英语交流 今日: 0|主题: 2699|排名: 52 

最后发表： cancanlai
回复内容：
不错不错，顶一下

最后发表： lisa2008
回复内容：
恩,这样看来offshore不含GST就是$440了。

如果GST不免除总数应该更高（另加10%左右）。

最后发表： funnybird
回复内容：
Love or hate TPG, its owners laugh all the way to the banks...

最后发表： pinxinge
回复内容：
We thought housing articles couldn’t get any worse after reading the effort from HSBC’s Paul Bloxham last week.
But oh boy.  We were wrong.
The Sydney Morning Herald’s Jessica Irvine has knocked out what is, in our opinion, the year’s worst housing bubble article – that’s a big claim when it’s still only March!
But it’s hardly surprising, seeing as much of the material appears to have been drawn from Mr. Bloxham’s half-baked effort last week.  After all, if you take a badly baked cake and mix it up, what are you left with?  That’s right, an even worse cake.
There’s no point taking apart the entire article, because as I say, it’s largely a rehash of Mr. Bloxham’s effort.
But I will go over a couple of points.  I know, maybe it gets a little boring covering old ground.  But as long as the mainstream press and banking insiders keep printing the same old drivel, I’ll keep printing rebuttals.
So if you’ve had enough of housing bubbles, give this section a miss and scroll down to see what Aaron Tyrrell has to say about cars and lithium.
If you’re still with me, let’s take a look at some of the schoolgirl errors made by Ms. Irvine:
Ms. Irvine backs Mr. Bloxham’s claim that Aussie houses are better quality than those overseas.  Not surprisingly, no proof is given.  Where is the data to prove this?
Then Ms Irvine claims Aussies houses have “marvellous water views”!  And that’s why high prices are justified.  What on earth does that have to do with anything?  If “marvellous water views” are a house price crash preventer, then surely a lack of “marvellous water views” is a house price bubble preventer.
Yet the lack of “marvellous water views” didn’t stop house prices in Arizona forming a bubble.
Yes, people may desire a water view, but it doesn’t mean houses with water views can never be overpriced.  The same dynamic of excessive credit and the belief that prices can never fall has played out in houses with and without views.
In fact, based on some of the discounting that’s happened among prime Sydney apartments on the Harbour, we’d say those properties with a “marvellous water view” are likely to be hit the hardest.
But those are just trivial things.  Things she may now regret writing.  Of more interest is the following comment:
“You see, house prices only fall when people are forced to sell their homes. Otherwise, households choose to simply remain in their home and wait things out. Property investors are loath to realise their capital loss.
“A true collapse in house prices would indeed require some large external shock - a doubling of unemployment or interest rates - to trigger the wave of forced home sales that it would take to provoke house price falls.”
Not true.  People buy and sell houses all the time.  People upsize and downsize.  If someone wants to sell, they’ll sell… not just when they’re forced to.
All that’s required for house prices to fall is for people to think that house prices will fall.  Just in the same way that share prices can fall when they reach a peak.  Sellers look to get out first before everyone else gets the same idea.
But because it can take so long to sell a house, the stock of housing on the market can build up quickly.  And before sellers know it, they’re no longer the only house on the street for sale… they’ve got competition.  And as you know, in all areas of an economy, competition tends to drive down prices.
And let me tell you something, there’s a whole bunch of competition on the market right now.
This week SQM Research sent out its latest analysis of housing stock on the market.  As you’ll see in the table below, there’s been a huge increase in the number of houses up for sale:
In fact nationally there has been a 46% increase in the supply of housing for sale, compared to the same time last year… 46%!
Talk about a housing glut…forget the housing shortage lies.  Australia has a huge excess of housing.  Incidentally, we did hear our old pal Peter Switzer banging on about the housing shortage last night on Sky Business Channel… it seems you can’t keep a good excuse down.
But what will the glut do to prices?  That’s right, push them down thanks to increased competition.  I can picture buyers now, “Why should I pay $500k for your house when there’s one down the road for $480k…”
Forget “large external shocks”, or a “doubling of unemployment or interest rates”, all it needs is increased competition… and we’ve got it.
But Ms. Irvine also ignores the fact that different sellers are in different circumstances.  Someone who bought a house for $100k, may be happy to accept $300k, whereas someone who bought for $350k may not be so happy.
But that won’t stop the first house from selling.  And it won’t stop house prices from falling just because someone chooses to hold out for a higher price – which may never arrive if buyers can get something similar for cheaper.
You see, the idea that something major has to happen in order for prices to fall is nonsense.  There doesn’t need to be a big bang catalyst to spark a house price rout.
All that’s needed is for the fundamentals of supply, demand, price and quantity to play out.  And that’s happening right now.
But what about the idea that interest rates need to double?  Not true.  When interest rates are kept artificially low, it sucks in a whole bunch of borrowers.  Those that wouldn’t otherwise have borrowed are drawn into the market.
As with anything, artificially low interest rates create malinvestments.
And as Ms. Irvine correctly points out, it encourages lower lending standards too.
Because so many borrowers have been sucked in on low interest rates, it distorts the market.  But at some point the demand for borrowing will begin to dry up, and investors who would otherwise have put savings in the bank will look elsewhere for higher returns.
That creates a problem for a Ponzi banking system.  Banks need to keep filling the hopper.  They need more deposits and more borrowing to keep the Ponzi finance flowing.
When that slows down – as it has – the banks need to raise interest rates.  Simply so they can encourage savers to deposit money, or to encourage investors to buy their bonds.
Remember all the crazy offers the banks were making to attract deposits last year?  Yeah, of course you do.  That’s Ponzi finance in action.  It was an indicator of the market starting to tip over.
But here’s the thing.  If the bank has lowered its lending standards and kept interest rates low for too long, interest rates only have to rise marginally in order for it to have a big impact on borrowers.
It’s just like leveraged investing.  It works great when things are going your way… and… not so great when things are going against you.
For instance, the ANZ Bank reckons the median house price is $559,000.  Let’s say someone has taken out an 80% mortgage, borrowing $447,200.  An interest rate of 5% would mean repayments of $2,401 per month.
But should the interest rate increase to 7%, repayments increase to $2,976 per month.
That’s an extra $575 per month of after-tax money.
And if interest rates go to 8%, then you’re looking at monthly repayments of $3,282… an extra $881 per month.
“Oh, that won’t happen,” the spruikers say.  Really?  Too late, we’re almost there.  Mortgage interest rates got down to about 5% in 2008.  Today they’re above 7%.  And that’s why prices are on the way down.  That’s about a 20% increase from the low point.
“Oh, but people are ahead on their mortgages, the RBA says so.”  Don’t trust those figures too much.  Sure, plenty of people would have gotten ahead on their mortgages.  Especially as interest rates dropped in 2008 and 2009.  But trust me, it won’t take long for that benefit to be wiped out.
Not when repayments are an extra $700 or $800 per month.
And don’t forget, those that are ahead are those that had mortgages prior to 2008… before interest rates were cut.  Those that were suckered in by the first-home buyer’s bribe won’t have any buffer, because they were conned into borrowing as much as they could afford, just at the point when interest rates were at the low.
Any interest rate increase will hurt them harder.  Each 0.25% rise in interest rates is an increase of 5% increase for someone who took out a mortgage when rates were at 5%.
Whereas it’s only a 3.5% increase for someone who took out a mortgage with rates at 7%.  Believe me, it may not seem like much, but it makes a whole lot of difference when you’ve overextended yourself with a giant mortgage.
But what about the unemployment rate.  Again, don’t get too excited.  Sure, the unemployment rate is 5%.  But remember who counts as employed… anyone doing more than one hour of work per work… yeah, those people are gonna help prop up house prices!
For a start, consider that today about 28% of all employed people work part-time.
In 1978, it was only about 14%.
What does that tell you?  It tells you there has been a relative increase in people working part-time.  That much is obvious.
What else does it tell you?  Well, we’re not a labour force analyst so we can’t say for certain.  But we can take a stab at a guess or two…
Granted, more flexible working arrangements have played a part.  But we’ll guess it also means that people are now counted as part of the permanent labour force when previously they weren’t… therefore distorting Australia’s unemployment rate.
You can see that distortion in the number of unemployed people and the number of people not in the labour force.  Both these numbers have only increased by about 50% over the past thirty-three years.
In normal circumstances you’d expect those numbers to increase as the population increases.
But while there has been an increase it has been nowhere near as much as the increase in the number of people in the workforce.  Those employed full-time has more than doubled.  But importantly, the number of people working part-time has increased more than three-fold.
In other words, fiddling of the employment statistics is giving a distorted impression of the strength of the Australian economy.
Both of these facts tell you it won’t take a major shock to interest rates or unemployment to knock house prices down.  All it will take is a marginal move in either – thanks to the increased leverage from low interest rates.
Nothing I’ve written will stop the spruikers from carping on about the invincibility of the Australian housing market.  House prices are falling around their ears, yet still they make the same old tired excuses.
But really, the spruikers must learn to do better.  And if they insist on egging on the mainstream press to write anti-bubble stories, they should give them better and more convincing material than rubbish about “marvellous water views”.
Cheers.

Kris Sayce
For Money Morning Australia

最后发表： lisa2008
回复内容：


this is pretty much if considering other properties may have a 10 percent increase of their value in 5 years. If further considering the costs on inflation and loan, the lost may be even more.

最后发表： funnybird
回复内容：
Mike Pascoe,

You are absolutely on the money. I wish there were more articles in mainstream media to educate otherwise highly geared mortage holders.

This is a flaw in housing policy that has pushed prices so high that an out of cycle interest rate increase puts people on the brink. You cant tell me there would be all this indignation if people had $100-200k mortgages (which are the norms in most countries), rather than upwards of $500k plus. I have no idea what people were thinking.

Ultimately the banks have owners (not the Australian mortagee) that they have to answer to. The lack of a decent housing policy has pushed prices up to ridiculous levels where mortagees are squealing like injured pigs. And I feel for them Mike, I really do, but they should have attending credit counselling before they took out these massive loans that they had no hope of being able to repay. This is Australia's sub-prime crisis.

Meanwhile, Australia will keep building less homes, keep bringing in more immigrants, and exacerbating the housing problem. And the pollies will keep blaming the banks for out of cycle interest rates (which they will keep doing, knowing they cant fix the real problem). Part of this is a cultural problem (obsession with owning), and the other, negative gearing on existing housing. These will continue.

I look forward to watching young Australians hopes of owning a property disappear over the next 20 years, while thanking my good fortune for being able to leave this ridiculous housing mess for overseas.

Ps- Please share your thinking with Ian Verrender at smh, I think he would greatly benefit from your insight and may be minded to write more on this subject than his ongoing bank bashing themed articles.

IT King | Out of Oz - November 15, 2010, 8:21AM

See Mike's Original article here: http://www.theage.com.au/business/bank-bashing-turns-dangerous-in-a-housing-policy-vacuum-20101115-17t25.html

最后发表： pinxinge
回复内容：
煎饼居然4块5了，好久没吃了。

最后发表： pinxinge
回复内容：
source: ChinaDaily

China's online video website, Tudou.com, has hired Credit Suisse and Deutsche Bank for a planned initial public offering (IPO) on the Nasdaq, aiming to raise up to $150 million, Reuters reported on Monday, citing unnamed sources.
Tudou plans to list in the first quarter, two sources with direct knowledge of the plan told Reuters. The firm expects to raise between $100 million and $150 million, one added.
Tudou, which is backed by venture capital firms such as IDG China, GGV Capital and General Catalyst, competes with Youku.com and Ku6.com in China. The firm is similar to Google's YouTube and Hulu, streaming millions of online videos and original content daily and allowing users to share files.
More recently, Singapore's state investment firm Temasek invested $35 million in the company, whose name means potato in Mandarin, alluding to the image of a couch potato in front of the television.
Tudou had 16 percent of China's online video market in the second quarter, behind Youku, which had 20 percent, according to data from Analysys International.
"The firm is looking at the first quarter (for a listing)," said one source with knowledge of the deal.
Gary Wang, Tudou's chief executive, told Reuters last year that the firm's main source of revenue was from advertising and that it differentiates itself by producing its own content and chasing tie-ups with production houses.
Youku is also pursuing a public listing as soon as the first quarter of next year, and has also hired investment banks, sources previously told Reuters.

最后发表： pinxinge
回复内容：
source: Chinadaily

The Chinese government's macro-control measures are still affordable for the real estate industry, and the government might introduce a trial property tax before March, 2011, Shanghai Securities News and China Securities Journal reported on Monday, citing Nie Meisheng, president of the China Real Estate Chamber of Commerce.
The central bank's recent interest rate increase did not solely target the real state market, but real estate was the industry most affected by the decision, Nie said at a business forum held in Chongqing.
Nie also said that a property tax might be implemented on a trial basis before March 2011. A total of 600 million square meters of housing properties were sold from January to September. Most listed real estate companies have completed their annual sales plans, so the government's measures are still affordable for the industry, she said.
In addition, Nie suggested that new real estate proposals -- including land grant fees, and land bidding and auction rules -- should be considered in the 12th Five-Year-Plan (2011-15).

最后发表： pinxinge
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source: www.chinadaily.com.cn
BEIJING - China has raised reserve requirements for six large commercial banks on a temporary basis, a move to drain cash from the economy but avoid over-tightening, Reuters reported on Monday.
The 50-basis-point increase, which takes required reserve ratios to 17.5 percent for the country's biggest lenders, is the first since May this year. The rise will be in place for two months before ratios are returned to their current levels, Reuters quoted sources as saying.
In the limited nature of the increase, the central bank is trying to strike a balance between controlling liquidity and maintaining flexibility lest the economy lose momentum.
The People's Bank of China, the central bank, declined to comment.
Xu Biao, an economist with China Merchants Bank in Shenzhen, said that the central bank was worried that capital inflows could be on the rise in the wake of broader dollar weakness.
"The central bank has to take some pre-emptive moves to control asset prices and inflation risks," he said.
"On the other hand, the targeted and temporary move itself shows that the central bank is cautious about taking tightening steps. In other words, the central bank is reluctant to make any blanket tightening moves," Xu added.
Qing Wang, chief China economist at Morgan Stanley in Hong Kong, said the reserve increase also suggests that bank lending is on the rise again after a year in which Beijing has clamped down on their issuance of credit.
"I suspect September loan growth was strong. Hot money inflows have been rising. But I don't think this is a tightening move. It's just part of liquidity management," he said.
"It's also good for managing inflation expectations."

最后发表： pinxinge
回复内容：


http://www-wds.worldbank.org/external/default/main?pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000178830_98101901485350
source: econ.worldbank.org



EXEUIVE SUMMARY

1.    The property tax is a potentially attractive means of financing municipal
government in developing countries.   As a revenue source, it can provide local
government with access to a broad and expanding tax base.   In contrast to the
mix of intergovernmental grants and indirect taxes that now dominate municipal
revenues, it can also promote broader efficiency objectives, linking the
provision of municipal services more closely to their financing and rationing
the consumption of municipal services by price.
2.    At present, however, yields of urban property taxes in developing countries
are extremely low. Although the tax is ubiquitous- -virtually all market economy
developing countries assign a property tax to their municipal governments--its
contribution to total public sector tax. revenues is negligible, and its share
of municipal revenues is typically less than 20%.

Procedural Reforms

3.    In part, these low yields reflect failures in the administration of the
tax. A large proportion of properties are missing from the tax rolls, properties
on the tax rolls are inaccurately valued, and collection efficiency is extremely
poor.
4.    To an extent,  these administrative failures can be addressed through
procedural reforms:
Coverage can be improved by changing the system used to discover and
identify property, from one relying on owner-declarations to one based on
rudimentary tax maps;
Valuation accuracy can be improved through the use of "mass appraisal"--
a simple, formula-driven valuation method that minimizes reliance on the
judgment of valuers and the honesty of taxpayers;
Collection efficiency can be increased by establishing a system of
collection monitoring that more readily identifies major delinquents, and
by using tax clearances to enforce payment.

Policy and Institutional Reforms
5.    Procedural improvements alone, however, are unlikely to have a significant,
sustained impact on property tax yields.   Unless tax rates are also increased,
the absolute level of property tax liabilities will remain low. Unless a system
for annually adjusting valuations (or tax rates) is introduced, inflation will
rapidly erode the real value of tax liabilities. And unless the disincentives
confronting the agencies responsible for administering the tax are addressed,
procedural improvements in coverage, valuation, and collection will not be
sustained.
6.    This suggests that the scope of reform must be expanded to address the
systems for rate setting and revaluation, and the incentives confronting
administrators of the tax.


7.    Given the diversity of institutional  arrangements  used  in property
taxation, the definition of relevant targets will vary.   Recent experience,
nevertheless, provides general rules:
a. Rate seting. In principle, there is no 'right" rate of property tax.
If the property tax is functioning as a price for municipal services, the
"right" rate is the rate that reflects local preferences.   But the
multiplicity of agencies with veto power over property tax policy
introduces a downward bias in rate setting.  Central government's veto
power over property tax policy is particularly suspect, as it derives no
revenue from the tax.  Control over tax policy should, in general, be
exclusively assigned to the entity most directly affected by it--municipal
gover-ment.
b.  Indexation.  Indexing valuations can help maintain the real level of
property tax revenues during periods of inflation. Because the property
tax is imposed on a presumptive basis, tax valuations do not increase
automatically with rising prices.   To maintain the real level of tax
liabilities, taxing authorities must either revalue annually or increase
nominal tax rates. Annual field revaluations, however, are too expensive,
and annual tax increases are too politically controversial.   Countries
accustomed to inflation address this problem by adjusting valuations "from
the office," on the basis of a common inflation indicator. This solution
should be more widely adopted.
c. Administrative incentives. If central government is responsible
administration of the tax, its characteristic indifference to performan,
of the tax can be addressed by changing the terms on which it provides this
service.  Placing the tax administration agency on a paid, contractual
basis provides it with a direct financial interest in performance of the
tax.

Changing the Structure of Local Revenues
8.    The scope of reform may have to include the entire structure of local
finance.   Judging from recent experience, even providing local government with
complete autonomy over tax policy and administration does not guarantee that the
tax will be exploited effectively. For all its economic virtues, the property
tax carries a high political price. Its effectiveness in confronting taxpayers
with the cost of municipal services gives it an unusually high political profile,
within the tax structure characteristic of developing countries. As a result,
where local authorities have access to less efficient but more politically
acceptable revenue sources, these tend to be exploited first.
9.    Under these conditions, property tax reform can only be achieved in the
context of wider restructuring in the sources of municipal revenue.   Clearly,
the objective of such reform is not to increase property tax revenues, per se:
high property tax revenues are not an end in themselves. But in reducing the
extent of arbitrary subsidies between jurisdictions and confronting local
texpayers with the cost of the services they consume, these changes are
consistent with, and necessary to, the pursuit of the efficiency objective that
is the principal justification for property tax reform.

最后发表： pinxinge
回复内容：
source: news.yahoo.com

SYDNEY (AFP) – Rare earths, the little-known elements behind everything from iPods to hybrid cars and eco-friendly light bulbs, are set to boom in Australia thanks to an export clampdown by China, experts say.
Industry sources and analysts say Australia's vast reserves of the obscure metals with highly prized properties could make it one of the world's leading producers in just a few years.
"By about 2014 we should be one of the dominant suppliers of rare earths to the world. And we will compete with China for that," a long-term investor told AFP.
"We're a small country but we're going to be the Saudi Arabia of rare earths."
World attention shifted to Australia's nascent rare earths industry after China, which dominates global production, began restricting exports, sending shudders through major consumers Japan, Europe and the United States.
Australian experts say China has simply used up its tightened annual export quota, playing down fears of a trade embargo on high-tech producer Japan over a bitter territorial dispute.
But the scare triggered a rapid reappraisal of rare earths sources other than China, which cornered the market with about 90 percent of global supply but now needs growing amounts for its domestic market.
Rare earths like super-magnet dysprosium and red-glowing europium are vital components in hard-drives and computer screens, while the metals also make possible laser missile systems, wind turbines and solar panels.
"We touch rare earths every day of our lives but people are not aware of the applications they're in," said Matthew James, vice president of corporate and business development at Australia's Lynas Corporation.
"They are underpinning societal trends which are not going to reverse. We have to become more energy efficient, we have to become better in managing our environmental footprint.
"eople are not going to accept larger, clunkier devices, they want smaller, faster, lighter. These are trends which are driving growth in the rare earth market."
The United States, fearful of further restrictions from China, is scurrying to resume production, while Japanese companies, leading makers of flat-screen TVs, digital cameras and smartphones, reportedly turned to Lynas.
"Japan should diversify its supply and better manage risk in the long run. It's awkward to rely on China for 90 percent of its supplies," said Toru Taniuchi, a professor at Japan's Teikyo University.
"But the interests of buyers and sellers have to meet in order for new entrants to the market to succeed," he warned, referring to Australian suppliers.
Lynas, among five companies with proven Australian deposits, according to www.australianrareearths.com, will next year be the first Australian producer to come on stream when it shifts some 11,000 tonnes from a new plant in Malaysia.
The company will double output to 22,000 tonnes a year by the end of 2012, worth about 1.1 billion US dollars at current prices.
James said Lynas had about 1.4 million tonnes at its Mount Weld holding in Western Australia and could be selling to China within a decade as the giant country's supplies dwindle in the face of rocketing consumer demand.
He believes Lynas is two to four years ahead of any other producers outside China because rare earths projects take several years to develop. The Lynas project has already been eight years in the making, James said. "With the resource constraints in China, China's own growing demand and China's desire to improve the efficiency of their own industry, we think China could be a net importer of rare earths in five to 10 years' time," James said. The rare earths investor, who preferred not to be named, said there would soon be a "real focus" on Australia, which has 46 percent of the world's rare earths deposits. "Nobody has really worked out, until maybe the last week or so, Australia's position in it all," he said. "When you look at the international literature about scarcity of rare earths you see a mention of Australia, but nobody has an understanding that we've got 46 percent of the world's supply. "And that we've probably got the richest and best deposits in the world. I don't think anybody ever contemplated that and I think that's just starting to dawn now."

[ 本帖最后由 pinxinge 于 5-10-2010 12:08 编辑 ]

最后发表： pinxinge
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Source: http://english.sina.com

BEIJING, Sept. 30 (Xinhua) -- Experts said Thursday that the latest measures taken by the Chinese government to cool the property market would produce tangible results, and stricter policies were expected.
"The new policies represent the government's tougher stance in curbing excessive housing price rises," said Wang Jun, a researcher with the China Center for International Economic Exchanges (CCIEE), a government think tank set up under the National Development and Reform Commission (NDRC).
These new measures are part of a concerted campaign involving eight ministries and include providing more support for builders and owners of low-income housing while holding provincial governments accountable for failing to contain home price inflation and providing affordable housing to the poor.
Wang said the timing of announcing these measures was an indication that the central government had decided to redouble its efforts in response to the signs of a rebounding housing market, as seen in recent weeks.
Earlier this month, official statistics showed that property prices in China's 70 major cities rose 9.3 percent in August, year-on-year, but were unchanged from those of July, which also did not decline from June.
As housing prices in major cities were soaring beyond the reach of ordinary earners, the government in April introduced an array of policies, including higher down payments and an end to mortgage discounts, to dampen speculative demand, and issued orders urging local governments to build more affordable housing in a bid to increase the supply for low-income people.
"To some extent, these policies have helped in boosting the supply of affordable homes and curbing the speculative demand, but the effects have been limited due to weak enforcement by many local governments," said Wang.
Wang pointed to a policy statement jointly issued by the Ministry of Housing and Urban-Rural Development, Ministry of Land and Resources and Ministry of Supervision on Wednesday as an effective measure by the central government to force local governments to enforce the policies.
"rovincial governments would have to take responsibility if they fail to curb home price rises and provide more affordable housing," the statement said.
Providing more affordable homes was a key move in cooling down the property market as they sought to reduce the prices of commercial housing and meet the demand of low-income people, said Wang.
"The central government had set a quantitative goal for each provincial government to build affordable houses, but a majority of provinces fell far short of reaching these goals because they would rather sell the land to commercial developers for handsome profits," he said.
Yi Xianrong, a researcher with the Institute of Finance and banking of the Chinese Academy of Social Sciences, also expects this measure to exert effects. "The accountability system would serve as an alarm bell for local governments who have been lukewarm towards building low-income homes," he said.
The accountability system came one day after the government adopted a preferential policy for low-income home builders and buyers.
On Tuesday, China's state tax office and finance ministry said they would exempt a segment of the low-income housing sector from taxes in a drive to boost the supply of affordable housing.
Specifically, builders and owners of "public rent homes" would be exempt from the land use tax, stamp tax, deed tax and value-added tax for the next three years.
On the demand side, the central bank and the banking regulator announced, in a statement on Wednesday, that they had taken further steps to cool the speculative demands, ordering banks not to provide loans for third home purchases and above.
The statement also said that down payments on all home purchases would now have to be at least 30 percent.
"There are a lot of people in the market who believe that home prices would never fall, and even if that happens, the government would come to rescue. These new measures showed this expectation to be wrong," Yi said.
Both Yi and Wang expected more and stricter policies would be employed by the central government to cool down the property marker, including the long-awaited expansion of the property tax from some cities to the whole of China.

最后发表： pinxinge
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BEIJING - The central parity rate of the yuan, China's currency Renminbi (RMB), gained only by 9 basis points Friday but still struck a new record high at 6.7172 per US dollar, according to the data released by the China Foreign Exchange Trading System.

Friday's yuan central parity against US dollar beat previous record of6.7181 per US dollar on Thursday, according to the data released by the China Foreign Exchange Trading System.

China's central bank announced on June 19 this year that it would further the reform of the formation mechanism of the yuan exchange rate to improve its flexibility.

最后发表： pinxinge
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might be just part of steal chicken.

最后发表： lisa2008
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最后发表： lisa2008
回复内容：
stocks may hit new high

最后发表： pinxinge
回复内容：
the industry's sluggish performance in recent month reflects the volatile nature of the broader economic recovery

最后发表： pinxinge
回复内容：
It's China that's the main game. In fact, China over the next decade is going to drag the US along

最后发表： pinxinge
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A Goldilocks economy is a not too hot or cold economy, sustaining moderate economic growth and a low inflation allowing for a market friendly monetary policy.

最后发表： xblues
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http://www.videovocab.tv

最后发表： nizi
回复内容：
这个好！头像也很美，像你！

最后发表： half
回复内容：
Thanks a lot.

最后发表： naughtybaby
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account number 帐目编号
depositor 存户
pay-in slip 存款单
a deposit form 存款单
a banding machine 自动存取机
to deposit 存款
deposit receipt 存款收据
private deposits 私人存款
certificate of deposit 存单
deposit book, passbook 存折
credit card 信用卡
principal 本金
overdraft, overdraw 透支
to counter sign 双签
to endorse 背书
endorser 背书人
to cash 兑现
to honor a cheque 兑付
to dishonor a cheque 拒付
to suspend payment 止付
cheque,check 支票
cheque book 支票本
order cheque 记名支票
bearer cheque 不记名支票
crossed cheque 横线支票
blank cheque 空白支票
rubber cheque 空头支票
cheque stub, counterfoil 票根
cash cheque 现金支票
traveler's cheque 旅行支票
cheque for transfer 转帐支票
outstanding cheque 未付支票
canceled cheque 已付支票
forged cheque 伪支票
Bandar's note 庄票，银票


banker 银行家  
president 行长
savings bank 储蓄银行
Chase Bank 大通银行
National City Bank of New York 花旗银行
Hongkong Shanghai Banking Corporation 汇丰银行
Chartered Bank of India, Australia and China 麦加利银行
Banque de I'IndoChine 东方汇理银行
central bank, national bank, banker's bank 中央银行
bank of issue, bank of circulation 发行币银行
commercial bank 商业银行，储蓄信贷银行
member bank, credit bank 储蓄信贷银行
discount bank 贴现银行
exchange bank 汇兑银行
requesting bank 委托开证银行  
issuing bank, opening bank 开证银行
advising bank, notifying bank 通知银行
negotiation bank 议付银行
confirming bank 保兑银行
paying bank 付款银行
associate banker of collection 代收银行
consigned banker of collection 委托银行
clearing bank 清算银行
local bank 本地银行
domestic bank 国内银行
overseas bank 国外银行
unincorporated bank 钱庄
branch bank 银行分行
trustee savings bank 信托储蓄银行
trust company 信托公司
financial trust 金融信托公司
unit trust 信托投资公司
trust institution 银行的信托部
credit department 银行的信用部
commercial credit company(discount company) 商业信贷公司（贴现公司）
neighborhood savings bank, bank of deposit 街道储蓄所
credit union 合作银行
credit bureau 商业兴信所
self-service bank 无人银行
land bank 土地银行
construction bank 建设银行
industrial and commercial bank 工商银行
bank of communications 交通银行
mutual savings bank 互助储蓄银行
post office savings bank 邮局储蓄银行
mortgage bank, building society 抵押银行
industrial bank 实业银行
home loan bank 家宅贷款银行
reserve bank 准备银行
chartered bank 特许银行
corresponding bank 往来银行
merchant bank, accepting bank 承兑银行
investment bank 投资银行
import and export bank (EXIMBANK) 进出口银行
joint venture bank 合资银行
money shop, native bank 钱庄


credit cooperatives 信用社
clearing house 票据交换所
public accounting 公共会计
business accounting 商业会计
cost accounting 成本会计
depreciation accounting 折旧会计
computerized accounting 电脑化会计
general ledger 总帐
subsidiary ledger 分户帐
cash book 现金出纳帐
cash account 现金帐
journal, day-book 日记帐，流水帐
bad debts 坏帐
investment 投资
surplus 结余
idle capital 游资
economic cycle 经济周期
economic boom 经济繁荣
economic recession 经济衰退
economic depression 经济萧条
economic crisis 经济危机
economic recovery 经济复苏
inflation 通货膨胀
deflation 通货收缩
devaluation 货币贬值
revaluation 货币增值
international balance of payment 国际收支
favourable balance 顺差
adverse balance 逆差
hard currency 硬通货  
soft currency 软通货
international monetary system 国际货币制度
the purchasing power of money 货币购买力
money in circulation 货币流通量
note issue 纸币发行量
national budget 国家预算
national gross product 国民生产总值
public bond 公债
stock, share 股票
debenture 债券
treasury bill 国库券
debt chain 债务链
direct exchange 直接（对角）套汇
indirect exchange 间接（三角）套汇
cross rate, arbitrage rate 套汇汇率
foreign currency (exchange) reserve 外汇储备
foreign exchange fluctuation 外汇波动
foreign exchange crisis 外汇危机
discount 贴现
discount rate, bank rate 贴现率
gold reserve 黄金储备
money (financial) market 金融市场
stock exchange 股票交易所
broker 经纪人
commission 佣金
bookkeeping 簿记
bookkeeper 簿记员
an application form 申请单
bank statement 对帐单
letter of credit 信用证
strong room, vault 保险库
equitable tax system 等价税则
specimen signature 签字式样
banking hours, business hours 营业时间

最后发表： naughtybaby
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Despite the Government's aversion to the 'D word', its budget is already running a deficit of $1 billion, an economic forecaster says.

November 24, 2008 - 8:16AM



Australia's budget is already running a deficit of $1 billion, a leading economic forecaster says.
Access Economics has released its independent economic forecast, which suggests Treasury coffers are worse than expected.
The Federal Government has, for some time now, talked down the possibility of the budget going into deficit, saying the nation is able to withstand the effects of the global economic crisis.
But Economist Chris Richardson told ABC falling commodity prices are already taking their toll on the economy.
''We are headed for deficit pretty fast, China is now slowing, Australia is now in trouble,'' he said. ''Even if Australia's economy gets no worse and the government doesn't spend another cent into this downturn, we're in deficit by a billion dollars next financial year, four billion dollars a year in the years after that.''
Federal Treasurer Wayne Swan says the government's mid-year economic review forecast modest surpluses and modest growth.
''Access (Economics) uses a different approach,'' he told ABC radio. ''It's not unusual for Access to use different measures.''

最后发表： ritaclin
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楼主什么基础？如果一点基础都没有的话，建议还是从中学英语教材开始看，先把基础打好。

最后发表： xblues
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Shang-Highed: On Top of the World's Tallest Observatoryfrom Gizmodo: Top by Elaine Chow

  It'san unfortunately foggy morning in Shanghai, but from where I am, thecrappy weather only adds to the feeling of standing in the middle ofclouds. I'm towering almost half a kilometer over the rest of the city,on the highest man-made observation deck in the world, the 100th floorof the Shanghai World Financial Center, which opened just two monthsago. With cumulus on my right, stratus on my left and a mirroredceiling reflecting their formations back at me—I feel myself gettingdizzy. Have I developed a fear of heights, or is vertigo inevitablewhen you're this far up?
The Shanghai World Financial Center,also known as The Mori Building, officially opened on August 28th thisyear after over a decade of planning. When it was first envisioned—by aJapanese construction company, The Mori Group—it was to reach 97 floorstall, surpassing the spires of the Petronas Towers in Malaysia. Butconstruction only got as far as the foundations during the late 1990s,sliding to a halt when the Asian financial crisis hit and the MoriGroup found itself juggling a massive fund shortage.
By the timeit began building again in 2003, Taiwan had already started on Taipei101 which—at 508 meters counting its ridiculously tall spire—would soonwrestle away the title of World's Tallest Building. The Mori Groupscrambled to change their plans, but since the foundations put in fiveyears ago were only made to support 460 meters, the most they could addwas four more floors, settling for second place, but with an asterisk:The building has the highest observation point in the world.

Theobservatory for the SWFC has its own entrance, located on the groundlevel and to the side of the actual skyscraper. For 150 yuan ($22), youget a ticket to see the 94th floor Sky Arena, the 97th floor Sky Walk,and Floor 100, that record-breaking vantage point. For those with asense of frugality, or perhaps lacking a sense of adventure, eschewingthe top two levels cuts 50 yuan from the entrance fee.

Afterpaying for the ticket, I was ushered into a room labeled "re-Show."The several of us there that morning proceeded to stand around a towerto watch a “light show.” I raised my eyebrow as various Pokemon-likecharacters—flying teardrops and spinning cherries, all with HelloKitty-esque expressionless faces—flitted across a spinning, glowingreplica of the building to a soundtrack of ambient electronica in thestyle of Brian Eno.
My brochure told me it was designed byartist Toshio Iwai, perhaps better known in the West for his work onElectroplankton, a Nintendo DS that featured similarly plink-plonkyelectronic music. The revelation that Iwai had been behind the showwasn't surprising; it had reminded me of the types of multimediaexhibits I'd seen in Tokyo featuring him.
How culturallyJapanese the entrance had been was especially attention-catchingconsidering the slightly tumultuous history of the Mori Building, aJapanese building in China. The empty trapezoidal area up top, whichmakes the building look like a giant bottle opener, was originallysupposed to be in the shape of a circle, symbolizing—at least to thearchitect—the Oriental myth of the square earth and circular sky.
Butseveral prominent members of the Chinese politico including Shanghai'smayor protested that the design looked too much like the Rising Sun ofthe Japanese flag. In a country still sensitive over Japaneseoccupation during World War II (and Japan's at times unapologeticattitude towards the war), it was too much of an affront for thetallest building in China's richest city to represent anything remotelyNipponese. The building's architects dutifully redid the top, claimingthat the new design saved money.
After the pre-show, we wereherded towards the observatory's first elevator. A panel on one sidedepicted the floor we were on and the height we were at. As the doorsclosed, another light show played out on four screens and the ceiling,complete with yet another atmospheric ambient tune. The elevatorcontinued upwards, and the music sped up to match our trajectory. Myears popped. It took a good minute before the lift finally slid to ahalt and the doors opened to reveal the walkway to the Sky Arena.
Sky Arena? More like Sky Lounge to me
Thefirst of the building's three observatories, the Sky Arena is less likea viewing platform and more like one of those mod mid-century airportlounges. There were high ceilings and spectacular views, but the whitecouches and standing-height tables were constant reminders that thiswas, at its heart, for tourists. A bar at one end served refreshmentswhile a long booth area in the middle sold various Mori Buildingmemorabilia. Ever wanted your nougats to come in a can-opener-shapedskyscraper package? You know where to get 'em now!
Dude, just put it down... it's not worth it.
I quickly bypassed the area and got on the escalator to the 97th floor,the second viewing point. This area was more plain than the first one,a long walkway painted in white. Perhaps thanks to our closer proximityto the sun, it was unbearably bright. Glancing up through glass, Icould see my final destination—Skywalk 100, at 474 meters high, theworld-record-holding observation deck.
It took one last elevatorto bring me up those three final levels. This time, as I stepped out ofthe elevator and into the walkway, it was hard not to gasp.
Unlikethe matted white of the lower level, the designers had decked Floor 100out in a mirror-like finish, so that everywhere you looked, some partof the skyline was reflected back at you. From here you could see thetwo other Shanghai giants, the 468-meter Oriental Pearl Tower and the421-meter Jin Mao Tower, looking like absolute dwarfs, little childrenreaching upwards in a futile attempt to compete with the grand daddy ofvertical climbing.
The 100th floor viewing deck
Onthe ground were one-square-meter transparent glass panels, someoffering an unobstructed view of the drop below. Standing over one andlooking down, I could see the tourists down on 97, dashing from windowto window. Sometimes their faces would point upwards, as they squintedinto the sun and tried to make out the outlines of my feet.
It was about then that I felt my legs wobble and my knees shake.Vertigo was kind of a new experience for me. Having grown up in Asia'smegacities, I'd spent virtually all my life peering out of skyscrapers.I've never had a problem standing on edges and staring downthousand-foot falls—but this was a whole new monster. Despite myrabidly anti-Luddite stance (hell, I work for a technology blog!), apart of me wondered if man was ever meant to stand this far up in thesky.
I also wondered if part of my sudden bout oflightheadedness could be attributed to the subtle vibrations of thewind whistling around the walkway. The Mori Building was allegedlydesigned with Japanese earthquake protections in mind, making itoverspecced for an area like Shanghai that hasn't felt tremors for overa century. Wind—honking gusts of typhoon-powered wind—can still be aproblem, especially at these heights.
To try and counteractswaying, the building has two mass dampers installed on the 90th floor.Each damper consists of a computer controlled, 150-ton counterweightsuspended by wire rope. By rotating with and against the wind, thedampers can reduce wind effects by 40 percent and avoid oscillatingeven during typhoon conditions.

AnLCD screen near the elevator assured me that the transparent glass Istood on was safe. Each panel could withstand the weight of three 176pound people jumping on it at the same time, no problem. It wasn't thatreassuring; I know quite a few people who weigh a little more thanthat. But they weren't there, and I was definitely within limits... sotimidly, I tried a little hop. The person next to me screamed. It wasgood to know I wasn't the only one feeling nervous.
Onmy way back down in the elevator (complete, once again, with the lightshow and Eno-esque music), it was strange reflecting on how I'd justbeen standing at the tallest man-made point ever. It's currentlyimpossible to get even close to that high elsewhere. Though the currenttallest building, Taipei 101, may be officially 16 meters taller thanthe SWFC, almost 60 meters of its height is dedicated solely to thespire. Floor 101 is only 439 meters up, a good 34 meters shy of where Ihad just been.
Even though the SWFC tower is barely two monthsold, its observatory's days as the highest observation deck in theworld are ticking speedily to an end. In less than a year, the BurjDubai will open for business. Though nobody right now knows exactlywhere the tallest floor will be, the building is estimated to reach awhopping 818 meters once it's completed.
And even in Shanghai'sown Pudong Area, the Chinese have already started the foundation onsomething bigger. The Shanghai Center, expected to be complete in 2013,will eclipse the Mori Building by another 140 meters. Nicknamed the"Dragon Building," its funding has been relatively untouched by thecurrent economic downswing—some say because the last thing the Chinesegovernment is willing to do is let a Japanese building stand as thetallest in their land.

最后发表： coredump
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丢掉的信任是很难回来的

最后发表： xblues
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Reassuring tactics?                               

• James Reynolds
• 19 Sep 08, 12:56 PM GMT

                                                        Right now, China might want to remember Cordelia Gummer.
In 1990 Britain was worried about infected beef and "mad cowdisease". The government insisted that no-one need panic - Britain'sbeef was fine.
In order to make the point in a dramatic way, Britain's Agriculture, Fisheries and Food Minister John Gummer decided to feed his four-year-old daughter Cordelia a beefburger in front of the cameras. It was a slightly curious, much criticised and derided tactic.
I wonder if the Communist Party's been thinking of anything similarin recent days. The food scare which began with tainted baby milkpowder last week has been getting worse and worse.
On Friday, everyone here woke up to find that more dairy products had been affected- including the normal milk that you or I would buy in the shops. Thegovernment insists that most milk is safe to drink - but that doesn'treassure very many people.
This afternoon, at the Tesco supermarket in Beijing, milk was stillon sale. But most shoppers avoided the dairy counter. Parents havecontinued to take their babies to hospitals to be checked for kidneystones.
Perhaps China's Health Minister, Chen Zhu, may decide to invite themedia to his house to watch him and his family drink pints of milk andeat ice cream. But maybe not. It didn't really work when John Gummertried it.

最后发表： xblues
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原文链接：
http://gizmodo.com/5038788/talle ... leted-defies-belief

The Burj Dubai tower, the tallest skyscraper in the world, is about to be completed. To celebrate it, David Hobcote has taken a series of amazing high resolution pictures from the air which give an exact impression of the breathtaking, massive scale of this building. Inside, it looks like a set from Blade Runner or the interior of the Death Star.

最后发表： hidec
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这种东西没啥意义.

最后发表： lisa2008
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who is the next

最后发表： ritaclin
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Being a sole trader you do not have to choose to apply for an ABN, but if your annual turnover is over $50,000, you are required to register for GST and get an ABN.
...
to be continued
that's all for today; I'm sleepy now, gn~

最后发表： kingsking
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strong...
but massage is equal to prostitute?

最后发表： ritaclin
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