also cannot change the upward trend of housing vacancy is a personal choice TERA Gold also cannot

NetEase interpretation of 534 issues: collection of housing vacancy tax do not fly! NetEase finance, June 8 in recent days, Beijing Municipal Public Security Bureau population of Corps announced a population graph completion, matching 3.812 million vacant housing. In the midst of controversy, Corps responded that vacant housing is not the last of the population data. Various statistical methods came to the high vacancy rate, experts suggest that levy tax on vacant reduce resource waste. Housing vacancy tax toDid mark the end of? Housing vacancy rate of the lack of rigorous data blindly undesirable housing vacancy rate tax has been a controversy, civil investigations are not reliable as early as 2010, national census has sparked a domestic discussion on housing vacancy survey. Growing citizens ' needs on the one hand, data of the National Bureau of statistics has no authority on the one hand release. 2010 in August, the Statistics Office spokesman said sheng says, Bureau of statistics is not statistics housing vacancy rate, because the House is vacant real estate development new issues that have emerged, its statistical system does not establish, vacancy rates of the quantitative standards it is difficult to determine. While in there, all kinds of estimates are emerging. Media survey of State grid Corporation of 660 cities across the country, high65.4 million sets of House electric meter readings for 6 consecutive months to zero. While national grid quickly denied wow cd-key, but data have been widely circulated. Later, Internet, sparking a "hundred friends tanning lamps" activities, shows, black light rate of more than 50% of many communities throughout the country. Some research group of the University housing by means of a questionnaire drawn vacancy rates at more than 30%. InDuiwaijingmaodaxue statistics teacher Yang Jianhua, hailed as the "simple" folk are lack of rigour in the survey data, to define, quantify the deviation of the vacancy rate, survey methodology is too rough, the result lacks credibility. "3.81 million units" is the unadjusted data, multi-level of the Public Security Bureau of investigation access to authoritative data and that the survey "381" vacantHousing data is just the initial data, there is no reference value. Civilian police participating in the Census explained, when they went to the resident family household is not, you will be zoned the House temporarily vacant homes; verification in the future when the population to determine who will be recognized as vacant rooms after separation. Thus, and many people's judgment, "3.81 million units" greatly overestimated the number of vacant homes. In order to getAuthoritative statistics, statistical agencies may wish to study abroad experience, multi-layer surveys and statistics. United States, for example, the vacancy rate data from three sources: Census Bureau census every ten years a vacancy rate of data covering and counties; Department of housing survey survey once every two years, covering 44 major cities; quarterly survey on the housing vacancy survey every time. This special survey and census synchronizationAdvance, information is more comprehensive, stereo, system, reliable, is worthy of our statistical offices try to. There is no precise statistical data do support, data analysis, policy formulation is water without a source, be like a tree without roots, policy cannot effectively track. Calls upon the introduction of a tax on vacant at this time the lack of theoretical foundations, is blind. Impose a tax on vacant lack of action, levyHigh cost of Government early in 2010 during the two sessions, some members have proposed a levy of free tax advice for housing. Guo Songhai as a member of the National Committee had submitted a report to the General Assembly in his statement on the proposed housing idle taxes before the property tax levy, property tax "practice turn" pilot. Because property taxes compared to houses of unused tax involves small, simple, and easy operation. ButIs that collection of housing vacancy tax operations is not so simple. First, vacant it is difficult to define Rift CD-key, how long is left vacant, vacant because categories are to be considered. China Center for economic research, Peking University Professor Xu Dian Qing questioned if unoccupied vacant rooms simply defined as more than half a year, then causes due to urban renewal, or rent or sell at the market price, but not yetFind lease or purchase, and idle land developers hoarding, cover plate of the housing stock are also of vacant tax into categories? Second, determined by how empty it? Suppose we finalize "6 months no one lives" for the vacant, investigators are how many frequent visits to verify empty? Visit frequently, and takes a lot of human and financial resources; less frequently, evenSo much of it. With electricity, water, gas, as standards are not scientific, avoidance of a large space. Economist Steven z. f. Xue questioned: "some real estate, is being bought investment, no one lived. If you impose a tax on vacant, and owners can live? A pool, you can ' live ' cycle of several building--to turn on the light to turn off the lights and switchTap tap. Outsiders how to tell if a House does anyone live? How many people live in? Live more frequently? "This shows that a vacant tax thankless task, but rather, fat Government, does not engage in it! Vacancy tax gross interference in personal choices, also cannot change the upward trend of housing vacancy is a personal choice, not the resources wasted a general argument that, empty flats,But not one was kind of a waste of social resources, as long as the imposed a tax on vacant, "to the fair allocation of social resources." How attractive this is a gangster logic! We don't because girl's cabinet filled with clothes don't wear, collection of clothing vacant tax, not because someone hid the money under the pillow of a monetary vacant tax, or because her husband to travel to its signVacancy tax your wife; but vacant tax on other people's housing vacancy, what is truth? The so-called "waste of social resources" is specious fallacy. A respect for the property rights of the community, is a waste of resources depends on the judgement and disposition of the property owners themselves. Homeowners choice made vacant and not for sale or for rent, must have his reasons of resource allocation, outsiders are notQuestion and judgement. Also, when seemingly "unreasonable" phenomenon may be the future of "reasonable" to prepare. Shawn Xu, an economist (micro-blogging) has said: "number of newspaper reporters went to the community in the evening light, is a waste of time, because the lamp tells you the only difference between supply and demand in the period, instead of the expected supply and demand imbalances. Are likely on the contrary, higher vacancy rate for the period, indicating thatExpectations of future supply shortage more intense. "Vacant stopgap tax, does not affect the price trend of many comments people speak with precision as from exact information, to reduce vacant through a vacancy tax rate increase housing supply, control prices rising too quickly. But the vacant role of tax for tame prices are worrying. Even if the housing vacancy tax on really, as long as prices rise-expected unchanged, homeowners will not be anxiousIs on sale on the market, but will settle for the second best for rental. Rental market supply increasing, rents fell. But falling rent, it will make people give up buying rental housing reform, reducing the need to buy it? According to Professor University of Ma Yongkai, who research shows that, in our country, rents and house prices short term independent of each other TERA Gold, the long-term causes of changes in house prices is to rent, rentChanges do not affect the price changes. In other words, the butt of a vacant tax, even reducing the rent, nor affect the trend of house prices. India housing vacancy tax on Government since 2002, coupled with a variety of other taxes, have failed to curb the trend of rising prices. Mumbai high house prices in Shanghai today, housing prices Beijing, New Delhi. 2010 MumbaiEven into the world's top ten, per square meter on average $ 9,163. Visible, no efforts to increase the supply of housing, but want to use layers taxes inhibit price, useless or even counterproductive. Conclusion: housing vacancy of course in the back of the right of social injustice and evil shadow of corruption, but solve social injustice to prescribe, by tax on vacant such a standard blur, poor operation, againstProperty rights, ineffective policies to stabilize prices and reduce inequality, not only does not get to the root, also will go to social progress in reversing. Others:

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Dilated and broken wrist: multinational expansion strategies for relaxation On the road at the wrong stop, is a kind of a way forward. World's leading sports brand Nike know, doing the right thing is strategy, doing things right or policy, under the pressure of rising in the face of all kinds of raw materials costs, its latest strategy is its UMBRO (Umbro) football articles and Cole Haan footwear and accessories brands sold."This will allow us to reduce costs and focus on core product development and to focus resources on the greatest potential opportunity for Nike, to continue to promote sustainable profit growth. "The company's CEO Mark Parker. In his view, the brand of the same name, as well as in Jordan, Converse with the Hurley brand there's potential for more, and the last threeBrand "unique relationship", complement the Nike brand. Not only is the Nike over the last two years, in the Outlook for economic development and under the pressure of tight money chain, based on practical considerations of most multinational corporations, broken wrist-strategic contract was introduced, such as the United States has three major car companies to sell Volvo, Land Rover, Jaguar, and other premium brands, Procter had sold goodsPotato chips, Pfizer sells nutritional products business. These brands, they've been many acquisitions, such as UMBRO (Umbro) football is Nike's acquisition in 2008. In complex of "sale" in turn upside down, is what led the expansion and contraction of their strategy? "Broken wrist": cut down the opportunities challenges like Gecko in danger of breaking freeAs, by means of a broken wrist to adjust themselves, Alliance PKU Management Consulting Group senior partner Pan Yifan believes that sometimes is to better attack and defense. Brand contraction usually in step by step under the guidance of their brand strategy as planned, Nike plans to sell both brands, apart from external economic factors, is part of its brand strategy. ThisQian, Nike, there are many actions similar to the broken wrist. 2007 Nike to sell at US $ 60 million of its clothing brand STARTER, because its growth performance than other brands of Nike. Nike also by the price of us $ 200 million after one year, the 1995 price of $ 395 million acquisition of the famous Hockey brand Bauer, sold to aPrivate-equity firm Kohlberg, because the brand has been sluggish. Pan Yifan, more business opportunities you have more good, because many of these companies are willing to sell the own enterprise, for these large enterprises, the real challenge is not to find opportunities, but to cut down the opportunities. If under the temptation of short-term growth, expansion of sales, hungry to buy someNo problem of enterprise, may be for the subsequent development of enterprises caused a lot of trouble. Enterprises shrinks the time, be sure to find the core advantage, maximum profits, customer satisfaction, marketing brands with the highest position you must retain Diablo 3 Gold, in his view, the cut is often not profitable brand and profitability but also on main business developments do not help the brand. For example,Across 9 product line category, with more than more than 20 internationally renowned brand of Nestl��, in 2008, sold specializing in ophthalmic products Alcon (Alcon) 77% shares. Earlier, Nestl�� has shut down or sold 150 factories of poor business performance, but few "cash cow" precedent for sale. "Nestl�� 's advantage is mainly ownedGold is abundant, product lines, wide, big brand influence, but in the subdivision were designed and refined than the competition. "Jian Aihua, analyst at CIC consultants believe that this is also associated with the transformation of Nestle, it is prepared from established European company started instant baby foods and instant coffee, transition to a healthy, nutritious, high technology and personalized diet advocates. Offensive expansionStrategic contract generally become a multinational response to the international financial crisis and the continuing economic downturn in a rational choice. But at the same time, other companies based on judgments about the future, increased share of emerging market and emerging industries in the global strategy, to seize the initiative for the next boom. Japan general trading firm Marubeni, May 29 to $ 3.6 billion funding acquisition United StatesThree GAVILON grain company, its distribution center with over 140 offices across the United States food and a huge flow of food distribution network, as well as in Brazil, and Australia and Ukraine of main grain producing areas, such as base, which became one of the world's leading grain traders. After 8 days, with China Dalian Wanda group in Asia and the United States AMC theater companyDepartment merger agreement, reached US $ 2.6 billion of investment, acquisition of AMC100% shares and debentures. "The competition strategy of mergers and acquisitions is a really good", Reese partners (China) marketing strategy consultancy, General Manager, Mr Cheung said, but should be the premise of enterprise merger and acquisition of diversified expansion, in the field of the original, or is the leading brands have achieved industry-leading position, has an absolute advantage,Dominant position in the firm. First ivory SOAP Procter and when I started doing other absolute advantage, after the Toyota brand, Chrysler began to do. Second, the merger and acquisition of enterprises expansion, it is better to strengthen the existing brand, has a direct competitive relationship, such as Pantene bought Procter, Yi Kalu, grasp new opportunities, and consolidating the existing brand locations�� Worst are two main expansion strategy of mergers and acquisitions, one is the opportunity to see an industry, the acquisition of a company in an attempt to enter the industry; the other is to acquire complementary businesses, lead lost focus, allow consumers to brands of cognitive confusion of mind. Harvard Business School Professor Michael Porter in the case study of mergers and acquisitions in recent 50 yearsFound that both mergers and acquisitions fail rate is 80%. In addition to the merger itself, enterprise's own integration is also important, although Procter and also through a number of acquisitions to strengthen itself, such as Yi Kalu shampoo brand herbal series is acquired SWTOR CD-key, but more important is that this huge consumer goods in the Empire, its product development and research, marketing, planning, communication systemPerfect in its terminals can form intensive management, synergy between brand form overall superiority. Secret of relaxation is the attack of the enterprise expansion, shrinkage is a brand of broken wrist, seem very contradictory, in fact, that fall out of use between hides a great mystery. As a matter of fact, Mr CHEUNG found that many multinational companies have been expanding and contractionExpansion, contraction of wandering in circles. When enterprises in carrying out a comprehensive expansion strategy, usually after its main business to do a better, hope through a variety of methods to train new growth modules, its strategy of mergers and acquisitions should be in line with the industry's future needs and strategic direction of the company. However, after the acquisition, Pan Yifan believes that the company may find it into collarDomains may not be as simple as original ideas, each subdivision may or may encounter a variety of strong competitors in the field, or because of the economic situation of the problem, have no time to consider his own main or core brands, only through ways of refocusing the business restructuring, has nothing to do with the core business or associated low brand first sold. When Ford sells Volvo, is goldUnder the financial crisis, the parent company cash flow problem, had to take the broken wrist measures. When a blind expansion of encountered problems, by shrinking focused manner can often enhance the competitiveness of enterprises, out of trouble. After original 9 brands like General Motors restructuring only 4 brands, was quickly profitable. Inspired by the growth of the capital market, and enterprise managementAlso clear enough case, an upward cycle of the enterprise tends to feel like I can do anything, had to expand again, to achieve some "unnecessary growth." Because the industry in China is not very mature now, also has a lot of space in different industries, and to create opportunities for diversification of enterprises. But Walter finance (China) CEO John z. Zhang, whenAnd for some time in the future before too many uncertainties facing the global economy and financial markets, at the same time, China's economy faces difficult tests of stable growth, structure, merger and acquisition of Chinese enterprises in the cross-border expansion or in day-to-day operations, should also take a more cautious approach. [Scroll] guoguangchangpanshi Yi who would sell "sovereignty" (06-09) [Scroll] jade cargo recombinant happen or by the bankruptcy (06-09) [scroll] Haida silver Peng Hua high shares in the second inquiry "bought" (06-09) [scroll] "88 spell" waves of redemption of the reconstruction fund institutions "kill" (06-09)[Scroll] Chongqing iron and steel into the asset was not built (06-09) [scroll] "new 36" asymptotic civil capital rules "entry" Countdown (06-09) [scroll] jiaduobao ultimate business competition in the market of Guangzhou pharmaceutical (06-09) [scroll] change times: China's retail industryTo hold warmth (06-09) [scroll] Wanda tourism real estate "examination" (06-09) [scroll] cut of "burden lightening" 200 billion of stable growth with intent to strengthen (06-09) [scroll] coal enterprises take the initiative to find the customer imported coal hits the market (06-0900:02) [scroll] art investment or disguise funds in question throughout the United States (06-09) [scroll] Xiang Junbo managed insurance companies invest the new deal (06-09) [scroll] European stocks closed down France CAC index fell by 0.63% (06-09) [scroll] pretty RiverSouthern mist listing (06-09) [scroll] waves of restructuring in the car industry hit (06-09) [scroll] looking for new balance of direct election of the Chairman of the Trade Union labour relations (06-09) [scroll] supervision by the SFC and the Hong Kong-like restaurant listings (06-09) [Scroll] Saab takeover ' Iceman ' young regret exit (06-09) [scroll] "by abdominal" Nanjing Changan "long horse" key joint venture (06-09) [scroll] Beijing to 60,000 electronic eye monitoring waste oils (06-09) [scroll] Shenhua Jiangxi 30 billion fireProject approval of obstacle (06-09) [scroll] Shanxi: Highway "great leap forward" (06-09) [scroll] new judicial interpretation of the Bankruptcy Act intends to expand the scope of debtors ' property (06-09) [scroll] were major shareholders to sell cars in the hippocampus prospect worrying (06-09) [scroll] Ni Kaiming "departure" popular revolution in China (06-09) [scroll] national grid primary separation and closeout corner workers no longer qualify for dividends (06-08) [scroll] Central Bank: National Bank assets totaled 105.8 trillion yuan at the end of last year (06-08) [scroll] Central Bank: strengthening regional systemic risks (06-08) [scroll] Germany April per cent decline in both import and export (06-08) [rolling]Dato Timothy:APEC will continue to play an important role in the region (06-08) [scroll] frequent quality children's wear Enterprise trapped test standards (06-08) [scroll] luxury jewelry how to achieve "high premium" (06-08) [scroll] lithium battery electric car accident set off a crisis (06-08) [scroll]Controversial agricultural insurance business positioning (06-08) [scroll] implementation of new standards was imminent crisis facing children's furniture inventory (06-08) [scroll] capital rules to delay relief for the Bank (06-08) [scroll] UCC coffee out of system management (06-08) [scroll] Xiamen tungsten co stealth control over the world's largest tungsten mine? (06-08) [Scroll] eat trillion to pay cake third army offensive ferocious (06-08) of gasoline and diesel respectively, down $ 0.39 per litre and $ 0.44 | Stock market effects | Previous adjustment| Lin Bo Qiang | topic around this fall in high oil product prices modification | Oil prices or will continue down | Pulling sales limited green city Kowloon Kuranari 2nd largest shareholder | Will sell 10 billion project | Hongwei ZHANG: to live the most important | Selected thematic NetEase finance week pictures [financial] auto group, Jiangsu throwAnchor continued: oil product Super chlorine content United States 6,000 times [financial] Green City continue to "sell one's soul self" shares the wharf to raise $ 5 billion Hong Kong dollars [financial] Canon Zhuhai require employees to long-term leave Foxconn denies Chengdu riots [financial] silver insurance business in China Construction Bank fell regardless of performance not to be punished [stock] outflows of 8 billion shares of the two citiesFirst Bank shares to buy points to [stock] SFC: restructure shares Insider involved shall suspend the restructuring of listed companies [commercial] learn from LIU Chuanzhi, brand-building the world's highest unemployment rate among young people State [commercial] 8 questions that must be asked before venture capital venture capital is like a pair of power-law distribution of [financial] central bank interest rate cut millions of home loans 20 36 TERA Gold,000 fewer bondsCancel the issuing [finance] rich dating $ 40,000 spare cash to finance activities of interest exposure pictures documentary: revealing the secrets of Foxconn, as United States Federal Reserve System Others:

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recently for the first time more than mean. According to huatai securities statistics Diablo 3 Gold

Industrial capital reduction of 1.9 billion private equity proposals carefully touched last week lifted stocks Last week, the reduction of industrial capital trend is not reversed. China shipping, desay battery, will follow in the near future shares of several companies have published reduction of shareholders ' bulletin. Tebon securities statistics, industrial capital net reduction of 139 million shares in the secondary market last week, reduction of net market value of about $ 1.89 billion. On the whole, a net reduction of efforts continue to rise slightly, recently for the first time more than average waterFlat. Reporters discovered through statistics, important reduction of total 148 million shares to shareholders last week, increased holdings of 15.486 million shares. Large transactions there are CNC 9 5 company deal, are underweight, 12.71 million shares of the total reduction. In this regard, most of the people in the trade reminding, recent careful touch "high pressure" lifting unit, by the reduction of industrial capital stock is facing downside risk�� Industrial capital NET 3.179 billion reduction of industrial capital continued to decrease since May, the market weakness. Recently, China shipping, desay battery, reduction of huatai securities companies such as publishing shareholder notice and May 3 before the release of the biggest companies in Shanghai shimao (83.), Datang power generation (45.), panzhihua iron and vanadium-titanium (36.74Billion), from the perspective of current transactions, reduction of vanadium and titanium have been 213 million shares of panzhihua steel, jiancang could fetch about $ 2.06 billion, panzhihua steel v-TI also fell for two consecutive weeks. Tebon securities statistics, industrial capital reduction of 147 million shares in the secondary market last week, reducing market capitalisation of approximately 1.922 billion yuan, overweight of 8 million shares, holdings valued at about 0. $ 3.2 billion net reduction139 million shares, reduction of net market value of about $ 1.89 billion. Worthy of note is the net reduction efforts continue to rise modestly, recently for the first time more than mean. According to huatai securities statistics, over the weekend between the beginning of May, net reduction of 3.179 billion of capital. Reporters discovered through statistics, important shareholders last week reduction of total 148 million shares, holdings of 15.486 million shares. JiancangReference market 1.937 billion yuan, overweight 50.75 million Yuan and net underweight 1.887 billion yuan. Large transactions there are CNC 9 5 company deal, are underweight, 12.71 million shares of the total reduction. In addition, out there is no trading company, can discover important transactions at an average price of shareholders and total amount of stocks during the trading price of the flat,Reflects a significant discount after cash stock shareholders, shares on the secondary market trading prices return to it. Various indicators show, industrial capital as of last week, still continued to dump shares, cash money. Secondary market shares also fell to near the trading prices of the industrial capital. Reduction of stock listed company is not all the way down to view holdings last week before the market valueThree t c l group, Qi Xiang Teng da, canny elevator, a net increase of market value of about 1445. $ 60 Diablo 3 Gold,000, 1239. $ 370,000, and $. Was the reduction of maximum units as Ningbo yunsheng, Kyushu, and China shipping, reducing market capitalisation of about 48,260. $ 230,000, 36,436. $ 960,000,$ 257.5976 million. Chinese ships in the late 18th said, as of May 18, 2012 Baosteel Group through the secondary market the cumulative reduction of ship 7.3 million shares in China, China shipping total equity 0.69%. from a side perspective of the trend, shares of stock not being all the way down to decrease. At present, there are 847 listed companies published in the daily announcements�� Ningbo yunsheng said, due to companies active in the development of high-end customers, orders remained stable. Projected 2012-June net profit attributable to the shareholders of listed companies grew by 100% per cent. reduction of its shares in industrial capital this month SWTOR Power Leveling, continues to trend up 26%. Chinese ship expected in 2012 1: cumulative net profits compared to the same periodReduced by more than 50%. Performance change reason description: 2012 the company ships under construction and related product prices in the first half and a greater decline in comparison with the same period a year earlier, cause a reduction in gross margin. This month fell by 14.71%. reduction of complex financial capital may not follow the trend of ever-reducing action on industrial capital, Director of taihe investment company's investment in Shenzhen hard analysis,Reduction of capital, more is because the real economy are relatively poor, and have no confidence in capital markets, reduction of cash after doing other things. "Or take the cash to prepare for merger and acquisition, or prepare for winter. "Despite the industrial capital has more than 50% per cent circulation market value, knowledge on the company's share price is also more accurate, but it's hard Diablo 3 gold, industrial capital and financial capital on the capital marketDifferent views. "Financial capital in 2008 and 2009 before the industrial capital, first in the policy positions boldly before. Industrial capital slow delay, increase the investment entities afterwards, eventually is now overcapacity in industries such as construction, steel, machinery. "Hard said," so, we are still optimistic now, many largeInstitutions, long term funding and weakening of the real economy, buying positions when stocks are low. With a 30% per cent of income long after a few years, they have had a lot of fun. "But he also pointed out that shares limited release notices each month, suggested investors are also short term do not touch these high pressure lifted stocks as well. "Because they understand the situation of listed companies from future developmentSpace and price comparison now, there is no potential to consider withdrawal. "Private Jin Yin also recommends investors in Guangzhou industrial capital in the short-term avoidance of reduction of stocks. Rio Tinto Chief Investment Officer sunqiguo in days, reduction of industrial capital, starting with the 2009 growing. "I have every Friday of the reduction of the size of non-lifting of data reported. "He said, from the twoTranslation: first, completed stock lifted after period, reduction of size of non-lifting of is a normal phenomenon, is the normal performance of shareholder return lock, second description in the economic downturn, increased holdings of industrial capital is not as decisive as ever, but significant cash, this is the behavior of the enterprise after the retrenchment was driven by necessity, shows real economy capital flow tight. "This case, Makes the significant increase in the supply of secondary market of shares, driving stock prices down, forcing the IPO slowdown. That short-term market rebound that was selling pressure, upward pressure, increasing market turmoil, take hard market in the short term. " Others:

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Greece EU Summit Europe storm watch back blow NetEase finance (/10) forwarded to the microblogging pedestrians in the crowd on the streets of Athens Greece Drachma silver coin the statue. http://img4.cache.netease.com/photo/0025/2012-05-23/826PEETM0APS0025.jpg http://img3.cache.netease.com/photo/0025/2012-05-23/t_826PEETM0APS0025.jpg Greece Athens one street in the capital with his instrument in the streets. http://img3.cache.netease.com/photo/0025/2012-05-23/826PEESL0APS0025.jpg http://img3.cache.netease.com/photo/0025/2012-05-23/T_826PEESL0APS0025.jpg Greece outside the branch of the National Bank, many customers queued cash withdrawal from automatic cash machine. http://img3.cache.netease.com/photo/0025/2012-05-23/826PEERA0APS0025.jpg http://img4.cache.netease.com/photo/0025/2012-05-23/t_826PEERA0APS0025.jpg, a worker in the renovation of Athens in the Greece of the headquarters of the National Bank safe door. http://img3.cache.netease.com/photo/0025/2012-05-23/826PEEQA0APS0025.jpg http://img3.cache.netease.com/photo/0025/2012-05-23/t_826PEEQA0APS0025.jpg one of the pedestrians passing by describing "the euro Greece into a black eye, a clown" Graffiti Wall. http://img4.cache.netease.com/photo/0025/2012-05-23/826PEEP80APS0025.jpg httP://img4.cache.netease.com/photo/0025/2012-05-23/t_826PEEP80APS0025.jpg one Drachma silver coin the statue of pedestrians passing by the street of Athens. http://img3.cache.netease.coM/photo/0025/2012-05-23/826PEENJ0APS0025.jpg http://img3.cache.netease.com/photo/0025/2012-05-23/t_826PEENJ0APS0025.jpgGreece passers-by in the street newsstand hack the news headlines of the day. http://img4.cache.netease.com/photo/0025/2012-05-23/826PEEMM0APS0025.jpg http://img4.cache.nOne hawker along the Graffiti Wall etease.com/photo/0025/2012-05-23/t_826PEEMM0APS0025.jpg selling their tickets. http://img3.cache.netease.com/photo/0025/2012-05-23/826PEELC0APS0025.jpg http://img4.cache.netease.com/photo/0025/2012-05-23/t_826PEELC0APS0025.jpg University of Athens in Greece next to the philosopher Socrates sculpture,Greece national flag fluttered in the wind. http://img4.cache.netease.com/photo/0025/2012-05-23/826PEEJQ0APS0025.jpg http://img4.cache.netease.com/photO/0025/2012-05-23/t_826PEEJQ0APS0025.jpg University of Athens in ancient Greece next to a statue of a goddess Diablo 3 Gold, while Greece national flag fluttered in the wind. http://img4.cache.netease.com/photo/0025/2012-05-23/826PEEIR0APS0025.jpg http://img4.cache.netease.com/photo/0025/2012-05-23/t_826PEEIR0APS0025.jpg to "Greece leaving the eurozone risks exist."Greece Papademos remarks of former Prime Minister once again caused market panic, Greece leaving the eurozone? Meanwhile, yesterday held an informal summit of European leaders, to be held at the end of June the EU Summit set the question. Although the Summit is positioned as "informal", but Greece every move the Summit is a point in the near future, the outside world is also highlyAttention. Papademos contradictory at a time when EU leaders held an informal Summit, Papademos had thrown a "depth bombs". 22nd, Papademos said in an interview with foreign media, Greece has no choice, only continue to implement austerity plans required by the creditor, or will have to leave the eurozone, Greece leaving the eurozoneRisk is real, ready to work "under consideration". Papademos said Greece, abandoning the euro will have catastrophic economic consequences, but also will have a major and far-reaching impact on the euro area as a whole Diablo 3 CD-KEY, that is why the European countries and institutions are considered in response to this emergency. As soon as you exit the eurozone, Greece economy will collapse and inflation rateSoaring society into new turmoil. However, Papademos, yesterday was another media that Greece is not prepared to withdraw from the euro. Papademos said, although did not rule out such a possibility, but Greece leaving the eurozone is impossible. However, EU officials said yesterday that the Eurogroup working group has asked euro-zone countries prepare their emergency response plansIn response to Greece out of the possibility of. Risk sentiment about the market in spite of Papademos to clarify, but his speech was also lit market again on Greece leave the Eurozone worries, financial markets immediately responded to this. Asia-Pacific stocks decreased, MSCI Asia Pacific index dropped by 1.7%, Japan stock market declines of the Nikkei 225 index close 2%�� In yesterday's European trading, United Kingdom in April retail sales figures and the Italy-than-expected business confidence index increased investors ' worries, European stock markets lower low, declines in the three major indexes close to 2%. In international oil prices and the price of gold fell more than 1%, of which $ 91 a barrel oil prices briefly fell through. Euro exchange rates against the dollar after touching 1.263 waterFlat, euro currency rate below 8 integer point wow power leveling, hitting a record low since June 2002. Analysts expect European debt problems is not optimistic, devaluation of the euro could continue. Germany euro-bonds don't Greece mess investors eye focused on the informal summit of the EU, EU leaders will stimulate economic growth, create jobs, to prevent the Greek CypriotLa exit risk "contagion" as well as the Euro bond issue for initial discussion. Recently, Germany advocates fiscal restraint positions constantly under attack, Germany, Angela Merkel, increasingly isolated position, Euro bond issue is further challenged Germany's bottom line. Responsible for economic and Monetary Affairs of the European Commission members Rehn has said that France and Germany in the implementation of the euroHad serious differences on the issue of the bonds, Summit is difficult to reach a consensus. Germany reiterates opposition to euro bonds by government officials, that the euro bonds is not the solution of the debt crisis in Europe. In addition, some analysts are worried that, if Greece out of the eurozone, with $ 1.19 trillion "pig country in Europe" European banks will face the devastating impact of the bond. In view of this, The Summit also will discuss whether to give the eurozone bailout Fund of new powers, to inject directly to possible run on the Bank. But the Council of Europe officials said euro-zone States are divided on this, very little chance of reaching a consensus at the current meeting. 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shoppingConsumer survey [financial] financing managers confused study on price differences in banking and insurance products in Guangdong [financial] 16% monthly income of 15,000 gold ornaments in the Mainland more expensive than Hong Kong singles fiscal 2012 Forbes Taiwan Forbes business major top ten best employers Others:

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"London whale" why ran aground: small friction loss "self-mutilation" version JPMorgan Chase the huge losses that may not like the media. JPMorgan Chase for over-the-counter derivatives trading giant losses since the beginning of the case, most of the media losses attributed to it by JPMorgan and hedge funds "bet", and move the focus point to which a nickname called "London whale" traders Iksil. But a few days ago a hedge fund manager (pseudonym h.F.) has disclosed to the Business Journal of the different versions. "London whale ' is not the name of a trader, but the whole deal contract code. "H.F. said," hedge funds have not kept pace with the Bank ' bet '. In our opinion, are problems with internal control of JPMorgan Chase. "On May 17, the Hong Kong, China held a gathering of hedge fund managers in the world"Hedging viewpoints" Forum, after the H.F. when communicating with reporters to disclose, some media giant JPMorgan describes the deviation of the loss event. "London whale" origin of the deal began in February-March this year, JPMorgan to many hedge fund initiative to provide a synthesis of the credit derivative contract of deposit (Synthetic CredIt Derivatives), the contract was based on some kind of Greece debt derivatives as the base of the over-the-counter contracts. Put aside the technical details aside, this contract basically demands that JPMorgan Chase provides to the customer an amount not less than a ratio, assumed to be no less than 7% fixed income �C if Greece debt derivatives yields more than the ratio, JPMorgan requiredPay interest on the excess. Many hedge funds have purchased these products, but they are worried about Greece debt in case of default, income insecurity. To this end, JPMorgan Chase was also issued to the customer and Greece debt-related CDS, as soon as Greece debt reached breach of conditions stipulated in the contract, JPMorgan Chase will provide income protection. As to price, hedge funds have to payCertain premiums. In other words, if Greece debt does not have default, hedge fund is the guaranteed minimum index of customer 7% fixed income less the portion of the premium cost, total income of less than 7%. From the design of the entire contract, JPMorgan Chase is in gambling as a baseline indicator of Greece debt derivatives yield will be provided to the customers consistently exceeding its guaranteed minimum interest rates, it can be at this rateRush funds into the money. H.F. said that before accepting the above over-the-counter, hedge fund company made a lot of in-depth research, Greece may conducted a situation analysis of the trend of Treasury bonds, just the relevant formula is comparable to an IPO Prospectus, ultimately feel that this is a more secure investment programme, with JP Morgan to do transactions. But he did not thinkJPMorgan will have accumulated a large number of such contracts, with dozens of them doing a counterparty, even the Investment Bank of Goldman Sachs and Bank of America that eventually involved. This type of contract transaction amount so big, so the industry some people simply use "London whale" as performed by the transaction code Iksil--traders trading with the contract has a certain degree of level, So it is then also possible the media refer to him as "London whale" reasons. Hedging policy blunders from the whole deal, hedge funds and there is no bet. H.F. say: "return on our starting point is that the transaction was very nice, would like to earn a little interest. "Delivery rate of only partially due to such transactions in cash, and leverage available, it isTo hedge funds of all ages. H.F. said earlier this year, there is no investment products on the market, European debt problems have been hanging in there, great market fluctuations, it is difficult to have a clear strategy Diablo 3 gold, and JPMorgan to provide contract corresponds to a certain guaranteed fixed income, be approved. "We want to be, Greece always in such a long time mayGovernment bonds when yields rise, so there should be additional opportunities to earn income. At least I have not ' gamble ' Greece debt default. In fact, I do not believe that Greece would default or leave the eurozone--to this day are not entirely sure about it. "He said. At the beginning of trading, JPMorgan Chase in a good position; however, are later EuropeIsland Councils sudden turmoil, Greece rising bond yields, synthesis credit deposit contract benchmark index rallied above, to the disadvantage of JPMorgan Chase. Normally, at the beginning of trading Rift CD-key, JPMorgan Chase has to consider hedging Greece risks of bond yields soar. It related to the need to buy Greece debt to meet fixed income position; on the other hand, because of itsSelling CDS, Greece debt default risk recruiting upper body, so it is necessary to look for related tools on the market to hedge. Not sure JP Morgan early the two hedge and hedging positions. H.F., to be sure, JPMorgan Chase was using the wrong hedge. It is learnt that the JP Morgan could use other synthetic derivative tools, Before hoping to offset hedge funds with the contract. But because of the two different risk coefficients of product Rift Platinum, combined with its hedging tool itself in the OTC markets lacked liquidity and therefore cannot perform to a large extent, there is no way to hedge against risks of contracts in early. "Run into such situations, the best way is to stop as soon as possible, rather than hedging. "H.F. said. For foreign mediaCDX.NA.IG.9 of disclosure and the role of, H.F. because you do not know the specific case, declined to comment. But he pointed out that the CDX tool is the synthesis of corporate bonds, derivatives, if it is used to hedge debt derivatives, no way. CDX. NA. IG.9 is one of the services financial data firm Markit indices, Where the NA representatives in North America, IG representative investment-grade (Investment Grade) corporate bond, 9 for the 9th generation. Quite interesting is, according to the information provided by Markit, CDX. NA. IG.9 is the index of September 2007 is already on the line, date of issue long before the global financial crisis, beginning with125 companies, even including the later accident United States "two rooms" and CIT Group, and Washington Mutual Inc., so currently only 121 companies. But from the viewpoint of disclosure, the products are less likely to become JPMorgan hedge "London whale" contract tool. Loss or forcing JPMorgan Chase setFunding now JPMorgan Chase before the problem is severe, as the Greece situation deteriorated, international credit rating company Fitch recently downgraded Greece's sovereign rating to CCC level, only a step away from the junk. As soon as Greece debt fall into the spam rating, hedge fund will require higher compensation for JPMorgan Chase on a CDS contract. Hong Kong media was recently disclosed data, mogendaPass floating losses had reached $ 7 billion. As Greece bond yields soaring, JPMorgan floating losses or will continue to expand, but how much deficit, also subject to hedge fund clients when the above contract. If hedge funds do not disassemble this deal, JP Morgan losses can in theory with Greece has been the deterioration of the situation to increase. From the whole deal, MorganChase the main error is: first of all, it OTC transactions throughout the dish too, turning themselves into difficult to slaughter "whale" and, secondly, it did not stop in time, but not before the related hedging instruments to hedge positions, which may cause the loss. H.F., to calculate the JPMorgan total actual losses are difficult. Although, asCounterparty positions of hedge funds according to their estimated losses on the transactions of JPMorgan Chase, JPMorgan Chase is not known but the internal positions and policies. But one thing is almost certain, this event is not understood by the outside world a trader's problems, because a similar implementation of large positions accumulated and hedging strategies, require higher levels of review and approval�� Hong Kong Capital hedge fund fellow "hedging perspective" said after the meeting, with different risk coefficients and the lack of liquidity of the tools do hedge, hedge was not there, and probably damaged two. Like JPMorgan Chase, impossible to make such mistakes. "If it really takes a similar action, and certainly is a problem in the management, because it is notIs that a trader can do. "The researcher said. H.F. do not think the Bank will recover, after all, it is the United States largest commercial banks, thick, and a good relationship with the Government, is to lose some money. But he predicted JPMorgan Chase if unable to open in time, is likely to raise funds, estimated at $ 10 billion or moreAnd it might give its competitors or those sovereign investment funds create some opportunities. As regards hedge funds, H.F. expressed no interest in buying bank stocks, "bank stocks not currently popular." Be marked with the "h" and "bet" label of hedge funds, H.F. feel a little for their grievances, the whole event like JPMorgan Chase in "self-mutilation". But there is no doubtThis will increase the supervision of regulators on the whole industry. "None of our business? We just want to get fixed income. And because of this incident and regulatory strengthening, not good for us. "He said. Others:

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