With this controversial computerized trading practice offered by some stock exchanges , using  highly sophisticated high-speed computer technology that  allow traders to view orders from other market participants fractions of a second before others in the marketplace. This Flash trading which was supposed to give flash traders the advantage of being able to gauge supply and demand and recognize movements in market sentiment before other traders, we had yesterday

Dow which plummets by almost 1,000 points

In a late-day drop eerily evocative of famous Wall Street stock market meltdowns in 1987 and the fall of 2008, the Dow Jones industrials nosedived almost 1,000 points Thursday in a volatile day that began with heavy selling on Greek debt fears and was followed by a cascade decline that was allegedly caused by erroneous trades and « unusual trading activity. »

In a roughly 15-minute span that began around 2:30 p.m. on Wall Street, the Dow, which was already down almost 300 points, suffered the bulk of its biggest-ever intraday dive, falling as much as 998.50 points, or 9.2%, to 9869.62. The violent drop was followed by a rebound nearly as steep, with the Dow finishing down 347.80 points, or 3.2%, to 10,502.32.

The fast-and-furious plunge caught traders off guard, sparking a vicious rumor mill, as there was no apparent news event to spark such a sudden plunge. While it was occurring a rader, guessed that it was a so-called « fat finger » trade, a term used to describe a trade that is entered incorrectly by human hands. « I have no idea why it happened; when it falls that far and fast and bounces back that quickly, you figure it’s an error or tech snafu, analysts  said !

Or was it just a test of the markets reactions  ?

Greece: Deflation could freeze Efforts to restore Greece in Debt Crisis

There is also some uncertainty whether this latest package of 110 billion euro over three years will be enough to calm the markets, which may then turn on other exposed countries, like Portugal or Spain.

Greece, effectively bankrupt, committed itself to years of austerity on Sunday when it signed a financial bailout deal with the European Union and the International Monetary Fund.

There are serious questions about whether the deep cuts in salaries and social benefits the agreement calls for are politically sustainable over time, as deflation will make it impossible for Greece to grow its way out of debt.

There is a consensus that the Greek economy is a mess  and needs major structural reform, and the deal done on Sunday is intended to give Athens a couple of years of breathing room to change the fundamental pattern of Greek behavior.

Some prominent economists,  fear that such harsh measures risk killing the patient, even as they see the intensity of Greek pain as a serious warning to other countries .

This new gesture of austerity also risks pushing the entire European Union into a period of low growth just as economies are trying to recover from the recession of last year, caused by the huge housing and banking crisis that started in the United States. Negative or low growth will increase already huge unemployment and put new pressure on government spending, as well as on the banks themselves, and make it more difficult  for everybody to reduce their debts.

How can Greece grow out of its debt if there is deflation?” “Deflation increases the debt burden, so we will have to follow this virtuous circle that is bringing Euro Zone toward hell.

German Chancellor Angela Merckel was right to postpone the decision for five months, what would have happened if  she had agreed on a first package of 5 € billion, in December, when Greece was in need of 110 Billion?

French

Grèce : La déflation peut  geler les  Efforts faits par la Grèce pour gérer sa crise de liquidités.

Il y a aussi des doutes sur la réaction des marches à ce package de 110 milliards d’euro, ce sauvetage sera t il crédible et permettra t il d’éviter une contagion aux autres pays exposés, Le Portugal et l’Espagne.

La Grèce s’est engage dimanche à des années d’austérité afin d’obtenir un sauvetage par le FMI et les membres  de l’Euro Zone

Néanmoins de nombreuses questions se posent sur l’effet qui sera produit par ces baisses de salaries dans la fonction publique, par la hausse de la TVA et par la baisse de certaines prestations sociales. Il y a un fort risque que ces décisions génèrent une déflation, qui rendra le remboursement des dettes impossible, une restructuration de la dette aurait des conséquences catastrophiques pour la Zone Euro.

Il y a un consensus pour dire que la Situation économique Grecque est depuis plus de vingt ans,  un  grand “bazar” qui nécessite de grandes réformes, Le deal signé dimanche a pour but essentiellement d’imposer aux autorités et au peuple Grec, un peu plus de  sérieux dans leurs comportements.

Mais certains économistes réputés, ne sont pas loin de penser, que le remède peut tuer le malade.

Ces décisions autoritaires peuvent mettre toute l’Union européenne  qui a déjà de la peine à sortir de la crise de 2008, en difficultés.

 La chancelière Allemande Angela Merckel a eu raison d’attendre une analyse exhaustive des besoins Grec, que serait il passé, si un premier package de cinq milliards d’Euros avait été autorisé en Décembre 2009, alors que les besoins du pays sont aujourd’hui de 110 milliards ?

Une erreur, any mistake, please contact:

bj@abusinesstabloid.com

Previous post on Greek Economy:

English:

Bank run in Greece!  Will Spain be the next one  in July?

In the middle of the 2001 debt crisis, Argentineans stormed their nation’s banks to get their money out. The government imposed controls that allowed them to take out only $250 at a time and limited withdrawals for overseas trips to $1,000.

Greece, in the middle of its own economic crisis, is teetering on the brink of a default. According to estimates from private bankers in Greece and Cyprus, as much as 10 billion Euros have left the country for Greek-owned bank subsidiaries in Switzerland and Cyprus in the last couple of months.

One banker in Athens reports that many of his clients have sent funds out of the country in recent weeks, fearing that the government will take a bigger bite of their money. « They’re afraid they’ll have to pay tax on their cash, » he says.

Countries in economic turmoil historically look for unpopular ways to raise revenue, according to economists. So when things start to go sour, « everyone becomes convinced that the stage is being set for higher taxes,

 Late last month, Fitch Ratings downgraded the country’s four major private-sector banks to two notches above junk status on fears that demand for loans may dive, erasing  their potential profitability.

Spain president is the head of European Union up to 30/06/2009, Speculation on Spain may start in July?

French : 

Les Grecs vident leurs comptes bancaires, est il envisageable, que le même phénomène se produise en Espagne en Juillet ?

Selon la Banque centrale de Grèce, et de Chypre  les épargnants grecs commencent à s’inquiéter de la situation financière du pays. Ils auraient retiré dix milliards d’euros de leurs comptes bancaires en janvier et encore trois milliards en février pour être transférés vers des filiales en Suisse et à Chypre.

Le mois dernier l’agence Fitch rating a déclassé quatre majors banques du pays, estimant que la crise allait stopper les investissements immobiliers et pas conséquence les capacités des banques à générer des profits sur les prêts immobiliers.

Les équipes du FMI, le Fonds monétaire international, sont arrivées en Grèce mercredi 7 avril . Les salariés du FMI entameront un séjour de deux semaines à Athènes pour apporter leur assistance technique dans le domaine budgétaire.

Aujourd’hui le taux à dix ans des obligations d’états est passé à 7.38%

D’après la presse Grecque, le déficit budgétaire du pays devrait être révisé à la hausse d’environ un point par rapport aux précédentes estimations. Le e gouvernement grec annonce  actuellement  un déficit budgétaire 2009 à 12,7% du Produit intérieur brut, ce taux pourrait atteindre 13,5% , voir 14,2% à 14,3% selon  certains journaux

Zapatero préside l’Union européenne jusqu’en Juin, il y a de fortes chances, que les spéculations contre l’Espagne démarrent en Juillet !

Please see Older posts on Greece.

English:

Cupcakes instead of Lilly of the Valley

Euphrosyne Georgulas cupcakes make their way across  Paris,  in various “bobo  branché » districts of Paris,  cupcake are here! Last year, Synie’s Cupcakes opened in Saint-Germain, and in Abbesses, the Parisian neighborhood that most resembles Magnolia Bakery in West Village, New York.

The price is “bobo branché” too, Two euros for a cupcake about one-fourth the size of your average Buttercup Bakery wares. The cakes’ texture is light and crumbly, the flavors mild, and the butter cream frosting sweet and fluffy enough to resemble what’s offered at Carrie’s favorite spot.

Cupcakes are so famous in France that, Alisa Morov has just published “Cupcakes” for Hachette’s food imprint, Marabout, adapting traditional recipes for French ingredients, like fattier butter and flour with higher gluten levels. She warns that some of the bigger providers (cupcakes are also available at Le Bon Marché’s Grand Epicerie and Monoprix) are simply taking a traditional French “quatre-quarts” cake (like an American pound cake) and slapping frosting on top.

Cupcakes is a huge business in the USA, it will come to France .

French:

Les Cupcakes de Euphrosyne Georgulas sont arrives à  Paris, vous les trouverez dans les quartiers bobo branchés, Synie’s Cupcakes  a ouvert  en 2009, à  Saint-Germain, et aux  Abbesses, les deux quartiers qui ressemblent le plus au Magnolia Bakery’s West Village de New York.

Le prix de ce petit gâteau rond individuel recouvert de glaçage, que l’on avale en 2 bouchées, est branché aussi, deux euros !

Il se prête à toutes les variations, cadeau, gouter familial, et gâteau personnalisé à la mode.

Les Cupcakes sont tellement devenus « à la mode » que l’éditeur Hachette a confié à Alisa Morov, la publication d’un livre sur les Cupcakes, en incorporant des ingrédients du terroir.

L’épicerie du  Bon Marché  et Monoprix, offrent aussi des « alias » de Cupcakes, qui sont plutôt des adaptations de « Quatre-Quarts » recouvert de glacage.

Les Cupcakes sont utilisés comme outils de marketing aux USA, ainsi que vous opérations de collectes de fonds pour des œuvres de charité, cela devrait démarré en France.

Berko, 31 rue Lepic, 75018 Paris

Synie’s Cupcakes, 23 rue de l’Abbé Grégoire, 75006 Paris

Lien : www.syniescupcakes.com

English.

The world’s biggest car manufacturers are showing their green and luxury qualifications at this year’s Beijing auto show in a bid to get the most out of China’s still growing, car market.

Under the theme « Imagining the Green Future, » multinationals have unveiled a range of all-electric or hybrid concept vehicles.

Winfried Vahland, president and CEO of Volkswagen Group China, Europe’s largest carmaker,  announced it would introduce its advanced hybrid and electric car technologies to China, and start producing electric cars in China in 2013 and 2014.

The company is displaying its energy-saving and environment-friendly « BlueMotion » technologies, which, it claims, can reduce fuel consumption and emissions by 20 percent for the full range of models from VW’s.

Nissan, Japan’s third largest carmaker, said China was its second largest market after the United States. The show saw the world debut of the electric Nissan LEAF and the low-carbon compact, the March.

Sales of the LEAF are set to begin in Europe, the United States and Japan later this year, with mass production worldwide planned in 2012.

Nissan China’s president Yasuaki Hashimoto said Nissan would roll out 25 electric vehicles in central China’s Wuhan city next year as trials.

Luxury car brand BMW will introduce its electric Mini on the Chinese market this year, followed by its ActiveE next year.

Infiniti, the luxury division of Nissan, is determined to further explore China’s high-end car market at the auto show.

Yasuaki Hashimoto said Infiniti was seeing strong growth in China with first-quarter sales soaring 184 percent year on year.

He gave no specific sales figures for the first quarter, but said Infiniti sold 5,000 cars in China last year, and aimed to double sales to 10,000 this year.

Infiniti had 19 dealerships in China’s major cities with 11 more expected to be established by the end of 2011, he said.

Audi introduced its new A8L Hybrid, the first beautiful limo saving gas!

China is becoming the most rapidly developing market for luxury cars.

Lithium is sold as brines, compounds, metal, or mineral concentrates. Up to recently lithium batteries were used in

- Ceramics and glass 21%:

-batteries, 19%;

-lubricating greases, 16%;

 -pharmaceuticals and polymers, 9%;

 -air conditioning, 8%;

-primary aluminum production, 6%

-and other uses, 21%

Demand for rechargeable lithium batteries continued to grow for use in video cameras, portable computers, telephones, and cordless tools.

But soon the demand will be booming for Hybrid cars!

Lithium will be the petrol( gas)  of the 21st century

World Mine Production,

Japan, Korea, France with Bollore , and China already nationally sponsor lithium ion battery technology development.

World Mine Production and Reserves

Production mondiale et reserves

United States production?   reserve 410,000

Argentina  production 2,000  réserve ??

Australia  production 3,800 reserve  260,000

Bolivia production?  Reserve 5,400,000

Brazil production 475 reserve 910,000

Canada production 710 reserve 360,000

Chile production 8,300 reserve 3,000,000

China production 3,000 reserve 1,100,000

Portugal production 325 reserve?

Russia production 2,200 reserve NA

Zimbabwe production 250 reserve  27,000

Up to now, Chile was the leading lithium chemical producer in the world.

French industry giant Group Bollore, which we are familar with for their involvement with Pininfarina ( a company in financial troubles) has several  projects, it was announced  that with  the Eramet group, they are going to close a deal with Argentina to buy Lithium mines (salt lakes)  in the country.

On the other hand, Negotiations have been in the pipe for more than a year to sign a deal with Bolivia in order to use mine facilities in  the Evo Morales’s country.

French:

Le conglomérat français de l’homme d’affaires Bolloré  allié à Eramet  envisagerait d’exploiter des  mines de lithium en Argentine., Cette exploitation lui permettrait de disposer de Lithium  pour la   fabrication de ses batteries pour son modèle  tout-électrique, la Bluecar, conçue avec le designer  Pininfarina( qui est en difficultés).

D’autre part le même groupe mène des négociations interminables avec la Bolivie d’Evo Morales pour exploiter les mines de Lithium dans ce pays

La batterie fonctionnant au lithium de Bolloré pourrait être  fabriquée par  Batscap une filiale de Bollore,  EDF  détient 5 % de cette société .

Le Lithium sera l’essence du XXI siècle!

English

Turkey’s dynamic economy Vs

Turkey’s dynamic economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that still accounts for about 30% of employment. It has a strong and rapidly growing private sector, yet the state remains a major participant in basic industry, banking, transport, and communication. The largest industrial sector is textiles and clothing, which accounts for one-third of industrial employment; it faces stiff competition in international markets with the end of the global quota system. However, other sectors, notably the automotive and electronics industries are rising in importance within Turkey’s export mix. Real GDP growth has exceeded 6% in many years, but this strong expansion has been interrupted by sharp declines in output in 1994, 1999, and 2001. Due to global contractions, GDP fell to a 0.9% annual rate in 2008, and contracted by 5.8% in 2009. Inflation fell to 5.9% in 2009

Istanbul, The former capital of three empires — Roman, Byzantine and Ottoman — is a frenetic city with a wealth of culture, history and nightlife. But Istanbul is not representing Turkey, The main manufacturing companies (Toyota, Mercedes, Renault,) are on the Asian side .

Istanbul is a modern very active city with modern subway and tramway systems

 And Greece Economy

Greece has a mix of socialist and capitalist economy with the public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4.0% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 Athens Olympic Games, and in part to an increased availability of credit, which has sustained record levels of consumer spending. But growth dropped to 2.9% in 2008. The economy went into recession in 2009 and contracted by 2.5%,

But regarding those figures, nobody knows if they are true!

French

L’économie Turque

L’économie Turque est un mix d’industrie et de commerce, mais  le secteur traditionnel de l’agriculture emploie représente  30% des salariés .

Le pays dispose d’un secteur privé en plein développement, dans l’industrie de base, la banque, les transports et les communications. Le secteur industriel le plus important est l’industrie textile,30% des effectifs,  qui rencontre aujourd’hui une forte concurrence de l’Asie .Néanmoins les secteurs automobiles ( Toyota ,Mercedes,  Renault, …) et électroniques sont en plein boom Le PIB a cru en moyenne de 6% chaque année, celui-ci a baissé de 0.9% en 2008 et de 5.8% en 2009.

L’économie Grecque

L’économie Grecque  est un   mix de  socialisme et de capitalisme avec un secteur public qui représente 40% du PIB .PIB per capita qui est de 2/3 du PIB per capita des autres pays de l’Union européenne. L’industrie touristique représente  15% du PIB .Un cinquième des travailleurs sont  des  Immigrants ils sont employés dans  l’agriculture et les métiers sous qualifiés  La Grèce est un grand bénéficiaire de l’aide Européenne cette aide représente 3.3% du P I B. L’économie Grecque à progressée de 4% entre 2003 et 2007 (incluant l’aide Européenne) Cette croissance est due en partie aux infrastructures nécessaires pour les jeux Olympiques de 2004.Le PIB  à baissé de 2.9% en 2008 et de 2.5% en 2009, Ces Chiffres sont sujet à caution .

Une erreur, any mistake, please contact :

bj@abusinesstabloid.com

China will enforce  a moratorium on domestic share issues by real estate firms as part of a large  campaign to restraint  surging property prices,  blocking €12.3 billion  in capital raising.

The move could delay plans by 45 Chinese companies to raise a total of about € 11 billion through share sales, unidentified sources close to the China Securities Regulatory Commission told media.

CSRC official denied that a formal freeze was in place, but confirmed that the securities regulator and the land resources ministry were examining whether property firms had illegally manipulated land prices.

Nicolas Sarkozy on Wednesday April 28^th, said he wished to expand economic ties with China in nuclear power, aviation, environmental protection and other fields. Sarkozy discussed bilateral and international issues with Chinese President Hu Jintao, in discussion that both sides signaled a rapprochement after diplomatic grumbles last year.

France and China pledged to draw a line under past tensions over the violent demonstrations during the trip of the Olympic flame in Paris , the Tibet issue  and breathe new life into their relationship by working together on issues from global monetary policy to Iran.

Meeting top Chinese officials before opening France’s pavilion in Shanghai Sarkozy said that currently no major issue can be resolved without China The French president, is  making his second state visit to China with his wife Carla Bruni Sarkozy who is very popular  in China.

French

La Chine va mettre en place un  moratorium  sur la mise sur le marché,  d’actions locales de société de promoteurs immobiliers  afin de limiter la surchauffe de ce secteur. cela va potentiellement bloquer  environ €12. milliards d’augmentation de capital.  

Ce moratorium va avoir un impact sur les projets de 45 promoteurs Chinois.

Les officiels de CSRC  n’ont pas voulu confirmé qu’un gel des projets était mis en place formellement,  mais ils ont confirmé que leurs services de contrôle, étaient entrain d’examiner si certains sociétés immobilières avaient volontairement manipulé les cours .

Le président Nicolas Sarkozy en visite officielle en Chine   a annoncé mercredi qu’il souhaitait amélioré les relations commerciales avec la Chine dans les domaines du nucléaire, de l’industrie aéronautique, de l’environnement et d’autres domaines . Nicolas Sarkozy a aussi abordé les relations bilatérales et internationales avec le président  Hu Jintao,ces discussions sont semble t il les prémices d’un réchauffement des relations.

La France et la Chine ont connu au cours de la dernière année des relations exécrables, après les incidents violents lors du passage de la flamme olympique à Paris, et suite aux déclarations Françaises sur le Tibet,

Les discussions sur la crise financière et sur le sujet Iranien, ont néanmoins pu se tenir dans un climat confiant. 

Le président Sarkozy pour sa dernière visite était accompagné par son épouse Carla Bruni Sarkozy , célèbre en Chine .

Après avoir recherché dans le monde entier, la Caisse de dépôt a finalement recruté un économiste de la Banque mondiale à Washington, Oliver Fratzscher, qui est devenu ce mois ci  son premier vice-président et économiste en chef.

M. Fratzscher est un ancien de  l’Université de Montréal, où il a obtenu une maîtrise en économie, il a aussi étudié  à Harvard. Il occupe depuis 10 ans le poste de gestionnaire du Programme international d’obligations en devises locales pour les marchés émergents, à la Banque mondiale.

Sa carrière s’est déroulé chez ABN AMRO Bank et à la Deutsche Bank. Le numéro deux de la caisse le français Roland  Lescure  à déclaré  avec  M. Fratzscher nous avons  un chef économiste de premier plan qui saura aussi bien identifier, mesurer et synthétiser les tendances économiques mondiales, que formuler des recommandations stratégiques pour la réalisation des investissements de la Caisse et la détermination de la répartition de l’actif».

Pour la deuxième année de suite, la Caisse de dépôt et placement du Québec se classe parmi les moins bons gestionnaires de fonds, avec un rendement de 10% en 2009, presque 5% de moins que la médiane des grandes caisses de retraite canadiennes.

La performance de 2009 est toutefois une nette amélioration par rapport au rendement de – 25% de 2008,.

La Caisse a raté le rebond des marchés boursiers en début d’année, ce qui explique en bonne partie l’écart entre son rendement et celui des autres gestionnaires de fonds. La caisse avait  vendu massivement des actions en pleine tourmente financière à la fin de 2008.

A  l’arrivée de Michael Sabia, en mars 2009, la Caisse  a racheté pour 2,5 milliards de dollars d’actions le 1er avril 2009.

Le rendement de la Caisse a aussi été réduit par ses investissements dans les entreprises privées qui, en dépit d’un rendement de 10,8%, ont fait moins bien que l’indice de référence.

L’actif de la Caisse a augmenté de 120,1 à 131,6 milliards 2009, mais cette augmentation de 11,5 milliards ne  compense la perte sèche de 40 milliards subie en 2008.

Cette perte sèche de 28 milliards  les retraités du gouvernement du Québec,  les principaux déposants de la Caisse de dépôt,  la juge inacceptable. L’Association québécoise des retraités des secteurs public et parapublic, représentée par  Madelaine Michaud songe d’ailleurs à retirer ses avoirs de la Caisse.

Avec sa performance de 2009, la Caisse se classe dans le quatrième et dernier quartile des grandes caisses de retraite au Canada, tel que mesuré par l’indice RBC Dexia. Sous l’impulsion de Michael Sabia  la Caisse a considérablement réduit le niveau de risque de ses investissements. Elle a notamment réduit son passif et cessé de négocier des matières premières.

À plus long terme, la Caisse de dépôt sera plus présente sur les marchés internationaux, mais il lui faut d’abord acquérir le savoir-faire qui lui manque. «Je ne suis pas convaincu que nous avons les compétences nécessaires pour gagner sur ces marchés», a-t-il dit

La Caisse des Dépôts et Consignation France :

(livret A, investissement de long terme…)

La caisse qui avait réalisé la première perte de son histoire en 2008, a retrouvé le chemin des bénéfices en 2009.

« Les résultats seront raisonnable « , avait  déclaré Augustin de Romanet, le directeur général de la Caisse des Dépôts et Consignation (CDC), mardi lors d’une conférence de presse, avant la publication des résultats 2009.

Créée par Napoléon en 1816, l’établissement public (collecte du livret A, financement le logement social, investisseur de long terme, gestion des fonds de retraites…) avait fait état d’une perte nette de 1, 46 milliards d’euros en 2008 après avoir enregistré de lourdes dépréciations dans son portefeuille de participations et d’actions en raison de la crise financière.

Arme  financière  de l’Etat français, la Caisse des dépôts prévoit de nouer un partenariat stratégique avec La Poste et d’investir un milliard et demi d’euros dans l’établissement public dont le parlement vient de voter le changement de statut. La CDC aura aussi un rôle clé à jouer dans la mise en œuvre des programmes d’investissement du grand emprunt lancé cette année par le gouvernement, a indiqué Augustin de Romanet.

Le résultat consolidé du groupe Caisse des Dépôts s’établit donc  à 1 980 M€. Le résultat récurrent, hors exceptionnel, s’établit à 1 646 M€, soit le résultat récurrent le plus élevé de l’histoire de la Caisse des Dépôts. A 19,2 Md€, les fonds propres du Groupe retrouvent quasiment leur niveau de 2007. Le résultat de la section du fonds d’épargne s’élève à 1 164 M€. Les signatures de nouveaux prêts atteignent un niveau record à 13 Md€.

Résultats en hausse du Fonds d’épargne et niveau record des prêts

Le résultat du Fonds d’épargne s’élève à 1 164 M€ en 2009. L’année a été marquée par la généralisation de la distribution du Livret A à toutes les banques et la fixation à 160 Md€ du montant centralisé du Livret A à la Caisse des Dépôts pour la période 2009-2012. Les dépôts centralisés sont quasi stables à         211,6 Md€ en 2009.

Les signatures de nouveaux prêts atteignent un niveau record avec 13 Md€ en 2009, en faveur du logement et de la ville sous l’effet du plan de cohésion sociale et du programme national de renouvellement urbain, et en faveur des plans d’urgence et de relance (projets d’infrastructure portés par les collectivités locales, plan Hôpital, traitements des eaux usées, réhabilitation thermique, etc.).

English.

Donations from China’s wealthiest are on the rise, with the country’s top 100 philanthropists giving away 22.9 billion yuan ($3.3 billion) to charity since 2005.

The top 100 philanthropists donated an average of 229 million yuan each over the last five years, or six percent of their wealth, up from four percent last year, said the 2010 Hurun Philanthropy List released on Thursday.

The 50 most generous last year donated 8.2 billion yuan, eight times the average of the first philanthropy list in 2004, said the report.

Large donations have also been on the rise with three philanthropists donating more than $100 million last year and 13 donated more than $10 million.

Education, disaster relief and health care are the main beneficiaries. China’s first generation of entrepreneurs has been building schools in rural areas and donating to disaster relief, most recently to the Qinghai earthquake, the report said.

The list, in its seventh year, ranks the top 100 most generous Chinese individuals measured by the value of their donations over the past five years.

Yu Pengnian, an 88-year-old hotel and real estate entrepreneur in Shenzhen, was ranked the most generous donor for the fifth consecutive year.

He became China’s first billion-dollar philanthropist by announcing on Thursday the donation of his remaining fortune – $470 million in cash and property – to the Yu Pengnian Foundation, bringing the value of the HK-registered fund to $1.2 billion. The fund donates to health, education and disaster relief.

Huang Rulun, chairman of the Jinyuan Hotel Group, came in second by giving away $425 million since 2005. Zhu Mengyi, also known as Chu Mang Yee, chairman of property developer Hopson Development Holdings Ltd, ranked third with donations reaching $170 million.

During a national broadcast on China Central Television on April 20, three entrepreneurs, Cao Dewang, Lu Zhiqiang and Wang Jianling, donated more than $10 million to the Yushu earthquake. .

Chinese entrepreneurs now consider charitable donations to be the third most important way to demonstrate corporate social responsibility, behind payment of taxes and environmental protection, according to a survey released by the Hurun Report in January this year.

Fan Lizhu, a sociologist from Shanghai-based Fudan University, said lists such as the Hurun Report have created a favorable social environment for the development of the country’s philanthropy sector.

« By making names of those philanthropists known to the public, it could encourage more entrepreneurs and even the common folk to follow suit. Through that we’ll come to know what wealth is for, » she said.

Rich Americans Donate too !

Meeting of America’s Richest About ‘Need,’ Attendee Says

Oprah Winfrey, Bill Gates, Warren Buffett Discuss Coming Together ‘to Do More’

Under a cloak of secrecy, some of the world’s  wealthiest people, gathered in an unprecedented meeting recently   in New York City « to see how they can join together to do more, » according to one attendee.

Invited by the world’s two richest men Bill  Gates and Warren   Buffet , along with David Rockefeller, a Who’s Who of American wealth and influence gathered around a long table in a window-lined private room overlooking the East River .

« The overwhelming reason for the meeting was need — that was the issue that galvanized everyone to participate, » Patricia Stonesifer, senior advisor to the Gates foundation’s trustees, Bill and Melinda Gates and Warren Buffett, told  reporters . « This was a group very committed to philanthropy coming together to see how they can join together to do more. »

Gates and Buffett were joined by billionaire moguls Oprah Winfrey, Ted  Turner   and New York City  Michael  Bloomberg  along with heavyweight philanthropists George  Soros,  and others.

Together the attendees have donated more than $70 billion to charity since 1996, according to the Chronicle of Philanthropy.

A clandestine meeting of the country’s rich and powerful, left off their public calendars and hidden from the press, is enough to spark the imaginations of conspiracy  theorists  everywhere, but attendees told us  the meeting was « 100 percent about philanthropy » and it was not meant to be a secret.

« It was meant to be a private exchange but it wasn’t a secret really, just a private meeting, » Stonesifer said.

It lasted about five hours, beginning in mid-afternoon and continuing through dinner, Stonesifer said.

« This particular group had never come together as a group before but many of the attendees had met in the past either individually or in smaller groups — but never all at once, » she said. « This was a great discussion and they agreed to continue the dialogue and meet again in the future. There were a lot of good ideas. »

She said that the discussion « ranged from emergency relief efforts to scholarship efforts, to U.S. education efforts to global health. » Another attendee who asked to remain anonymous described the meeting as « a private gathering of friends and colleagues to share their history and excitement about their philanthropy. [It was] a group together discussing a range of things they are working on. »

When again asked about the meeting  Mayor Bloomberg said he sometimes holds private meetings that are « not going to be on the public schedules. There are meetings all over this city and there are some very powerful people in this city. »

Bloomberg who would not directly comment on the meeting or its outcome said: « You know I am very interested in private philanthropy, I think it has a unique place in our society in that with private dollars you can try new things, things that you can’t do with public dollars. »

There remain as many questions about the meeting’s details as there are about the logistics behind its organization. How did some of the world’s most public figures coordinate their schedules, travel, and security with no one in media knowing about it?

Charities Suffer in Recession

The meeting was reminiscent of the 1907 salons of America’s foremost financiers held in the study of J.P. Morgan to discuss how private citizens could stop the economic panic. Irish Central reported that each of the participants was given 15 minutes to propose how to best direct their charity given the global economic climate.

Charities are suffering during the crisis, and America’s top philanthropists likely met to chart a new course for global charity, said Stacy Palmer, editor-in-chief of the Chronicle of Philanthropy.

A meeting of the country’s top philanthropists is « extraordinary » and « really unusual, » Palmer said.

« I can’t think of another time they’ve all been in the same room to talk about philanthropy, » she said. « It’s unprecedented. »

Gates and Buffet have publicly committed their vast fortunes to the same philanthropic efforts, and Rockefeller, the chairman of Rockefeller Financial Services, comes from a long line of philanthropists.

Gates, the founder and former CEO of Microsoft, who topped the Forbes’ Richest People list this year, has dedicated his foundation to eradicating infectious disease worldwide

According to Portfolio magazine, Gates, who is worth about $59 billion, donated $3.7 billion from 2002 to 2006 and $10 billion from 2007 to 2008.

Warren Buffett, CEO of conglomerate Berkshire Hathaway, was ranked the second-richest man by Forbes this year with a net worth is estimated at $52 billion. Though his giving in the past year is not disclosed, he donated some $46.1 billion between 2002 and 2006, according to Portfolio.

In 2006, Buffet pledged $31 billion, the bulk of his fortune, to the Bill and Melinda Gates Foundation, doubling the organization’s endowment virtually overnight.

Though the charitable interests of the participants differ, they have some things in common, said Bob Ottenhoff, CEO of Guidestar, a service that tracks nonprofit organizations.

For the most part, the attendees are all self-made. Their donations come from money they made in their own lifetimes, rather than old family fortunes, and they have committed to giving away their fortunes while still alive rather than through bequests after their deaths.

One exception is Rockefeller, scion of the Rockefeller fortune. In 2008, Rockefeller gave $137 million to charity.

Philanthropic Groups Have Global Reach

Though the philanthropic focus of each of the participants differs, many of their foundations have a global dimension.

« Each has their specialty. Gates focuses on world health, [CNN founder Ted] Turner on the environment and the UN, Soros is involved in civic engagement, » Ottenhoff said.

Between 1997 and 2006 Turner has donated $1.6 billion, the bulk of which, $1 billion, went to the UN Foundation in 1997.

Soros, a fund manager worth $9 billion, gave $1.1 billion from 2002 to 2006 and $475 million from 2007 to 2008. Much of Soros giving goes to his family’s Open Society Institute.

« These sorts of meetings don’t happen very often. It is difficult for large philanthropic organizations to work together. The fact that these are all very engaged living donors means very interesting things can happen, » Ottenhoff said.

Both Ottenhoff and Palmer agreed that it was likely the financial crisis that brought everyone together.

Charitable giving has taken a serious hit in recent months, and the power players likely discussed how to keep some nonprofits afloat

Nonprofits are going through a difficult time. The endowments of many foundations have dropped significantly, » Palmer said. « Many people are not as able to give as much money as the used to.

« They are making a statement that donors should continue to give. They are likely planning on a sending a message that philanthropy needs to continue worldwide, » she said.

Few of the participants, Palmer said, gave money quietly and she anticipated that the secret meeting was the first step in a plan that would eventually be made public.

A number of other people attended the meeting including: Winfrey, worth $2.7 billion, who donated some $50 million in 2007; Bloomberg, founder of Bloomberg LP and Mayor of New York City, who is worth $11.5 billion and donated $205 million from 2007 to 2008; financier Eli Broad who donated $100 million in 2008; and financier Peter Peterson, who committed $1 billion in 2008/

English:

April 2010 ,22^nd

The Bentley Continental GT Design Series China is an exclusive model launched by the British manufacturer  for the Chinese market only , where sales have grown steadily since the first dealership was opened in 2002.

The top points  of the Bentley Continental GT Design Series China are its exceptional color and trim combinations, with a three-tone interior with complementary shades and attention given to the smallest details plus the particular body finish and redesigned wheels.

Besides the Bentley Continental GT Design Series China a second exclusive model that is only targeting the Chinese market is the Bentley Continental Flying Spur Speed China that has received the same attention with well-executed touches of luxury.

The Chinese market is now the third most important single market for Bentley globally in terms of sales and one of the fastest growing. Since Bentley entered China in 2002, sales have grown  to 421 cars in 2009, a trend that continues despite the recent global recession.

French:

Le marché chinois est devenu le troisième plus important marché pour le constructeur Bentley, Le constructeur automobile  vient de présenter les premières photos de deux séries spéciales de son coupé Continental GT. Cette extraordinaire Bentley Continental GT Design Series China,est  un véhicule d’exception entièrement développé et conçu pour ce marché ,il  sera proposé dans une édition ultra-exclusive composée de deux modèles uniques créés et assemblés au siège de Bentley à Crewe. La présentation sera faite  à l’occasion du China Motor Show le 23 avril à Beijing.Bentley a vendu 421 voitures en Chine en 2009.

English :

Leading Authority on China’s Wealthy Counts 825,000 ‘Millionaires’ with Beijing Home to Most

April 14 2009, Shanghai

Hurun Report, renowned for its annual ‘China Rich List’, today released the Hurun 2009 Wealth Report, detailing the number of millionaires broken down by region across China.

China has 825,000 individuals with personal wealth of more than 10 million yuan (GBP 1 million or USD 1.46 million) and 51,000 individuals with more than 100 million yuan, according to the Hurun 2009 Wealth Report.

One person in every 1700 in China has wealth of 10 million yuan. One person in every 25,000 has wealth of 100 million yuan.

Beijing, Guangdong and Shanghai are home to the lion’s share of the rich, accounting for 48% of millionaires in Mainland China. Beijing tops the list with 143,000 individuals with more than 10 million yuan and 8,800 individuals with more than 100 million yuan. Second is Guangdong Province with 137,000, followed by Shanghai with 116,000 and Zhejiang Province with 110,500 millionaires.

“The Hurun Wealth Report shows the increased importance of China’s second- and third-tier cities for brands looking to tap China’s high-end consumers,” says Rupert Hoogewerf, founder and publisher of Hurun Report, a leading luxury business magazine in China. “With this growth in wealth comes a surge in self-confidence driving China’s wealthy to continue to spend, despite the economic crisis …

read more on :

http://www.hurun.net/listreleaseen344.aspx

French :

Hurun report reconnu pour son étude annuelle sur les riches Chinois vient de publier son rapport 2009 des millionnaires

La Chine compte 825,000 individuels possédant 10 millions de  yuan (USD 1.46 million) et  51,000 individuels possédant 100 million yuan, (USD 14,6 millions)

Une personne sur 1700 en Chine  possède 10 millions de  yuan. Une sur 25,000 possède lui 100 millions de yuan.

Beijing, Guangdong et  Shanghai  hébergent 48% de ces  millionnaires. Beijing arrive en première position avec  143,000 individuels avec plus de 10 million de  yuan et  8,800 individuels avec plus de 100 millions de  yuan.La  Seconde est  Guangdong Province avec  137,000, suivi par Shanghai avec  116,000 et  Zhejiang Province avec  110,500 millionnaires.

Lire le rapport en details dans :

http://www.hurun.net/listreleaseen344.aspx

Central Huijin Investment Co, the domestic investment arm of China’s sovereign wealth fund, plans to sell bonds worth at least 80 billion yuan ($11.73 billion) in the interbank market and   to  use them to  fund major commercial lenders and export-oriented financial institutions, sources familiar with the matter said on April 20th.

The investment unit got already State Council approval for the bond issue.

Central Huijin plans to inject the money  of the bond sale into Export-Import Bank of China (China Eximbank), China Export & Credit Insurance Corp (Sinosure) and other State-run lenders, the sources told us  on condition of anonymity.

Several underwriters have started work on the bond issue, but it is still not clear how much of the funds will be directed to the two export-oriented lenders, the source said.

The funds will partly help to reinforce the capital base of China Eximbank and Sinosure, as policymakers and regulators are planning to restructure the State-owned trade financier and export credit insurer and  to get rid from their balance sheets of bad loans.

Li Ruogu, president of China Eximbank, said in an earlier interview that the lender will continue to be the guidelines arm of the government supporting export and import development after its business reform. However, a detailed reform plan is still under discussion, he said.

On the other hand, Central Huijin needs capital to participate in the impending share offering of major Chinese lenders, as it was set up in 2003 with the mission of holding majority shares in the big commercial lenders on behalf of the government.

Chinese lenders are in awful need of funds to boost their capital base after the record credit expansion of last year and hawkish regulatory requirements.

Industrial and Commercial Bank of China and Bank of China, the country’s biggest and third largest lenders, have announced plans to raise capital to the tune of 20 percent of their existing shares in Hong Kong and

Shanghai, while China Construction Bank, the second largest lender, is likely to follow suit later this year.

Market watchers said the financial bonds issued by Central Huijin would be priced at a rate lower than those issued by commercial banks, but higher than policy financial bonds.

However, some expressed concerns over the earning prospects of Central Huijin, as banks will face mounting bad loan risks in the coming few years after the lending spree of 2009.

Central Huijin earned over 70 billion yuan in dividends from the top three State-run lenders last year.

At Least local governments autorised to issue bonds since 2009, are planning to sell bonds for an amount of $ 29 billion.

French

Le fond souverain Central Huijin  va émettre des obligations .

Central Huijin Investment Co, le fond souverain du gouvernement Chinois Sovereign Wealth Fund, va mettre sur le marché  80 billion yuan ($11.73 billion) sur le marché inter bancaire afin d’être en mesure de financer les sociétés de crédit ainsi que les société d’assurance crédit export .

Afin de mettre   en œuvre  une politique volontariste de la politique fiscale, de renforcer les modalités de fonds et d’élargir sa capacité d le Conseil d’Etat Chinois à aussi  a décidé d’émettre 200 milliards de yuans d’obligations ( 29 milliards de dollars)  

  L’émission d’obligations par les gouvernements provinciaux   semble maintenant être autorisée. afin de favoriser la croissance de la demande intérieure, Le  Ministère des Finances a expliqué que, depuis  2009 l’émission d’obligations par les  gouvernements locaux a  été approuvé par le Conseil d’Etat.

Alors que la Grèce à des difficultés à placer ses obligations, cette émission Chinoise sera un bon test comparatif.

Any mistake, une erreur, please contact:

bj@abusinesstabloid.com