Monthly Archives: October 2008
China’s Billionaire Boom Goes Bust
It has been a rough year for China’s superwealthy, according to Forbes latest annual ranking of the country’s richest: The combined net worth of the 400 richest {Chinese} dropped to $173 billion from $288 billion. The top 40 lost $68 … Continue reading
Filed under Economy
Hong Kong Finds More Melamine-Tainted Eggs
The melamine-tainted eggs are getting to be like the melamine-tainted baby formula. First there was one manufacturer whose products were found to be contaminated. Then there were many. Tests in Hong Kong have found three more brands of Chinese eggs … Continue reading
Filed under Product Safety
Aluminum, Copper Smelters Facing Same Slump As Steelmakers
Aluminum smelters and copper refiners are facing the same problems as China’s steelmakers. Slowing economic growth in their domestic and export markets is cutting demand for their products, lowering prices and squeezing profits. The biggest aluminum smelters met commerce and … Continue reading
Filed under Economy
Dollar-Bound
Even with a slowing economy and export markets slowing faster, China has a lot of trade surplus dollars to recycle. Its foreign-exchange reserves are in excess of $1 trillion and they sit mostly in U.S. dollar-denominated assets. The American currency … Continue reading
Filed under China-U.S., Economy, Markets
HK Extends Melamine Testing After Finding Chemical In Chinese Eggs
The melamine-tainted food scare just keeps on spreading. Hong Kong said tody that it is expanding its testing to include meat products imported from China after discovering excessive levels of the chemical in eggs yesterday. The eggs, from Dalian Hanwei … Continue reading
Filed under Product Safety
The Fictitious Economy
Not to poke fun at a touch of underpolishing by Xinhua‘s editors, but this Bystander is wryly amused by the state news agency’s English language report of Prime Minister Wen Jiabao’s press conference following the Asia-Europe summit: “Lessons should be … Continue reading
Filed under Media
Wen Supports Europe’s Call For Global Financial Regulation
Prime Minister Wen Jiabao has thrown China’s weight behind European calls for a new global financial regulatory regime. Speaking after the two-day summit of European and Asian leaders in Beijing, Wen said he would back the French-led initiative at the … Continue reading
Filed under China-E.U., China-U.S., Economy, Markets
Flat Output Will Help Steelmakers Strike Better Iron Ore Deals
Confirmation of the problems in the steel industry comes from Shan Shanghua, secretary general of the China Iron and Steel Association (here via People’s Daily). He says production will be flat this year at 500 million tonnes, revising the association’s … Continue reading
Two More Chinese Firms Reveal Forex Losses
Misery loves company. China Railway and China Railway Construction have joined Citic Pacific in revealing disastrous bets on foreign-exchange. China Railway booked a $285 million loss and China Railway Construction booked a $45 million loss on forex operations in the … Continue reading
Filed under Economy
More Melamine Problems Pop Up
The melamine-tainted food scandal has taken a couple of bizarre twists. First, Britain’s Food Standards Agency said late last week that a Chinese-made novelty food product sold in U.K. sex shops has been taken off the shelves after being found … Continue reading
Filed under Economy
