November 13 three securities reported overseas financial news at a glance

Securities Times:

Japanese economic reproduction negative growth one foot into recession

Cabinet Office yesterday released preliminary statistics show that, to remove the impact of price changes, Japan's third-quarter gross domestic product (GDP) QoQ decline of 0.9%, a decrease of 3.5% on an annualized basis, in the past three quarters since Japan The economy of negative growth for the first time.

The data show that, due to Japan Earthquake Reconstruction pulling, public investment increased by 4% compared with the previous quarter, while personal consumption decreased by 0.5%, exports greatly reduced by 5%, so that the overall GDP decline. The global economic slowdown and the strong yen led to Japan's export downturn, the post-disaster reconstruction needs have been unable to support the growth of domestic demand, the Japanese economy is sinking deeper into the recession of the situation.

Japan liabilities strong yen sounding the alarm

By the negative impact of the release of a series of weak economic data in recent Japan, the continued weakness of the yen on the international currency markets, Reporter Issued Times 79.45 to U.S. $ 1. Economist Andy Xie recently warned: the strong yen doomsday approaching.

By the negative impact of the release of a series of weak economic data in recent Japan, the continued weakness of the yen on the international currency markets, Reporter Issued Times 79.45 to U.S. $ 1. Economist Andy Xie recently warned: the strong yen doomsday approaching.

The fiscal cliff desperate Obama White House plan massive publicity deficit reduction

How to avoid the United States "fall" fiscal cliff, to become the number one problem facing U.S. President Barack Obama. According to overseas media reports, Obama invited congressional leaders will this week visit to the White House to discuss the problem of the fiscal cliff. In addition, the White House also plans to win support for a deficit reduction plan by the positive publicity activities.

Obama has invited, including House Speaker John Boehner, the U.S. House and Senate leaders, including House Minority Leader Nancy Pelosi, Senate Majority Leader Harry Reid visit to the White House, began discussions to resolve the problem of the fiscal cliff. A senior U.S. Republican senators said Congress will reach an agreement on a fiscal cliff. Some analysts have said that the United States, the two parties will continue to release possible "compromise" signal after Obama's invitation.

(Securities Times News Center)

Zhengbao:

Israel fire to Syria for the first time in 39 years

The morning of the 11th, a rocket fall Ruge Lan Heights in Syria Israeli-controlled area. In the afternoon, the reporter got the official confirmation of the Israel Defense Forces (IDF) said the the IDF border areas warning shelling in Syria. Since 1973 Israel against Syria for the first time attacks.

Phantom reproduction of the "lost decade" Japan Economic sad reminder of the

After a lapse of three quarters, Japan's economic growth rate of reproduction contraction. This can not help but think of the late 1980s, Japan's stock market and real estate market bubble burst, the Japanese economy into a decade-long downturn.

The "lost decade" Phantom of the Opera seems to re-appear. The president of the Bank of Japan Masaaki Shirakawa expressed concern, and promise to continue to implement monetary easing.

Obama summoned cited speculation that incorporate Romney's new Finance Minister when the Minister of Commerce determined not to Goldman Sachs to help

Despite Obama's successful re-election, but the U.S. economic situation is a mess, and Treasury Secretary Timothy Geithner, Federal Reserve Chairman Ben Bernanke, Secretary of State Hillary all Liaotiao Zi, but also has to solve the budget deficit crisis looming when. So he took office the first thing Obama needs to pick a "wangcai" finance ministers.

But for now, Wall Street is the most sensitive topic is Goldman Sachs helped out of favor. So the newly appointed Finance Minister candidate, we guess there will not be "Goldman Sachs to help people.

(Securities Times News Center)

CSI reported:

Reaching a budget agreement is a prerequisite for the US-3A rating

The rating agency Moody's Investors Service said the response to the actions of the "financial cliff" in the United States in the 12th postponed until next year the possibility of increasing, if that happens, then unless the Congress is committed to reach a budget agreement and come up with a clear reform timetable, it would be difficult to keep the AAA rating of the United States.

EU brewing banker salary limit "

Reuters reported on the 12th, the EU member states will limit banking executive compensation proposal to discuss specific measures may include stock options is limited to 3-5 times the wages, cash bonuses and other wage levels quite. Currently, the EU internal views of the salary limit is not uniform, and Britain are firmly opposed.

The size of the net long positions of the U.S. commodities losing streak to five weeks

According to the latest report of the U.S. Commodity Futures Trading Commission (CFTC) in the week ended November 6, non-commercial futures net long position of ring of 18 kinds of commodities in the United States than to reduce the 11% to 931,048 hand 5th consecutive week appear to reduce and record the lowest level since June 26.

Germany, and Britain called for raising the corporate tax efficiency

It is reported that German Finance Minister Theo Schaeuble and British Chancellor of the Exchequer Osborne has consolidated appeal of the world should "build worldwide leadership enough to correct the error behavior of enterprises by the erosion of the tax base and the transfer of profits to improve corporate tax efficiency. "

Apple reached a settlement with HTC

According to reports, Apple Inc. (Apple) and China Taiwan electronics manufacturer HTC International Electronics Corp. (HTC) recently issued a joint statement announced that the two sides reached a settlement on a global scale, undo all current patent litigation against each other, the two sides signed a 10-year validity of the patent license agreement. This is the first time Apple reached a settlement in a patent battle with Google Android system (Android) smartphone manufacturers.

HSBC global trade next year is expected to grow by 5%

HSBC Holdings released a report on the 12th, said that despite the global economic growth has slowed down, but will not lead to a wide range of trade protectionism, and a modest recovery in global trade in 2013. Expected, helped by the commercial trade between emerging economies have become increasingly active in global trade next year than this year, an increase of about 5%, from 2014 to 2016, global trade growth will rise to 6-7%.

The Investment Gold Panda should be concerned about the international price of gold realizable is still the bottleneck

[Gold Panda relative to other non-state issue precious metal coins, Chapter easier banks acknowledged, but so far is not responsible for the repurchase of the People's Bank, Gold Panda investors only in some Bika market purchase and shipping]

Concern about the increasing gold investment market, Gold Panda, the dual attributes of both the investment and collection has been the investment products touted by insiders.

In recent years, the banking system to test the water sales Gold Panda not only enrich the wealth management business of the bank itself is also largely driven by the expansion of the Panda coin market. With the promotion of the banking system, the the Investment Gold Panda logic seems to have become different.

Lawful currency strengthen investment value

There are five of the most prestigious in the world gold market, investment gold, that South Africa's Kruger the American Eagle foreign coins, Canadian Maple Leaf, Australian Kangaroo gold coins of Gold Panda. Different Chinese Gold Panda and the four other gold coins that the Chinese Gold Panda is a limited edition issued by the state, while the other four countries investment in gold is not limited to production according to market demand, this property makes Panda gold coins more than the above-mentioned four gold coins The value of the investment.

Lu Ying Hosane Coin Head First Financial (microblogging) Daily Financial Business "reporter, said:" Panda currency is hard currency, the nominal value of the legal currency of the country, in accordance with the nominal value of take it with, but also will be recognized. "

Lu Ying Gold Panda is different from the general investment value of gold and silver coins and gold products issued by banks is a material prices, Panda coins in addition to the price of materials, there is a certain premium, and are protected by law, Panda coins can not fraud, realizable channels a little more gold products can only be sold to the banks, and the different banks on sale of gold products is not known.

"Panda coins a good investment and collection properties combined with a very high degree of recognition in the world, it is easy popularity, it is more respected." Shanghai Finance University financial management contemporary gold and silver coins Culture Institute Huangrui Yong told this reporter Canadian Maple Leaf, the American Eagle Ocean, South Africa Kruger pattern is fixed, the Australian kangaroo also later change the pattern, only Panda annually ever-changing, many foreign manufacturers buy Panda coins each year but also because of the pattern on the Panda morphology currency The factors are not the same.

Appreciation of the most obvious the Aperture Edition Gold Panda 2000, the market price of 15 million to 18 million, but just released a set of less than 10,000 yuan, the main reason is that the dollar-denominated gold more than a year rose about 6 times , mirror ring version of the Shanghai Mint, in fact, the sandblasting system than the same year, a national treasure Mint version a lot less, and the relationship between supply and demand is causing prices to rise sharply.

Modern gold coin collectors Ge Zukang told reporters: "The current international and domestic economic situation is the inflation trend, and fluctuations in the international price of gold, 1 ounce of gold once broken $ 1 900 this year over 1500 to over 1700 U.S. dollars fluctuations. Panda & P made gold this is a good opportunity to make the difference, spotted the gold price lows buy and sell the highest point for the difference in profit, which is the current concern Panda Gold Coin Investment reason. "

As for the investment targets, Ge Zukang Panda general system of gold and silver coins (coins for investment) is the most common market gold and silver coins, the issue of a few hundred thousand to several million ounces a year, it should only investment is not appropriate collection; Panda refined gold and more than 5 ounces specifications Panda gold silver and platinum, palladium Panda coins issued volume is not more than 10,000 less than 100, a small number of large-sized gold, is a real panda in China Modern precious metal coins collection coins for investment; production in order to commemorate the anniversary of the issue of the Chinese Gold Panda is truly Panda Panda gold coin issued commemorative coins so far has issued 10, 15, 20, 25, 30 anniversary panda commemorative gold and silver coins, the circulation is far less than the Panda made of gold and silver coins, the panda commemorative gold and silver coins most Panda coins worth collecting and investment varieties; the Panda & P system of currency plus word commemorative coin collections and investment are much better than the Panda system of currency is the primary and preferred weaker economic capacity.

Bank sales change the market structure

The traditional commemorative coin sales are divided into the primary market and the secondary market. The primary market for the China Gold Coin Corporation Outlet Center; secondary market is similar to the Beijing the players madian Post Card commemorative coins of the currency market, the market and the auction, online retail stores. In recent years, the banking system has also joined the ranks of the sales of gold and silver coins.

Reporters learned from a number of banks, including Bank of China, ICBC, China Construction Bank, Postal Savings, transportation, investment banks such as Panda coins are sold. Some can go directly to the outlets to buy, and some can only be in the bank's official online booking, and then to pick up the designated outlets.

ICBC Shanghai Nanjing Road Branch of ICBC Shanghai Branch precious metals flagship store, a staff member told reporters that the bank had quotas Gold Panda has long been sold out, currently only booking the 2013 Gold Panda.

It is understood that, as one of the first to join the Panda gold coin sales of bank, ICBC Beijing only five outlets sales of Gold Panda, and began this business in July 2011.

Huangrui Yong said: "The banks are not among the first to test the water sales, but in the long run, with the bank to join, Gold Panda, there will be an outbreak of sales."

The banking system of the Panda gold coin sales really should not be underestimated. Construction Bank (601939, stock it), Panda gold coins on sale of China Construction Bank since the beginning of this year, just three months on sales of over 16,000 units. A Construction Bank branch of a municipal staff, told reporters that the outlets Panda coins available for sale now, perhaps at the provincial level branches to buy. The staff also said that, as long as the the precious metals Ministry of outlets can be marketed in the line Gold Panda.

"The bank's influence is far more than the private market, authorized dealers or even online sales platform, the bank is the most common, most closer to the consumer." Lu Ying Panda currency sales to the major banks can develop, the price will certainly push very high, and other precious metal coins, issued by the State Chapter price will be pushed, because the the collection groups will significantly expand.

Huangrui Yong said that the effect of banks to enter the sales of Gold Panda like retail investors to enter the securities market. Compared to the stock market, the Panda coins are still niche collection of species. If you increase the circulation, the more groups involved, the new price will be closer to the gold price of raw materials, truly the gold to the people. Although the issue of large extrusion Panda coins of value-added space, but the expansion of the precious collection team, "expansion" to reduce the collection threshold can allow more people to get involved.

The precious metal commemorative coins issued plan data released by the central bank, due in 2010, 2012 has a number of banks to test the water sales Gold Panda 2012 Panda gold coin circulation is also improved accordingly. The 2011 Gold Panda (plus word and without word) a total circulation of 4,368,000, and 11,850,000 in 2012.

Intervention should be concerned about the international price of gold

Compared with other collections, from formal channels to buy gold and silver panda coin material is acceptable fidelity, investment value, just like circulation, the gold price change hook. Gold Panda's price is also more evident with the fluctuations in the gold trend, gold prices plummeted, the large size of the decline in Gold Panda is also the most aggressive.

The current point in time concerned about the investment value of Gold Panda changes in market structure, in addition to the sale by banks, the relatively low price of gold also provides the opportunity to intervene.

"Buy now benefits this year, the overall market environment is uncertain, while the price of gold is now a relatively low lows." Lu Ying, a concern is now the price of gold is relatively low, the past six months to a low of November In the 8th, an ounce of gold price is $ 1,715. If you want to buy paper gold futures, risk is relatively large, pay the fee is high, it would be better to buy some panda coins, you can also hedge against inflation. This year is the 30th anniversary of Panda coins, various related agencies, etc. Panda coins engaged in promotional activities, propaganda is an increase there will be a lot of new collectors entering the market with the stock market, as long as there is a lot of retail investors to enter the price will elevation.

In addition to concern about the movements in the gold price, Lu Ying also suggested that investors can grasp the gold investment from the following details.

First, investors should pay attention to the establishment of a more comprehensive concept of gold and silver coins. Gold Panda "A lot of people do not know, will buy of some unofficial issued gold and silver chapter, this is not the nominal value, the state does not guarantee it is 9999 gold, many customers will take a number of derivative products to our side to auction also the pattern of the panda, but not a panda commemorative coins issued by the central bank, so to find out, even buy also buy the China Gold Coin Corporation and issued by the People's Bank, have collectible value. "

Secondly, should also be concerned about the issue of the amount of investment Gold Panda. Lu Ying said: "Some people have been entering the market, do a little senior point favorites, have to go look at the issue of the amount of circulation of a very determined, Gold Panda, buy the issue if you want to go to the collection, less. "

Finally, Lu Ying, investment Panda coins have to look at the economic capacity issued small coins, relative to Favorites relatively strong appreciation of possibility, the issue greater the amount of material prices closer, scarcity, collection necessary to Favorite little things, the investment if you buy large circulation things because of the relatively small risk coefficient.

Realizable link is still the bottleneck

Gold Panda relative to precious metal coins, issued by other non-State Chapter, easier to banks acknowledged, but so far is not responsible for the repurchase of the People's Bank, Gold Panda investors only some Bika market share intake and shipments, these markets tend to price opaque, information asymmetry even fakes mixed, making the the Gold Panda realizable difficult shot to a certain extent also limit investors.

Lu Ying admits: buy Gold Panda Bank will provide an additional premium, the time to buy is certainly higher than the issue price is also higher than the market price, the bank is also no recovery mechanism, individual recovery also can not give you the market price. the bank's market sensitivity is not some third-party professional to do the investment of gold and silver coins, banks need to give yourself some safe range, so the recovery of the price is not very high. possible price of a million it received eight thousand, also normal. "

It is understood that, even if not realized, little bankable Panda coins as financing collateral. From the pawnshop financing Panda coins only in accordance with the price of gold fold when the lines of funding is very limited. Accordingly, even promising Panda credits, taking into account the liquidity of the present can only appropriate configuration.

Insiders believe that, with the banks involved in sales promotion, Panda general system of gold in the near future, should be able to achieve institutions offering the convenience of in the designated bank branches or retail outlets repurchase.

The OECD 9 leading indicators for the first three months of steady

Economic Cooperation and Development (OECD), on Monday released data show that the major economies, the economic outlook is still in the doldrums, but increasing signs of stabilization in Canada, China and the United States.

The OECD's latest global economic monthly report September OECD composite leading indicators for the first three months was steady at 100.2.

The report shows that the U.S. leading indicators in September from 100.8 in August, a small rose 100.9, OECD pointed out that this shows the U.S. economy gradually stabilized. China's leading indicators for four consecutive months was steady at 99.4, Canada's leading indicator was unchanged at 99.7.

The OECD said the leading indicators in the euro area is stable, but still show weak growth; Germany, France, the economy will continue to slow. The data show that the leading indicator of the euro zone in September was steady at 99.4.

To follow Buffett hunters: buy these shares is equal to the investment in the U.S. housing market

"Warren" Buffett recently began to "buy the dips" of the U.S. real estate market. After the acquisition of real estate companies in Seattle in April, Warren Buffett's Berkshire Hathaway Inc. has announced the acquisition of Brookfield Asset Management's real estate agency franchise business.

In fact, compared to other areas of the economy, the recovery trend of the U.S. real estate industry contrarian is quite eye-catching. A stock market closely related to the number of listed companies and the U.S. real estate market, such as Yihua Timber (market share it capital flow) (600978.SH), Seagull Bathroom (market share it capital flow) (002084.SZ) and other benefit in the U.S. real estate recovery, revenue growth in the third quarter, significantly so as to drive the recent rise in stock prices.

So, the A-share market which the company is expected to benefit from the recovery of the U.S. real estate market and thus show the investment opportunities?

U.S. real estate market continues to improve

From Buffett's recent big to enter the U.S. real estate sector is not difficult to see that he is confident the U.S. real estate market recovery.

As early as in the beginning of this year, Buffett was optimistic about the U.S. real estate market. In the new year, the end of February, Berkshire shareholder letter, Buffett admitted in 2011 underestimated the speed of recovery of the U.S. real estate market. Then, in a public interview, Buffett also said, if you can, then he will buy single-family houses on a large scale, and also said that if the low buy-and long-term holding, investment rate of return on real estate in the United States and even higher than the U.S. stock.

"Real estate market and the global slowdown, the U.S. real estate market began to enter a stage of recovery from the price point up rapid rise in U.S. housing prices this year, the largest increase since 2006, but its price is lower than 2006 a lot of the future sustainable development plenty of room. "Investment Advisor in the real estate industry researcher Han Changji, said in an interview with First Financial Daily" Financial Business "reporter.

He believes that, with the gradual recovery of the U.S. economy, and by QE3 impact of low interest rates and long-term recovery of the U.S. real estate market has some sustainability.

The latest data released by the National Association of Home Builders, 125 cities in the metropolitan area real estate market continued to improve in November, an increase of 22 compared to the previous month, the third consecutive month of growth. Last year, the continued improvement in the real estate market is only 30. In addition, the distribution range of the real estate market continues to recover in November, from 33 states last month expanded to 38 states.

"Recently, many of the indicators of the U.S. real estate really has improved, such as the inventory is actually after digestion in recent years has dropped to a very low level; U.S. new home starts permission two months growing very fast, private housing time of construction index also grew faster than so many indicators actually show the real estate market in the United States may be out from the bottom. "said Zhang Yongjun, China International Economic and Exchange Center experts.

A shares bathroom hardware, furniture industry to benefit significantly

The data show that the A shares in the building materials industry in a number of the company's business is mainly exported to Europe and the United States, a close relationship with the U.S. real estate market. Recovery effect of the U.S. real estate market has been on the part of the company's performance reflected.

Yihua Timber, the first three quarters of this year, the furniture industry, the company achieved operating income of 2.47 billion yuan, a year-on-year growth of 35.07%. Among them, the company's third quarter operating income of 990 million yuan, a year-on-year growth of 94.4%, in addition to the adjustment of product structure, and other factors, the main reason is that the U.S. real estate market upward overall trend.

Yihua Timber export business, especially exports to the United States-based downstream industries as real estate, with the recovery of the U.S. real estate market will benefit from the addition that Yihua Timber export-oriented enterprises and in U.S. channel network, the solid foundation of the U.S. market and the performance of other companies can benefit from the recovery of the U.S. real estate market will depend on the specific circumstances. "said Han Changji

CSC, in the sectors covered by the building materials, bathroom hardware industry exports relative to have the greatest flexibility, under the premise of the U.S. economic recovery, growth in exports, bathroom hardware industry to benefit from the most obvious. The furniture industry is also good for export elasticity, In addition, the increase in exports driven by the furniture industry for the better at the same time will bring opportunity to the upstream MDF enterprise.

According to reports, the bathroom hardware industry listed companies including seagulls bathroom, Aidi Xi (market share it capital flow) (002465.SZ) and Cheng Lin shares (market share it capital flow) (002047.SZ). Seagull Bathroom recently said, in the world economy slowly recovers, the domestic economy Wenzhongqiujin big context, the company orders rose steadily over the last year, and the results show a upward trend of improvement; Aidi Xi said, according to the orders of the fourth quarter, improved compared to the third quarter and the fourth quarter of last year; shares expected net profit for the year -1800 to -1400 million relative to the same period last year results also improved, as Lin.

View from the furniture industry, in addition to negative growth by the financial crisis in 2009, the industry as a whole showed a higher rate of growth. View from a specific company, Markor (market share it capital flow) (600337.SH), Yihua Timber, Zhejiang Yongqiang (market share it capital flow) (002489.SZ), operating income, exports accounted for a large proportion.

In addition, the CSC that the export-led furniture industry for the better, but also bring opportunity to the upstream MDF enterprise, the Industrial Welfare (market share it capital flow) (000592.SZ), Weihua shares (market the shares capital flow) (002240.SZ) DareGlobal Technology (market share it funds flow) (000910.SZ), the main business income MDF account for a higher proportion of able to fully enjoy the increase in exports brought gains.

To create unexpected global consumer demand

On November 1, the National Bureau of Statistics released the October manufacturing purchasing managers index (PMI) was 50.2%, indicating that manufacturing activity in China and the economic activity appears stabilized to pick up signs. This relatively optimistic signal to long the pressure manufacturing enterprises bring confidence. In recent years, due to the decline in external demand, weak domestic demand, rising production costs such as labor and raw materials of various factors, China's manufacturing enterprises operating difficulties, lower profits. From January to September, the national-scale industrial enterprises realized profits down 1.8%.

The multi-disciplinary data analysis, China's economy is still facing difficulties, but has stabilized warming trend. PMI convey back to the expansion trend in manufacturing in September, the national industrial enterprises above designated size to achieve profit growth of 7.8%, which shows that the Chinese economy mode, adjusting structure achieved positive results.

Some industries and enterprises for economic recovery, which makes clear the macroeconomic towards getting better and better. October 30 the Gree (000,651, stock it) released three quarterly 2012: Gree third quarter total revenue of 28.86 billion yuan, a year-on-year growth of 21.09%; net profit of 2.46 billion yuan, a year-on-year growth of 57.25%.

In the case of weak market demand this year, severe economic environment, the results of the first three quarters of the Gree exceeded market expectations, achieved total revenue of 77.16 billion yuan, a year-on-year growth of 20.43%; net profit of 5.33 billion yuan, a year-on-year growth of 41.34%.

"Not only want to win the market to meet consumer demand, but also to create and lead consumers to think of the needs, the only way to be invincible in the fierce market competition." Dong Mingzhu, Gree, chairman and president, said, Gree electrical long-term increase investment in research, adhere to independent innovation, focusing on product quality, and pay close attention to management, give full play to the company's production capacity, logistics and layout, scale advantages, and increasing efforts to export its own brand, so as to enhance the overall profitability of the company capacity.

Good product

"Financial State Week": some industries and enterprises operating difficulties, the analysis of multi-attributed to the unfavorable external environment, how do you see this problem?

Dong Mingzhu: I think the industry is not good or bad view from a certain time period, from a development perspective. There will always be a weak market, this time may become prominent and that periods less prominent. For some products no technical content businesses, weak market pressure will be even greater.

For example: the European market, we think that the situation is still very grim, reduce consumers' desire to buy. If an enterprise product in this industry which is doing the best, despite the weak market, sales of the overall decline, but the market share of the product will not change. Because this time more consumers at the time of purchase will be more rational and selective. More money to buy things are rush to snap up, the less money the time to carefully pick a pick, then the higher requirements for product quality.

Therefore, enterprises in the crisis how development, I do not think it requires all external changes, but recourse to its own change, technology or management or, eventually settled in the products to the consumers to bring new ideas to bring life on the improvement.

"Financial State Week": This is the Gree three quarterly in the case of the downturn in the industry as a whole appears to be a dazzling reason, right?

Dong Mingzhu: We expect operating income of over a thousand billion this year, no problem. I always say, any case, do not complain about something outside, the outside we will definitely be effective, we have the external impact as a pressure, even power, forcing us to go further, even ahead of the service for consumers, this time before the ability to really deal with the crisis.

Innovation is fundamental

"National Financial Weekly: You often put forward the concept of the ultimate in product technology R & D.

Dong Mingzhu: I said, Gree air-conditioning industry will always be a leader, you can learn from others, but not go beyond, and some people think I'm overbearing, in fact, this reflects the pursuit of belief, only with a firm belief in order to work hard innovative efforts, not absolute goal just a struggle.

R & D staff to consider how innovative. Inherent thinking feel, product positioning, better than others, is the goal. I think this is a mistake, our goal is to create products should be brought to the consumer never think of the ultimate enjoyment, this is valuable.

Any one of the products should be the pursuit of perfection, and perfection is infinite, even today a product reaches the the leading point where can I think that there will be insufficient, but also again across.

I hope Gree future design there is no wind, air-conditioned, will not have air conditioning air conditioning disease. Are considered, according to consumer demand might consumers I have not thought of, but we have to create such a market, rather than simply to cater to the market.

"Financial State Week": from the national level to the enterprise level, emphasis on innovation, you think, the innovation in the end depend on what to achieve?

Dong Mingzhu: not willing to throw money will be able to achieve innovation, is not with the people will be able to achieve, the key is there any innovative concepts and ideas, which is the core. There are some innovations do not necessarily spend a lot of money. Sometimes is a matter of determination, heart and how much, the pace of innovation is as big, last occupied market there is much.

Innovation is the intention of doing things. Forced to do things and the intention of doing things different, force might well done, but the heart will continue to optimize and continuously perfect. Level employees on the production line a little improvement, R & D personnel across all innovation.

Said it is very easy, and we talk about innovation, what enterprises are innovative, but how innovative, to come up with measures to meet their own business development, not blindly imitate. The experience of others, and of others learned it from him, I think not innovation, must be self change is innovation.

Still has great potential

"Financial State Week": Gree air-conditioning industry is already the leading enterprises in the next five-year plan to reach 200 billion yuan in revenue, market capacity so? Also enhance the potential?

Dong Mingzhu: Some say Gree successful because of the emphasis on technology, I think that the incomplete. An excellent enterprise can not rely solely on a point to achieve success, but every link attaches great importance to the in surface development effort,. Example: the technology developed, produce workers not seriously, the product will not be good; if the sales service is not good, the product also can not sell.

Competition in the market, excellent corporate should be like during the track and field competition, jump higher, run faster and will be able to gain greater market share, should not be like a boxing match, try to turn the opponent overthrow is rolled.

Market share is to get through consumer voting, why consumers choose you? Because you give people to bring a change brought improvement to the lives of others.

For example: Gree 1 Hz frequency conversion air-conditioning technology R & D, to bring consumers not only electricity bill savings, or changes in the environment. In the bedroom, and as long as the flow of air is less frequent, the door is not often open to open to the power consumption of only 30 watts, down only a day and a night kilowatt. In addition, consumers no temperature difference between feelings and very comfortable.

Brand Globalization

"Financial State Week": Chinese enterprises to go out to the accelerated pace in recent years, a lot of M & A cases, success, failure, how do you think the international and overseas mergers and acquisitions?

Dong Mingzhu: the one hand, the international product going out, on the one hand is the brand to go out. The former is a low level of going out, the latter is a real go out. For example: Mercedes-Benz is a world-renowned brand, some cars are produced in Germany, and some cars are not produced in Germany, but they are Mercedes-Benz.

Therefore, the expansion of overseas markets, allow the product to go out, not to foreign consumers recognize the advantages of the product can not be achieved brand go out, in the process of going out, we gradually develop the foreign distributors, to establish foreign channels. We are not to engage in mergers and acquisitions, but suddenly imperceptibly gradual route.

China's market economy only 30 years ago, "Company Law" introduced in 1990, Gree was established in 1991, to all of a sudden people hundreds of years of accumulation Lianguo Duan out is impossible to manage foreign enterprises have to have enough experience and accumulation. Ready did not do a good job, and I prefer stable.

"Financial State Week": Japanese home appliance once glorious moment, but in today's global home appliances territory shrinking overall rising Chinese home appliance industry, with a fall what?

Dong Mingzhu: air conditioning in China for so many years, the overall level of improved quickly, almost with the international level. Chinese home appliance industry in the world, the rise of the first reliable technical advantages. Refrigeration industry in China was first starting out from the field of home air conditioning, home air conditioning is a relatively simple, independent research and development, Gree is the first step to grasp the quality of OEM parts assembled, then the first step to focus on technology, the achievements of the rise of home air conditioning industry.

Central air-conditioning as well, the beginning of foreign brands occupy the mainstream of the Chinese market, our quality, process, technology is really not as good as the others, after years of accumulation, we are in many ways beyond. Large units of quality has been the trust of domestic consumers, the channels also very powerful, fully prepared, so to say, is these two aspects of technology and channels to support the high-speed growth of Chinese home appliance.

The full amount of credit card penalty interest provisions of the King or international practice

Recently, an overdraft 110,000 yuan five years, Wang Xi'an credit card holders have to repay 44 million suffered aroused public concern. It is understood that the current domestic addition to ICBC to take part of the penalty interest, most banks have adopted the full penalty interest. That if the cardholder overdraft 10,000 yuan 9990 yuan, also as of the repayment date, even if only $ 10 also, the bank is based upon 10,000 yuan on interest rates.

Although there is another part of the bank launched tolerance repayment less than $ 10 provides that if the cardholder repayment of the difference in the less than $ 10, which could be waived penalty interest. There are some banks to implement measures to delay the repayment date to delay the repayment date, as long as the cardholder call ahead to apply for up to 7 days. However, these measures still did not change the nature of the full penalty interest ". That is, as long as the cardholder is not repaid in full the stipulated period, more than 10 yuan will still be faced with penalty interest at full cost.

November 6th, Shandong lawyer Wang Xinliang sent a letter to the China Banking Regulatory Commission Chairman Shang Fulin, request credit card the full penalty interest "provisions of the King CBRC involved in the banking sector to rectify or repealed.

Practices prevalent in the majority of domestic banks, "unconscionability" It seems consumers, banks and more confidently in line with international practice, "with international standards", how the truth and facts? "Legal Daily" the special invitation financial law experts to resolve this problem to be practical level of legal principles and the rule of law.

Square: the full penalty interest "has long been the mainstream international bank monopoly vices stems from a lack of supervision

Currently, some of the country's commercial banks to the international practice as an excuse to disregard the phenomenon of financial consumer rights, and to some extent reflects the arrogance and ignorance of these commercial banks, but also against the background of the domestic financial consumer protection legal system is imperfect embarrassing situation Bank Law Research of the China Law Society, vice president of Northwest University of Political Science and Economic Dean of the School of Law, Financial Law Research Center Director strength to tell the "Legal Daily" reporters.

Developed countries "average daily balance method"

Strong international practice and meticulous research. He said that the situation has already occurred great changes. Full penalty interest "rules of the so-called credit card" is no longer in the international mainstream, Europe and the United States and other developed countries, the "average daily balance method" (Average Daily Balance) as the main method to calculate delay payment.

"Average daily balance method" card issuers overdraft balance for each day of the billing cycle accumulation (card issuers can choose whether to be cumulative occurred in the current consumer overdraft), calculate the average daily overdraft balance within the billing cycle, and then multiply number of days in the billing cycle, the daily interest rate to calculate the interest. Higher share of the U.S. credit card market, several major credit card issuers such as Bank of America, Wells Fargo, First Financial Capital Company are taken per annum of the average daily balance method, compared to the interest-bearing full penalty interest point of view, not only interest relative reduction has become more reasonable.

Large commercial banks, including HSBC, Citibank (Hong Kong), Hang Seng Bank in Hong Kong, most of the commercial banks are non-full the also-bearing system. For example, with effect from November 1, 2012, "HSBC Credit Cardholder Agreement" 6 (C) provides that "the cardholder maturity yet all monies owed to the Bank settlement statement knot (a) all of unsettled statement balance shall from prior to the maturity date a statement date per annum until all monies paid to date, and (b) prior to the maturity date a statement future accounting transaction amount per annum and shall be based on the date of the transaction until all monies paid to date, the financial costs will be based on our current HSBC retail banking and wealth management client bank service fees Introduction monthly interest rate calculated on a daily basis. "listed.

In addition, HSBC retail banking and wealth management client bank service fees Profile G1 financial costs of private credit card terms and conditions, also with effect from November 1, 2012, states: "If a cardholder the maturity yet to the Bank settlement statement all monies owed, then (a) all unsettled statement balance shall be from the due date a statement from the date of interest-bearing date until all monies paid to date, and (b) by the due date a statement future accounting transactions per annum payment shall be based on the date of the transaction, until all amounts paid to date. related finance charges will be calculated monthly interest rate of 2.50% on a daily basis (up to the equivalent of shopping spending rate of 34.46% per annum; or cash loan interest rate of 35.61% per annum, the annual interest rate, including cash advance fee and handling fee).

In Taiwan, there has been no similar continent full penalty interest "approach. Taiwan Public Bank revolving credit interest calculation instructions, for example: the cardholder can choose payment by way of revolving credit, the payment deadline for the current period has more than the minimum amount payable (or equal to the minimum amount payable) pay it to Public Bank. The unpaid amount and the remaining part, the cardholder can postpone payment, taking into account the payment of interest on revolving credit, and that they may have to delay all or part of the payment amount at any time to settle the original. Such practices, intended to provide convenience for the cardholder repayment and grace periods, but not gratuitous. Receivable outstanding balance of commercial banks is part calculated to amount, according to the the cardholder set depending on the credit score differential revolving credit interest rates (a maximum of about 20 per cent per annum; daily interest 550 ppm V) date of receivable settle. Not fall into "the full penalty interest.

In Japan, the full penalty interest "does not exist. Borrowing money for the purpose of consumer interest must be in line with the interest of the law range based on the current interest restrictions Law stipulates that, if more than the interest the limits prescribed by law, and more than partially invalid. The Act provides: "principal under 100,000 yen, the annual interest rate shall not exceed 20%; principal under 1 million yen, 100,000 yen or more, the annual interest rate shall not exceed 18%; principal 1,000,000 yen or more occasions, the annual interest rate shall not exceed 15%. Because of the interest limit the presence, allows banks to charge customers interest, are also subject to the limitations of the law, the so-called "full penalty interest" and therefore can not exist in Japan.

Powerful special emphasis on: the credit card of the high penalty interest should otherwise specified terms. Otherwise difficult to achieve a truly "voluntary equality"; credit card is the "credit" for both cardholders and card issuers need trustworthy.

The ineffective supervision Bank of abuse of monopoly

Wu Ge, served 10 years banking consultant Beijing Wen senior partner of the law firm also said in an interview with the "Legal Daily" reporters, the full penalty interest does not exist in international practice. According to international practice, the penalty interest generally generate borrower (bank users) can not repay on time, the interest rates are generally higher than normal interest rate 1-2%. Penalty interest focus reflects the losses generated by the bank can not use the no refund, should not be equated with punitive fines reflect bank borrowers. Not many banks in the international concept, but the amounts not returned full penalty interest calculated on the basis of penalty interest amount.

Wu Ge, Chinese commercial banks in the credit card business was to learn the advanced experience of international counterparts, but they are learning more how many card issuers, and more profitable, less investment, to avoid infringing the legitimate interests of the consumer, commercial banks and There is no school place. Practices in addition to the full penalty interest unreasonable provisions in practice, domestic commercial banks flagrant violations of the rights and interests of consumers everywhere.

For example, in an irresponsible manner junk card overdraft consumption, stimulate spending power or lack of spending power through civil and criminal means to crack down on the cardholder; using the credit system will be blacklisted credit card holders thus excessive protection of the interests of commercial banks; overcharged form contract, the overcharges cardholder costs, interest, penalty interest; poor management, leaked cardholder personal information.

Unauthorized use of credit cards, for example, the international community is the cost of the issuer by the insurance company claims, personal only take on up to more than 50 U.S. dollars. Almost all of mainland China issuing bank, through its form contract risk into credit card theft to the cardholder. Event reference card is stolen, the issuing bank requires the cardholder repayment and timely repayment submit to central bank credit center, included in the blacklist of bad credit, thereby forcing the cardholder repayment.

Contains certain terms in the contract signed by the consumer and the bank, often clearly favor the banking side, that the terms of Overlord, such as "off the cabinet shall not be responsible for" loans payable upon the loan consulting fees, off-site ATM fees. In the consumer repayment methods and time, banks are also contracts made more rigorous description, such as overdue payment, whether it is for a valid reason or malicious overdraft, the Bank shall be in the consumers' personal credit history records , cause consumers can not be carried out under a loan. When the Bank's own operational errors, such as customers accept bank wealth management business, resulting in huge losses, the bank belonging to private clients and wealth managers are often based on the contract that the bank only third party to provide a trading platform "," events "as an excuse for their own exemption.

Wu Ge analysis, the emergence of these problems stem from the bank's monopoly Corporate, personal cash flow needs, and can only go through bank loans. Thus, the Bank has a monopoly of the few, according to its own capital and market share dominance, limiting the influx of private capital to the financial markets, but also limit consumer choice of service and service consumers enjoy attached to many unreasonable trading conditions.

Wu Ge also reminded that caused by today's bank monopoly status is an important reason, is that the CBRC ineffective supervision of banks.

For example, credit card management as of the end of 2011, the workers and peasants in four state-owned commercial banks, including 10 banks last year, newly issued credit card more than 45 million cards issued totaled nearly 2.6 trillion. Bank crazy expansion of business capacity expansion card issuers object no repayment ability of students and other groups, the China Banking Regulatory Commission has not issued any ordinance to be stopped or boot, eventually leading to overdraft amounted to 812.956 billion yuan, an increase of 363.796 billion compared to the end of 2010 yuan, an increase of up to 81%.

Negative side: the key is whether the consumer was aware of the understanding of "full penalty interest" does not violate the mandatory provisions

Law School associate professor of the Central University of Finance and Economics Xinghui Jiang had engaged in post-doctoral research at the Commercial Bank of China (3.87,0.00,0.00%). He argues that the issue is not to implement the full penalty interest, or the difference between the penalty interest, but the relevant provisions of the transparent or not, consumers understand whether or not the problem. The solution to this problem is a systematic project, how to build all aspects of the issue of the protection of financial consumers.

On the full amount of penalty interest of credit card, it was argued that the provisions are "King terms, the bank not tried to remind obligations, and therefore invalid. Xinghui Qiang think, if taken to court, this claim that "the burden of proof is difficult. In addition, banks can also "King terms" in bold, to show its best to remind obligations. Of course, customers can also claim that the bank not be verbal reminders, but this claim also there is the burden of proof is difficult "issues, laws and regulations as well as the CBRC regulations and normative documents did not require the bank to verbally remind. Therefore, any such dispute, the customer is hard won.

Others advocate this terms "unconscionability". 10 dollars owed to the bank credit card holders, banks calculate penalty interest at 100 million, which "apparently lost fairness". Xinghui Qiang believes that there is some truth in this claim. But the key is, if the credit card holders agree that banks do it? In the case of credit card holders, the knowledge and consent, it is difficult to say that the terms "unfairness". The long and the ultimate look, "the world is no free lunch, wool or out of sheep. Credit Card Why are there so many promotions? Credit card interest-free period, some credit card discount. These costs substantially all of the bank's other places to get it back. Full penalty interest is to punish careless credit card holders and other costs to get it back, and can get a lot of money earnings a "business model" or a "trap" the banks. Of course, if the credit card holders informed, it is estimated that not many people will agree to accept the full penalty interest. Therefore, the key here is not the "unfairness" issue, but whether informed.

Xinghui Qiang said that the full penalty interest is not a Chinese invention, is a universal practice in the credit card industry. "Now we know through several popular case finally know the original credit card the full penalty interest thing. Before this, we do not know. Few people can read before signing credit card agreements not only credit card agreements agreement so we went to the bank counter business to sign a lot of word the signature point protocol (such as online banking service agreements, etc.) did not how many people seriously and carefully read, we do not read the signature on, post a question only regret the too late. "

In, Xing Kuaiqiang financial consumer education should be strengthened to counter it. "To strengthen financial consumer education, many countries have set up specialized agencies. For example, Canada's financial consumers Authority Financial Skills Council of Australia, the Australian Government, the U.S. Treasury Department under the Office of Financial Education, financial skills and Education Improvement Committee Consumer Financial Protection Bureau under the financial skills of the office. the British Banking Advisory Service (MAS), etc. In our country, the awareness of the importance of financial consumer education is clearly very place. "

In addition, customers even after reading the agreement may not be able to find all the hidden costs. Xinghui Qiang said that the opacity of the credit card fee is a problem common to different countries, and is a national financial supervisory authorities whom headache. Addressing this problem, the financial developed countries have carried out a series of attempts. For example, the Fed is widely used consumer test "(consumer testing) to improve the financial institutions of the consumer public, and make it become a standard code of conduct. Even if the maximum extent of the public can not be completely the consumer to understand, in this case, the Fed would ban such practices. The United States, "Dodd - Frank Act also established the Consumer Financial Protection Bureau, and authorized its engaged and provide financial products related to injustice, fraud or extortion behavior and even criminal behavior, to ensure the related costs, benefits and risks in order to prevent Throughout, the consumer purpose, to take appropriate and effective information disclosure measures. Like some lawyers argued, therefore, the regulatory bodies should prohibit credit card the full penalty interest situation from abroad, is not impossible.

Although possible, but Xingkuai Jiang, in our country the possibility of not too much. He said that foreign many well-established practice, very worthy of our study and learn.

Yang Wan-Tao, senior partner of Zhong Lun Law Firm, purely from the perspective of the legal system, under the framework of the existing system, the full penalty interest is not in breach of any mandatory prohibition. For bank fees, can be seen as a form of market behavior. This problem is caused public concern, and fair and reasonable and good faith with the legal principles of hook, how to look at this issue, in fact, is the need to judge from various facts. For example, the bank's obligation to inform how to claim to be fulfilled? This in itself is a difficult matter of judgment, the contract states that still remind or send instructions is appropriate? In many cases, even if the bank repeatedly reminded, consumers may not be aware.

Yang Wan-Tao is also linked to the domestic environment, we have not yet formed a stable social environment and social operating mechanisms, although not in violation of the mandatory provisions but it also brings a lot of controversy practice. This look at the policy environment more supportive and encourage commercial behavior still more inclined to protect their personal interests. In fact, the problem in each country's different historical periods have focus. In China, may be more inclined to the former.

U.S. CIA Director exposes poor resigned claiming to judgment because of extramarital affairs

U.S. CIA Director Petraeus said in a statement on Friday (November 9), he decided to resign from the office of the director of the CIA, has submitted his resignation to President Barack Obama because of his extramarital affairs, the end of the only sustained 14-month career of director of the CIA.

Petraeus said in a statement, "after 37 years of marriage I caught in extramarital affairs, showed very poor judgment."

"Whether as a husband, as the leaders of our institutions, such behavior is not acceptable in the afternoon, the President accepted my resignation."

Petraeus said in a letter addressed to the CIA all staff on the day, Sunday afternoon he went to the White House to meet with President Barack Obama's request to resign for personal reasons, Obama accepted his resignation on the afternoon of the 9th.

Later, Obama issued a statement confirming that he accepted the resignation of Gen. David Petraeus, praised Petraeus as CIA director and the senior commanders of the armed forces for a long time for the United States made an outstanding contribution .

Obama said Petraeus, through their work, the United States has become safer, more powerful.

Obama also said his "heart" the Petraeus couple and to pray for them, I wish the two all goes well at this difficult time.

Petraeus has just spent two days ago, the 60-year-old birthday, graduated from West Point in 2011 as the U.S. Central Intelligence Agency (CIA), and before that had served as the supreme commander of the international forces in Iraq and Afghanistan.

He was America's most prestigious military commanders after the events of "911", and has won the praise due to the implementation of actions to strengthen its military offensive in Iraq, and the strategy for the implementation of the anti-resistance forces in Afghanistan.

Public information, Petraeus can be considered as a "civil and military", both West Point, the top students, but also international relations Dr Princeton University, both strong physique, but also have a flair for languages ​​and prestigious in the Republican Party, in August this year, it was even rumored Roma Nepal intends to pick him as the vice presidential candidate.

Holly Petraeus, wife of Gen. David Petraeus, also very active over the years has been committed to helping veterans and military families.

Extramarital affair came to light before the couple in public was very affectionate, and has been in Washington politics for the elephants.

It is not clear why the Petraeus exposes extramarital affairs, the identity of the "lover" unexposed. Since he took office only 14 months, he announced resignation became Secretary for CIA history of the most short-lived one.

White House confirmation the, CIA Deputy Secretary Morrell will serve as the Central Intelligence Agency on behalf of the Secretary.

Former Goldman Sachs trader charged with concealing $ 8.3 billion of futures positions

Beijing early morning of November 10, the United States Futures Trading Commission (CFTC) said on Friday that the allegations have been initiated, a former trader at Goldman Sachs (GS), because of its futures position to conceal a $ 8.3 billion international market, Goldman brought a realized loss of $ 118.4 million.

Futures Trading Commission, the documents submitted to the U.S. Financial Industry Regulatory Authority (FIRA), this trader named Matthew - Marshall - Taylor (Matthew Marshall Taylor). The document said that Taylor to bypass the internal systems of the Goldman Sachs Group reached the E-mini futures forged transactions, this system is designed to register electronic transactions to the Chicago Mercantile Exchange (CME). This allegation is based on a civil action in the form submitted by the United States District Court for the Southern District of New York.

Futures Trading Commission, Taylor found this position by providing false, misleading or deceptive information hinder the Goldman Sachs Group. Taylor's solicitors have not been on this assessment, the Goldman Sachs spokesman said in a statement: "in the December 14, 2007, trading in, we found in Taylor's account in the normal situation, which he provided false explanation after the closing, he admitted that his own misconduct, the subsequent suspension and dismissal. "

Futures position, also called "parts" (position), refers to the positions held by the futures investors. Positions in the futures trading in the securities and futures industry, such as buying futures contracts held positions called long positions, referred to as the bulls; selling futures contracts held positions called short positions, referred to as short. The commodity open long contracts and open short contracts between the difference is called the net position.

From Taylor in the Financial Industry Regulatory Authority's view of the record, in March 2005, he served between January 2008 in the Goldman Sachs Group, from March 2008 to August 2012 worked at Morgan Stanley (MS). Goldman Sachs Group Inc., said in the statement, since the discovery of this event, the Group strengthened control measures. Futures Trading Commission, the Commission will seek a court Taylor to be made monetary compensation, and promulgation of a permanent injunction.