Philipine 3 year Bond is The Best Choice
Investors should buy Philippine government debt maturing in two and three years as concerns supply will increase and rate cuts will end reduce demand for longer-maturity notes, Standard Chartered Plc said. Yields on 91-day bills at an 18-month low will deter buyers at the short end of the curve, said Khalil Belhimeur, a fixed- income strategist at the British lender that earns most of its profit in Asia. The government's 10-year borrowing cost climbed to the highest level this year on estimates for a record budget deficit and as the central bank said it may review its policy of lowering rates. The yield on the benchmark three-year note climbed to 5.67 percent on Aug. 3, a two-week high, and was at 5.54 percent today, according to Philippine Dealing & Exchange Corp. in Manila. The 91-day bill yield, which banks use to price loans, fell on July 27 to 3.85 percent, the least since January 2008. It has dropped 2.27 percentage points this year, more than the 2 percentage point reduction in the overnight rate by Bangko Sentral ng Pilipinas. Looking for Value The difference between three-year bond yields and the central bank's benchmark overnight borrowing rate of 4 percent is about 1.54 percentage points, 44 basis points higher than the average spread since the start of the central bank's rate- reduction cycle in mid-December, Belhimeur said. The gap will narrow as the three-year yields drop, he forecast, without giving details. "People will start looking for more value and start shifting to two- and three-years with or without a BSP cut because liquidity is still flush," according to Belhimeur. Placements with the central bank's overnight and special accounts, a gauge of surplus cash, totaled 844 billion pesos ($17.7 billion) as of July 10, according to the latest available data. A sale of five-year debt this week failed, as did an auction of 10-year bonds on July 21, because the government didn't want to offer yields that investors demanded. The Bureau of the Treasury will auction 8.5 billion pesos of treasury bills on Aug. 10 as the Southeast Asian nation funds its budget deficit, which is estimated at 250 billion pesos this year. Signs of economic recovery may prompt policy makers to review their accommodative stance, central bank Deputy Governor Diwa Guinigundo said on Aug. 4, echoing similar comments by Assistant Governor Cyd Tuano-Amador on July 22, when she signaled a pause after six rate cuts. Philippine bonds have returned 5.9 percent this year, making them the second-best performers among the 10 regional local-currency debt markets in Asia, according to an index compiled by HSBC Holdings Plc.
Korean Companies To Benefit by Trade Deal with India
Hyundai Motor Co., LG Electronics Inc. and other South Korean companies will get greater access to India's 1.2 billion people in a trade deal to be signed tomorrow. India's $1.2 trillion economy grew 5.8 percent in the three months to March 31, brushing off the global slowdown that has dragged Korea into recession. Singapore's exports to India excluding oil products more than doubled in the two years after they signed a similar accord in 2005, turning the city state's deficit to a surplus, according to Indian Commerce Ministry data. "South Korea is looking to expand its presence in India with its vibrant economy and 1.2 billion population," said Myong Jin Ho, a researcher at the Institute for International Trade in Seoul. Bilateral trade between India and South Korea rose 39 percent last year to $15.6 billion. South Korea exported $3.6 billion of goods to India, and imported $1.6 billion in the first six months of this year. India's growth puts more money into the hands of consumers in a country where almost 30 percent of the population is under 15 years of age. Younger people tend to spend more on vehicles, phones and other consumer goods. Car Demand India will eliminate or reduce tariffs on 85 percent of South Korean exports over 10 years, Korea's Trade Ministry said. These will include auto parts, tankers, electronic goods, machinery parts and synthetic rubber. South Korea's cuts will cover about 90 percent of Indian exports, including polycarbonates, leather, industrial diamonds, gasoline and corn for livestock. Hyundai, which operates an auto plant near Chennai in southeastern India, sold 244,030 vehicles in the country in the year ended March 31. The largest South Korean automaker gets 55 percent of sales from emerging markets including India and China, where car demand has withstood the global slowdown. LG Electronics, the world's third-largest maker of liquid- crystal-display televisions, also has plants in India to make consumer appliances and personal computer monitors. The two nations decided to exclude other agricultural goods, finished automobiles, fisheries and textiles from the deal. The Korean law implementing the pact is expected to take effect on Jan. 1, Choi said. Once the cuts begin, Korea's exports to India will likely increase by an annual average of $177 million and India's exports to Korea $37 million over the next 10 years, according to Korea Institute for Industrial Economics & Trade. Conservative "Those forecasts may be conservative, given India's potential," said Myong. The two nations will also expand job opportunities for skilled personnel from India in the field of information technology, engineering, management consulting, machinery and telecommunications, and scientific research, the ministry said. It didn't specify any quotas on the number of Indian nationals expected to take up jobs in Korea in the future. India has also opened up its market to investment in all its industries with the exception of agriculture, fisheries and mining. South Korea will be able to invest in food processing, textiles, garments, chemicals, metals and machinery, it said. The following is a table of the top 10 traded goods for South Korea and India, according to the Korean Trade Ministry.
PBOC Shows Signs of Tightening Monetary Policy
China's central bank may tighten monetary policy this year after saying yesterday that it would use "dynamic fine-tuning," Galaxy Securities Co. chief economist Zuo Xiaolei said. "In the first half, we had excessively loose monetary policy and now, in the second half, we're moving into appropriately loose monetary policy," Zuo said today by phone from Beijing. The Shanghai Composite Index fell for a second day, trimming this year's gain to 84 percent, on concern that the government will rein in lending to prevent bubbles in stocks and property. The Peoples Bank of China also said in a quarterly report that it will maintain a "moderately loose" monetary policy and guide "appropriate" loan growth. "The central bank is doing the right thing," Zuo said, without specifying how it may tighten policy. "China needs stable economic growth. China doesn't need big ups and downs." The stock index slid 2.4 percent as of the break in trading at 11:30 a.m. local time. The central bank has kept interest rates and reserve requirements for banks unchanged this year after cutting them in the final four months of last year to counter the effects of the global credit crisis. It's selling more bills to mop up cash. The reserve ratio is 15.5 percent for big banks and 13.5 percent for small lenders. The key one-year lending rate is 5.31 percent. "Spooking Investors' The reference to fine-tuning policy "is spooking investors who are worried that the central bank will follow up with tightening measures, such as hiking the reserve ratio," said Wang Zheng, a fund manager at Jingxi Investment Management Co. in Shanghai. The central bank will "use market oriented methods to carry out dynamic fine-tuning taking into consideration domestic and international economic conditions and price changes," it said in yesterday's report. Chinese banks made a record 7.37 trillion yuan ($1 trillion) of new loans in the first half as the government sought to revive economic growth that slowed to the weakest pace in almost a decade. M2, the broadest measure of money supply, rose a record 28.5 percent in June from a year earlier.
Australia's Central Bank Will Not Change Interest Rates Yet
Australia's central bank may leave interest rates unchanged for a fourth month and signal that its next move will be to increase borrowing costs as evidence mounts that the economy is rebounding from the global recession. Reserve Bank Governor Glenn Stevens will keep the overnight cash rate target at 3 percent at 2:30 p.m. in Sydney today, according to all 19 economists surveyed by Bloomberg News. Stevens said last week the economy may recover sooner than he forecast six months ago as the lowest interest rates in half a century and government spending boost consumer and business confidence. Stevens signaled he may not wait for unemployment to peak before raising rates, spurring speculation Australia will increase borrowing costs faster than most other nations. "The Reserve Bank is now starting to focus on how it will ultimately withdraw the massive monetary policy stimulus injected over the past nine months," said Matt Robinson, an economist at Moody's Economy.com in Sydney. Stevens, who slashed borrowing costs by a record 4.25 percentage points in six moves between September and April, said on July 28 that "hopefully" policy makers will find "a suitably timely way of returning to normal when the right time for that comes." Investors predict the benchmark rate will be 133 basis points higher in a year, a Credit Suisse Group AG index based on swaps trading showed at 1:01 p.m. in Sydney yesterday. By contrast, the Bank of England's key rate will be raised by 92.1 basis points and the U.S. Federal Reserve's rate by 81 basis points, according to separate indexes. A basis point is 0.01 percentage point. Economic Outlook It appears "that the downturn we are having may turn out not to be one of the more serious ones of the post War era, in contrast to the experiences of so many other countries," Stevens said on July 28. "We can much more easily imagine upside risks to the outlook, to balance out the downside ones, than was the case six months ago." Signs of a rebound in Australia's economy, which unexpectedly grew 0.4 percent in the first quarter after shrinking 0.6 percent in the previous three months, may prompt the central bank to revise its forecast for gross domestic product on Aug. 7. In May, the bank predicted GDP would contract 1 percent this year before expanding 2 percent in 2010. Retail sales increased in June for a fourth month, according to the median forecast of 19 economists surveyed by Bloomberg. The sales figures will be released at 11:30 a.m. in Sydney today. Cash Handouts The surge in spending is boosting earnings at companies including David Jones Ltd. The nation's second-largest department store chain said on June 30 that earnings after tax will rise by between 20 percent and 30 percent in the six months ending July 25. Prime Minister Kevin Rudd's government has distributed A$12 billion ($10 billion) in cash handouts to households this year and is spending A$22 billion to upgrade roads, railways, ports and schools. "It's becoming more common for Australians to see the glass as half full than as half empty," Stevens said last week. Consumer confidence jumped to the highest level in 19 months last month, according to a Westpac Banking Corp. survey. Stevens' latest comments contrast with his statement three weeks earlier, when he emphasized the bank had scope to cut borrowing costs if needed. "Given the Reserve Bank has been marketing a weak tightening bias over the past fortnight, presumably today will be about making that shift explicit in its official policy statement," said Rory Robertson, an economist at Macquarie Group Ltd. in Sydney. Stevens may say "something like; 'members agreed the recent improving signs at home and abroad have made the need for further easing seem less likely'," Robertson added.
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China vs. EU: Tariffs on Fasteners
China filed its first complaint against the European Union at the World Trade Organization, saying EU anti-dumping duties on Chinese screws and bolts break global commerce rules. The EU decided in January to impose the five-year tariffs on imports of Chinese iron or steel fasteners worth about 575 million euros ($809 million) in 2007. The 27-nation bloc said at the time that the levies would "prevent further distortions and restore fair competition." China said EU rivals haven't been sufficiently harmed to justify the trade protection. The EU "failed to comply with the relevant WTO rules in the process starting from initiation, investigation to the final determination," China's WTO mission said in an e-mailed statement from Geneva today. "The determinations made are neither impartial nor transparent, which infringes the legitimate commercial interests of over 1,700 Chinese fastener producers." Fasteners, used for everything from car parts to furniture, are made in the EU by companies such as Italy's Fontana Luigi SpA that demanded the levies to counter below-cost, or dumped, sales in Europe by Chinese competitors. The duties stemmed from an inquiry opened by the EU in November 2007. China, the world's second-largest exporter after Germany, accounts for 60 percent of EU imports of the carbon steel fasteners, which also come from Taiwan, the U.S. and Japan. Rules Followed The European Commission, the EU's trade authority, rejected China's accusation that the bloc failed to follow WTO rules in probing imports of Chinese fasteners. "As we do in all anti-dumping cases, the applicable EU rules were followed scrupulously, which are in full compliance with the terms of the WTO Anti-Dumping Agreement," the commission said in a statement from Brussels. "The commission has continuously rejected any notion that the investigation might not have been legally sound or otherwise incompatible with its obligations under the WTO agreement." Chinese fastener manufacturers increased their share of the EU market to 26 percent in the 12 months through September 2007 from 17 percent in 2004, according to the bloc. EU producers suffered a drop in their combined home-market share to 17 percent from 22 percent in the same period, when consumption expanded by almost a third. The duties range from 26.5 percent to 85 percent, depending on the Chinese company. The Chinese subsidiaries of two EU producers -- Italy's A. Agrati SpA and Spain's Celo SA -- were exempted from the levies. Consultations Today's request for consultations is the first step in the WTO case. Under the Geneva-based trade arbiter's rules, China and the EU must now hold talks for at least two months in an effort to resolve the dispute. If consultations fail, China can ask WTO judges to rule. The EU is already trying to curb imports of Chinese products ranging from frozen strawberries to ironing boards. China faces EU anti-dumping duties on about 40 products -- more than any other nation. The bloc has complained three times against China at the WTO. The EU has carried out more than 140 anti-dumping probes into imports from China since 1979, "becoming one of the WTO members most frequently taking anti-dumping actions against Chinese products," China's mission said. "The Chinese side opposes consistently any abuse of anti-dumping actions and the rising tide of trade protectionism." Not About Protectionism The commission said anti-dumping measures are about fighting unfair trade, not protectionism. "The decision to impose measures was taken on the basis of clear evidence that unfair dumping of Chinese products has taken place with state distortion of raw-material prices," the commission said. "This is harming the otherwise competitive EU industry, with potentially dire long term effects." China has been cited in 60 trade probes by other countries this year, compared with 62 in all of 2008, state-run Xinhua News Agency reported on July 14, citing Liu Danyang, vice director of the Bureau of Fair Trade for Imports and Exports under the Commerce Ministry. Investigations this year involve trade worth $8.27 billion, compared with $6.2 billion in 2008, Xinhua said, adding that Liu attributed the higher figures to rising trade protectionism.
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Vietnam to Promote Ways of Investment
A conference to promote the flow of investment into the Red River Delta provinces of Nam Dinh and Thai Binh will be held on August 5, said organizer on July 30. Loc said the conference aims to discuss ways to prepare to catch the new wave of investment by investors both inside and outside the country during the post-crisis period. The conference will serve as a forum for Nam Dinh and Thai Binh provinces to highlight their potential, strengths, and investment incentives as well as information about major projects, he said. It will also help speed up socio-economic development in the whole northern coastal region, which is expected to become a key economic region for the country, Loc stressed. Nam Dinh province is planning to call for more than 2.2 billion USD for 34 projects, focusing on industrial production, agriculture, healthcare, tourism, sports, transport and urban infrastructure. Meanwhile, its neighbour, Thai Binh, wishes to seek investors for 35 projects with an estimated capital of 1.7 billion USD, mainly in coal mining, hi-tech products, steel and building materials production, transport infrastructure, agricultural product processing and sea tourism. Both Nam Dinh and Thai Binh are considered provinces boasting great potential as they have successfully applied simplified administrative procedures and comprehensively developed infrastructure facilities and human resources. However, the influx of investment into the two provinces remained modest compared with other localities in the region. By the end of 2008, Nam Dinh had attracted only 20 foreign-invested projects with a combined registered capital of 200 million USD, while Thai Binh has no foreign-owned projects.
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China: Key Part of Starbucks' Asia Growth Strategy
Starbucks Corp., the world's biggest coffee-shop operator, will keep China as a key part of its Asia growth strategy and has no immediate plans to enter India, the head of the company's international unit said. "China clearly is a huge opportunity for us, today and into the foreseeable future," Martin Coles, president of Starbucks Coffee International Inc., said in an interview in Seoul. "We certainly have aspirations to have operations in India, but this is not something that is on the front burner and about to happen." Starbucks opened its first store in China in 1999 and had an outlet in the Forbidden City until it was closed in July 2007, after an anchor at state broadcaster China Central Television spurred popular protest by criticizing the shop on his blog. The company now has 690 outlets in China and Taiwan, according to its Web site. "We are nowhere near any degree of saturation in the markets that we serve internationally," said Coles, who helms the company's operations outside the U.S. "We will enter India when we are ready to enter India." Canada, Japan and the U.K. also provide "solid growth prospects" for Starbucks, he said. The company's Chief Financial Officer Troy Alstead said in March that talks with possible licensees and joint venture partners in India "didn't come together." 16,700 Cafes Starbucks had more than 16,700 cafes as of the end of June, including about 5,460 locations outside the U.S. The company plans a net addition of about 380 stores overseas in the fiscal year ending in September, compared with a net reduction of more than 400 locations within the country, according to a July 21 statement. The company gets about one-fifth of its revenue from its international operations. Sales at overseas locations open at least a year fell 2 percent in the quarter ended June 28, compared with a 6 percent decline at U.S. locations, it said in the same statement. Currency fluctuations were mostly responsible for an 11 percent decrease in quarterly overseas revenue, compared with a 6.5 percent decline for the U.S. market, Coles said. Still, the international business is "robust" as operating margins expanded to 7.2 percent from 6.6 percent, he said. Coles denied an Edaily report yesterday that said Starbucks would introduce its Via instant coffee in Asia next year. The company plans to start selling the blend across the U.S. in a year, he said. Starbucks began offering Via in Seattle and Chicago area shops in March to tap the $17 billion global instant-coffee market, which accounts for 40 percent of all cups. In the U.K. and Russia, instant represents more than 80 percent of all coffee made.
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China Development Bank Will Expand to Brazil, Egypt and Russia
China Development Bank Corp., the state-run bank for public works projects, opened its first branch outside the mainland in Hong Kong today and plans offices in Russia, Egypt and Brazil as part of a global expansion push. The offices will start operating in Moscow and Cairo this year and the Rio de Janeiro area next year, Vice President Li Jiping told a press conference. The Beijing-based bank agreed in May to lend $10 billion to Brazil's state-controlled oil company, helped finance a fund in Africa and extended loans in June to Russia's development bank. "Our strategic goal is to become an internationalized bank," Li told reporters, adding that the Hong Kong branch will cover Asia. "Mainland organizations can effectively go out to the international market through this Hong Kong platform." Chinese Premier Wen Jiabao said on July 20 that the nation's more than $2 trillion of foreign-exchange reserves should be used to help companies invest abroad. China's "going out" strategy is also designed to help ensure the nation has access to the resources needed to sustain the fastest economic expansion among the world's 20 largest economies. The bank agreed to lend $1.3 billion to Vnesheconombank, Russia's state development bank, the Moscow-based lender said June 14. The China-Africa Development Fund, which has helped finance a cotton facility in Malawi and power station in Ghana, was set up in June 2007 with an initial $1 billion from China Development Bank. Brazil Plan The branch in Brazil will invest in ports, steel mills and energy, Rio de Janeiro state Governor Sergio Cabral said on June 30. The bank also has expressed interest in investing in projects related to the 2014 World Cup soccer tournament and Rio's bid for the 2016 Olympics, Cabral said in a statement. The city is home to Petroleo Brasileiro SA, which is considering buying Chinese equipment in return for further loans, and Vale SA, the world's largest iron-ore producer. China, the world's third-biggest economy, became Brazil's leading trade partner this year after the global recession choked sales to the U.S. The two countries' central banks are studying a proposal to use their own currencies -- the real and the yuan -- in bilateral trade instead of the U.S. dollar. Leaders of Brazil, Russia, India and China -- the so-called BRIC nations -- called for a "more diversified" monetary system to reduce dependency on the U.S. dollar at a June 16 meeting in the Russian city of Yekaterinburg. China Development Bank's profit tumbled 28 percent last year on higher loan losses as the nation's economic growth slowed. The bank, which had 3.8 trillion yuan ($556.3 billion) of assets at the end of 2008, received a $20 billion capital injection from the government in December 2007 and is seeking to become a commercial lender. The Ministry of Finance owns 51.3 percent of the bank and Central Huijing Investment Co., a unit of China's $200 billion sovereign wealth fund, holds the rest.
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Australian Agriculture Exports May Achieve $26 billion
Australia's farm exports may rise 2 percent in the year to June 30, 2010, helped by "relatively favorable" crop conditions and a recovery from the global recession, the country's commodity forecaster said. Total exports from farming may total A$32 billion ($26 billion), the chief commodity analyst for the Australian Bureau of Agricultural and Resource Economics, Jammie Penm, told a grains conference in Melbourne today. Increased grain demand may be offset by a rising Australian dollar, which would reduce earnings on export sales, he said. The Canberra-based bureau last month predicted the nation's wheat crop will increase 2.7 percent to 21.9 million metric tons in the year ending June 30, 2010, with exports surging 14 percent to 14.6 million tons. Barley output will jump 13 percent to 7.7 million tons, with exports climbing 12 percent to 4.4 million tons, the agency said June 23. Pricing Volatile Grain prices in Australia are likely to remain volatile in the wake of deregulation that removed the nation's monopoly trading mechanism, said Michael Iwaniw, managing director of ABB Grain Ltd., the country's biggest barley exporter. The removal of the "single desk" for grain exports has created a void, with no single entity representing the industry, he said. Growers are warehousing more grain and genetically modified crops will eventually become "widespread'' in Australia, said Iwaniw, who today brought forward his departure from the Adelaide-based company to the end of this month. Canada's Viterra Inc. agreed in May to acquire ABB for A$1.6 billion. Earlier at the conference, Australian Agriculture Minister Tony Burke said the government could not close its eyes to increasing the use of genetically modified crops. The nation needs to lift its farm productivity in the next three to five years and genetically altered crops may be part of that, he said.
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China Adjusts Gasoline & Diesel Prices to $3.14/gallon Max
China, the world's second-biggest energy user, cut gasoline and diesel prices by at least 3.3 percent after three increases since March triggered public concern that fuel costs are too high. Pump prices for 90 octane gasoline will be set at a maximum of 5.7 yuan ($0.83) a liter, or about $3.14 a gallon, in Beijing, the National Development and Reform Commission said in a statement on its Web site. Prices were adjusted to reflect the decline in global crude prices, said China's top planning agency. Today's price cut, the second this year, will help to lower costs for manufacturers as China targets 8 percent economic growth this year to generate jobs and maintain social stability. The government's third increase on June 30 sparked "widespread public debate," according to the official Xinhua News Agency, after China's gasoline prices exceeded those in the U.S., the world's largest oil user. "This move is to some extent signaling that the Chinese government is bowing to public pressure in adjusting fuel prices," Wang Jing, the chief oil analyst at Orient Securities Ltd., said by mobile phone in Shanghai. "It also reassures the industry that the country will stick to the fuel pricing formula." The Chinese government controls prices under a mechanism that takes into account crude-oil costs, taxes and a profit for refiners, including China Petroleum & Chemical Corp. and PetroChina Co., the nation's biggest fuel producers. China may adjust fuel prices when crude-oil costs change more than 4 percent over 22 working days, the reform commission said in May. PetroChina, Sinopec "The latest fuel price cuts are unlikely to lower shares of the two companies as the move shows the government is strictly enforcing the pricing mechanism and will allow oil companies to pass on higher costs if crude prices rise," said Grace Liu, an analyst at Guotai Junan Securities in Shenzhen. PetroChina gained 1.8 percent to HK$9.49 in Hong Kong trading before the fuel price announcement while Sinopec, as China Petroleum is known, climbed 0.7 percent to HK$7.14. The gasoline price charged by refiners will fall by 3.3 percent to 6,510 yuan a ton, or 70 U.S. cents a liter, starting tomorrow and the diesel price will drop by 3.7 percent to 5,770 yuan a ton, the National Development and Reform Commission said today. Jet fuel prices will be reduced by 5.5 percent to 4,770 yuan a ton. The price of gasoline in Beijing, set at $3.14 a gallon, compares with an average of $2.49 a gallon in the U.S. "Public's Misconception' Gasoline and diesel prices have risen by an average 24 percent this year, according to calculations made by Bloomberg. China cut prices by as much as 3 percent in January. About 94.3 percent of more than 260,000 people surveyed by Chinese Web portal sina.com thought fuel prices are too high, Xinhua said on July 1. The reform commission said in a statement on July 14 that the public have a "misconception" about the government's fuel-pricing mechanism. Fuel prices have been raised by "no more than 25 percent" since mid-January, compared with a 70 percent gain in global oil prices during the period, the commission said in the statement.
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South Korea's Economy Grew to the Highest in Seven Years
South Korean consumer confidence rose to the highest in almost seven years in July as government stimulus policies and record interest-rate cuts began leading the economy toward recovery from the global recession. The sentiment index rose to 109 from 106 in June, the Bank of Korea said in Seoul today. That's the highest level since the third quarter of 2002, when the bank published its confidence survey on a quarterly basis. A score of more than 100 indicates optimists outnumber pessimists. The Kospi stock index has climbed 34 percent this year. Sales at the nation's major department stores rose for a fourth month in June as consumers bought more home appliances. The government has pledged about 67 trillion won ($52 billion) in stimulus measures, including a 17.2 trillion won package of cash handouts, cheap loans, labor-market aid and infrastructure spending. The central bank pared the benchmark interest rate by 3.25 percentage points between October and February, the most aggressive easing in a decade. The consumer confidence index is based on a survey of 2,200 households in 56 major cities, conducted by mail and telephone between July 13 and July 20.
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China Shipbuilding to Sell Around 2 Billion Shares
The Beijing-based, state-controlled company is selling as many as 1.995 billion shares, or a 30 percent stake, in the stock offering, according to a draft prospectus posted on the Web site. The commission's listing panel is scheduled to meet July 27 to vet its application to sell shares. China International Capital Corp. is managing the sale. China Shipbuilding Industry Co. is 97 percent owned by China Shipbuilding Industry Corp., one of the nation's largest shipbuilders and repairers, according to its Web site. China Shipbuilding Industry Co.'s sales rose 41 percent to 16.06 billion yuan last year from 2007. Net profit grew 52 percent to 1.2 billion yuan in the same period, according to the draft prospectus.
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