Sterling weakness eliminate the shadow of suspense, the euro prospects

Yesterday the Bank of England lowered the benchmark interest rate again by 50 basis points to 1.5%, which is four months, the Bank of England cut interest rates the fourth to boost the UK's increasingly bleak economic outlook, due to the credit market is still tight, economic activity released relief, the British economy to shrink in the third quarter 0.6%; the Monetary Policy Committee (MPC) hinted that the central bank's pace of future interest rate cuts likely to slow down, because there are more and more people speculated that the Bank of England base interest rate level will be reduced to zero and to seek to use unconventional monetary policy measures to promote economic recovery on track; as a result of this cut completely falling into the hands of market expectations, it did not cause the pound after too drastic fluctuations, the more dramatic is that the pound did not fall but rise; so basic may think the recent trend of pounds because of technical reasons accounted for the initiative; while on the other hand, given the MPC has always been to speak of "pragmatic" style, we have reason to believe that Britain should be the pace of future rate cuts will be a slight slowdown, although the market is still firmly believe that the British benchmark interest rate will eventually point to zero, but in the short term should be to see a; summing up, the sterling weakness eliminate the shadow of suspense, the short-term trend will be slightly deviated from the weak economy.

Related reports said that recently Japanese companies as the global financial crisis that limits credit, bank loans have become more strict; in December released the Bank of Japan Tankan business confidence survey shows that most companies found that the lending policies of banks more stringent, not more lenient; because as the economy continues to deteriorate, the banks will be more funds for improving the situation of their own assets, rather than bear the enormous risk of lending; follow-up shows that the Government will be inevitable pressure , banking and government policies will also be staged game.

As the global economic slowdown had resulted in German exports declined in September in Germany, facing national elections this year, Chancellor Angela Merkel, eager to enterprise bankruptcy and the unemployment rate to a minimum; official data released Wednesday showed that in December, the Europe's largest economies in the unemployment rate occurred in February 2006 rose for the first time since, reaching 7.6 percent, higher than in October at 7.5%; On a seasonally adjusted basis last month, the unemployed population increased by 18,000 people, higher than the economics Prior to the expected home; Germany is considering to allocate up to 100 billion euros of emergency funds for enterprises face a credit crisis in the provision of government-guaranteed loan; Although the reform has not been finalized, but provision for the entire European Union in 2000 there will be relief plan become a stumbling block; this embarrassing situation will make it possible to make the market bearish medium-term performance of the euro.

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The euro area is expected during the first half of 2009 will face a situation of economic recession

German IFO Institute reported on the 8th, the euro zone is expected during the first half of 2009 will face an economic recession, but the extent of the recession in the fourth quarter of 2008 has bottomed out, the fourth quarter of 2008 is expected GDP to shrink 0.6 percent.

Integrated foreign January 8 reported that Germany's economic think tank IFO Institute on the 8th in the published report that the economy is expected, according to recently released data showing the euro zone, the euro zone during the first half of 2009 will face a situation of economic recession, but the extent of recession In the fourth quarter of 2008 has bottomed out.

IFO Institute said recently released economic survey report is expected, industrial activities will have fallen sharply, and credit crunch and a drop in demand for investment with great pressure.

IFO Institute also announced the official data on expectations. IFO Institute expects the euro-zone GDP in the fourth quarter 2008, following the third quarter after shrinking 0.2 percent shrinkage of 0.6%.

However, according to the IFO research institute in January 2009 to July period is expected to show that euro zone economic situation in 2009 will pick up gradually, the euro-zone GDP is expected to shrink 0.4 percent in the first quarter, shrinking 0.2 percent in the second quarter.

IFO Institute pointed out that if oil prices remain low, the cumulative 16-nation euro-zone inflation rate would be a further downturn.
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There are bargain-hunting tips

There is no doubt that the current stock market every day, try for a lot of stocks crazy, but, once to see the stock pull mad to follow up on the hastily, but it may buy sets eat. Want to buy it, it is afraid of buying on the sets were even at the highest point of purchase; do not buy it, promising to continue to try for the stock, taste suffers; dilemma lingering hesitation, the opportunities may be missed in vain.

To overcome the ambivalence, and strive to earn a small deficit, we need to grasp the rhythm of, the key is to grasp the key selling points and timing.

To minimize the energy transferred to the selected stocks and grasp onto something. Even try for a time when the market madness, he still has a lot of stocks or, having received closeXiaoyang is almost not up how much investors can select from which there may be about to try for the potential of rising stocks, and then in the market turbulence and the potential of the target sharescircumstances presented Optional low bid. Such operations, there are 10 to 78 is to buy up to make money, even after buying time to eat kits, will soon release and make money. This is called "chasing the low bid Act."

"Chasing after low bid law as" an important tactic is to "look at the leading flank grasp":

A. Long-term follow-up round of speculation 10 billion in total capital of more than a few super-heavyweights, the overall weakness in these elephants correction to focus on when, if one day there is a strong trend in the lead and a record high, it would be Select stocks from other stocks than those who live and Change obviously look for an opportunity to intervene Optional low. When the elephants were active in their new highs, could also be concerned about the urgency has yet to pull a new high of elephants.

B. After the start of small-cap stocks poised to enter the short-term finishing also a cause for concern. There are many such stocks, as long as from carefully selected, you can tap into the potential of the former is about to try for shares, and then calmly intervene bargain-hunting.

Special attention should be paid is to recover the lowto buy shares in the potential of the goal after a statetime, if we can buy in the stock cleverlyday under the shadow of the line, making money is inevitable.
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Buffett how to play the stock market

Easy to understand the investment business

"If you do not hold a stock for 10 years to prepare, then 10 minutes should not hold such stocks", which is a master of Warren Buffett for investment in the basic attitude of investing in stocks. This article further analysis of Buffett's long-term investment philosophy, and Buffett has recently analyzed the performance of shares, as investors to enter the overseas stock market for reference.

Never hit a record loss

If Buffett's Berkshire Hathaway 32 years of year-on-year investment performance standards with the United States - S & P 500 index performance compared to Buffett can be found in which to beat the 29-year index, only three years behind index, more valuable when the United States is one of the five-year trend of the stock market correction into a short time when a record year Buffett has "never lost" records. Buffett's investment philosophy is therefore not only for him to create a staggering 23 billion U.S. dollars of wealth, and its stock selection method is also very worthy of study global investors.

Buffett's stock selection method is studied under the guidance of the basic school master the Graham (Ben Graham) and Philip Fisher (Philip Fisher). The former to "quantitative analysis" mainly, the latter to "qualitative analysis" for the good, Buffett is set both in Dacheng.

Graham's first "safety margin" (Margin Of Safety) of the sound investment ideas, he believed that the value of its shares at the end of the real value in (Intrinsic Value), the existence of such a stock that is "safety margin", so he suggested that investors will spend in identifying undervalued stock price, regardless of market performance. As a result of quantitative analysis of his contribution to future generations have recognized him as the father of financial analysis. Graham "No loss" investment philosophy, Buffett has become the future圭臬pursued.

Fisher is that investment growth rate is higher than average, profit growth and relatively excellent management company. He and Graham, the biggest difference is that the mere reading Fisher, the company's financial reports is not sufficient to determine whether the investment should be, but as far as possible from those who are familiar with the company to obtain first-hand information, this approach has become Stock fund managers prerequisite before. Buffett type of investment in these two methods to develop them.

Buffett to the end of 1996 to the investment portfolio (Schedule abbreviated) to illustrate, in which eight major shareholders the market value of Berkshire Hathaway accounted for 27.75 billion U.S. dollars in the year the market value of 87 percent stake, if this such shares by the end of 1996 so far calculated rate of return, in the 14 months to a combination of return on investment rose further to 37.72 percent.


Niche-oriented steady

Buffett observed that eight shares held, almost every stock is a well-known world-renowned companies, including Coca-Cola as the world's largest beverage company, Gillette razor is to facilitate 60 percent share of the global razor market, American Express Bank American Express card and traveler's checks is an indispensable tool for cross-border travel, Wells Fargo Bank of California, the largest commercial real estate market and among the top ten U.S. banks, Freddie Mac is the United States the two major residential lending industry, one of Disney in the acquisition of city / ABC after to become the world's largest communication and entertainment companies, McDonald's also the world's largest fast-food industry, the Washington Post is the United States, one of the most respected newspapers Profitability also much higher than the same industry.

Analysis of the common characteristics of these enterprises, is that each company have a strong market niche, which have resulted in these enterprises have Buffett so-called "concession" (Franchise), and with the general's "commodity" (Commodity) different. Buffett of such simple definition of the concession, it is about consumers in a store to buy a commodity (such as Coca-Cola or Gillette razor), although there are other similar competing products, but consumers will still be crossing the street to find this types of commodities. And the advantages of such products in the foreseeable future it is very difficult to change, and this is his "long-term investments" and even "permanent investment" fundamentals factors.

Buffett is more important is the operation of such enterprises are bright prospects for the "OK", so he's relatively sharp decline in investment risks, he for many institutional investors often buy stocksapproach rather not, because in the company excessive number of cases, managers simply can not in depth every company operating conditions and the results of some of the funds actually increased the risk of loss.

For significant increases in recent years, many high-tech stocks, Buffett also admitted that because he could not know more about this industry, so he "avoid" technology stocks. The reason is that there is a world stock market have a large number of technology companies, but no one sure which companies will eventually come to the fore, with its involvement in high-risk investments, not as good as "steady" to invest their own familiar territory, because Buffett's faith is "easy to understand the investment business."
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Die erste Hälfte des Jahres 2008 drei wichtigsten Indizes in Deutschland (Dax-Index der mittleren Unternehmen und Technologie-Aktien Index Index) Abna

Deutschland, die Entwicklung des Index Teller Jahres-Vergleich

Europäische Stoxx600 Index ist der beste Rohstoff-und Finanzteil, das Schlimmste ist, dass Technologie-Aktien Abschnitt

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Sterling short-term recommendations to adjust the pressure to sell temper

£

GBP / USD:

Sterling / dollar yesterday dropped to adjust. Bank of England on the 8th decided to maintain interest rates unchanged at 4.5 percent. Time chart shows, the pound at 1.8615 today have a very strong blocking, and its exchange rate is expected to fall this disruption and adjustment of the trend. From the medium-term trend analysis, 1.8500 pounds after the break and opened the rose to 1.9000 rise in space, they do not fall below 1.8320 the upward trend will not change, the proposed bargain buying sterling when callback. Today, the pound against the U.S. dollar resistance at 1.8610, support at 1.8480.

GBP / USD analysis and forecasting:

Support: 1.8500 1.8480 1.8440

Resistance: 1.8580 1.8600 1.8620

Short-term trend: consolidation

Medium-term trend: rising

Long-term trend: rising

Australian dollar

AUD / USD:

AUD / USD fell yesterday to adjust. Time chart below shows, today the Australian dollar can break through 0.7240 again will continue rising, or fall below 0.7200 will see a small 5 wave downtrend. From the medium-term trend analysis, the Australian dollar has opened up room for growth, the recent adjustment long as it does not fall below 0.7120, medium-term upward trend will not change, it is proposed that when the bargain-buying Australian callback. Today, the Australian dollar against the U.S. dollar resistance at 0.7240, support at 0.7140.

AUD / USD Analysis and Forecast:

Support: 0.7200 0.7160 0.7120

Resistance: 0.7240 0.7280 0.7320

Short-term trend: consolidation

Medium-term trend: rising

Long-term trend: down

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Bank of England is expected to cut interest rates this week, 100 basis points

In the wake of U.S. mid-December the U.S. Federal Reserve cut interest rates 75 basis points triggered by sharp decline after the holiday trading remained generally stable. Global economic data continues to deteriorate, such as Korea exports in December fell 17.4 percent per annum. The United States, announced last Friday the United States in December ISM manufacturing index hit a 28-year low of 32.4, below the expected 35.4.

The key data this week will announce Friday the United States in December non-farm employment, our economists are expected to continue to reduce the 525,000 people in November to reduce the 533,000 people. In addition, this week will be announced December 16 the Federal Reserve interest rate meeting, investors want to explore the drop in interest rates can not be a backdrop, monetary policy will be how to further forward.

Bank of England this week will announce interest rate decision of the four is also the focus of market attention. Sunday Times (the Sunday Times) expected the Bank of England will cut interest rates 100 basis points. The OIS market is currently priced at 50 basis points rate cut.

We believe that the sharp decline in the dollar, the current market will return to risk aversion, the dollar will again be popular with investors seeking short-term liquid assets of the pursuit.

Sterling:

Thursday this week, Bank of England interest rate meeting will be the most critical risk event. We expect the UK central bank will further cut interest rates 100 basis points to 1.0 percent; and the market is widely expected to cut interest rates by 50 basis points. Other data this week, the United Kingdom is expected to make the market will not be surprised by the service sector PMI is expected to remain weak, housing prices index continued to slide.

Is expected to pound will continue to pressure the market focus will be the euro / sterling could reach parity in the short term.

Euro:

This week the euro zone will be published Thursday in Q3 GDP, we expect the contraction of 0.2 percent, in line with market expectations. Although the European Central Bank has begun to cut interest rates, economic growth continues to point to the downlink. Eurozone retail sales in November will be released Friday, we expect will further decline, but the market is generally expected to be a slight rebound. Monday will be published in Germany in November retail sales data to improve slightly. This week there will be major economies of the euro zone's services sector PMI data is expected to remain low. In addition, the euro zone and Germany are expected labor data is expected to continue weak.

Overall, the euro-zone economic outlook remains pessimistic, expected the European Central Bank will further cut interest rates, we believe that the recent rise of the euro will not be sustainable.

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Die Europäische Kommission hat eine neue Version der deutschen Finanzhilfe Programm

Die Europäische Kommission hat vor kurzem beschlossen, dass die deutsche Regierung genehmigt die revidierte finanzielle Hilfe für die deutsche Regierung an die deutschen Geschäftsbanken injizieren Release.

Die Europäische Kommission sagte in einer Erklärung am 12. Januar, Deutschlands ehemaligen finanzielle Hilfe-Programm aus wichtigen Änderungen in Bezug auf staatliche Finanzierung der Frage der Rückkehr, im Einklang mit der Überprüfung durch die Europäische Kommission vor kurzem Vorschriften über staatliche Subventionen für die Zulassung, daher genehmigt werden.

Die Europäische Kommission hat am 27. Oktober genehmigte die deutsche Regierung 500,000,000,000 Euro von finanziellen Beihilfen. Als Teil des Plans, die deutsche Regierung beabsichtigt, großen Banken in Deutschland an die nationalen Handelsbanken injiziert 8.200.000.000 Euro, aber nicht in der Lage war, sich über die Europäische Kommission hat Deutschland weckte Unzufriedenheit.

Gezwungen, kommen aus Deutschland und Frankreich, einige der Druck auf die Mitgliedstaaten, die Europäische Kommission angekündigt, am 8. Prüfung und Genehmigung der neuen Vorschriften zu entspannen helfen Mitglieder der Finanzinstitute Begrenzung der Subventionen, die ist ein wichtiger Teil der Mitgliedsländer zugelassen werden, um die reale Wirtschaft Um die finanzielle Lage der Finanzinstitute zu helfen. Da die Injektion von geringem Risiko, Zinssätze kann entsprechend gering, was bedeutet, dass in der Tat diese Finanzinstitute in der Lage, genießen Sie einen mehr "Zugeständnisse" staatliche Subventionen.

Wettbewerb innerhalb der Europäischen Union Mitglied Likelesi gesagt, dass nach wiederholten Konsultationen, die Europäische Kommission und die Regierung von Deutschland hat schließlich festgestellt, eine für beide Seiten annehmbare Lösung, in diesem Rahmen, der deutschen Regierung in der Lage, Deutschland zu den Geschäftsbanken für eine Kapitalerhöhung.
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Deutsch Stock Exchange Index bis scharf

Obwohl die Europäische Zentralbank beschlossen, die Zinssätze unverändert Mittwoch, aber die Aktie ist nach wie vor steigt. Deutschlands Börse DAX-Index über die 6000 Punkte auf ein Mal, das ist 4 Wochen an seinem höchsten Punkt, da insbesondere in Technologie-Aktien stark machen. Ein Händler der Ansicht, dass es sich hierbei um ein sehr gutes Zeichen.

Industrial investment in Britain on December 29 of the Exchange crude oil market, gold

The euro against the dollar the euro against the dollar last Friday continuation of the decline, higher Friday. The low-income to low-opened Monday paving the way. Random index and the relative strength index bearish, indicating a short-term peak may be or appear to be. Only when the market below the moving average near the close on the 20th in order to determine a short-term downturn is over. If you refresh the market rise last week, the next objective of up to the July-October drop back to 75% of the stalls.

U.S. dollar against the yen rise against the yen continue Wednesday, Friday in a package form on-line higher, but still higher than the average of the past on the 10th move. To the closing price of Monday to lay the foundation for the stability of the opening. Only when the market is higher than in the past on the 20th move, on average close to determine a short-term downturn is over. If you refresh the decline in the autumn of this year, next fall in support of the target price.

Pound sterling against the U.S. dollar against the U.S. dollar last week extension of the decline, the low-income Friday. The low-income to low-opened Monday paving the way. Random index and the relative strength index bearish, indicating that the recent trend of cross-cutting may be dropped even lower. If the market declines continue this week, the next goal fell to the lowest level this week. Only when the market is higher than the average of recent closing on the 10th move in order to change the bearish market in the near future. Only when the next higher than the highest closing last Wednesday in order to refresh rise this month.

USDCHF USDCHF continuation of the decline last week, closed lower Friday. The low-income to low-opened Monday paving the way. Random index and the relative strength index showed that the horizontal movement may be dropped even lower in the near future. If the market decline this month extension, the next goal for this summer, fall or 75% of the back stalls. Only when the market is higher than in the past on the 20th move, on average close to the recent change appears to be market friendly.

Metal

Gold in super-high price of gold closed Friday, putting an end to last week's decline after the peak. The higher Monday to lay the foundation for high-opened. Random index and the relative strength index rising, indicating that the recent trend of cross-cutting may rise even higher. If you refresh the market rise this month, the next goal for October was up high. Only when the market below the moving average near the close on the 20th in order to determine a peak is over.

Silver silver extend declines Tuesday, and Friday by the impact of higher short-covering. The higher Monday to lay the foundation for high-opened. Random index and the relative strength index is still bearish, indicating that the recent trend of cross-cutting may be dropped even lower. Only when the market is many times below the moving average near the close on the 20th in order to determine a short-term peak has come to an end. If you refresh the market rise last week, the next goal for the callback prices rose.
U.S. stock index

The Dow Jones industrial average Dow Jones industrial average extension of short-covering after the rise, in Friday's light trading post, but still higher than the average of the past on the 20th move. The higher Monday for the opening of the high-lay the foundation for. S & P Friday in light trading post, but still higher than the average of the past on the 20th move. The higher Monday for the opening of the high-lay the foundation for. Random index and the relative strength index is still bearish, indicating that the recent trend of cross-cutting may be dropped even lower. The Nasdaq index closed Friday in light trading post, but still higher than the average of the past on the 20th move. The higher Monday for the opening of the high-lay the foundation for. Random index and the relative strength index is still bearish, indicating that the recent trend of cross-cutting may be dropped even lower.
Energy

Continuation of the decline of crude oil this week, Friday in a package form on-line higher. The higher Monday to lay the foundation for high-opened. Random index and the relative strength index reached oversold, but still bearish, indicating that the recent trend of cross-cutting may be dropped even lower. If the continuation of the market decline this year, next fall in support of the target price. Only when the market is higher than the highest closing last Monday to set a short-term downturn is over.

Extension of natural gas and natural gas rise Wednesday, closing Friday at a high price. The low-income to low-opened Monday paving the way. Random index and the relative strength index is still bullish, indicating that the recent trend of cross-cutting may rise even higher. If the market extend gains this week, up the next goal back for the high prices. Only when the market below the moving average near the close on the 10th, can change in the near future appears to be market friendly.
Coffee

Coffee coffee Friday by the impact of higher short-covering, the low-income to low-opened Monday paving the way. Random index and the relative strength index bearish, indicating that the recent trend of cross-cutting may be dropped even lower. If the market declines continue this week, the next goal fell to the lowest level this month. Only when the market is higher than the closing price back in order to set up this month.

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Porsche-Aktien durch Fox zu groß?

In den Vereinigten Staaten am Rande des Konkurses drei großen Auto-Pflanzen, die Regierung weiter zu schreien "Hilfe", Deutschlands Porsche (Porsche) hat Fan Tian, ein Jahr Gewinn mehr als 10.000.000.000 US-Dollar.

Porsche Motor Company angekündigt, auf dem 7., bis Ende Juli Frist für das Geschäftsjahr, PRETAX Gewinn stieg 46 Prozent auf 8,570,000,000 Euro, den Gegenwert von 10,900,000,000 US-Dollar. Allerdings, 80 Prozent der Gewinne aus der Herstellung Auto ist nicht, aber geschickt operativen Gewinn von Finanzinstrumenten, die für eine lange Zeit, Porsche und Volkswagen möchte kaufen (VW) die Absicht der Beziehung gehen einen langen Weg.

Porsche in den operativen Gewinn, den tatsächlichen Depot für mehr als zwei General der Vereinigten Staaten und der Ford Motor Company der gesamten Marktwert. Der Aktienkurs Folie den ganzen Weg von General Motors, hat nur ein paar von den aktuellen Marktwert von 2.470.000.000 US-Dollar, Ford nur 4.570.000.000 US-Dollar.

Führte die "Seefischerei" ist der seit langem Porsche Wade König und Chief Financial Officer und besondere, aber was noch wichtiger ist, ihre Zusammenarbeit und die Volkswagen Beetle ist der Schöpfer der Enkel des zwei Schnee-bo (Wolfgang Porsche) Piech und (Ferdinand Piech), sie sind die Porsche und Volkswagen Präsident des Verwaltungsrates.

Seit 2005, Porsche durch eine Auswahl der richtigen Werkzeuge, um große Gewinne, und ihnen helfen, ruhig auf die Schaffung von Fox riesige Betriebe, und der Markt hat keine Informationen über diese. Bis zum Ende des letzten Monats, Porsche offengelegt werden Informationen ergibt sich, dass sie wirkliche Kontrolle über die Marktanteile der meisten der Fox, Volkswagen-Aktie wurde zusammen mit einem spektakulären Anstieg der es.

Dies hat zur Folge, die ursprüngliche Bestand an Fox's kurz Hedge-Fonds, rollte sie in die klassische Falle Luft, die Fox-Aktie hochgeschossen sogar, damit die globale Marktwert der Volkswagen Auto Unternehmens höchsten Thron. Die Hedge-Fund-Industrie verzweifelt auf dem Markt der Jagd nach einer begrenzten Bestand an die Ergebnisse ihrer Woche in nur ein paar Stunden auf den Verlust von Hunderten von Millionen Dollar.

Die Porsche-Bewegung zeigt, dass die traditionellen Old Economy Hersteller haben zu lernen, von Hedge-Fonds, und haben die Fähigkeit, Hedge-Fonds in den wichtigsten Schlachtfeld zu besiegen sind.

Porsche setzt über die Strategie in der globalen Automobilindustrie Ku Haha, oder sogar um sein Überleben kämpft, in den letzten Geschäftsjahr der Reingewinn stieg Trend 51% erreicht hat 6.390.000.000 Euro. Darüber hinaus ist die Regelung im Juli nur auf das Haushaltsjahr, nicht einmal spiegelt sich in letzten Monat auf der großen Gewinn.

Allerdings hat sie noch nicht zu Ende, Deutsch monetären Behörden haben zu untersuchen, um herauszufinden, ob es ein Porsche unsachgemäße Betrieb des Fox Aktien Verdächtigen. Porsche betonte, dass sie keine Verfehlung, Fox Aktienkurs Boom ist das Ergebnis einer kurzen Auffüllung.

Aber auf der anderen Seite, Porsche Porsche will Kontrolle der Einnahmen ist 15-mal die Ausgabe von bis zu 60 mal mehr der Volkswagen hat es den Anschein, dass es viele Hindernisse zu überwinden.

Revelation: Song Meiling life of the number of Fortune »

U.S. "Time" on the cover of the Song Meiling
Speaking of unmatched Song Three Sisters, a sentence reviews: "Big Sister love money, Erjie patriotism, love Sanmei right." Indeed, the eldest sister Soong Ai-ling to follow her husband - home Shanxi fiscal Kong Xiangxi, how can we not love Choi »2 Sister Soong Ching Ling to follow her husband - revolutionary Dr. Sun Yat-sen, how can we not patriotic »Sanmei Song Meiling follow her husband - was chairman, president Chiang Kai-shek, how can we not love the right to« their respective independent of the end of the journey of life.



Among them, Song Meiling (1897-2003), the longest life expectancy, across three centuries. The three sisters available to future generations forever Shui Buwan topic.



This paper is a discussion of the topic of mystery - Song Meiling life of wealth Colour »



The death of 106-year-old Song Meiling left no memoirs or Zixu Chuan. During his lifetime, often Youren Quan Song Meiling written text or oral history, but she was Wanyanxiejue. Song Meiling no children in Taiwan and the United States has not left the two industries. Serve her later years Miss Kong Jiada KONG Ling-(Kong Xiangxi and Soong Ai-ling's eldest daughter), said: "Laofu people left behind only 120,000 dollars deposits."



For KONG Ling-in-Song Meiling memorial at the spread of the image of being indifferent to fame and fortune, many do not know that letter. However, Song Meiling life of the various periods, she still has the economic situation may find the clues.

Song only Quan Jiafu (front row from left: Soong Ai-ling right: Soong Ching Ling, a row of the right conclusion: Song Meiling)
(1) middle-aged for 10 million (Yinyuan) Fujie



Song Meiling Songyao by his father as astute businessmen mind and the accumulation of wealth means the impact of the Chinese people know very well that the right money relations theory. That is, when they are young revealed a strong political ambition, power and keen to do. December 1927 and married Chiang Kai-shek, Chiang Kai-shek's secretary and the English translation, active in diplomatic occasions. Chiang Kai-shek introduced her to many aspects of Western culture and politics, to promote Chiang pro-US.



After marriage, she and two of the Chiang Kai-shek their financial independence, has been operating under a US-style system of the AA. Song Meiling in 1927 in Shanghai, there are a real estate, in the French Concession Xiafei Lu (Ji Jin Nanjing Road), is her marriage and the dowry of Chiang Kai-shek (这幢property in 1949 by a new Chinese regime confiscated, but now also still preserved.)



Song Meiling has long-term in government and community service, her job is a lucrative income. Such as: Established in 1929 the military Survivor schools, the establishment of "inspirational community" to cultural activities to contact the KMT military officers. Chiang Kai-shek in the implementation of the New Life Movement, she presided over the "New Life Movement of women consultants will." 1936 Song Meiling as the Secretary-General of the Aviation Committee, the KMT actively expand the Air Force.



Song Meiling also served as "China Women's Federation," founder and chairman, after the Chairman of the Board of Fu Jen Catholic University, Huaxing Yu Youyuan, Cheng Hsin Rehabilitation Medical Center, chairman, National Palace Museum Management Committee Standing Committee, was chairman of the Federation of Women . ……



December 26, 1934 "is Jiangnan" shows: "State House in Benbu dignitaries…… all the property is estimated to be, Chiang Kai-shek 13 million Yinyuan, Song Meiling 35 million Yinyuan……." At that time, the purchasing power equivalent to 1 Yinyuan now 60 yuan RMB. In other words, if rumor is true, then at that time, Song Meiling personal property now has the equivalent of 2.1 billion yuan, Chiang Kai-shek is two and a half times. This data was also found in the "Diary of Cai Yuanpei," yet to be confirmed.



However, it is estimated that the middle-aged Song Meiling property Yinyuan the number reached 10 million level, you can still agree to it.

(2) Anti-Japanese War, foreign banks in Shanghai by the Japanese occupation of deposits



October 17, 1939, "Japan's secret services to the KMT senior government officials in Shanghai, foreign bank deposits" of the secret investigation report "on board the special Group C No. 1 - the dignitaries of foreign banks in Shanghai pre-payment (deposit) to investigate Table ", of which: Chiang Kai-shek 66.39 million yuan (at the time of the currency and U.S. dollar exchange rate, about 8.09 million U.S. dollars, the same below), Song Meiling 30.94 million yuan (3.77 million U.S. dollars). Currency devaluation of 1939, about one yuan coin of this 15 yuan or so converted - 1 dollars at that time about 15 dollars today. Please note: This period of the eastern half of China's territory has been occupied by the Japanese Government has already moved to Chongqing. Song Meiling personal savings here only half of Chiang Kai-shek. (However, these specific data has yet to be verified again.)



In December 1941 after the outbreak of war in the Pacific, the Japanese invaders took over the foreign banks in Shanghai, is said to have seized the "KMT politicians" in Shanghai's foreign banks deposits.
Song three sisters had a group photo (from left to right) Song Meiling, Soong Ai-ling, Soong Ching Ling
(3) Song Meiling of personal property to overestimate



We should Song Jiang's personal property with the KMT government property, to distinguish, can not be confused with.



"People's Daily" (January 8, 1990) based on historical information said: KMT from the mainland in 1949, has three groups actually delivered to Taiwan's gold in a total of 2.775 million two, silver dollar 15.2 million yuan. It was also "Memoirs of Li Zongren," said: "It was the Control Yuan report of the Finance Committee of the conclave, the note-issuing treasury stock with a total value of 350 million U.S. dollars. This figure is based on China's open-market prices; if in accordance with the ratio of overseas, this is still more than a few . All the gold stocks to 3.9 million ounces (1 oz = 31.1030 grams), the foreign exchange value of 70 million U.S. dollars and 70 million U.S. dollars of silver. The total of about 500 million U.S. dollars from top to bottom. "



Some information said: Song Meiling was the personal property has reached 250 million U.S. dollars (equivalent to half of the state treasury stock ») is clearly exaggerated and not credible.



(4) in 1949 in the United States property



Song Meiling November 1948 to the United States for help, but the cold shoulder by President Truman. Truman at the time the KMT has lost confidence and hope he has aides frank talk about the KMT government's "corrupt and bad guys," the most important two-hole family - in the war of resistance, a major national crisis Choi, withholding USAID, Used to set up his own company, reselling the United States Yuanhua materials, self plans; during the civil war, repeatedly asking the U.S. government, to a large number of dollars into their own enterprises in the mainland Kuomintang regime on the eve of imminent collapse, the first to transfer the property Overseas, especially in the United States can not allow this…… Truman angry? »



Song Meiling in late 1948, early 1949 failure of the United States for help, they scrambled to the United States to manage their private property, so that her nephew in charge of helping KONG Ling-Kan. At that time, home-purchase of a property worth 1.5 million dollars.



Have information that:-Song 2 (Song Ziwen Kong Xiangxi and mainly) 40 USAID material and the use of their special way in the United States engage in Toujidaoba, identified by the U.S. Treasury tens of millions of dollars of tax evasion, the divisions that President Truman. U.S. Central Intelligence Agency and U.S. Treasury joint inventory, preliminary view is that, in the United States of illegal property of dubious origin actually reach more than 2 billion dollars, allegedly in the United States, Africa and France to freeze assets and bank insurance in the United States Curry dubious origin antiques, Crafts, jewelry , Gold, fill-tax amount and a fine. But finally nothing, as Doubtful Case.



For more information analysis can be done as follows: (1) should the assets of the KMT government with the so-called "Sitaijiazu" separate personal private property, can not be confused with, (2) 1949 2-for-property survey in the United States, So far is mixed, the truth not known.

Song Meiling in the front line when the Anti-Japanese War
(5) Song Meiling life after the main revenue come from »



Chiang Kai-shek dies (April 5, 1975) before every two to three months will be a Song Meiling allowance. Chiang Ching-kuo took office after the case. October 1983, should be invited to return to Taiwan Chiang Ching-kuo, released "I will be renewed," Chang-wen, Chiang Ching-kuo frequent activities to help appease the party veterans and military personnel to defuse resistance to innovation, the end of Kaifangdangjin.



January 1988 death of Chiang Ching-kuo, took part in funeral arrangements and revocation of martial law. After the withdrawal from the political arena, seclusion Taipei Shihlin residence.



The death of Chiang Ching-kuo (1988) and Song Meiling Lee Teng-hui met on the request: "You know, in the country, 'presidential palace' monthly gave me a provision, now by the death of the country, you still do not know This provision will give me »" After all, Song Meiling in accordance with the law should have去职"President" of the treatment of widows. Song Meiling on the request of Lee Teng-hui in general can meet her wishes.



(6) in the United States to settle after the huge expenditure on who »



Taiwan's "Times Weekly" reported that Song Meiling in the United States to settle the beginning, she did not have my name in what the property. This seems consistent with the actual situation. As she lives depend on the following hole-in-law, she will no longer care about money.



So after all these years she What are the lives of «Yaoduoshaoqian it will take about a year»



Song Meiling in 1972 "Sino-US joint communiques," was published, that in the maintenance of the relationship between Taiwan and the United States no longer matter for her, then transferred to the energy business Industries. In the United States to invest in oil and natural gas industries. 1984, the U.S. Associated Press reported that a telecommunications: "Madame Chiang Miss Song Meiling invest 5 million U.S. dollars, and Texas, Phillips Oil Company signed leases in New Mexico near the mining prospecting oil and natural gas cooperation……" . After that, this is the name of Kong Lingjie to her aunt, "to attract wide" for the business. Besides Hole, this is a Song. Focused on shopping malls, Song Meiling is also forced to withdraw from the political sphere but choice.

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Dong Qing and associated persons are suspected of alleged insider trading

Insider trading story

According to informed sources the foregoing, the relevant departments for investigation found that Dong is using its widely Green had the post of president of the Securities facilitate the backdoor of the company to be listed on the information highway Yanbian early to tell Dongde Wei and Zhao Asia. Green is in Dong with the help of inside information, Dongde Wei and Zhao Asia have repeatedly bought and sold Yanbian Highway (000776. SZ, is the S Yanbian Road).

But Dongde Wei and Zhao on the status of Asia, until the dispatch ago, the reporters are still unable to confirm.

Dong Dewei the use of insider information is the biggest profit. The insider, Dong Dewei in Yanbian Highway on the stock investment as high as tens of millions of dollars.

Yanbian Highway shares from May 2005 onwards has been maintained at two yuan to 3 yuan range of shocks, with recession, in February 2006 on turnover of Yanbian Highway up to a maximum amount of more than 7 million yuan, just over 200 million Shaoze Yuan, into March, the turnover showed further signs of shrinking, March 17 the transaction volume of only 750,000 yuan.

Thus, Dong Dewei Caopan skilled, tens of millions of funds to enter, the market has not noticed. In addition, Dong Dewei Although the holding of large stocks of Yanbian Highway, but in Yanbian Highway in 2006 and a Quarterly Bulletin of the Center Daily News, the same can not see his shadow.

April 26, 2006, Yanbian Highway sudden price changes, the same day shares rose 7.88 percent, followed stock for five consecutive trading day limit board - from April 25 closed at 2.92 yuan rose to the May 2006 Closed on the 10th of 5.08 yuan - also greatly enlarged turnover, April 26 turnover was 5.43 million yuan, April 27 suddenly enlarged to 27.39 million yuan, May 10 amounted to 75.85 million yuan more.

May 10, 2006, the media widely reported that the securities to be listed backdoor Yanbian Highway. The following day, the clarification of Yanbian Highway, said the company management and major shareholders and not widely backdoor listing of securities on the matter had any contact, share-trading reform has not yet entered a substantive stage of operation, non-disclosure should be disclosed without the major issues.

But by June 5, 2006, instead of Yanbian Highway Jilinaodong recognition of the controlling shareholder "is working with the Guangdong Development Securities listed on the backdoor of the Company to conduct a communication consultation."

The aforementioned insider, just a few months between Dong Dewei profit amounted to tens of millions of dollars, and the carrying amount of principal and earnings are all mentioned.

Hang Xiao, mutatis mutandis, the case of Steel

Analysis of the industry, Tung is the Green case is the Hang Hsiao Steel (600477. SH) case, another insider trading, disclosure of insider information.

May 2007, the Ministry of Public Security of Guangdong Development Securities insider trading case on file for investigation; the same year on June 1, Dong Green is suddenly take the initiative to resign on July 19 the same year, Dong Qing was being approved the arrest. Since then, Guangdong Development Securities backdoor of the impasse, S Yanbian Road has been suspended for now.

From the journalists access to information, Guangdong Development Securities has not been involved in the case of staff. Guangfa Securities close to a high-level sources, even so, the former lead this "grassroots broker" counterattack CITIC Securities (600030. SH) takeover battle, the sudden spurt IPO veteran left and dropped, allowing the securities within the not - Few people by surprise.

Dong is the Green case, the Guangdong Development Securities上上下下external Although tight-lipped about, do not want to talk much about, but there is still work with Dong very close contact with the senior privately with emotion.

If the court finds that Dong is the Green trio of crime is true, the case could face the judgement, can refer the case of Steel Hang Xiao.

Hang Xiao Steel case for the verdict, Hsiao Hang Steel Company, deputy director of the Office of the securities, the Securities Law on behalf of the peak committed the crime of divulging inside information and was sentenced to 1 year and 6 months; director of the General Office of the Securities Chen Yuxing committed insider Transactions crimes, was sentenced to two years imprisonment for six months; stock speculation for the industry Wang Xiangdong committed the crime of insider trading, the one-year imprisonment of six months, suspended for two years. In addition, Wang Xiangdong and Chen Yuxing the illegal income of 40.37 million yuan was recovered, at the same time, they were liable to a fine of 40.37 million yuan.

"SFC in 2007 formulated the" insider dealing that way "and begin to implement. At the same time, the Supreme People's Court started on insider dealing and market manipulation of the judicial interpretation of the drafting work of the judicial interpretation has not yet introduced, but the judicial interpretation may be focused on Insider trading provisions of the civil liability. Insider trading were the main basis for criminal responsibility is still "Criminal Law" Section 180. "Guangdong majority of law firm lawyers said Qiu Pei-jie.

"Criminal Law of the PRC" section 180 provisions of the Securities and Exchange insider information or knowledge of illegal access to insider information of securities transactions, involving the issuance of securities, transaction or other securities have a major impact on the prices of the information has not been made public before, Buy or sell the securities, or disclose the information, in serious cases, the five-year imprisonment or detention, in addition to single-or double the illegal income of more than five times the fine; situation was especially serious, more than five years 10 in prison, in addition to 1 times the illegal income of more than five times the fine. Unit committed the crime of the preceding paragraph, the unit imposing a fine, and the direct responsibility of the competent personnel and others directly responsible, the following five years of imprisonment or detention.




Antrag CashSkyline:

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Economic information

People's Daily: Earthquake economic fundamentals do not change

May 26, 2008 07:08:12 Source: People's Daily
Wenchuan strong earthquake struck, causing heavy casualties and property losses. At present, earthquake relief work is being carried out. Expert analysis, Wenchuan earthquake will not affect the economic fundamentals, China's economy will continue to maintain又好fast development momentum.

State Council Development Research Centre Ba Shusong experts recently said that the earthquake will not change the economic growth trend. At present, China is the economic fundamentals continue to maintain fast growth又好, with the macro-control policies related to the implementation of the government work report put the 2008 economic targets can be achieved. However, the economy is the prominent contradictions in the "three-off" Although to some extent eased, but still outstanding; Although the risk of inflation in the effective control of, but from the structural to the overall trend of the spread still exists, still persist Macro-control, to implement the "two defenses" of policies and measures.

Major earthquake disaster to people's lives and property caused heavy losses, hit disaster areas of infrastructure, industrial and commercial enterprises, blocking industrial and agricultural production, which has seriously affected the local economic development. To May 22, the central disaster losses estimated rate of more than 300 billion yuan. According to preliminary statistics, 14,207 industrial enterprises in Sichuan disaster, the direct economic loss of 67 billion yuan, business services direct loss of 20 billion yuan. Chinese People's University School of Public Relations Professor Dr. Liu Xin pointed out that at present, the disaster are serious, but still limited to some areas of the country's limited impact on economic growth.

From the post-disaster reconstruction, the central financial arrangements for this year, 70 billion reconstruction fund and arrange 25 billion yuan for rescue operations, the whole of society contribute to the disaster areas to 16 billion yuan, coupled with the future of local government and community input Experts believe that reconstruction funds will be accumulated over 100 billion yuan. These inputs for earthquake relief, restore production and rebuild homes and economic development to provide strong support. From the policy levers, the People's Bank of China has announced that the disaster area to take a distinction of monetary policy, money supply will mean that the disaster areas due to relax, other relevant supporting policies for the economy will also introduced. Some experts have analyzed the disaster areas reconstruction task will be very heavy, infrastructure, housing, factories and other construction-related products will be expanded on demand, promoting related industries and economic growth.

At present, to the scientific concept of development to the overall situation, adhere to the principle of unabated grasping earthquake relief, firmly grasping the economic development, in order to achieve economic targets is scheduled to further strengthen and improve macro-control, focus on controlling inflation, the next Make great efforts to promote the production and supply security, and maintain steady and rapid economic development. (High-only)

Zhang: China's high growth has not yet entered the era of high inflation

2008年05月28日 07:17:35 　Source: China Securities News
The first four months of this year CPI gain of 8.2 percent, China's economy has entered a "high growth, high inflation" era, and will run in the direction of what «Written Discussion on this recent series of forms to invite some experts talk about their domestic point of view .

The author believes that China's future will not enter the high-growth, high inflation era. Because of China's actual economic growth rate did not exceed the potential rate of economic growth, so there will be no high growth and high inflation both situations. At the same time, China's future cost of the product will not be sustained, rapid increase trend. In the long run, international commodity prices will continue rising. Increase in costs and more intense competition in the market environment, enterprises should carry out more of its own comprehensive development plan, it is precisely China's industrial structure optimization, transformation of the mode of economic development of the tremendous momentum.

First, China's actual economic growth rate below the potential rate of economic growth

From the economic growth theory and practice, high growth and high inflation both phenomena, can only occur in the actual economic growth rate higher than the potential economic growth rate of circumstances, is the level of economic growth to support economic growth over the conditions of performance. In real economic growth below potential economic growth under conditions of high growth is not possible with both the phenomenon of high inflation.

China's current economic growth rate lower than the actual potential rate of economic growth. To this conclusion, we need to do some discussion. China's potential for economic growth, understanding of different, from 8 percent to 9 percent and more than 10 percent. Mainly due to the potential economic growth rate is changing, decided to economic growth potential of the various factors are changing. Is to determine the potential supply of the main elements, including capital, technology, labor, and other. From these elements conditions, I think the potential of China's current economic growth rate should be at least 12 percent. This is because, in 2007 China's economic growth rate reached 11.9 percent, but there are still large amounts of funds remaining (bank deposit a large number of poor, large foreign exchange reserves, etc.), labor surplus (not full employment is still the most prominent one of the social problems), technology Supply potential, if taking into account the foreign technology and the formation of independent innovation of China's major core technology supply conditions, it should be said that great. Taking all these potential supply situation can be considered China's potential economic growth rate of at least 12 percent.

Performance in this potential economic growth rate above the level in accordance with another important is that when economic growth rate reached 11.9 percent of the time, there are still a lot of surplus (2007 trade surplus reached more than 2,600 billion U.S. dollars), from the perspective of national accounts This is total social investment of less than total social savings result, the actual economic growth rate is lower than the potential economic growth rate for another proof.

Of course, the potential of China's current economic growth also requires a detailed and profound analysis of this research are under way, but decided to potential economic growth rate for the level of various factors, it that our country's real economic growth rate is Below the potential rate of economic growth. The reason is mainly a new round of faster economic growth has always been bound by the effective macro-control, not rapid and sustained warming, its deep background, it is bound by the resources and the environment.

The discussion above shows that China's potential economic growth rate higher level, the actual economic growth rate did not exceed the potential rate of economic growth, so there will be no high growth and high inflation both situations.
Second, the cost-push to conduct a comprehensive analysis

Never strict interpretation of high prices or can be called high inflation. In fact discussed in the economics of inflation, currency is increasing demand from expanding further price increases caused the integrity of the process, due to lead to price increases, may also be the supply-side reasons, the price will rise collectively referred to as inflation is not Strict. The price rose from the medium and long-term, major decisions on the cost of the changes. Because of cost if not reasonable compensation, in the medium to long-term course of development, a product of the production will decline, the supply will be reduced, if other products can not be replaced, the demand for this product will be pulling its prices . This is also the value of (socially necessary labor time) decided that the price of one of the specific performance.

The current increase in the cost of promoting indeed many factors, including the increase in wage costs, the increase in raw material costs (including both domestic and international), the increase in cost, resources and environment, and so on. The increased costs will inevitably promote the level of prices. Is to be noted that the cost to conduct a comprehensive analysis must change. To see an increase in the cost factor, it is also necessary to reduce the costs of the factors taken into full consideration. Front analysis showed that, when the actual rate of economic growth below potential economic growth rate, the oversupply the market will show a pattern of widespread and intense competition, it is also practical in recent years the majority of our products in domestic and overseas markets face a basic situation . The competition led to a class of important events that enterprises in the cost of management and technological innovation efforts in two areas. Because in the competition to occupy a favorable position, the first to make products with good price competitive edge, the second to make products with better quality, performance, competitive advantage. To achieve this goal, we must strive to reduce costs, including the strengthening of cost management, efforts to reduce consumption and investment, eliminate Paomaodilou, raising labor productivity, and so on. These efforts will lead to lower cost factors of development, the competition led to lower the cost factors, we absolutely can not be underestimated.

After 1995, with the domestic market supply and demand changes, clothing, textile, home appliances, and other labor-intensive industries continue to lower prices. After 2001, is facing a raw material costs continue to increase the impact, but the trend of lower prices to maintain, an important reason is that competition led to lower the cost of these factors support the sustained development of industry. It should be noted that China's economic development mode or extensive features outstanding, compared with the developed countries, China's investment in lower and lower consumption potential is still very great; On the other hand, cheap labor, China's labor-substitute industries to capital-and technology The phenomenon is still relatively common, the potential for increased labor productivity, capital and technology substitution of the potential labour force is also very large. Through competition, give full play to such potential, it will bring enormous cost reduction effects.

Of course, also noted that the agricultural production, reduce the cost of the potential of a relatively small. However, agricultural production to specialization, industrialization, mechanization, and other aspects of development, but also contains a certain amount of the potential of raising labor productivity, contains a certain amount of cost reduction potential. At the same time, from agriculture and industry, the service sector and other non-agricultural labor productivity compare the differences of view, agriculture is a weak industry, but also very rigid demand, the product can not be replaced. So the costs of agricultural production must be considered sufficient compensation. So from a longer period, the prices of agricultural products will show a moderate increase continued the trend.

Based on the above analysis, in the promotion of increased costs and lead to lower costs of the two types of factors working together, the future cost of our products will not be sustained, rapid and improve the situation, would not push prices to continue to grow.

Third, long-term perspective, international commodity prices will not continue rising

To fully understand the role of prices. On the one hand will stimulate price increases related to the supply increase, and the international supply of primary products increased the potential for enormous, the price adjustment will be released under the other price increases will curb the demand for related products, and promote technological progress and product Alternative. The role of these factors together, the prices can not continue rising.

In addition, China's food supply and demand can be based on domestic balance, the basic livelihood of goods subject to little effect on the international market, which is the basis of price stability.

Comprehensive analysis, I think my future will not enter the high-growth, high inflation era. However, it should be noted that, since many domestic and international factors, the business environment will become more severe, the increased cost and more intense competition in the market environment, enterprises should carry out more of its own comprehensive development plan, invest more Effort. This is precisely the optimization and upgrading of industrial structure in China, the transformation of the mode of economic development of the tremendous momentum. (Zhang)