Italiani e mondo digitale, l’evoluzione della specie

Il Censis la definisce “una vera e propria evoluzione della specie”. La “specie” in questione sono gli italiani nel loro rapporto con la tecnologia, la Rete e i social media. I risultati – il 63,5% della popolazione connessa, con i giovani al 90,4% – sono raccontati nell’11esimiRapportoCensis-Ucsi sullaComunicazione, presentato oggi a Roma. Si parla di “era biomediatica”, in cui diventano centrali “la trascrizione virtuale e la condivisione telematica delle biografie personali attraverso i social network”. Dunque “assistiamo a un ulteriore salto di qualità nel rapporto degli italiani con i media”. Ecco una sintesi dell’Ansa sull’interessante Rapporto.
 Quasi tutti gli italiani guardano la televisione (il 97,4%), con un rafforzamento però del pubblico delle nuove televisioni: +8,7% di utenza complessiva per le tv satellitari rispetto al 2012, +3,1% la web tv, +4,3% la mobile tv. E questi dati sono ancora più elevati tra i giovani: il 49,4% degli under 30 segue la web tv e l’8,3% la mobile tv. Anche per la radio si conferma una larghissima diffusione di massa (l’utenza complessiva corrisponde all’82,9% degli italiani). L’uso dei cellulari continua ad aumentare (+4,5%), soprattutto grazie agli smartphone sempre connessi in rete (+12,2% in un solo anno), la cui utenza è ormai arrivata al 39,9% degli italiani (e la percentuale sale al 66,1% tra gli under 30). Solo il 2,7% degli italiani utilizza l’e-reader.
Gli utenti di internet, dopo il rapido incremento registrato negli ultimi anni, si assestano al 63,5% della popolazione (+1,4% rispetto a un anno fa). La percentuale sale nettamente nel caso dei giovani (90,4%), delle persone più istruite, diplomate o laureate (84,3%). Non si arresta l’espansione dei social network. È iscritto a Facebook il 69,8% delle persone che hanno accesso a internet (erano il 63,5% lo scorso anno). YouTube arriva al 61% di utilizzatori. E il 15,2% degli internauti usa Twitter.

Corriere della Sera

G20 : tensions entre les pays émergents et les Etats-Unis

Pendant que les Etats-Unis dansent au bord de l'abîme, le monde entier se ronge les sangs. Le communiqué du G20 Finances, rendu public vendredi 11 octobre à Washington, alors que la Maison blanche et les républicains n'avaient toujours pas trouvé d'issue à la crise budgétaire, en porte témoignage : "Il est urgent, dit-il, que les Etats-Unis s'attellent à la résolution de leurs problèmes budgétaires". Les sherpas des différents pays du G20, qui passent la nuit à rédiger les communiqués et pinaillent parfois des heures pour déplacer une virgule, n'ont pas pour habitude d'épingler un pays membre, surtout lorsqu'il s'agit de la première puissance économique du monde.

S'ils l'ont fait vendredi, c'est probablement à la fois pour marquer leur inquiétude et pour donner un coup de pouce à l'administration Obama. En faisant comprendreaux républicains américains que l'impasse budgétaire, si elle se prolonge, ne manquera pas d'avoir des effets non seulement sur l'économie américaine mais sur celle de l'ensemble du monde.

Pour le reste, le G20, une institution qui représente 85 % de l'économie mondiale et 75 % de la population de la planète, a réaffirmé son engagement en faveur d'une croissance robuste et riche en emplois, sa volonté de faire progresser la régulation financière, son souci de stratégies d'investissement de long terme. La question de la mise sur pied d'une banque des "Brics" devrait faire l'objet d'une décision finale en 2014 sous présidence australienne, a précisé le ministre russe. Pour les pays émergents, ce serait un moyen de se protéger des turbulences liées au changement attendu de la politique monétaire américaine, à un horizon que l'on ne connaît pas.

Source: Le MOnde

Chinese Builder Charges Into Brooklyn

  According to the Wall Street Journal:

"State-owned property developer Greenland Holdings Group of China agreed to buy a majority stake in a 15-tower apartment project in Brooklyn, N.Y., that would rank as the largest commercial-real-estate development in the U.S. ever to get major backing directly from a Chinese company.

Located in the Atlantic Yards site that includes the Barclays Center arena, the project is expected to cost nearly $4 billion, including debt. The deal could be announced as soon as Friday.

Terms of the tentative deal call for Greenland to buy a 70% stake from Forest City Ratner Cos., which began the project and would continue to manage the development. The purchase price isn't being disclosed, but Forest City has invested $500 million in the 22-acre project so far—and it has committed to additional spending on land and infrastructure set to total hundreds of millions of dollars".

"In addition to the apartment towers, the project includes one office building and retail space. If the deal is approved, Shanghai-based Greenland would provide 70% of the money needed to finish the project, excluding any debt that is taken on for the construction.

The planned investment would be the latest high-profile investment in U.S. real estate by a Chinese Company. Chinese investment in U.S. properties has reached $1.7 billion in 2013, including the recent purchase by billionaire Zhang Xin of a stake in the General Motors building in Manhattan. That is up from $1.1 billion in all of 2011 and just $22 million in 2008, according to property-data firm Real Capital Analytics Inc.

Chinese companies also are becoming developers in major construction projects throughout the country.China Vanke Corp.the largest Chinese developer, is co-developing two condominium towers in San Francisco with Tishman Speyer Properties. Greenland in July announced its first U.S. investment: a $1 billion hotel and apartment project in downtown Los Angeles".

"Beijing has encouraged Chinese companies to go abroad to help diversify the country's foreign-exchange reserves. Developers also view investing in the U.S. as a way of diversifying their portfolios, particularly at a time when concerns are rising of a slowing Chinese economy".

Middle East Oil Fuels Fresh China-U.S. Tensions

   According to an article published today in the the Wall Street Journal:

"China is overtaking the U.S. as a buyer of Middle East oil, adding fuel to diplomatic tension between the nations over security in the region.

China surpassed the U.S. as importer of Persian Gulf crude several years ago, by some measures. Now it is on track to overtake the U.S. this year as the world's No. 1 buyer of oil from the Organization of the Petroleum Exporting Countries, the largely Middle Eastern energy-exporting bloc.

The turnabout has added to tensions because it leaves the U.S. military securing China's growing oil shipments in the region at a time Beijing resists U.S. pressure on it to back American foreign policy in the Middle East".

"For years, China and other oil-consuming nations have benefited as Washington spent billions of dollars a year to police chokepoints like the Strait of Hormuz and other volatile parts of the Middle East to ensure oil flowed around the globe.

But the rise of North America's shale oil and gas industry combined with flat U.S. oil consumption, is making America far less dependent on imported oil, including from the Middle East, even as China's reliance on the region's oil grows".

"China's OPEC-crude imports during this year's first half averaged 3.7 million barrels a day, versus 3.5 million for the U.S., according to Wood Mackenzie, a consulting firm. At that rate, its OPEC imports will surpass America's on an annual basis for the first time this year, Wood Mackenzie said. India ranked No. 3, at about 3.4 million barrels a day".

"China's rise as a dominant buyer of Middle East oil presents a conundrum for it and the U.S. For China, it means its economy depends in part on oil from a region dominated by the U.S. military. When tankers depart Persian Gulf terminals for China, they rely in significant part on the U.S. Fifth Fleet policing the area".

"For Washington, China's oil thirst means justifying military spending that benefits a country many Americans see as a strategic rival and that frequently doesn't side with the U.S. on foreign policy.

China's Foreign Ministry, in a statement responding to questions for this article, said China's oil trade with the Middle East was "mutually beneficial and in accordance with international business norms," adding that China wanted political inclusiveness, economic prosperity, and peace and stability for the region.

President Obama at the United Nations in September said the U.S. remained committed to the region's energy flow. "Although America is steadily reducing our own dependence on imported oil, the world still depends on the region's energy supply, and a severe disruption could destabilize the entire global economy," he said.

Despite US Stocks are Climbing Markets Are Anxious Over Fears of Default

   According to an article published today in the Wall Street Journal:

"On the surface, investors appear to have shrugged off the latest Washington showdown, which follows a similar 2011 brush with calamity. The Dow Jones Industrial Average posted its biggest rise of the year on Thursday, then rose 111.04 points Friday to 15237.11.

But in other markets, participants have been scrambling to gird for a possible default, as unlikely as one is widely deemed to be, while complaining they have been left to operate in the dark. Some industry officials and bank executives say the implications and market reactions to a U.S. default are too vast and dynamic to fathom.

A repeat of the recent down-to-the-wire tactics could unsettle markets if a statutory borrowing breach becomes possible again later this year. Government officials and market observers worry such uncertainty could have an enduring effect on financial markets".

"The brinkmanship in Washington could easily create huge volatility in important funding markets that could easily get out of control," said Jim Millstein, who oversaw the restructuring of AIG Inc at the Treasury Department.

Some investors hope a possible relief valve lies with the Federal Reserve.

Bankers have pressed the Fed and the Treasury to say whether the central bank would accept defaulted Treasurys as collateral for emergency loans in the event of a liquidity crunch, but they haven't received clear answers, they said.

Fed Chairman Ben Bernanke, however, has tried to stress that the Fed isn't planning any grand rescue for financial markets. He has said several times that the U.S. central bank isn't in a position to cushion the financial system or economy.

Many business leaders stressed that they weren't expecting the worst to come to pass.

"A debt default cannot happen," J.P. Morgan Chase & Co. Chairman and Chief Executive James Dimon said on a call with reporters Friday morning.

Large money-fund sponsors, including Fidelity Investments Inc.,BlackRock Inc Chales Schwab Corp  and Bank o fAmerica Corp , say they have sold short-term U.S. debt or avoided buying bills due at the end of the month or in early November. Banks sold more than 64% of their Treasury holdings during the two week-period that ended Oct. 2, according to data from the Federal Reserve Bank of New York.

A SEC spokesman said the agency is "reaching out to firms, as we always do in such situations, to make sure they are appropriately considering and managing the risks of their positions." 

Japanese authorities have been examining domestic banks' exposure to U.S. government securities and their ability to procure dollars. The Bank of Japan has also been contacting financial firms to check their ability to withstand potential shocks, people familiar with the matter said.

Late in September, some major Wall Street players in the $11.6 trillion Treasury-bond market, along with Federal Reserve officials, gathered to discuss the industry's contingency plan around a debt-ceiling crisis, according to minutes from the meeting by the group".

Japan's Prime Minister Shifts Focus to Growth Strategy

   According to the Wall Street Journal:

"The measures likely to be debated in the parliamentary session running from Tuesday until early December are those aimed at strengthening Japanese companies' competitiveness and setting up special economic zones.

Japan clocked 3.8% growth in the April-June quarter, the fastest among industrialized countries, and in a bid to offset the impact of the planned rise in the 5% sales tax to 8% from next April, Mr. Abe has told the government to compile a ¥5 trillion stimulus package. But without more structural reform measures, sustained growth is unlikely, economists say.

One target in Mr. Abe's commitment to sharpen competitiveness is to increase annual private-sector capital investment to ¥70 trillion over the next three years through various tax breaks. That's a 10% increase from the year ended this March, and equivalent to the levels before the 2008 global financial crisis.

The government also wants to promote businesses to shift their resources to "sunrise" industries through restructuring and aggressive mergers and acquisitions. Mr. Abe has set renewable energy and cutting-edge medical services as some of the new frontier industries that should benefit from further investment.

As part of facilitating the shift to sunrise industries, Mr. Abe also wants to make it easier to move workers among industries, a departure from the long tradition of businesses holding on to the workforce, as symbolized by lifetime employment.

Another problem for the world's third-largest economy is the low ratio of startups. Only 4.5% of Japanese businesses are startups, but the government hopes to push this proportion up to 10% by 2017, the same level as the U.S. and the U.K".

Promoting investment in venture capitals and launching a government service to vet the legal status of their new business plans before they actually embark on them are being considered as steps to help achieve the 10% goal".

"Mr. Abe also aims to attract foreign direct investment to Japan, seeking to push it up to ¥35 trillion by 2020 from ¥17.8 trillion in 2012. His main vehicle for achieving the goal will be the special economic zones, where existing regulations and standards will be eased to promote investment".

UK: Lloyds CEO warns against housing 'Help to Buy' bubble - FT

"The chief executive of Lloyds Bank has warned that the government's "Help to Buy" mortgage scheme will risk creating a dangerous bubble in property prices unless steps are taken to boost the supply of new housing and free up planning restrictions, The Financial Times reported.

The FT quoted António Horta-Osório, the CEO of Lloyds as saying, "It is important that planning permits, building authorisations and social housing projects are (liberalised) so that the increase in (mortgage) transactions does not lead to a substantial increase in house prices."

"I think the scheme should be focused outside London and the southeast. (In the rest of the country) you have nothing close to a housing bubble," the FT quoted him as saying.

Lloyds, along with RBS, HSBC, Santander UK and Barclays, has already signed up for scheme which, in exchange for a fee, will give banks greater protection against losses".

Source: Reuters

Asian shares fall, yen firms as U.S. debt deadline nears

"Asian shares and U.S. stock index futures fell and the safe-haven yen rose on Monday as a possible U.S. debt default edged closer after the failure of weekend talks in Washington, though expectations are that a last-minute compromise will be reached.

Adding to the gloom, data showed China's export growth unexpectedly fizzled in September, underscoring worries about flagging global demand, and annual consumer inflation quickened to a seven-month high.

MSCI's broadest index of Asia-Pacific shares outside Japan , which had hit a three-week high on Friday on hopes a U.S. deal was imminent, dropped 0.3 percent and China's CSI300 index  slipped 0.2 percent.

Markets in Japan and Hong Kong are closed on Monday for public holidays.

U.S. stocks  had risen strongly ahead of the weekend on hopes a deal to raise the $16.7 trillion federal borrowing limit was near. However, politicians remain at loggerheads as the October 17 deadline approaches and U.S. stock index futures fell 0.7 percent in Asian trade.

U.S. equity markets will trade on Monday, although some markets, such as the Treasury market, will be shut for the Columbus Day holiday. In Asia, U.S. Treasury futures edged up 4 ticks.

Failure to break the stalemate before Thursday's deadline would leave the world's biggest economy unable to pay its bills in the coming weeks, an outcome that is unthinkable for the global economy and financial markets. IMF chief Christine Lagarde warned of "massive disruption."

"Most likely, a solution will be found before, or be in the making, by October 17," analysts at Nomura wrote in a client note.

"The tail risk comes into play if there is no clear framework for a solution by October 17. Entering this tail would see risk jump in terms of funding market stress and risk assets more broadly."

Source: Reuters

Bewildering Indian policies fuel needless coal imports and exacerbates Current Account Deficit

"Tata Power's 1,050 Megawatt power station in the state of Jharkhand is a textbook case of the absurd results that India's 1970s-era coal supply laws can produce, and why power utilities are lobbying the government to change them.

The Maithon power station is located in the heart of India's vast coal belt, but a shortfall in local fuel supplies has forced Tata to import some of the coal for the plant all the way from Indonesia  an expensive and cumbersome alternative.

The company has a coal mine nearly ready in the neighboring state of Odisha, which is meant to feed another power plant whose construction has been held up by government red tape. Tata wants, but has so far not got permission, to use coal from that mine to fire the Maithon plant.

The case underscores how restrictive supply policies helped push up India's coal imports to a record high of nearly 138 million metric tons in the last fiscal year. India sits on top of the world's fourth-largest reserves of the fuel, but it has become the third-biggest coal importer after China and Japan, an estimate by the World Coal Association showed.

That is an anomaly India can ill afford, as the government fights to tame a current account deficit (CAD) that hit a record high last year and helped knock the rupee currency to record lows in August.

"At current import prices, we are talking about around $14 billion of coal imports, which is likely to go up to $25 billion by 2016/17," said Rahool Panandiker, principal at The Boston Consulting Group. "In this context, when there is a focus on reducing the current account deficit to $70 billion, every bit of increased coal production contributes to decreasing the CAD."

Prime Minister Manmohan Singh's administration has pledged to tackle chronic power shortages that hobble the growth of Asia's third-largeste conomy. But power companies are saddled with debt. Power stations do not have enough coal or gas to run at full capacity, and state-run distribution companies are too broke to pay for the power that utilities produce.

As a result, despite two decades of rapid economic growth, Indians consume only 900 kilowatt hours (kWh) per capita, compared to 7,000 in Europe and 14,000 in the United States, according to a recent note by consultants Bain & Company.

Most of the coal is dug up and doled out to power companies by state-run Coal India Ltd , the world's largest coal miner, which has struggled to modernize, raise its output and root out corruption within its ranks. Its dominance is a legacy of the socialist policies of Prime Minister Indira Gandhi's government in the 1970s that nationalized coal mining.

Such policies have been partly relaxed since that time. For example, instead of buying from Coal India, power producers can be allotted a coal mine of their own, known as a "captive mine", that they must specifically use for a particular power plant.

But the construction of such plants, such as Tata Power's plant in Odisha, can snag for years on red tape. That leaves a coal mine that no-one is able to use, while the same company has to buy coal from abroad to make up for shortfalls elsewhere".

Source: Xinhua

China's fiscal reform will boost growth

"Less tax for small businesses and more financial support for local government are on the cards as the Chinese leadership considers to start reforming the fiscal system.

On August 1, the turnover tax was replaced by a value-added tax (VAT) in the transportation industry and six service sectors.

VAT and turnover tax were suspended for businesses with monthly revenue below 20,000 yuan (3,257 U.S. dollars) on Aug. 1, benefiting more than 6 million enterprises.

The VAT refers to a tax levied on the difference between a commodity's price before taxes and its cost of production, while turnover tax refers to a levy on a business's gross revenues.

The reform reduced taxes by over 50 billion yuan for small businesses in pilot regions in the first half year. Billions in tax reductions are expected when the reform expands nationwide.

Fiscal reform is crucial to China's economic overhaul, said Yang Zhiyong, a researcher at the Institute of Finance and Trade Economics of the Chinese Academy of Social Sciences (CASS).

Over-reliance on land sales for fiscal revenue and poor real estate market control are at the heart of changes to the tax system, Yang added.

The current fiscal system was established in 1994, and delegated powers to local governments while reinforcing the central government's sway on the macroeconomy. The system has to be improved as many cash-strapped local governments now face debt problems, Yang said.

The upcoming Third Plenary Session of the 18th Central Committee of the Communist Party of China (CPC) is certain to bring about further fiscal reform, with Premier Li Kequiang expecting ministries to roll out new tax plans.

Finance Minister Lou Jiwei said in August that changes to tax on business turnover, consumption, resources and property will continue in the name of economic development.

One major issue is enhanced budget disclosure and budget performance management. Supervision of how the government meets the budget target is vital, according to Bai Jingming, deputy director of the financial sciences institute at the Finance Ministry.

The top Chinese fiscal regulator in late August issued a timetable for disclosing budgets and final accounts for governments above the county-level before 2015, while the State Council, China's cabinet, issued a similar timetable for disclosure of spending on receptions. vehicles and overseas trips.

A flat fiscal pattern and more fiscal support for governments of cities and towns can increase growth, Bai added.

Meanwhile, the personal income tax, resource tax and property tax are expected to be amended to improve income distribution and slow down runaway housing prices.

The key in reforming fiscal systems is balancing the government and the market, Yang Zhiyong said, "more rational and clearer roles will enable them each to boost the economy."

Challenges remain for China's fiscal progress from interest groups and the public, said Prof. An Tifu, a finance expert with Renmin University.

"Once reform is outlined, the government will have more resolve and take concrete steps to carry it out," An said".

Source: Xinhua

China's CPI rose 3.1% Y/Y in September

China's producer price index (PPI) fell 1.3 percent in September from the same month last year, the National Bureau of Statistics said Monday.

China's consumer price index, a main gauge of inflation, rose 3.1 percent year on year in September, up from 2.6 percent in August, the National Bureau of Statistics said on Monday.

Source: Xinhua

Japan: Household income gap widens to biggest since 1962

"A survey shows that the income gap among Japanese households is wider than ever, mainly due to a rise in the number of low-income elderly people.

The welfare ministry on Friday released the result of a survey conducted between July and August 2011. About 5,000 households responded.The nationwide survey excluded Iwate, Miyagi and Fukushima prefectures, which bore the brunt of the effects of the earthquake and tsunami in March 2011.
The average annual household income was 41,100 dollars, excluding public pension payouts. That's down 9.1 percent from the previous survey in 2008.
The index showing income distribution inequality, called the Gini coefficient, was 0.5536"

Source: NewsOnJapan

UK :Chinese Construction Company to invest in surrounding business of Manchester Airport

A Chinese construction company will become part of the group that will develop an 800-million-pound business park next to the Manchester Airport, British Chancellor George Osborne announced here on Sunday.

The Beijing Construction Engineering Group will join Manchester Airports Group, Carillion PLC and the Greater Manchester Pension Fund as funding partners in building the park, Osborne made the announcement during his visit to Beijing.

It is one of the largest development projects in Europe by providing five million square feet of business space, including manufacturing, warehousing, offices, hotels, retail and leisure outlets across a 160-acre regeneration area and creating more than 16,000 jobs.

The project will also be the largest UK development project since the London 2012 Olympic Games and is a key part of the government-backed Enterprise Zone launched in 2011 to attract international businesses to Manchester.

The joint venture is the latest in a line of new partnerships being forged between the UK and China that has helped make the UK the top destination in Europe for Chinese investment.

Chinese companies have taken stakes in utilities and big infrastructure projects from Thames Water, Heathrow and Talisman Energy as well as the redevelopment at Nine Elms in London which is expected to attract 700 million pounds of investment.

British companies are also winning contracts on Chinese infrastructure projects, with UK property, architecture and engineering companies working on the 4-billion-U.S.-dollar redevelopment of Shanghai International Shipping Services Centre, and the new Beijing Green Building Park.

"I am delighted to announce on the first day of my visit to China that a joint British-Chinese partnership has won the contract to develop Manchester's Airport City," Osborne said.

"I am determined that Britain does not repeat the mistakes of past that saw investment and growth only concentrated in the City of London, important as it is; but instead make sure investment from places like China flows to all parts of country," he said.

Japanese ANA look a better bet to stick with Boeing, experts say

"After the loss of a big Japan Airlines jet order to Airbus, rival ANA looks like a better bet to stick with Boeing. And at least for the near term, including 777X development, outsourcing of Boeing jet manufacturing to Japan will continue.

Boeing Commercial Airplanes chief Ray Conner told an audience in Seattle a year ago that "there is not a relationship in the world like the one we have with Japan."

That relationship was shaken this week when Japan Airlines (JAL) announced a blockbuster deal to buy A350 jets from Airbus.

But the Boeing-Japan fortress isn't about to crumble quickly, say close observers.

Near term, party politics in Japan gives Boeing an edge over Airbus for a pending big jet order by the second big Japanese airline, All Nippon Airways (ANA).

And Japanese manufacturing partners will likely supply all the fuselage panels on Boeing's soon-to-be-launched 777X program, just as they do for today's 777.

Long term, though, Airbus should gain further market share in Japan and the dual sourcing by the airlines could spread to the Japanese manufacturers.

"There is no agreement between Japan and Boeing that we will cooperate forever," said, Norio Yamanouchi, who played a lead role in creating and developing the close relationship between Boeing and Japan. "It might not be a bad idea for Japan to work with Airbus on future airplane programs."

A former top Boeing executive, who still works in the aviation business and asked for anonymity, said "it's inevitable Airbus will continue to chip away at Boeing's dominance in Japan."

Nevertheless, said analyst Adam Pilarski of consulting firm Avitas, Japan's big aircraft-parts manufacturers - especially Mitsubishi, Kawasaki and Fuji, the three "heavies" - remain "super critical to Boeing."

Source :  NewsOnJapan

London Mayor seeks Chinese money to remake British Capital

"London Mayor Boris Johnson and his business delegation arrived in Beijing Sunday, kicking off a campaign to lure Chinese sovereign funds, banks and developers to fund an overhaul of the British capital in the years to come.

"Our mayor's interest is about new infrastructure," said Gordon Innes, chief executive officer of London and Partners, the official promotional organization for the city.

"The mayor identified 33 areas across the city where we will be intensifying the density of house and putting in new infrastructure," he said.

During its six-day trip in China, the delegation will meet China's foreign exchange regulator and the nation's sovereign wealth fund China International Corporation (CIC) to discuss funding for Chinese developer's investment in London's urban regeneration projects.

China's State Administration of Foreign Exchange (SAFE) has invested in the city's property market, while CIC have been involved in a number deals to acquire offices and apartments in the city.

"The message is that London is welcoming and open to development for SAFE, CIC and other institutional investors from China," Innes said, adding that infrastructure and property development is a key priority for the London government.

Chinese companies have made several high-profile deals in London. Chinese developer Advanced Business Parks (ABP) recently invested 1 billion pounds (1.59 billion U.S. dollars) to redevelop Royal Albert Dock. Zhong Rong Group invested 500 million pounds to rebuild the Crystal Palace.

China's largest commercial property developer Dalian Wanda Group also stuck a 1.08-billion-U.S. dollar deal in June to build its first overseas luxury hotel at a prime location in the city.

Chinese investment in Britain rose to 4 billion U.S. dollars in 2012, up 80 percent from a year ago, with London being the destination of 60 percent of China outbound direct investment in the United Kingdom.

At least part of these ambitious projects have to be financed by loans from banks. The delegation will also hold talks with the Bank of China and the Shanghai Pudong Development Bank, in a bid to present these deals to Chinese banks as a "good bet on investment."

"The discussion will be about making sure these banks look at London from an investment point of view, as they will be financing quite a lot of investments we hope in London over the years to come," said Kit Malthouse, London's Deputy Mayor for Business and Enterprise.

Malthouse said that as with a population growth of a million every ten years, London's growth comes with problems in housing, jobs, offices, science and manufacturing.

The city thus needs to "attract lots and lots of capital to come in and help us solve these problems," the deputy mayor said.

The delegation also intends to expand existing trade and investment cooperation to other industries, with life sciences likely to be the next industry to see massive Chinese investment.

"What we want to do is to make sure when Chinese organizations think about overseas investment, they have London on their radar," Malthouse said.

Source: Xinhua

Massive antinuclear rally staged in Tokyo

  Tens of thousands of Japanese citizens and others rallied in Tokyo Sunday in what appears to be the largest antinuclear demonstration in Japan since the country's last active nuclear reactor went offline on Sept. 15.

Demonstrators marched in front of government agencies in central Tokyo chanting slogans such as "We oppose nuclear power" and "We oppose restarting nuclear reactors." A total of 40,000 people took part in the rally, according to organizers.Speaking at Sunday's meeting, Nobel literature laureate Kenzaburo Oe sought to make Japan free from nuclear power at an early date. "We need to win back a world where our future children can live."

Source: NewsOnJapan

China's Exports Dropped 0.3% in Sept. Expectations were for a rise of 6%

"China's export growth fizzled in September to post a surprise fall, data showed, a disappointing end to a recent run of indicators that had signalled the world's No. 2 economy was gaining strength.

The Customs Administration said on Saturday China's exports dropped 0.3 percent in September on the year, sharply confounding market expectations for a rise of 6 percent, and marking the worst performance in three months.

Beijing has a growth target of 7.5 percent for 2013, which would be the weakest rate in more than 20 years, and has vowed to accept slower growth as it tries to reshape the economy so that it is driven by consumer demand, rather than investment, credit and exports.

The recent upswing of China's economic activity has significantly boosted import demand for oil and other commodities," analysts said.

"But there are now concerns on whether the recent improvement in the economy is going to fade."

Source: Reuters

Guillermo Ortiz*: Late Fed taper may do more Harm than Good for Emerging Nations *Former Central Bank Chief and Finance Minister of Mexico

"Emerging nations heaved a sigh of relief when the Federal Reserve last month decided not to reduce its monetary stimulus.

By postponing the inevitable, the U.S. central bank took pressure off emerging markets to implement reforms that could make them more resilient when the Fed does eventually reverse policy.

"It's very easy to get addicted to high global liquidity," Guillermo Ortiz, chairman of Mexico's largest locally owned bank, Grupo Financiero Banorte, told Reuters.

"I think it's better to bite the bullet now to avoid a more painful withdrawal for EM countries in the future," said Ortiz, who has served as both finance minister and central bank chief for Mexico.

Clear examples are the economies of Brazil and India, which have slowed sharply recently due in part to the lack of government action to remove bottlenecks of growth such as high taxes and cumbersome red tape.

Emerging economies cried foul as the U.S. central bank injected trillions of dollars into the financial system, sending a wave of speculative capital into their markets that threatened to drive up inflation and fuel asset bubbles.

Then, in May, Fed chief Ben Bernanke signaled that the central bank might soon begin to scale back the $85 billion in bonds they were buying each month to keep borrowing costs down.

This led to a sharp reversal in capital flows that dragged emerging nations' currencies to multi-year lows and eroded their balance of payments.

The Fed drew fire from some emerging nations for not having prepared financial markets better for a sea-change in its policies.

Economic leaders of emerging nations meeting in Washington over the past few days called on the United States to better communicate its policy intentions to avoid market disruptions".

"When the Fed realizes that they need to taper it would be a bit late and they may need to do it faster," said Ilan Goldfajn, the chief economist of Brazil's largest private-sector bank Itau Unibanco. "When you do it a bit later and faster it could be a real disaster for emerging-market nations."

Source: Reuters

IMF: Main Challenge for Latin America Preserve Macroeconomic and Financial Stability

"The economies of Latin America and the Caribbean remain in low gear, held back by a less favorable external environment and, in some cases, domestic supply constraints", the IMF said.
"Output in the region is projected to expand by 2¾ percent in 2013, the lowest rate in four years, with domestic demand remaining the main driver. Going forward, growth will edge up to 3 percent in 2014 as external demand strengthens gradually.
In the first half of this year, Mexico suffered an unexpectedly sharp downturn in activity, while Brazil continued to recover gradually from a slowdown that started in mid-2011, the report indicated. In the rest of Latin America, economic activity has moderated".
“The main challenge for our region in the coming years is to preserve macroeconomic and financial stability in what is likely to be a less favorable external environment, and to build strong foundations for sustainable growth,” said Alejandro Werner, Director of the IMF’s Western Hemisphere Department.
 According to the report  downside risks remain the main focus.
    In the first place the slowing growth of the Chinese economy,the most important market for the
commodities exported from these countries. "Growth in China is projected to ease further to 7¼ percent in 2014 from 7½ percent this year. Lower medium-term growth expectations for China have been a key driver of the decline in commodity prices since the beginning of the year, although they remain at relatively high levels from a historical perspective".
   Another risk comes from the future exit of the US from its extremely loose monetary policy,which could cause intense capital outflow pressures, high volatility in the bond prices and currencies of the region as it did in past months.
   As the favourable high commodity prices and very low external financing costs subside, the key challenge for policymakers is to manage a smooth transition to more sustainable growth rates of GDP's.
 Output is close to potential in many countries, external current account deficits have continued to widen, and fiscal balances are generally weaker than they were before the global financial crisis. Thus, gradual fiscal consolidation remains appropriate for most countries.
  "Strong financial sector regulation and supervision will be critical to safeguard domestic financial stability in an environment of slower growth and more volatile capital flows.

  In Central America, gradual fiscal consolidation is necessary to reduce public debt and increase fiscal space in most countries. The authorities will have to exercise expenditure restraint, including a reduction in untargeted oil subsidies. 
  In the Caribbean, fiscal, external, and financial vulnerabilities remain significant in the tourism-dependent economies. Fiscal consolidation is inevitable but will have to be supported by measures to address chronically weak competitiveness".

Source: IMF Regional Economic Outlook Update for the Western Hemisphere
             October 11th,Washington D.C.