Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (22022)	1/24/2005 12:05:57 AM
From: RealMuLan	Read Replies (1) \| Respond to of 116555

New York IPOs off cards for two China banks-paper Sun Jan 23, 2005 09:46 PM ET BEIJING, Jan 24 (Reuters) - Two of China's big state-owned commercial banks seeking listings as part of broad reform efforts are no longer considering floating shares on the New York Stock Exchange (NYSE), a local newspaper said on Monday. Citing sources close to the exchange, the Economic Observer said Bank of China, the country's biggest foreign exchange lender, and China Construction Bank had abandoned plans to seek dual listings and would only float shares in Hong Kong. Bank of China and China Construction Bank, not immediately available for comment, have not divulged the timing or venue of listings but said they hope to float shares this year. No mention was made of the London Stock Exchange (LSE.L: Quote, Profile, Research) in the report, an exchange some analysts have said could be involved in listings expected to raise billions of dollars each. The banks, recipients of $22.5 billion each in state funds in late 2003 to recapitalise their balance sheets and help write off bad loans, both set up joint-stock companies last year as part of their efforts to become competitive banks. Until the capital injections, the banks' balance sheets were crippled with bad debt following previous decades of government-inspired lending decisions. Both have been courting foreign banking giants to become strategic investors ahead of their listings. China has long prioritised reform of its banking sector, bogged down in at least $200 billion in bad debt, but is racing to make big improvements before end-2006 when foreign banking giants gain wider access to the market, according to World Trade Organisation pledges. © Reuters 2005. All Rights Reserved. reuters.com

To: RealMuLan who wrote (22022)	1/24/2005 9:20:12 AM
From: mishedlo	Read Replies (1) \| Respond to of 116555

China steel output/exports exerting pressure on transport, resources - report [Yiwu, this looks like overproduction to me - mish] Monday, January 24, 2005 8:05:22 AM afxpress.com BEIJING (AFX) - China's elevated production and export of steel is expected to exert continued pressure on transport and resources, the China Business Post reported, without citing sources The newspaper said China's steel exports, which turned the country into a net steel exporter last year, is affecting the domestic supply of steel, as well as worsening the supply of coal, electricity and oil and creating greater transport bottlenecks It said China's level of raw material imports has had the effect of raising international prices for iron ore, among others Iron ore prices are expected to rise more than 30 pct year-on-year on the international market this year, which will likely generate inflationary pressure in China, the newspaper said So far, China's steel production has shown no signs of slowing. Although some private steel companies have been restrained by the government, large state-owned steel producers are expanding steadily, the newspaper added forexstreet.com

To: RealMuLan who wrote (22022)	1/24/2005 9:26:04 AM
From: mishedlo	Read Replies (1) \| Respond to of 116555

Japan Dec supermarket sales down 5.3 pct year-on-year, 13th fall in 14 months [Yiwu your program of teaching Japanese how to shop does not seem to be going very well. ggg] Monday, January 24, 2005 8:05:26 AM TOKYO (AFX) - Supermarket sales in Japan fell 5.3 pct in December from a year earlier to 1.41 trln yen, the 13th decline in 14 months, the Japan Chain Stores Association said For the whole of 2004, supermarket sales dropped 3.5 pct to 14.25 trln yen, the association said The figures are based on the combined sales of 97 supermarket chain operators running a total of 8,553 outlets. The percentage change has been adjusted to facilitate comparison on a same-store basis Nationwide department store sales data for December are to be released today at 2.30 pm (0530 GMT). Later the government will issue data for overall sales at the retail and wholesale levels last month Consumer spending, which underpins 60 pct of the economy, is being counted on to keep the economy growing as export growth and industrial output flatten out Last month the government reported that the economy grew at a real, annualized rate of only 0.2 pct in the July-September quarter, and actually shrank the previous quarter The Japan Chain Stores Association said supermarket sales in December fell from the previous year in four of the five product categories. Sales of food -- the largest category accounting for 56.6 pct of overall supermarket sales last month -- fell 3.9 pct year-on-year, the association said Sales of household products -- the second-largest category accounting for 22.4 pct of overall revenue -- declined 5.2 pct Sales of clothing -- the third-largest category at 13.1 pct of the total -- fell 9.6 pct Sales of miscellaneous goods -- the fourth-largest category accounting for 7.2 pct of overall revenue -- dropped 8.7 pct Revenue from services -- the smallest category at 0.7 pct of total sales -- increased 0.2 pct forexstreet.com

To: RealMuLan who wrote (22022)	1/24/2005 9:33:09 AM
From: mishedlo	Read Replies (1) \| Respond to of 116555

Japan Dec dept store sales fall 2.6 pct yr-on-yr; 13th decline in 14 months [Yiwu they are not shopping at dept stores or supermarkets. Where are you teaching them to shop? ggg] Monday, January 24, 2005 8:05:27 AM afxpress.com TOKYO (AFX) - Nationwide department store sales fell 2.6 pct in December from a year earlier to 914.5 bln yen, the 13th drop in 14 months, the Japan Department Stores Association said For the whole of 2004, department store sales fell 2.8 pct to 7.88 trln yen, dropping below 8 trln yen for the first time since 1988 Department store sales, which peaked at 9.7 trln yen in 1991, have dropped for seven straight years. Earlier, another industry association reported that supermarket stores' sales last month fell 5.3 pct from a year earlier, also the 13th decline in the past 14 months. For 2004, supermarket sales nationwide fell 3.5 pct Later the government will issue data for overall sales at the retail and wholesale levels last month Consumer spending, which underpins 60 pct of the economy, is being counted on to keep the economy growing as export growth and industrial output flatten out Last month the government reported that the economy grew at a real, annualized rate of only 0.2 pct in the July-September quarter, and actually shrank the previous quarter Yet the government and many economists argue that department-store sales should not be viewed as a reliable gauge of the overall trend in consumer spending. Late last year the government removed department store sales as one of the components making up the index of current economic conditions. As a result of structural changes in the retail sector, department store sales were replaced by supermarket and convenience store sales in that index, designed to show whether overall economic activity is increasing or not Sluggish consumer spending amid Japan's most severe economic downturn in five decades is primarily to blame for the decline in department store sales over the past 13 years. But so too is the opening of large shopping malls, often filled with a new breed of specialty and discount stores which have lured away customers At least 100 applications to build big shopping centers in Japan are believed to have been filed in 2004, up about 50 pct from the previous year, the Nihon Keizai Shimbun recently reported Between January and November, some 94 applications were filed to build shopping centers with at least 10,000 square meters of floor space, the business daily said. That number already exceeded the 65 applications filed for the whole of 2003, and is the highest number since the large-scale retail store law was revised in 2000 to make it easier to open big shopping centers, the report said Sales in December fell in five of the eight product categories, the department stores association said Sales of food, which in December surpassed clothing to become the largest category by revenue, accounting for 34.2 pct of the total, fell 2.6 pct year-on-year Sales of clothes, accounting for 30.7 pct of the total, fell 5.9 pct And sales of miscellaneous items including furniture and home appliances, the third-largest category accounting for 13.5 pct, dropped 0.6 pct But sales of handbags and accessories rose 2.2 pct. It was the fourth-largest category accounting for 12.3 pct of revenue The four largest categories accounted for just over 90 pct of total revenue The data covers 98 companies operating a total of 286 stores. The percentage change has been adjusted to facilitate comparison on a same-store basis forexstreet.com

To: RealMuLan who wrote (22022)	1/24/2005 9:39:13 AM
From: mishedlo	Respond to of 116555

ECB´s Trichet says EU Stability, Growth Pact needs to be improved Monday, January 24, 2005 8:05:28 AM afxpress.com ECB's Trichet says EU Stability, Growth Pact needs to be improved PARIS (AFX) - European Central Bank president Jean-Claude Trichet said some aspects of the European Union's Stability and Growth Pact need to be improved "We can improve the preventative aspect of the pact and some propositions that have been made seem good ones to us. But we should keep the corrective aspect in place," he told French daily Les Echos Trichet said current short-term interest rates "are in line with our mission to ensure price stability. We will remain vigilant, because vigilance guarantees our credibility in the medium and long term," he said