ecns [expanded by feedex.net]
ecns
China to enhance financial support for agricultural sector
http://www.ecns.cn/business/2013/06-28/70562.shtml
Jun 27th 2013, 23:10
2013-06-28 08:10 Xinhua Web Editor: qindexing
China's top banking regulator said on Thursday that the country will provide more financial support for agriculture.
Financial institutions will be encouraged to lend more to the agriculture, forestry, husbandry and fishery industries, prioritizing the country's central and western areas, as well as major grain-producing regions, the China Banking Regulatory Commission (CBRC) said in a report presented to the country's top legislative body.
It also vowed to increase credit for agricultural infrastructure construction, agricultural technology research and development, as well as the development of new types of agricultural business entities.
Outstanding loans for agriculture-related sectors totaled 17.6 trillion yuan (2.84 trillion U.S. dollars) at the end of 2012, representing an average annual increase of 23.6 percent from 2008. The growth was 4 percentage points higher than the average growth of other loans, according to CBRC statistics.
According to the report, the country will beef up efforts to promote the clarification, registration and transfer of rural land management rights while carrying out pilot programs for rural people who wish to mortgage their lands.
Rural land in China is either state-owned or collectively owned.
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Thursday, June 27, 2013
ecns [expanded by feedex.net]: Shanghai index slips amid ongoing liquidity squeeze
ecns [expanded by feedex.net]
ecns
Shanghai index slips amid ongoing liquidity squeeze
http://www.ecns.cn/business/2013/06-28/70560.shtml
Jun 27th 2013, 23:04
2013-06-28 08:04 Shanghai Daily Web Editor: qindexing
Shanghai stocks declined for the seventh straight day amid the ongoing liquidity squeeze and concern over the economy despite data showing the regulator has granted new quotas for foreign investors to tap China's securities market.
The benchmark Shanghai Composite Index shed 1.48 points, or 0.08 percent, to 1,950.01. Daily turnover was 84.3 billion yuan (US$13.8 billion).
"The market will likely remain weak as investors are hesitant to commit given the liquidity crunch and economic weakness," said Western Securities.
Fitch Ratings yesterday lowered its forecast on China's 2013 economic growth to 7.5 percent, down from its previous projection of 8 percent, as surging borrowing costs in June may post risks to the economy.
China on Monday granted a total quota of 9.2 billion yuan to the Renminbi Qualified Foreign Institutional Investors, bringing the total investment under the program to 104.9 billion yuan, according to State Administration of Foreign Exchange data.
Small-cap firms led today's declines as Ernst & Young LLP said small-caps will dominate China's initial public offerings, which are expected to resume after July.
Logistics firms slumped. Yangtze River Investment Industry Co, which primarily offers marine and air transportation, slid 7.1 percent to 6.25 yuan. CMST Development Co, one of China's key warehousing enterprises, fell 4.5 percent to 6.32 yuan.
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ecns
Shanghai index slips amid ongoing liquidity squeeze
http://www.ecns.cn/business/2013/06-28/70560.shtml
Jun 27th 2013, 23:04
2013-06-28 08:04 Shanghai Daily Web Editor: qindexing
Shanghai stocks declined for the seventh straight day amid the ongoing liquidity squeeze and concern over the economy despite data showing the regulator has granted new quotas for foreign investors to tap China's securities market.
The benchmark Shanghai Composite Index shed 1.48 points, or 0.08 percent, to 1,950.01. Daily turnover was 84.3 billion yuan (US$13.8 billion).
"The market will likely remain weak as investors are hesitant to commit given the liquidity crunch and economic weakness," said Western Securities.
Fitch Ratings yesterday lowered its forecast on China's 2013 economic growth to 7.5 percent, down from its previous projection of 8 percent, as surging borrowing costs in June may post risks to the economy.
China on Monday granted a total quota of 9.2 billion yuan to the Renminbi Qualified Foreign Institutional Investors, bringing the total investment under the program to 104.9 billion yuan, according to State Administration of Foreign Exchange data.
Small-cap firms led today's declines as Ernst & Young LLP said small-caps will dominate China's initial public offerings, which are expected to resume after July.
Logistics firms slumped. Yangtze River Investment Industry Co, which primarily offers marine and air transportation, slid 7.1 percent to 6.25 yuan. CMST Development Co, one of China's key warehousing enterprises, fell 4.5 percent to 6.32 yuan.
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ecns [expanded by feedex.net]: Markets fall short of victory, building plan buoys cement shares
ecns [expanded by feedex.net]
ecns
Markets fall short of victory, building plan buoys cement shares
http://www.ecns.cn/business/2013/06-28/70561.shtml
Jun 27th 2013, 23:06
2013-06-28 08:06 Global Times Web Editor: qindexing
Stock markets on the Chinese mainland posted modest drops Thursday as a general malaise displaced the more acute liquidity fears which dominated trading earlier in the week.
The Shanghai Composite Index ditched 1.48 points, or 0.08 percent, to close at 1,950.01; while the Shenzhen Component Index shaved off 0.29 percent, or 22.07 points, to finish at 7,544.33.
Both benchmarks opened higher Thursday and traded mostly above par throughout the day as strong performances from the heavily weighted banking, real estate and steel sectors kept the indices treading water.
Media, securities and logistics stocks mostly tumbled in late trading though, reeling in the early gains and pulling the Shanghai Composite and the Shenzhen Component below even as the afternoon came to a close.
Combined turnover at the two exchanges climbed to 188.8 billion yuan ($30.70 billion), slightly higher than Wednesday's 182.1 billion yuan.
The State Administration of Foreign Exchange (SAFE) announced that it had granted a total of 9.2 billion yuan in investment quotas to renminbi qualified foreign institutional investors (RQFII) on June 24, the Securities Times reported Thursday.
Analysts said that the SAFE's move was aimed at restoring sentiment, but the impact of the currency authority's latest round of quotas was muted by the bearish gloom shrouding the market.
Cement, building material and environmental protection equities benefited from news that the central government intends to improve housing conditions for the poor with accelerated reforms. Anhui Conch Cement Co added 2.05 percent to 12.96 yuan. Shanghai Safbon Water Service Co climbed 5.86 percent to 13.00 yuan.
Banking shares got a chance to lick their wounds Thursday after liquidity concerns propelled the sector deep into contractions. Shanghai Pudong Development Bank added 1.42 percent to 7.88 yuan. China Merchants Bank Co climbed 2.72 percent to 10.95 yuan.
In the steel sector, Chongqing Iron & Steel Co Ltd reached the daily 10-percent limit to close at 2.60 yuan. Bengang Steel Plates Co went up 5.08 percent to 2.69 yuan. Liuzhou Iron & Steel Co edged up 5.16 percent to 2.24 yuan.
On the downside, most brokerages dipped. Huatai Securities Co lost 0.38 percent to 7.78 yuan Thursday. Shanxi Securities Co contracted 3.81 percent to 5.80 yuan on the day.
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ecns
Markets fall short of victory, building plan buoys cement shares
http://www.ecns.cn/business/2013/06-28/70561.shtml
Jun 27th 2013, 23:06
2013-06-28 08:06 Global Times Web Editor: qindexing
Stock markets on the Chinese mainland posted modest drops Thursday as a general malaise displaced the more acute liquidity fears which dominated trading earlier in the week.
The Shanghai Composite Index ditched 1.48 points, or 0.08 percent, to close at 1,950.01; while the Shenzhen Component Index shaved off 0.29 percent, or 22.07 points, to finish at 7,544.33.
Both benchmarks opened higher Thursday and traded mostly above par throughout the day as strong performances from the heavily weighted banking, real estate and steel sectors kept the indices treading water.
Media, securities and logistics stocks mostly tumbled in late trading though, reeling in the early gains and pulling the Shanghai Composite and the Shenzhen Component below even as the afternoon came to a close.
Combined turnover at the two exchanges climbed to 188.8 billion yuan ($30.70 billion), slightly higher than Wednesday's 182.1 billion yuan.
The State Administration of Foreign Exchange (SAFE) announced that it had granted a total of 9.2 billion yuan in investment quotas to renminbi qualified foreign institutional investors (RQFII) on June 24, the Securities Times reported Thursday.
Analysts said that the SAFE's move was aimed at restoring sentiment, but the impact of the currency authority's latest round of quotas was muted by the bearish gloom shrouding the market.
Cement, building material and environmental protection equities benefited from news that the central government intends to improve housing conditions for the poor with accelerated reforms. Anhui Conch Cement Co added 2.05 percent to 12.96 yuan. Shanghai Safbon Water Service Co climbed 5.86 percent to 13.00 yuan.
Banking shares got a chance to lick their wounds Thursday after liquidity concerns propelled the sector deep into contractions. Shanghai Pudong Development Bank added 1.42 percent to 7.88 yuan. China Merchants Bank Co climbed 2.72 percent to 10.95 yuan.
In the steel sector, Chongqing Iron & Steel Co Ltd reached the daily 10-percent limit to close at 2.60 yuan. Bengang Steel Plates Co went up 5.08 percent to 2.69 yuan. Liuzhou Iron & Steel Co edged up 5.16 percent to 2.24 yuan.
On the downside, most brokerages dipped. Huatai Securities Co lost 0.38 percent to 7.78 yuan Thursday. Shanxi Securities Co contracted 3.81 percent to 5.80 yuan on the day.
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ecns [expanded by feedex.net]: Violations found in state-owned banks' lending
ecns [expanded by feedex.net]
ecns
Violations found in state-owned banks' lending
http://www.ecns.cn/business/2013/06-28/70563.shtml
Jun 27th 2013, 23:12
2013-06-28 08:12 Xinhua Web Editor: qindexing
The National Audit Office (NAO) on Thursday said it has found that some state-owned financial institutions have violated lending regulations.
NAO said 27 branches of state-owned financial institutions provided loans worth a combined total of 28.44 billion yuan (#4.6 billion) for projects without proper procedures or necessary guarantee.
Nine branches charged extra fees totaling 421 million yuan for small business loans and export credit services, auditor general of NAO, Liu Jiayi, said in an auditing report presented to the country's top legislature.
Meanwhile, 18.39 billion yuan was embezzled by clients and 2.2 billion yuan was transferred to private financial markets for usurious loans, NAO said.
NAO said 22.03 billion yuan in illegal or embezzled loans has been retrieved and authorities have prosecuted 693 people in relation.
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ecns
Violations found in state-owned banks' lending
http://www.ecns.cn/business/2013/06-28/70563.shtml
Jun 27th 2013, 23:12
2013-06-28 08:12 Xinhua Web Editor: qindexing
The National Audit Office (NAO) on Thursday said it has found that some state-owned financial institutions have violated lending regulations.
NAO said 27 branches of state-owned financial institutions provided loans worth a combined total of 28.44 billion yuan (#4.6 billion) for projects without proper procedures or necessary guarantee.
Nine branches charged extra fees totaling 421 million yuan for small business loans and export credit services, auditor general of NAO, Liu Jiayi, said in an auditing report presented to the country's top legislature.
Meanwhile, 18.39 billion yuan was embezzled by clients and 2.2 billion yuan was transferred to private financial markets for usurious loans, NAO said.
NAO said 22.03 billion yuan in illegal or embezzled loans has been retrieved and authorities have prosecuted 693 people in relation.
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ecns [expanded by feedex.net]: China's forestry output to hit 9 trln yuan in 2020
ecns [expanded by feedex.net]
ecns
China's forestry output to hit 9 trln yuan in 2020
http://www.ecns.cn/business/2013/06-28/70564.shtml
Jun 27th 2013, 23:15
2013-06-28 08:15 Xinhua Web Editor: qindexing
China's forestry output is expected to hit 9 trillion yuan (1.46 trillion U.S. dollars) in 2020, a senior Chinese forestry official said Thursday.
The country's forestry production reported average annual growth of 24 percent over the past ten years or more, said Sun Jian, deputy director of the accounting department with the State Forestry Administration (SFA), at a press conference.
China's forestry output is expected to hit 4.5 trillion yuan in 2013, according to an SFA forecast issued in late 2012.
Sun said the SFA, the country's top wildlife and forestry agency, will focus its future work on boosting the scale of the forestry industry and developing the under-forest economy.
The SFA is also mulling measures to update traditional forestry industries through the promotion of forestry exhibitions as important platforms for showcasing high-tech development in the sector.
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ecns
China's forestry output to hit 9 trln yuan in 2020
http://www.ecns.cn/business/2013/06-28/70564.shtml
Jun 27th 2013, 23:15
2013-06-28 08:15 Xinhua Web Editor: qindexing
China's forestry output is expected to hit 9 trillion yuan (1.46 trillion U.S. dollars) in 2020, a senior Chinese forestry official said Thursday.
The country's forestry production reported average annual growth of 24 percent over the past ten years or more, said Sun Jian, deputy director of the accounting department with the State Forestry Administration (SFA), at a press conference.
China's forestry output is expected to hit 4.5 trillion yuan in 2013, according to an SFA forecast issued in late 2012.
Sun said the SFA, the country's top wildlife and forestry agency, will focus its future work on boosting the scale of the forestry industry and developing the under-forest economy.
The SFA is also mulling measures to update traditional forestry industries through the promotion of forestry exhibitions as important platforms for showcasing high-tech development in the sector.
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ecns [expanded by feedex.net]: China stock index futures close mixed Thursday
ecns [expanded by feedex.net]
ecns
China stock index futures close mixed Thursday
http://www.ecns.cn/business/2013/06-27/70547.shtml
Jun 27th 2013, 07:52
2013-06-27 16:52 Xinhua Web Editor: qindexing
China's stock index futures closed mixed on Thursday, with the contract for July 2013, the most actively traded, staying flat at 2,119.0 points.
The August contract fell 0.03 percent to 2,121.2 points. The September contract gained 0.06 percent to 2,127.0 points, while the December contract edged up 0.05 percent to 2,147.6 points.
The stock-index contracts, agreements to buy or sell the Hushen 300 Index at a preset value on an agreed date, are designed to allow investors to bet on and profit from either gains or declines in the market.
The index futures was launched at the China Financial Futures Exchange (CFFEX) and started trading from April 16, 2010. The CFFEX has set the base value for all the four contracts at 3,399 points.
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ecns
China stock index futures close mixed Thursday
http://www.ecns.cn/business/2013/06-27/70547.shtml
Jun 27th 2013, 07:52
2013-06-27 16:52 Xinhua Web Editor: qindexing
China's stock index futures closed mixed on Thursday, with the contract for July 2013, the most actively traded, staying flat at 2,119.0 points.
The August contract fell 0.03 percent to 2,121.2 points. The September contract gained 0.06 percent to 2,127.0 points, while the December contract edged up 0.05 percent to 2,147.6 points.
The stock-index contracts, agreements to buy or sell the Hushen 300 Index at a preset value on an agreed date, are designed to allow investors to bet on and profit from either gains or declines in the market.
The index futures was launched at the China Financial Futures Exchange (CFFEX) and started trading from April 16, 2010. The CFFEX has set the base value for all the four contracts at 3,399 points.
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ecns [expanded by feedex.net]: Tesco launches China online service
ecns [expanded by feedex.net]
ecns
Tesco launches China online service
http://www.ecns.cn/business/2013/06-27/70545.shtml
Jun 27th 2013, 07:49
2013-06-27 16:49 chinadaily.com.cn Web Editor: qindexing
Tesco, the world's third-largest retailer by revenue, announced on Wednesday the launch of its online shopping service in China.
The service will initially only be available in Shanghai. Products will be delivered free from their stores.
Tesco is not the first international retailer to kick off an online service.
Last year, the world largest retailer, US Wal-Mart, increased its stake in Yihaodian, a Chinese online grocery store, to 51 percent in order to boost its online presence in the country.
"Tesco China's online shopping service will enhance our role as a multi-channel retailer and provide better shopping experience for customers in the digital age with integrated retailing service," said Paul Ritchie, Tesco China CEO.
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ecns
Tesco launches China online service
http://www.ecns.cn/business/2013/06-27/70545.shtml
Jun 27th 2013, 07:49
2013-06-27 16:49 chinadaily.com.cn Web Editor: qindexing
Tesco, the world's third-largest retailer by revenue, announced on Wednesday the launch of its online shopping service in China.
The service will initially only be available in Shanghai. Products will be delivered free from their stores.
Tesco is not the first international retailer to kick off an online service.
Last year, the world largest retailer, US Wal-Mart, increased its stake in Yihaodian, a Chinese online grocery store, to 51 percent in order to boost its online presence in the country.
"Tesco China's online shopping service will enhance our role as a multi-channel retailer and provide better shopping experience for customers in the digital age with integrated retailing service," said Paul Ritchie, Tesco China CEO.
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