Saturday, July 31, 2010

TIMELINE - China pulls on reins as economy booms

Wed Feb 24, 2010 1:49am EST Related News UPDATE 1-China tells banks to limit loans to local gov"ts-mediaTue, Feb 23 2010China surprises with further rise in banks" reservesFri, Feb 12 2010Instant View: China surprises with reserve requirement riseFri, Feb 12 2010Timeline: China pulls on reins as economy boomsFri, Feb 12 2010China lifts banks" reserve requirements againFri, Feb 12 2010

China"s banking regulator tightened the noose once again onbank loans, telling commercial lenders to restrict new creditthey provide to the financing vehicles of local governments.

Currencies&&&&Bonds

Beijing is trying to control explosive bank lending growththat has set off concerns about asset price bubbles and thecreation of a fresh crop of bad debt.

The following shows key developments this year:

Feb 24 - China Banking Regulatory Commission orderscommercial banks to restrict new lending they provide to localgovernments" financing arms to ward off risk of default.[ID:nTOE61M098]

Feb 22 - Chinese banks warned not to lend too aggressivelyand to verify that their loans are being used for the intendedpurpose. [ID:nTOE61L01L]

Feb 12 - China central bank surprises markets by raisingbank reserve requirements 50 basis points, effective Feb 25,its second increase this year. Few traders had expected themove so soon after a low inflation reading for January.[ID:nTOE61B068]

Feb 11 - China consumer inflation unexpectedly slows inJanuary, but brisk lending and a rise in factory-gate prices tokeep policymakers alert. Central bank says it will guidemonetary measures away from anti-crisis footing but maintainappropriately loose policy. [ID:nTOE61A00V]

Feb 3 - A major Chinese bank, Bank of China, raisesmortgage rates in one of the first signs of how governmentcredit clampdown could tame turbo-charged growth.[ID:TOE61205G]

Feb 2 - Reserve Bank of Australia surprises markets byskipping a rate rise, noting tighter policy in China amongother factors in its statement. Before the meeting, a rate risehad been almost fully priced into markets. [ID:nSGE61003K]

Feb 1 - China orders banks to ensure excessive credit hasnot illegally entered the stock or property markets in latestbid to bring pace of lending under control.[ID:nTOE61003S]

Feb 1 - Shanghai stock market closes at lowest in more thanthree years on fears of more tightening measures.[ID:nTOE610091]

JANUARY

Jan 30 - PBOC Deputy Governor Zhu Min tells Reuters thecentral bank is ready to take further steps to ensure rapidloan growth does not destablise the economy. [ID:nLDE60T0BZ]

Jan 29 - PBOC says it will ensure money and credit growthremain ample in 2010 even though inflation is likely to rise.

Jan 27 - China"s biggest bank ICBC says it has stoppedrolling over some loans to slow credit growth as Chairman ofChina Banking Regulatory Commission instructs banks to ensureeven pace of lending over the course of 2010. [ID:nSGE60Q05X]

Jan 26 - IMF sees no serious risk of a market bubble inChina, a senior official tells a news conference. [ID:nWEN8975]

Jan 21 - China reports that GDP in Q4 2009 rose 10.7percent over the same year-earlier quarter. [ID:nTOE60K011]

Jan 21- China"s central bank guides up its bill yields forthe second time this year, highlighting its determination tofight inflationary pressures after strong Q4 GDP.[ID:nTOE60K011]

Jan 20 - Chinese banking authorities order some major banksto curb lending for the rest of January, intensifying effortsto prevent loan growth from overheating the economy.[ID:nTOE60J010] Jan 20 - China tells Bank of China, Industrial CommercialBank of China, CITIC Bank and China Everbright Bank to increasereserve requirements by 0.5 percentage point. [ID:nTOE60J0A1]

Jan 19 - China will maintain "reasonable growth" in creditand money supply and stick with proactive policies to boostdemand but will also curb speculative property investment andtake steps to deal with inflationary expectations, Premier WenJiabao says. [ID:nTOE60I0A7]

Jan 18 - PBOC allows one-year bill yields to rise more thanexpected, signaling it aims to shift fund drains to longer-termtenors to rein in lending and fight inflation. [ID:nTOE60I03B]

Jan 17 - China"s banking regulator urges banks to becautious on lending this year, ensuring credit is used in thereal economy and not for speculation. It also calls on banks tomonitor the property sector and make "greater efforts" tocontrol loan risks.

Jan 13 - China renews vow to curb runaway property pricerises by increasing the supply of affordable housing andcracking down on speculation. [ID:nTOE60C032]

Jan 12 - China announces a 50-basis-point increase inbanks" required reserves, its strongest step yet towardstightening monetary policy that rocks global financial marketbecause it came earlier than expected. [ID:nTOE60B095] Jan 12 - PBOC raises yield on 20 billion yuan ($2.9 billion)of 1-year bills, having held it steady for previous 20auctions; also drains record 200 billion yuan from thefinancial system via 28-day bond repurchase agreements.[ID:nTOE60B020]

Jan 7 - Central bank surprises by raising auction yield ofits three-month bills for the first time since mid-August.[ID:nTOE60604H

For more stories on China"s economy, click[CN-MCE-RTRS-LEN]

For comments by Chinese policymakers, see[CN-PLCY-RTRS-LEN]

(Compiled by Asia Treasury Desk; +65 6870 3840]

Currencies Bonds

Wednesday, July 28, 2010

Serious Fraud Office ends exploration in to miners kinship and claims over damages

Andrew Norfolk & , : {}

The Serious Fraud Office has abandoned a long-running criminal inquiry into a miners union and the worlds largest personal injury compensation scheme.

It follows a four-year inquiry into financial links between Union of Democratic Mineworkers (UDM) officials and a law firm handling tens of thousands of damages claims by sick miners. The UDM officials have always denied any wrongdoing.

It means no one will be prosecuted over the scandal, first exposed by The Times, that led to an independent inquiry and the striking off in 2008 of two solicitors, Jim Beresford and Doug Smith, partners in Doncaster-based Beresfords, a firm paid 136 million for processing health claims.

They were found guilty by a disciplinary tribunal of dishonesty and conscious impropriety in their dealings with the UDM.

Related LinksPair who profited from sick miners lose appealBeresfords - how The Times broke the story

The dropping of the investigation, announced in a brief statement yesterday, surprised many closely involved with the case and is understood to have caused disappointment in some quarters of the SFO.

Until recently, sources close to the inquiry were assuring interested parties that prosecution papers had been prepared, counsels opinion taken and that a series of arrests were imminent.

The SFO said yesterday it was felt that there was no reasonable prospect of securing a conviction and that there were fundamental difficulties in showing that the UDM/Vendside has suffered any loss ... when there was arguably no direct legal entitlement ... to the referral fees [paid by Beresford].

Mr Beresford, 59, earned more than 30 million from the compensation scheme and used the money to buy a 1.8 million private jet, Aston Martins and a Ferrari, while tens of thousands of miners with chronic lung disease and a crippling hand condition caused by their work underground, received damages totalling less than 1,000 each.

The SFO inquiry began in the summer of 2005 after The Times exposed payments made by Beresfords to Indiclaim, a company owned by a UDM employee, Clare Walker.

Her company received hundreds of thousands of pounds under the terms of a secret 2002 deal between the law firm and Mick Stevens, the UDMs general secretary.

He agreed that the union, which owned a claims-handling company called Vendside, would in future pass all its coal-health claims to Beresfords.

In return, the solicitors would pay a fee to Miss Walkers company for each claim they received. All correspondence relating to the agreement was to be sent privately to her home address and not to the UDM offices.

Five years ago the union said that Indiclaim had absolutely no connection to the UDM or any of its claims. But The Times has seen a memorandum setting out the agreement.

Miss Walker, 45, a former British Coal employee who was on an estimated 18,000 salary until 1997, was by 2005 earning 260,000 a year as the part-time head of claims at Vendside.

Tuesday, July 27, 2010

Stunning Fulham quip knocks Juventus out of the Europa League Fulham

Tom Dart & , : {}

A European debate that proposed in Lithuania on Jul thirty last year entered dreamland last night. Fulham began the contest wondering how majority courtesy they should persevere to it; yesterday they constructed a result that will have the Continent reception notice of them.

The Europa League is some-more used to reception scorn than hyperbole, but this merits superlatives: a important result and a opening from Fulham to stop the dizzying turnarounds that bearing Middlesbrough in to the 2006 Uefa Cup final. A stupidity descended on Craven Cottage, logic, repute and luck overturned as Fulham recovered from a 4-1 total necessity to disparage one of the majority successful clubs in Italian football history.

Beaten 3-1 in Turin last week by a Juventus side right afar fifth in Serie A, Fulham were a idea down in the second leg of the round-of-16 tie after a small some-more than 90 seconds yesterday, but rught afar embarked on a liberation mission that was since a turbo progress by the exclusion of Fabio Cannavaro.

Another important Fabio watched from the stands. If Signore Capello does not call Bobby Zamora in to the subsequent England patrol after this display, he never will. The England manager, a former Juventus player and coach, as if left feeling vexed and impressed. His former bar had detonate miserably underneath the aria of Fulhams onslaught, but an English striker had constructed a masterclass in that singular combination: strength and subtlety. Zamora scored Fulhams initial idea and helped to emanate their second.

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This might be usually the Europa League, but travelling fans collected outward the track after the last alarm to call off the degraded players with strong and rhythmical Italian variations on the thesis of Youre not fit to wear the shirt.

Juventus were understrength, but so were Fulham. And 6 of the Italian clubs match-day patrol appeared in the 2006 World Cup final. The group sported a pack in a colour most appropriate described as bling and Fulham began as if dazzled by the luminosity of their gold-clad opponents.

The opening goal, after 1min 38sec, was foretold in the physique denunciation of the teams. Juventus, well-spoken and certain; Fulham, forced and hesitant. Hasan Salihamidzics mediocre cranky in to the box was not privileged and the round pennyless to David Trezeguet, who caressed it in to the net.

Fulham replied in the ninth minute. Paul Konchesky crossed from the left, Zamora outmuscled Cannavaro, afterwards lashed the round past Antonio Chimenti, the 39-year-old third-choice goalkeeper in movement since of injuries to Gianluigi Buffon and Alex Manninger.

After twenty-seven minutes, Zoltan Gera attempted to detonate by the defensive line on to a pass from Zamora, but fell only outward the area as Cannavaro tangled with him. The referee, Björn Kuipers, questionably showed the defender the red label for rejection of a goalscoring opportunity. As his team-mates reacted with outrage, Cannavaro grinned similar to a correct old virtuoso submitting to fate.

The Juventus showboat of the early stages was holed next the waterline. The bar who had taken piece in some-more European matches than any alternative left in the foe were husky and stressed, incompetent to govern elementary passes. Within thirty seconds, ten mins prior to the break, Simon Davies banged the crossbar with a free flog and Dickson Etuhu headed opposite a post from a corner. A notation later, Fulham scored again. Zamora flicked the round over the defence, Davies crossed low and Gera had an easy finish.

Any expectations that the interlude would case Fulhams movement and give the on vacation group time to regroup were ungrounded since Fulham were even improved after the restart and Juventus even worse. Scores were turn on total as early as the 47th minute. After an satirical move down the right, a cranky by Damien Duff was rubbed by Diego. Gera coolly sent the goalkeeper the wrong approach from the chastisement spot.

Roy Hodgson, the Fulham manager, resolutely transposed Stephen Kelly, the right back, with Clint Dempsey and the American tested Chimenti after 77 mins with a free header 6 yards out from a cranky by Davies. Soon after, Gera done space for a swerving shot that the goalkeeper fisted away.

Page 1 of 2&Next Page hair wig

House prices tumble 1% in initial dump for 10 months

Estate agents signs outward a row of properties Martin Waller & , : {}

House prices in the UK went in to retreat in February, bringing to an finish 9 uninterrupted months of cost rises, Nationwide pronounced in the construction society"s monthly consult of the market.

Prices fell by 1 per cent from their levels of last month. However, Martin Gahbauer, Nationwide"s arch economist, warned that the tumble could be the outcome of special factors, such as the sleet and the expiry of the legal holiday on stamp duty.

He said: "It is formidable to sign how most of the dump in housing wake up is attributable to one-off factors and, therefore, either February"s tumble in prices is only a proxy blip or the begin of a new trend."

The Feb decrease is the sharpest given the same month in 2009, that saw a 1.5 per cent tumble month-on-month.

Related LinksMortgage approvals tumble neatly as stamp avocation service endsBarratt and Galliford Try urge counsel on residence salesSecond homes in Britain behind in practice

But the smoother three-month measure, seeking at prices in Dec to February, showed a 1.6 per cent rise, though this was down on the 2 per cent reported in January.

The annual rate of cost acceleration managed to enlarge from 8.6 per cent to 9.2 per cent year-on-year, as this months tumble was not as big than the 1.5 per cent month on month decrease available in Feb 2009.

The normal cost of a UK skill in Feb was 161,320. Mr Gahbauer pronounced there was justification from a range of indicators that the housing marketplace might have lost movement in early 2010.

New customer inquiries fell neatly in the new year and there was an compared tumble in new mortgages taken out in January. "This dump in direct seems to have fed in to concluded prices during February."

Several housebuilders, stating total in new days, have forked to signs of a little alleviation in the marketplace but have warned that this could be singular by limited entrance to mortgages.

This week, in justification to the Treasury Select Committee, Kate Barker, a part of of the Bank of England"s Monetary Policy Committee, warned that the UK housing zone could be "quite diseased by this year".

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Monday, July 26, 2010

Get Shorty: Mexico still acid for El Chapo the 5ft 6in drug lord

Hannah Strange and Ruth Maclean & , : {}

In the remote, severe territory of the Sierra Madre plateau in the state of Sinaloa, Mexicos majority wanted, majority feared and majority fugitive drug duke is hiding.

Protected by a worldly reconnoitering operation with low roots in the internal population, he has been transient Mexican and US authorities since his shun from prison in 2001. Those who watch out for him are well well well known as rats: cab drivers, travel sellers, shoe shiners, smoothness men any one versed with a phone who wants to consequence a couple of dollars by informing on infantry or infantry activity, says Jos Ramón Salinas Frias, arch orator for the Public Security Secretariat.

The plateau are pleasing but scarcely unfit to navigate. The forests are fast disintegrating in to the mills of bootleg loggers, and with them vanish the wild wild pig that the internal people hunt. Many of them have turn drug farmers, flourishing pot or opium. They are well armed and they do not similar to outsiders.

Trying to constraint the narco-king has been likened to the office of severe guerrillas in the Colombian jungle and positively he has acquired an component of the renegades mystique. Immortalised in the ballads of the narco-corridos musicians who specialise in the exploits of drug gangsters he has turn embedded in renouned fable as a 5ft 6in Houdini with guns.

Related LinksThe narco-barons of MexicoMexican drug duke killed in raidANALYSIS: poisonous bubbly beverage in a "failing state"

Amid the ire and assault of President Calderóns fight on the cartels, a small strong kingpins have been toppled, but one man stands out as the flay of posterior forces: Joaquín El Chapo Guzmán, head of the absolute Sinaloa cartel.

Occasionally he is sighted. Local gossip has it that he once went to a restaurant, confiscated all the diners mobile phones whilst he enjoyed a beef and afterwards left after returning each phone to the scold owner. The diners after detected that their bills had been paid.

In 2007 he tied together his third wife, a internal beauty black called Emma Coronel Aispuro, on her 18th birthday, in a intemperate marriage that could have graced the pages of the glossiest multitude magazine. Despite the high levels of security and protection, internal politicians and infantry officers were reported to have attended.

Since afterwards his mother has mostly been seen in beauty salons in Culiacán, surrounded by high security. But, as the enthusiasm to catch El Chapo increases, he becomes an ever rarer steer perhaps, in part, as he is pronounced to have had estimable facial reformation surgery.

Despite a $5 million (�3.3 million) annuity offering by the United States and an additional $2 million by Mexico, El Chapo or Shorty has since agents from both sides of the limit the trip for 9 years, since his shun in a washing basket from the maximum-security Puente Grande jail.

As a kid he sole oranges to get sufficient income to eat. Now, at 52, Guzmán is No 701 on the Forbes list of the worlds billionaires, with an estimated $1.1 billion happening garnered from using Mexicos majority heartless and essential business. In further to the drug that done his name, Guzmán specialises in human trafficking, income laundering and multiform alternative sorts of crime, with general networks swelling their tentacles via the world.

He goes about his commercial operation with impunity, afforded by a manly reduction of money, ruthlessness and trickery. Protected by feet soldiers who decapitate or woe any one who competence poise a threat, and with roughly vast monetary power, Guzmán operates with relations leisure in his home state of Sinaloa.

US drug officials hold that crime inside of the Mexican authorities is a key cause in his capability to hedge capture.

Last March, in an talk with the reputable Proceso magazine, Anthony P. Placido, comprehension arch for the Drugs Enforcement Agency, pronounced that zero of the kingpins of the drug cartels felt severely in jeopardy by Mr Calderón since they have extended powers of crime that give them a kind of immunity, we say, guaranteed.

He lifted specific concerns over rumoured links in between close associates of Genaro García Luna, the Public Security Secretary, and rapist groups.

A comparison US law coercion central in Mexico, vocalization to The Times on condition of anonymity, concurred concerns that Guzmán mostly slipped by the authorities hands since of tip-offs from hurtful officials.

There is open crime and they will utilize it, possibly the bribery, danger or the hazard of murdering people, he said. The Public Security Secretariat had had cases of corruption, the central concurred but it was formidable to contend that it was worse than any one else ... the a regard everywhere.

An orchestrated change of fright and apply oneself additionally plays the part. On the one hand, terrorising rivals with kidnapping, killings and tortures the conglomeration is pronounced to disintegrate victims bodies in poison and on the alternative construction faithfulness in his communities by appropriation new schools and churches, Guzmán has turn part-monster, part-hero; a absolute multiple that keeps his locale hidden in silence.

In Mar last year Archbishop Hector González Martínez of Durango, the state adjacent Sinaloa, claimed to know Guzmáns location. El Chapo lives a bit over the locale of Guanaceví. Everyone knows that well, everybody solely the authorities, he said. Four days after the bodies of dual passed lieutenants were found outward Guanaceví with a note: Nobody can catch El Chapo not the authorities, not the priests. The Archbishop after retracted his statement, observant that he had usually been repeating rumours.

Guzmán is the usually drug trainer that has built his association similar to a government, pronounced Raúl Benítez Manaut, a inhabitant security and drug trafficking consultant at the National University of Mexico.

He has infantry protection, an armed forces of administrators, majority authorised companies to refine income and majority houses in and outward Mexico assumingly he has skill in Central America. In Sinaloa he controls a lot of the mercantile activity. He is a pitch of the expansion of organized crime in Mexico and the Governments disaster to enclose it so, as with Osama bin Laden, an additional towering fugitive, Guzmáns constraint would be a stately feat for possibly US or Mexican forces.

But whilst it would send an critical message, a small contend that it would do zero to idle the Sinaloa cartel. You wouldnt fall short them usually by incarcerating El Chapo Guzmán, pronounced Edgardo Buscaglia, an organized crime consultant at ITAM University. The Sinaloa conglomeration is a business. It has a house of twelve members usually 4 of whom are well well well well known and all twelve are next to in power. Guzmán could be transposed in a couple of weeks.

US investigators take a opposite view. They determine with the Mexican research that energy is strong in the hands of Guzmán and his partner-in-crime, Ismael Zambada García, and that Zambada could still run the cartel, but the symbolism of Guzmáns detain should not be underestimated.

In Mexico there was a open notice that men such as Guzmán had the sort of reach that would regularly concede him to kick the system. If El Chapo fell out [of the drug business] it would be huge, pronounced the US official.

He gave the e.g. of Arturo Beltrán Leyva, a former Sinaloa personality who shaped a breakaway cartel. His genocide in Dec at the hands of Mexican agents dispelled the apparition of invincibility surrounding such figures, he said, demonstrating that Calderón is not messing around.

Mexican and US forces hold that they are progressively shutting the net. There have been alternative new successes: last week Jos Velázquez Villagrana, an critical trafficker inside of the Sinaloa cartel, was arrested; the scandalous hitman Teodoro García Simental, well well well known as El Teo, was prisoner last month. The detain of each of these principal pieces will at a small point lead to the detain of the head, pronounced Mr Salinas Frias.

As Mexicos drug fight drags on, however, Mr Calderón faces critics who contend that his deployment of the armed forces has been catastrophic 18,000 people opposite Mexico have been killed in drug-related assault since late 2006 and a small who lay that the Government protects the Sinaloa leadership.

More have died not long ago as Guzmán fights a territory fight with Vicente Carrillo Fuentes, personality of the Juárez cartel, in Ciudad Juárez, where some-more than 4,600 people have been killed over the past dual years.

For majority Mexicans, drug are everywhere, sole not-so-secretly in markets, by cab drivers and pointless moustachioed men in Hawaiian shirts. It equates to drivers and train passengers being stopped and searched and regularly being surrounded by infantry and soldiers in the streets, disposition out of big trucks or appearing from helicopters with guns pointing, preventing drug crime.

Up in the Sierra Madre home to the narco-corridor or mezzanine of parole are 9,000 Mexican troops. Despite their aircraft, helicopters and sport dogs they have small success navigating the mountains; most of the narco-corridor, the main drug track from Latin America to the US, is thick jungle. The inland people traditionally lived in caves and El Chapo is mostly pronounced to be vital in one himself.

American and Mexican officials are presaging Guzmáns approaching capture. One not long ago late head of the DEA has since him until April. We are hopeful, pronounced the US central in Mexico earlier or later.

Ballad of a short man

Del infierno se escapa

Y se persigna en la iglesia

Y aveces las residencias aveces casa campaña los raídos y las metrallas durmiendo al piso en la cama

de techo aveces las cuevas

Joaquín el chapo le llaman

Song by The Vultures of Culicán

***

He transient from ruin

And crossed himself in church

Sleeping infrequently in homes

Sometimes in tents

Radios and rifles

At the feet of the bed

As a roof tiles infrequently caves

Joaquín the Short they call him

Sunday, July 25, 2010

Hung council fears send bruise descending Business

Pound vs US dollar

The bruise has strike a uninformed nine-month low of $1.4784 opposite the dollar, putting it on lane for the misfortune every day opening given Feb 2009

The awaiting of a hung council sent argent descending neatly opposite alternative vital currencies on the monetary markets today.

The bruise lost some-more than 4 cents opposite the dollar, attack a uninformed nine-month low of $1.4784, down from around $1.52 overnight. This is the lowest turn given May 2009, putting the bruise on lane for the misfortune every day opening given Feb 2009.

It additionally fell to €1.0995 opposite the euro, the lowest turn given 4 Dec 2009, definition one euro is value 90.9p.

City experts pronounced that

Saturday, July 24, 2010

Oil exceeds $80 as French set upon hits supply

Carl Mortished World Business Editor & , : {}

The cost of wanton oil exceeded $80 per tub yesterday as a set upon by refinery workers in France in jeopardy to widespread opposite the country.

Motorists queued for fuel at French motor fuel stations as workers at Exxons dual French refineries and staff at a refinery owned by Ineos, the British containing alkali company, voted to set upon in await of the Total workers.

The hazard of European shortages and sabre-rattling in the Gulf has pushed up the cost of US wanton by roughly 8 per cent over the past week, rising yesterday to $80.51 prior to slipping behind to $79.74.

More than 100 French motor fuel stations yesterday reported shortages since of the walkout, that is in criticism opposite the programmed shutdown of Totals trickery in Dunkirk. The CGT kinship pronounced outlay from Totals 6 refineries that comment for only over half of Frances fuel production capacity, would finish by today. UFIP, the French inorganic substance industry lobby, pronounced that prior to the set upon reserve were enough to last for ten days.

Related LinksLatin America backs Argentina over FalklandsBringing the oil to marketplace will be a onslaught

President Sarkozy has called a assembly with Thierry Desmarest, the authority of Total.

The hazard of shortages in France led to a convene in the motor fuel and heating oil mark markets in Rotterdam but the set upon is unlikely, over the longer term, to affect a outrageous European over-abundance in oil products, analysts said.

Total wants to close the Dunkirk trickery to branch waste at the French refineries, that the association says cost it €100 million (�87 million) a month. Margins in the enlightening zone have been dejected by diseased direct in America and Europe at a time when the supply of fuel products is expanding in Asia.