Precious Metals Prices 10.09.13 11.41 Eastern Time

Gold Price Futures      3 months   US$  1,364.28

Silver Price Futures    3 months   US$      23.01

Record tourism to Japan helps drive demand for cash

An influx of tourists chasing bargains from a cheaper yen has given the Japanese economy a lift recently, as revised gross domestic product figures for the quarter ended June 30 confirmed Monday.

But the surge in tourism also had the unintended consequence of pushing up demand for Japanese banknotes, economists and travel agents say.The amount of banknotes in circulation in Japan has increased 1.7% since the beginning of this year to ¥84 trillion ($839 billion) at the end of June. That's the highest level ever, after adjustment for seasonal factors.
At least some of that appetite for cash has come from travelers, said David Swann, a currency expert at Travelex, the world's largest foreign-exchange services firm, which has seen increased demand for yen this year.

Source: NewsOnJapan

The biggest Olympic beneficiaries? Tokyo Bay developers

Tokyo Bay area property prices stand to benefit the most in the lead-up to the 2020 Olympic Games, adding to the recovery in the capital's real estate values after 20 years of declines.

About 90 percent of the competition venues will be located within 8 km of the Olympic Village in Harumi, an area of reclaimed land about 3.2 km southeast of central Tokyo, according to the Tokyo 2020 Bid Committee.

Apartment prices in the area may increase by as much as 20 percent, said Sanyu Appraisal Corp., a property appraisal company.

Tokyo's victory coincides with a recovery in the nation's property market, where residential prices have been declining since 1992, amid expectations that Prime Minister Shinzo Abe's policies will end 15 years of deflation.

The capital is planning its biggest housing complex in 42 years to lodge athletes in Harumi. The ¥95.4 billion Olympic Village complex will occupy a 44-hectare parcel of land next to Tokyo Bay and will be financed by developers, Kenichi Kimura, who oversees the finances for the city's bid at the Tokyo Metropolitan Government, said in an interview in July.

The Olympic Village complex, which is to be located in the middle of two main competition zones, will consist of luxury apartments surrounded by the bay with a view of Rainbow Bridge, which connects central Tokyo with the Odaiba area, the bid documents show.

Source:NewsOnJapan

Japan to begin study next month on joint-purchase plan for LNG

Japan, the world's largest importer of liquefied natural gas, will begin a study next month on how to link domestic and foreign buyers in purchasing groups to reduce energy costs.

The country will work on details to enable joint procurement of LNG by linking up buyers to increase their bargaining power against suppliers, Ryo Minami, a director for the oil and natural gas division at the Ministry of Economy, Trade and Industry, said in an interview at a conference Tuesday in Tokyo.LNG in Japan costs four times as much as in the U.S., Toshimitsu Motegi, trade and industry minister, said at the conference. Bringing down LNG prices is a pressing issue for Japan, he said.
Source: NewsOnJapan

Syria vows to give up chemical weapons, Obama cautious about deal

Syria accepted a Russian  proposal on Tuesday to give up chemical weapons but U.S. President Barack Obama said it was too early to tell if the initiative would succeed and he vowed to keep military forces at the ready to strike if diplomacy fails.

In a televised address to Americans, Obama pledged to explore Russia's proposal for Syria to place its chemical weapons under international control, while expressing scepticism about the initiative.

He said he had asked the U.S. Congress to postpone a vote on authorizing military action while Washington and its allies try to pass a United Nations resolution requiring Syrian President Bashar al-Assad to give up the weapons in a verifiable way.

Government Bonds Quotes

Government Bonds Quotes
                                                                                          Price          Yield
                                                                                         Change          %                                                  

U.S. 5 Year			0/32	1.771
U.S. 10 Year			0/32	2.969
U.S. 30 Year			3/32	3.891
Germany 2 Year			0/32	0.276
Germany 10 Year			0/32	2.031
Italy 2 Year			0/32	2.124
Italy 10 Year			0/32	4.529
Japan 2 Year			0/32	0.116
Japan 10 Year			-3/32	0.747
Spain 2 Year			0/32	1.754
Spain 10 Year			0/32	4.521
U.K. 2 Year			0/32	0.492
U.K. 10 Year			0/32	2.843

  Source: WSJ

China's fiscal revenue rises 9.2 % in August

China's fiscal revenue climbed 9.2 percent year on year in August to 858.8 billion yuan (138.52 billion U.S. dollars), the Ministry of Finance said on Wednesday.

The growth accelerated from an 8.8-percent increase registered in July.

Source: Xinhua

Singapore PM rules out a repeat of Asian Financial Crisis

Singapore Prime Minister Lee Hsien Loong has ruled out the possibility of a repeat of the Asian financial crisis despite concerns over capital flight as the United States ends its expansionary monetary policy.

Speaking at a dialogue session with business leaders on late Tuesday, Lee said the Asian economies are much stronger than they were in the late 1990s, with safeguards put in place to deal with the impact of large capital flows, he said.

"On balance I would take a sanguine view," he said in reply to a question from moderator Robin Hu, chief executive of the South China Morning Post Group.

However, certain individual countries may have problems, he added.

"On balance I would say we are in a safe position," he said, quoted by local media Wednesday. "I don't see this being a new global crisis or regional crisis."

He cited the Chiang Mai Initiative, a regional currency swap arrangement to help the economies in the region to strengthen their balance sheets and support their currencies in times of need, as an example of the safeguards.

"For ASEAN, the lesson is there is a lot of benefit from economic integration, but we must not put the cart before the horse. Let's work together, but do it in a way that respects the differences in our countries and also recognizes that we are 10 different countries.

"We are ASEAN: it is a regional association, not a union, and that makes all the difference," he said.

Source: Xinhua

China slams Japanese official's remarks on Diaoyu Islands

The Chinese Foreign Ministry on Tuesday expressed "grave concern" over Japanese Chief Cabinet Secretary Yoshihide Suga's remarks on the Diaoyu Islands, stressing that China will not tolerate actions that violate its territorial sovereignty.

Foreign Ministry spokesman Hong Lei told a regular press briefing that China is firm in its resolution and determination on safeguarding the sovereignty over the Diaoyu Islands.

Relations between the two countries soured following the Japanese government's unilateral move to "nationalize" part of the Diaoyu Islands in September 2012.

According to a Kyodo news agency report, the Japanese official said that Japan has the option of stationing civil servants on the uninhabited islands.

Hong urged the Japanese side to face up to history and reality, take concrete actions to correct its error and stop all provocative actions that undermine China's sovereignty so as to eliminate obstacles for improving bilateral relations.

A seven-ship fleet from the China Coast Guard patrolled the territorial waters surrounding the Diaoyu Islands on Tuesday morning, the State Oceanic Administration said. It marked the 59th Diaoyu Islands patrol by Chinese law-enforcement vessels since September 2012.

Hong said that it is normal official activity of Chinese official vessels to patrol the waters.

While resolutely safeguarding its sovereignty over the Diaoyu Islands, China still seeks a peaceful settlement of disputes through dialogue and consultation, the spokesman added.

Source: Xinhua

Global Built Asset Wealth Index 2013

The Global Built Asset Wealth Index demonstrates the
distribution of the world’s wealth in terms of the physical
assets which contribute to a nation’s productivity. The
index illustrates the accumulation of buildings, infrastructure
and machinery and equipment to unveil the economic
divergence between 30 countries that represent 82 per cent
of global GDP. It also highlights how these disparities are
predicted to evolve in future. Produced by EC Harris and
informed by research conducted by the Centre for Economics
and Business Research (Cebr).
Total built asset wealth within the 30 countries is estimated at US$193 trillion in 2012
- this is equivalent to almost three times the US$68 trillion GDP of the same countries in
2012. By 2022, built asset wealth is forecast to increase by 35 per cent in real terms to
reach US$261 trillion.

 In 2012, the USA was the wealthiest nation in terms of built assets, with total wealth
estimated at US$39.7 trillion. This is forecast to increase to US$47.2 trillion by 2022
- a rise of 19 per cent.

China is rapidly gaining on the USA and could become the owner of the world’s
biggest built wealth as early as 2014. For instance, by 2022 China is projected to have
accumulated US$75.7 trillion in built assets

In Europe, built asset growth is expected to be subdued at around 2.7 per cent over the
next decade. In some struggling Eurozone economies, investment is forecast to fall short
of asset depreciation, leading to a fall in the built asset stock.

Singapore has US$156,000 in built assets for every citizen, making Singaporeans the
wealthiest built asset citizens of all the 30 nations studied.

The UK’s built asset wealth of US$88,000 per person is 29 per cent lower than that of
other developed nations. This substantial gap suggests that the UK has significantly
underinvested in built assets over many years.

The fastest growth over the next decade is expected in the Middle East and Africa and
in Asian economies, as built assets are forecast to rise by 63 per cent in both regions.
This rapid expansion, combined with slower growth in the developed economies of
North America and Europe, will allow these regions to continue to close the built asset
wealth gap.

Source: EC Harris Built Asset Consultancy.

Les hôteliers dénoncent les sites de réservation en ligne

Le nombre d'étoiles ou la vue de la chambre ? La possibilité de déjeuner en terrasse ? Non, c'est bel est bien le prix qui prime pour les Français lorsqu'ils décident de choisir un hôtel. Et c'est aussi pour des motifs pécuniaires qu'ils sont de plus en plus nombreux à passer par des centrales de réservation sur Internet. Au grand dam des hôteliers-restaurateurs, qui dénoncent la pression exercée par les centrales de réservation en ligne.

Pour 72 % des Français, le prix est le premier critère de choix lorsqu'ils réservent une chambre d'hôtel. Loin devant les recommandations des proches (56 % des réponses), les avis de consommateurs (48 %), ou les recommandations de guides (42 %). C'est ce que montre un sondage auprès de 2000 personnes, réalisé par Promise Consulting.

Or, ces centrales de réservation sur Internet, canal de distribution devenu incontournable, sont accusées par les hôteliers et les restaurateurs d'exercer une forme de pression et de position dominante, à cause notamment du principe de "parité tarifaire"

L'Umih, le principal syndicat des hôteliers indépendants, a annoncé, le 2 juillet,avoir saisi l'Autorité de la concurrence contre Booking.com, Expedia et HRS, qui revendent des chambres en échange de commissions - parfois jusqu'à 25 % du prix.

Apple annonce deux nouveaux iPhone

Apple annonce deux nouveaux iPhone.La firme à  présenté l'iPhone 5S, la nouvelle mouture du smartphone traditionnel d'Apple. Comme l'indiquait la rumeur, le nouveau téléphone est disponible en trois couleurs : noir, argenté et doré. Ce nouveau téléphone est doté d'un microprocesseur nommé A7, présenté comme deux fois plus rapide que son prédecesseur équipant l'iPhone 5.

Apple a par ailleurs doté son nouvel iPhone d'une puce M7, permettant de capterles mouvements de l'utilisateur, l'idée étant d'optimiser le terminal pour toutes les applications de forme et santé. L'espérance de vie de la batterie a également été améliorée pour tenir dix heures en pleine utilisation. L'appareil photo a été amélioré et doté d'un nouveau type de flash.

Très attendue, la reconnaissance digitale pour verrouiller ou déverrouiller l'iPhone a par ailleurs été officialisée et porte le nom de Touch ID. Il suffira au propriétaire de l'iPhone d'apposer son doigt sur le bouton principal pour accéder à son téléphone.

L'iPhone 5C sera vendu, sans subvention, à partir de 699 euros. Il sera disponible le 20 septembre dans quelques pays européens, dont la France et la Grande-Bretagne, ainsi qu'aux Etats-Unis et au Japon. La suprise vient de la Chine, puisque c'est la première fois qu'un téléphone d'Apple y est disponible en même temps qu'aux Etats-Unis.

 Pendant son année de silence, les autresconstructeurs, dont Samsung, son plus grand concurrent, s'en sont donné à cœur joie. Ils ont multiplié les lancements de produits haut de gamme mais aussi plus abordables.

Car le marché des smartphones haut de gamme est aujourd'hui quasiment arrivé à maturité en Amérique du Nord et en Europe.

Désormais, la croissance se fera sur les pays émergents comme la Chine ou l'Inde. Pour y percer, Apple se devait d'annoncer un produit aussi attractif que ses iPhone, à un prix moins élevé. Le tout sans pour autant dévoyer l'image de luxe qui entoure la marque ni la rendre moins désirable.

C'est pour cela que le prix annoncé de l'iPhone 5C surprend.

 Avec un prix nettement supérieur, difficile de dire si le smartphone trouvera preneur dans les pays émergents.

Source: Le Monde

Alibaba's IPO

"As Alibaba Group Holding Ltd. gears up for its Initial Public Offering. All eyes are on where it might list. The company could go public either in Hong Kong or New York.

Whether the IPO will happen in Hong Kong largely depends on whether the city’s stock exchange and securities regulator accept the company’s request to let its “partners,”  which include its founder and senior management, have control over the makeup of directors on its board.

On Tuesday, Alibaba’s founder Jack Ma sent a letter to employees explaining what the partners are, and why he thinks it is important to let the partners have more power to determine the company’s future.                                         “We believe that only a group of people who are passionate about the company and are mission-driven will be able to protect the company from external pressure from competition and temptation to seek short-term gains,” Mr. Ma said in the letter. “Many companies quickly deteriorate into mediocre commercial entities after they have lost their founder culture.”

Alibaba, China’s largest e-commerce company that runs online marketplaces such as Taobao and Tmall, introduced the partnership model in 2010 and has elected 28 partners over the past three years''. 

Source: The Wall Street Journal

A Return to Emerging-Market Debt

In an article published in the Wall Street journal today,writing about Emerging Market debt it says:

"Russia and South Africa issued bonds in the biggest sale of emerging-market government debt this year, a sign that many investors remain interested in developing economies even after months of turmoil.

But both countries needed to pay significantly more to attract investors than they had even a few months ago, underscoring the more challenging environment borrowers face as the Federal Reserve prepares to tap its bond buying program.

Russia raised nearly $7 billion in dollars and euros, including 10-year bonds paying a yield of 5.112%, compared with the 4.5% coupon on a similar bond sold last year.

South Africa had to pay up as well on $2 billion in 12-year bonds, offering investors a 6.06% yield, compared with a 4.665% coupon it paid for similar debt in January 2012".

Source: WSJ

Les banques publiques chinoises, soutien des grands projets

Porter les compagnies chinoises hors des frontières du pays est un objectif national, inscrit jusque dans le douzième plan quinquennal. Selon cette feuille de route, qui guide l'économie chinoise jusqu'à la fin 2015, les investissements directs étrangers doivent progresser de 17 % en moyenne chaque année.

Pour soutenir les entreprises qui franchissent le pas, les banques d'Etat se sont révélées incontournables. Surtout deux institutions, dont Pékin ne cache pas qu'elles ont pour rôle d'appliquer la politique gouvernementale : la Banque d'import-export, dite Eximbank, et la Banque de développement, la CDB. Cette dernière fût fondée en 1994 afin de financer dans les provinces les grands projets d'infrastructures approuvés par le gouvernement central. Elle apportera par exemple un appui majeur au chantier de construction du barrage des Trois-Gorges. En 2010, la 

CDB comptait 687 milliards de dollars de prêts dans ses livres de compte, soit deux fois plus que 

la Banque mondiale.

Au soutien aux entreprises chinoises à l'étranger s'ajoute le choix par Pékin deplacements qui se révèlent rentables, au moins davantage que les bons du Trésor américain dans lesquels sont toujours placés la majeure partie des réserves de change du premier exportateur mondial .

Syrie : la France va déposer un projet de résolution à l'ONU

Laurent Fabius a répondu à la proposition russe de placer   l*arsenal chimique syrien sous controle international en annonçant mardi 10 septembre le dépôt"dans la journée" d'un projet de résolution française auprès du Conseil de sécurité de l'ONU visant à "condamner le massacre du 21 août commis par le régime" et"exiger la lumière" sur le programme syrien d'armes chimiques.

Ce projet de résolution s'inscrit "sous le chapitre VII [de la charte] des Nations unies" qui concerne "les actions en cas de menace contre la paix, de rupture de la paix et d'acte d'agression", a précisé le ministre des affaires étrangères, ajoutant que le projet de résolution était "contraignant" et prévoyait "le démantèlement des armes chimiques" du régime Assad.

M. Fabius a souligné que la résolution aurait également pour but de "mettre en place un dispositif complet d'inspection et de contrôle de ses obligations sous l'égide de l'Organisation pour l'interdiction des armes chimiques (OIAC)". 

Source: Le Monde

Commodity Markets Fall as a possible diplomatic solution is seeked in Syria

Gold and crude-oil prices fell sharply, while the yen and Swiss franc weakened as investor appetite for safe-haven currencies diminished,since Russia offered its auspices to an international control of chemical devices of Syria.
"Just as the drums of yet another war in the Middle East were beating louder, a diplomatic solution seems to have emerged," said INTL FCStone analyst Edward Meir. The news dented gold and silver as these metals are considered to be safe-haven assets and a store of wealth in times of heightened geopolitical risk.

Source: WSJ

Precious Metals Prices 8.33 a.m. Eastern Time

Gold Price Futures     3 months    US$  1,364.26

Silver Price Futures    3months     US$      22.99

China's retail sales rose 13.4 %

Retail sales in China rose 13.4 percent in August from a year earlier, slightly accelerating from the 13.2-percent increase in July, data from the National Bureau of Statistics (NBS) showed on Tuesday.

Retail sales, a key indicator measuring consumer spending in the world's second-largest economy, also climbed 12.8 percent year on year in the first eight months of the year to 14.81 trillion yuan (2.39 trillion U.S. dollars).

The August growth represented the indicator's fastest pace of increase registered this year, indicating an improvement in the country's domestic demand, analysts said.

Retail sales rose 1.17 percent in August from July. The July figure increased 1.24 percent from June, the NBS said.

Meanwhile, industrial production expanded 10.4 percent in August from one year earlier, accelerating from July's 9.7-percent advance. Urban fixed-asset investment was up 20.3 percent in the January-August period, also improving from a 20.1-percent rise registered in the January-July period.

Source: Xinhua