a long, long time ago," he said.


The reduction of ICI to a corporate division of a Dutch rival was an inglorious end for a name that had given the world plastic, perspex and terelyne and armed the Empire.


By then ICI been led into a cul-de-sac by blunder after blunder in pursuit of "shareholder value" - that curse of UK Ltd. The Zeneca spin-off in the 1990s started the slide, and debt-driven acquisitions at the top of the market did the rest. Leverage kills. "We did it differently," said Dr Wijers, acidly.


ICI was a case of lions led by donkeys. Beneath the top echelon, managers ran "a very tight ship". If anything, the merger was a reverse takeover, at least in decorative paints. "It was not their fault that bad decisions were made," he said.


The job losses from synergies were mostly on the Continent, not in Britain, though the Georgian HQ at Manchester Square met a swift end. ICI managers came out better than level. "We decided not to impose our way on them but learn from their success, and apply it across AkzoNobel. You can argue that it has worked out better for the UK in terms of real high-value business."


"We are a better home because a company strapped for cash cannot invest. ICI staff know they are now part of the undisputed leader in their industry. They have a future," he said.


Dr Wijers said AkzoNobel paid "a stiff price" for ICI but did so in cash – not debt – helping it to weather the global industrial collapse of 2008-2009. Dr Wijers was reproached at the time for underestimating the severity of the US and Club Med housing busts, but he was not alone in that.


"I can still tell my shareholders that we will create positive value [EVA] in the fourth year of the acquisition, which is amazing," he said. The group's earnings before interest, tax, depreciation and amortisation margin was 14.8pc in the third quarter, down from 15.4pc a year ago on rising raw material costs.


There will be no more adventures along the lines of ICI. AkzoNobel is aiming to lift its turnover from €14bn (£11.8bn) to €20bn within five years through organic growth, doubling sales to €3bn in China – by then its biggest market. It hopes to quadruple growth in India, though from a lower base.


Analysts suspect that such growth can be achieved only by takeovers in areas of the world that are suspiciously fashionable, and that Dr Wijers will pay too much to meet a trophy headline. Fear that he may pay too much is perhaps why the share price has languished at €42, a third of its 2007 highs. He is determined to prove them wrong.


The company has just opened a chelates and ethylene oxide plant in Ningbo for €275m, the largest single investment in AkzoNobel's history. It is entirely run by Chinese managers, and will supply the regional market. "This is the world's most advanced technology. We haven't held anything back," he said.


By the middle of the decade, AkzoNobel will no longer be a European company. It will metamorphose into an Asian company – even if still operating under Dutch law from corporate offices in Amsterdam.


This strategy has its own risks as emerging Asia grapples with rising inflation, and perhaps the first hints of stagflation. Yet what seems clear is that the West will be nursing its wounds for a long time after letting rip on debt.


"Deleveraging hurts," said Dr Wijers.


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So far, China dominates US IPO market

 NEW YORK?— Chinese companies are poised to dominate the U.S. IPO market next week.


Of the nine companies scheduled to conduct initial public offerings, six are from China and one is from Taiwan. If all go to market as planned, it will be a record number of Chinese companies listing in the U.S. in the same week, according to data provider Dealogic.


The companies drawing big investor interest are E-Commerce China Dangdang Inc., which is modeled after online store Amazon.com Inc., and Youku.com Inc., an Asian mash-up of popular U.S. online video websites Hulu and YouTube.


Since September, Chinese companies have made up 35 percent of IPOs on U.S. exchanges, according to Renaissance Capital, an IPO research and investment fund based in Greenwich, Conn. Chinese IPOs have had an average return of 30 percent, while IPOs overall have returned about 19 percent.


"Given that the U.S. economy is not growing very fast, if it is growing at all, U.S. investors are naturally drawn to China," said Nick Einhorn, an analyst with Renaissance Capital.


IPO professionals say the companies racking up the biggest investor orders are those that play on China's transition to a consumer society. The most successful IPOs have bet that China's growing middle class will have more free time, access to the Internet, higher incomes and the inclination to spend a bigger chunk of that income.


E-Commerce is China's largest online bookseller. It expects net proceeds of about $144.1 million from its $204 million IPO, which the company plans to use to build up its technology infrastructure and, like Amazon, broaden its product offerings beyond books, CDs and DVDs.


Youku.com is the country's leading online TV and video portal. It licenses popular TV shows, sporting events — including the 2010 World Cup games — and movies. Like YouTube, it hosts user-generated videos streamed to computers and mobile phones.


Youku expects net proceeds of about $139 million from its $154 million IPO. It plans to spend the funds on improving its technology and buying up more video content.


While Youku's revenue has grown since it launched in December 2006, the company has never been profitable because of the cost of distributing its content, which is free for viewers. All of its revenue comes from online ads.


E-Commerce became profitable in 2009.


Smaller Chinese IPOs on deck include a $65 million offering from Sky-mobi Ltd., which sells apps for smart phones and has a big backer in well-known venture capital firm Sequoia Capital. Film distributor Bona Film Group Ltd., which also lists Sequoia as an investor, hopes to raise about $94 million, while car dealership Lentuo International Inc. plans an IPO of about $94 million. SemiLEDS Corp., a Taiwanese maker of chips used in LED lighting products, expects to raise about $81 million.


The two U.S. companies hoping to debut shares are Targa Resources Corp. and First Republic Bank.


Targa is a kind of "tracking stock" — it has no real assets of its own, but distributes dividends to investors based on the performance of Targa Resources Partners LP, which stores and processes natural gas. Targa hopes to raise about $275 million.


First Republic, a former division of Merrill Lynch and Bank of America Corp., is expected to fetch $280.5 million, much of which would go to selling stockholders.


Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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China to "cautious" monetary policy

Increases in food prices saw the rise in price of annual consumption reaches a maximum of 25 months in October to 4 4pc, well above the target of 3pc.?Photo: AFP/Getty Images

Political Bureau of the Communist Party stated that China will change its monetary policy "losing respect" to "cautious", Xinhua News Agency reported.


Recent food price increases has seen the rise in price of annual consumption reaches a maximum of 25 months in October to 4 4pc, although above 3pc target.


China tightens monetary policy after the record expansion of credit to counter the financial crisis has added the inflation and the risk of the asset bubble.


The monetary policy change is also a sign that increases in interest rates may be on the road.


"Rate hikes are imminent - we expect a at the end of the month, with more to come in 2011," Brian Jackson, a Hong Kong Canada, Royal Bank emerging markets strategist told Bloomberg.


Concern monetary tightening dampen profits growth has led to a sell-off to China during the month fell over by 10pc since 8 November reference stock.


Shanghai Composite index closed 0 1pc Friday, 2,842.43.


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China growth lifts stocks from euro zone shadows (Reuters)

By Jeremy Gaunt, European Investment Correspondent Jeremy Gaunt, European Investment Correspondent – Wed?Dec?1, 4:04?am?ET

LONDON (Reuters) – Signs of robust economic growth in China helped lift world stocks on Wednesday while the euro halted its recent slide with investors looking for the next move by policymakers to tackle the euro zone's debt crisis.

Better-than-expected Chinese factory data in November, with the official Chinese purchasing managers' index (PMI) rising to a seven-month high of 55.2, showed health in one of the world's largest economic engine, lifting sentiment.

European shares rose nearly 1 percent and Japan was half a percent higher.

But serious concerns remained about the pressure on euro zone debt and the methods by which it might be eased.

On European bond markets themselves, demand for German debt fell ahead of a five-year bond sale, although yield spreads with peripherals such as Spain were slightly tighter.

Debt-ridden Portugal will issue 500 million euros in 12-month T-bills and is likely to pay a new record premium since the introduction of the euro in a fresh sign of market pressure to follow Ireland and Greece to seek a bailout.

Standard & Poor's warning on Tuesday that it could cut Portugal's credit ratings if growth prospects weakened further was having little impact.

The agency also said it could act if private creditors become subordinated to public creditors in a possible aid program.

There were also signs that the euro zone debt crisis was raising concerns among global policymakers. G20 deputy finance ministers discussed "the financial situation in Europe" on Monday in a teleconference, a senior G20 source in Asia said.

The source told Reuters the group discussed what could be done on the part of the G20, but declined to elaborate.

The euro bounced back from recent lows to stand above $1.30, up around three quarters of a percent.

Analysts cautioned, however, that pressure could return quickly, especially if peripheral yield spreads began to widen again or if bond auctions were poor.

"You really need some aggressive action from the authorities in Europe to try and calm nerves and that's really the key at this stage," said Greg Gibbs, a strategist at RBS in Sydney.

The extent of the damage to bond holders was underlined by new Citi bond returns data showing euro zone bonds lost 2.69 percent in November, with Ireland tumbling more than 11 percent, Spain more than 7 percent and nearly Portugal 5.8 percent.

STOCKS REBOUND

The Chinese data lifted risk appetite on stocks markets. Although some countries fear Chinese policy tightening if the economic is deemed to be rising too fast, good growth in China is typically a booster for export-oriented companies.

MSCI's all-country world stocks index (.MIWD00000PUS) was up 0.6 percent and its emerging market counterpart (.MSCIEF) gained a solid 1.3 percent.

European stocks also rose sharply with the FTSEurofirst 300 (.FTEU3) gaining 0.9 percent.

As with the euro, however, analysts said the sentiment could easily be flipped by poor news on the euro zone bond front.

"We're getting a technical rebound. A number of indicators showed the indexes as 'oversold', and some investors have started looking for bargains. But we're keeping a close eye on bond yield spreads to see if this stock rebound has legs," said Harry Sebag, head of sales trading at Saxo Banque.

(Additional reporting by Charlotte Cooper and Blaise Robinson, editing by Mike Peacock)


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Stocks climb at open on China and U.S. data (Reuters)

NEW YORK (Reuters) – Stocks held gains on Wednesday after data showed an improvement in construction spending while manufacturing activity expanded for the 16th consecutive month.

The Dow Jones industrial average (.DJI) gained 194.85 points, or 1.77 percent, to 11,200.87. The Standard & Poor's 500 Index (.SPX) climbed 19.86 points, or 1.68 percent, to 1,200.41. The Nasdaq Composite Index (.IXIC) rose 48.36 points, or 1.94 percent, to 2,546.59.

(Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)


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Thomas Cook seeks partner in China

China is the remaining portion of the market strategy emerge from Thomas Cook three panes.?Photo: GETTY

Chief Executive Manny Fontenla-Novoa tells the Sunday Telegraph.Les analysts expect throughout the year results Wednesday for Thomas Cook show profits before taxes before exceptional items by 9 7pc 278 m £, with earnings before interest, taxes and amortization 5MC below 394 million to £.


China is the remaining portion of the market strategy emerge from Thomas Cook three panes.In 2008, the group bought the Indian travel company it had sold to Dubai Financial Group two years earlier, while Russian entry implies it paid £ 28. 5 m in cash and shares, options to purchase the rest over five years.


"Our strategy was to go to the Russia India, China," says Mr. Fontenla-Novoa. " We have the India.We're the Russia this year and we'll look at probably do something in China by 2012. It will probably be a joint venture and an entry similar to the Russian.?


Acquisition of a Chinese travel operator should take longer than the Russian agreement, taking into account concerns réglementaires.Bien British market remains difficult, M. Fontenla-Novoa believes that next year will be easier than 2009-2010.This exercise was the hardest we had to United Kingdom, "he said."


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"Investors attracted to China like moths to a flame."

Woodford said on the world markets seem to draw like moths to a flame by number of Chinese GDP growth.

"I do not deny that long-term economies such as China will grow much faster than the West."But I think it must be very careful about the correlation between growth necessarily and economic opportunities and the opportunity to earn money, "said Mr. Woodford."China has obtained some massives.En ultimately, main challenges will be the change of 180 degrees of induced export growth domestic consumption growth.

M. Woodford concerns coincide with figures showing that the prices of foodstuffs in China were 10 highest 1pc in October than in the same month last year — an inflation level not seen since mid-2007.This is deepening fears that China's economy has begun to overheating.

Stock markets have reacted, which Hang Seng 10pc since mid-November in the middle of the concerns that the authorities will be more bloodshed HK index will expand efforts to cool the economy China .Banque also ordered to stop lending in the weeks commercial banks remaining of the year.

But Anthony Bolton's Fidelity remains "because it is convinced that never" potential in the long term the Chine.Plus earlier this month, he said: "China will become the dominant economy in Asia and it will have an effect on countries in the region."


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European stocks slide, miners hits by China inflation (AFP)

LONDON (AFP) – Europe's main stock markets slumped on Friday, with heavyweight miners struck down by fears over Chinese inflation, as shares also came under pressure from concerns over eurozone debt and Korean tensions.

In morning deals, London's benchmark FTSE 100 index shed 1.32 percent to 5,623.73 points, Frankfurt's DAX 30 lost 1.21 percent to 6,795.77 points and in Paris the CAC 40 declined 1.60 percent to 3,700.19.

The Stoxx 50 index of leading eurozone companies dropped 1.76 percent to 2,715.65 points.

"Much of today's weakness in European indices has been triggered by a sell off in the mining sector, which is tracking a fall of 1.7 percent in copper prices," said Joshua Raymond, an analyst at City Index trading group.

"Much of this weakness is a knee-jerk reaction to what is happening in China and fears that they may make further moves to cool excessive growth."

Inflation pressures are growing in commodities-hungry China, a senior central bank official said this week, because of flows of capital into the country and expectations of a revaluation of the yuan.

The nation's consumer price index rose 4.4 percent year-on-year in October, well above the government's full-year target of three percent, with the prices of 18 types of vegetable rising by more than 60 percent.

"There are also undoubtedly fears of a further escalation in tensions in the Korean peninsula," said Raymond.

"The Asia region has been crucial to demand for resources and any escalation of instability in that region, particularly that of which may drag China into the drama could create some added volatility for the key miners in Europe."

In London, the biggest FTSE 100 faller was British resources giant Vedanta, whose share price plunged 4.75 percent to 2,041 pence. Anglo-Australian miners Rio Tinto and BHP Billiton each fell by about 3.5 percent in morning deals.

Asian stock markets closed mostly lower on Friday in quiet trade overshadowed by tensions on the Korean peninsula and the eurozone's debt woes.

With markets in the United States closed on Thursday for the Thanksgiving holiday, dealers lacked a strong peg to buy on.

But Seoul tumbled 1.34 percent after a warning from North Korea that the region could move closer to war if the South and the US go ahead with planned military exercises.

The threat comes days after an exchange of artillery fire between the North and South on Tuesday that left four people dead on a South Korean island, the worst crisis to hit the peninsula since the end of the Korean War.

"European stocks have opened sharply lower this morning following a weak session in Asia overnight amid continued military tensions in Korea and continued fears surrounding the ongoing sovereign debt crisis in Europe," said Edward Keeling, an analyst at Dublin-based stockbrokers Dolmen.

Spain on Friday ruled out any chance of an Irish-style rescue and Portugal said it was under no pressure either, but debt risk premiums nevertheless soared as investors feared Ireland's problems would spread.

The Dublin stock market was down 0.84 percent and Madrid dived 2.38 percent early on.

Ireland's government was bracing for the result of a by-election which is expected to cut its slim parliamentary majority, while trade unions prepared for a mass weekend protest.

As German Chancellor Angela Merkel and French President Nicholas Sarkozy urged a rapid conclusion to negotiations on a bailout worth 85 billion euros (114 billion dollars), it emerged that an announcement could be made Sunday.

Defeat for Prime Minister Brian Cowen's Fianna Fail party in the by-election in Donegal, in the rural northwest of Ireland, could add to the pressure on his government.


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China Xiniya launches IPO at $11 per share (AP)

NEW YORK – China Xiniya Fashion says it launched its IPO at $11 per share Tuesday, and the stock remained relatively stable in morning trading.

Shares fell 17 cents, or just under 2 percent, to $10.83 in morning trading.

The company could raise gross proceeds of $88 million from the IPO of 8 million American Depositary Shares. Each ADS is equal to four ordinary shares of the China-based men's clothing company.

The company said it would use net proceeds for a mix of new facilities, marketing and research and development.

China Xiniya Fashion said Tuesday that it gave the underwriters a 30-day option to buy up to an additional 1.2 million ADS to cover excess demand.


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Winter fuel demand, China rising diesel prices

Gasoline prices are lagging behind diesel p 119.08 per litre, having reached a record per year in May.

The price is close to its highest point this year, beating p per litre - which is slightly just below the peak of p 123.08 123.07


More vehicles on the roads of UK now run on the diesel.Mais fuel price is also affected by industrial demand for fuel oil, which is particularly noticeable in the winter.


This means there are less product is refined fuel for vehicles, climbing prices for drivers.


Gasoline prices are lagging behind diesel p 119.08 per litre, having reached a record per year in May.


Increased fuel prices was then stimulated by the low book, making it more expensive import merchandise denominated.


The British currency has strengthened since giving some respite to consumers.


Nevertheless, rising gasoline and diesel prices have been a driving force behind the 3 1pc rising inflation last month, which surprised the economists.


All fuels has been affected by the price of petroleum crude rise, which reached almost $90 per barrel earlier this month.


Price has declined since then, but analysts are looking to break the symbolism of $100 per barrel mark next year.


There are also lower poverty line when the VAT price increases and more fuel duty is slapped on the price of gasoline and diesel in April.


However, the situation in the United Kingdom is not so bad that it is for Chinese consumers, where 2,000 stations flew fuel.


The Asian countries suffers from a shortage serious diesel at this time.


Food rationing has led corporations to burn diesel in their generators.


Experts are warning that it is unlikely to make China a net importer of diesel even once, cutting the supply in the rest of the world and potentially lead the global price of oil.


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Markets lower on China moves (Reuters)

NEW YORK (Reuters) – U.S. stocks fell on Friday after China's central bank moved again to battle inflation, though positive results from technology companies limited losses.

The People's Bank of China raised bank reserve requirements for the second time in two weeks, stepping up its fight to rein in prices, a move that could temper growth.

"Commodities are seeing some increased pressure on China's news because any attempt to tighten their policy is going to dampen their ability to grow," said Michael McGervey, president of McGervey Wealth Management in North Canton, Ohio.

"Since China obviously uses a lot of resources, if their growth is tempered it will have a negative impact on demand for commodities and materials."

Concerns about the effects of China inflation along with debt woes in Europe have pressured equities in recent weeks. A possible resolution to Ireland's debt crisis sparked a big rally on Thursday.

Crude oil futures fell 1.2 percent, while the S&P energy sector (.GSPE) lost 1 percent. The U.S. dollar index (.DXY) was off 0.1 percent.

Both Dell Inc (DELL.O) and Marvell Technologies Group Ltd (MRVL.O) rallied. Dell's quarterly profit blew past estimates and the computer maker raised its profit outlook late Thursday, while Marvell also topped profit expectations.

Marvel was the top percentage gainer on the Nasdaq 100, jumping 4.4 percent to $19.76, while Dell was up 2.5 percent to $14.

The Dow Jones industrial average (.DJI) dropped 50.62 points, or 0.47 percent, to 11,129.91. The Standard & Poor's 500 Index (.SPX) shed 6.27 points, or 0.52 percent, to 1,190.42. The Nasdaq Composite Index (.IXIC) lost 12.65 points, or 0.50 percent, to 2,501.82.

The S&P 500 continued to hover around 1,200. If it fails to break that level and stay above it, the index could wind up trading in a tight range for the rest of the year, analysts said.

Federal Reserve Chairman Ben Bernanke hit back at critics of the Fed's bond-buying program, saying a more vigorous U.S. economy was essential to fuel the global recovery and dismissed charges he was debasing the dollar.

Del Monte Foods Co (DLM.N) rose 10.5 percent to $17.36 after Reuters reported sources as saying private equity firm Kohlberg Kravis Roberts & Co (KKR.N) was in advanced talks to buy the company.

General Motors Co (GM.N) fell 1.6 percent to $33.65 a day after it returned to Wall Street with the largest initial public offering in U.S. history. Separately, Harrah's Entertainment terminated its own IPO, citing market conditions.

(Editing by Jeffrey Benkoe)


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China policy tightening weighs on world markets (AP)

LONDON – Stock markets fell Friday after China took further steps to rein in lending and amid worries that a financial rescue package for Ireland is proving more difficult to agree than expected.

In Europe, the FTSE 100 index of leading British shares was down 58.54 points, or 1 percent, at 5,710.17 while Germany's DAX fell 21.68 points, or 0.3 percent, to 6,810.43. The CAC-40 in France was 21.39 points, or 0.6 percent, lower at 3,846.58.

U.S. stocks were also poised for a pullback at the open following sizable gains Thursday — Dow futures were down 39 points, or 0.4 percent, at 11,137 while the broader Standard & Poor's 500 futures fell 3.1 points, or 0.3 percent, to 1,194.60.

Weighing on sentiment was the news that China's monetary authorities have ordered its banks to hold back more money as reserves in a new move to curb lending and cool inflation.

That was the second reserve increase in two weeks and came as Beijing tries to restore normal financial conditions and curb inflation, which rose to a 25-month high of 4.4 percent last month.

The central bank ordered lenders to set aside an additional 0.5 percent of their deposits, with effect from November 29.

The worry in stock markets is that tighter Chinese monetary policy will dent growth prospects. That's important because China is now the world's second largest economy.

"As a result, yesterday's risk appetite is not carrying over," said Robert Kavcic, an analyst at BMO Capital Markets.

The decision was announced after Chinese stock markets had closed higher following a fairly torrid few days, which has seen the country's major indexes shed around 10 percent of their value, largely on concerns of tighter Chinese policy.

The benchmark Shanghai Composite Index rose 22.15 points, or 0.8 percent, to 2,887.60. The Shenzhen Composite Index for China's smaller, second exchange climbed 2.9 percent to 1,297.48.

U.S. Federal Reserve chairman Ben Bernanke took a swipe at China in his keynote speech at a banking conference in Frankfurt, Germany, arguing that the country's inflexible currency regime, which has the yuan effectively pegged at a low rate against the dollar, is preventing a much-needed rebalancing of growth in the global economy.

Bernanke has faced a barrage of criticism over the past couple of weeks, both in and out of the U.S., after the Fed decided to pump another $600 billion into the U.S. economy, in effect to get unemployment down.

His argument, which has many backers in the international community, is that the U.S. needs to export more and consume less, while China needs to do the opposite.

Investors are also keeping a close watch on developments in Dublin to see if a bailout package for Ireland emerges following discussions between the Irish government and representatives from the European Union, the International Monetary Fund and the European Central Bank.

Speculation that a financial bailout package that could run up to euro100 billion will be agreed had increased Thursday after leading Irish officials, including the country's leading central bank and the finance minister, hinted that a rescue deal was in the offing.

However, investors are concerned that a standoff is developing between Ireland and its partners in the eurozone, notably Germany and France over Ireland's exceptionally low level of corporate tax.

The worry in the markets is that the Irish government's apparent refusal to consider changes its 12.5 percent tax rate will prevent a deal from being agreed soon.

"Traders seem exceptionally wary of the path ahead and with various spats looming, such as questions over the country's incredibly low corporation tax rates, the debate could drag on for some time yet," said Anthony Grech, head of research at IG Index.

Elsewhere in Asia, Japan's benchmark Nikkei 225 stock average gained 0.1 percent to close at 10,022.39 and South Korea's Kospi added 0.7 percent to 1,940.96. Australia's S&P/ASX 200 was 0.2 percent lower at 4,629.2, and Hong Kong's Hang Seng fell 0.1 percent at 23,605.71.

In the currency markets, the euro continued its recent recovery, trading 0.3 percent higher on the day at $1.3686 while the dollar fell 0.1 percent to 83.41 yen.

Benchmark oil for December delivery was up 11 cents to $81.96 a barrel in electronic trading on the New York Mercantile Exchange.

___

Associated Press writer Pamela Sampson in Bangkok contributed to this report.


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Stocks dip as China forces banks to raise reserves (AP)

NEW YORK – Stocks dipped Friday after China moved to curb inflation after days of speculation.

The Dow Jones industrial average fell about 15 points in late morning trading. With no major economic reports due out in the U.S. Friday, investors were again focusing on overseas news.

"As long as the Chinese government takes more restrictive actions, that's going to be somewhat of a roadblock for equities," said Alan Gayle, a senior investment strategist at RidgeWorth Investments.

The Chinese government told banks they must hold more reserves. The move is aimed at cutting down on lending to avoid speculative bubbles and curb inflation. Inflation in China shot up to a more than two-year high last month.

There is also growing expectation China will raise key interest rates soon as part of the inflation fight.

Raising bank reserve requirements and hiking interest rates could slow China's robust economy. Expansion in China has been vital to global growth and corporate profits because of sluggish recoveries elsewhere around the world, particularly in the U.S. and parts of Europe.

It was the second time China forced banks to raise reserves in the past two weeks.

Commodity prices fell slightly because of the China news. The country is such a large importer of raw materials that any signs of a potential slowdown in its economy dampen demand for oil, metals and other commodities.

"China is doing what's best for China," said Chris Hobart, founder of Hobart Financial Group. But he said such actions aren't necessarily good for anyone else.

Energy and material stocks fell, following commodities lower. Alcoa Inc. dropped about 1 percent. Big oil companies like ExxonMobil Corp. and Chevron Corp. were also down about 1 percent.

The Dow fell 15.14, or 0.1 percent, to 11,166.55 in late morning trading.

The Standard & Poor's 500 index fell 2.20, or 0.2 percent, to 1,194.49, while the Nasdaq composite index fell 3.13, or 0.1 percent, to 2,511.27.

Stocks pulled back slightly a day after the Dow surged 173 points. Thursday's rally was tied to growing confidence Ireland was close to agreeing to the parameters of a bailout to help it avoid possible default on its mounting debt. Strong demand for General Motors Co.'s initial public offering also sparked buying in stocks, which had struggled earlier in the week.

Irish leaders continued to meet Friday with European Commission, European Central Bank and International Monetary Fund leaders to hammer out a support plan. Ireland was crippled after it took over three national banks following a collapse of the country's housing market.

It is on the brink of joining Greece as the second European country to need financial support because of a bailout. However, Greece's rescue was made necessary by runaway spending.

There are still lingering concerns that other countries like Portugal, Spain and Italy could also eventually need financial aid as their economies struggle and questions remain about how they will refinance or repay debt.

But confidence that Ireland will get needed support helped strengthen the euro Friday. It briefly rose back above $1.37, after falling below $1.35 earlier this week.

Britain's FTSE 100 fell 0.7 percent, Germany's DAX index dropped 0.1 percent, and France's CAC-40 fell 0.3 percent.

Meanwhile, U.S. Treasury prices were mixed. The yield on the 10-year Treasury note, which moves opposite its price, fell to 2.89 percent from 2.90 percent late Thursday.

Its yield is often used as a benchmark to set interest rates for mortgages and other loans. Earlier this month, the Federal Reserve announced a plan to buy $600 billion in Treasurys to drive interest rates lower in an effort to spark spending and lending.

Fed chairman Ben Bernanke vigorously defended the program in a speech Friday from critics who said the move would devalue the dollar and give American companies an advantage in global trade.

Interest rates fell sharply in the weeks leading up to the Fed's announcement of the program on Nov. 3, but have steadily risen over the past two weeks.


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Stocks lower as China moves on inflation

NEW YORK – Stocks plunged Friday after China passed to curb inflation after days of speculation.

The Dow Jones industrial average fell to about 15 points late morning commerciaux.Aucun key out economic reports due to investor Friday, United States were still focusing on new overseas.

"As long the Chinese Government takes more restrictive measures, which will be somewhat of a dam for actions," said Alan Gayle, upper RidgeWorth Investments investment strategist.

The Chinese Government said banks that they hold more réserves.Le move aims to descend on loans to avoid bubbles and to fight against inflation.China inflation shot up over two years last month.

It grows also expectations that China will raise interest key soon in combating inflation rates.

Bank minimum reserves and hiking interest rates may slow economy robuste.Expansion in China has been essential to global growth and profits of firms by sluggish collections around the world, including United States and regions of Europe.

It is China's second time forced banks to trigger reservations during the past two weeks.

History: Bernanke strike back to critical plane stimulus

Material prices first down slightly due to currency of the country Chine.Le is a major importer of raw material signs of potential slowdown in its dampen economic demand for oil, metals and other products.

"China is what's best for China," said Chris Hobart, founder of Hobart.Mais financial group said that these actions are not necessarily good for someone else.

Energy and materials stocks fell, lower product suite.Alcoa Inc. fell from approximately 1 %.Grandes oil companies like ExxonMobil Corp. and Chevron Corp. also decreased approximately 1%.

Dow Jones index fell 15.14 or 0.1% of 11,166.55 in late morning trade.

Standard & Poor 500 index fell 2.20 or 0.2 per cent to 1,194.49, then that composite index Nasdaq dropped 3.13 or 0.1% of 2,511.27.

Stocks removed slightly one day after the Dow Jones index surged 173 points.Rally Thursday was linked to the culture of trust Ireland was close to accepting a plan to rescue to help avoid possible default on its debt montage.Forte settings application for initial public offering of the General Motors Co. has also attracted buy stocks, who fought earlier in the week.

Irish leaders continued to meet leaders European Commission, European Central Bank and international monetary fund to develop a plan to support Friday.Ireland was paralysed after that it took more than three national banks in the country's housing market collapse.

It is on the verge of joining the Greece as the second European countries need financial support from a sauvetage.Cependant, rescue the Greece was rendered necessary by spending runaways.

There are still persistent concerns than other countries like Portugal, the Spain Italy could also potentially need financial help as their economies struggle and questions remain on how they refinance or pay off the debt.

But the confidence that the Ireland will need support has contributed to strengthening euro vendredi.Il briefly rose back above $1.37, after falling below $ 1.35 earlier this week.

FTSE 100 Great Britain fell by 0.7%, DAX German index fell 0.1%, and CAC-40 the France declined by 0.3 percent.

Meanwhile, US Treasury prices were mélangés.Le performance mark 10 years of the Treasury Board, which moves opposite its price fell to 2.89% of 2.90% late Thursday.

Its performance is often used as a reference to set mortgage interest rates and other prêts.Plus earlier this month, the Federal Reserve announced a plan to buy 600 billion in Treasurys drive interest rates lower in stimulate spending and lending.

Fed Chairman Ben Bernanke vigorously defended the program in a speech Friday, critics said the move would be devaluation of the dollar and u.s. companies an advantage in global trade.

Interest rate fell to abruptly in the weeks preceding announces the Fed program on 3 November, but he has steadily increased over the past two weeks.

? 2010 The Associated rights Press.Tous réservés.Ce hardware cannot be published, broadcast, rewritten or redistributed.


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