Midtown Blogger/Manhattan Valley Follies: The Wall Street Journal- News of China

U.S. EDITION

Tuesday, April 21, 2015 As of 9:13 PM EDT

Latest News

Shanghai Auto Show

The world’s auto makers have descended on the 16th annual Shanghai auto show to display their latest models and concept cars.
Noble Promises More Transparency

Commodities trader Noble Group has committed to more transparency following a dispute with three analyst firms over its accounting methods.
Democratic Fissures Appear in Pacific Trade Pact

A bloc of congressional Democrats is bucking White House pressure to exclude concerns over currency manipulation from a bill to expedite a 12-nation Pacific trade pact.
Yum Brands Results Weighed Down by China

Yum Brands Inc.’s profit narrowed in the first quarter as business in China continued to weigh down on results even as its KFC and Taco Bell brands reported strong sales increases.
KFC, Pizza Hut Seem Stale in China

Yum Brands, which gets around half its revenue from China, is facing a new reality: Chinese consumers who once found its KFC and Pizza Hut fresh and different now see them as neither.
Overheard: China Margin Lending: Extreme Edition

China’s epic stock-market rally has been fueled by an even more epic amount of margin lending.

Measured against total market capitalization, the run-up looks merely brisk in relation to other stock booms, such as the late 1990s Nasdaq tech bubble. But this comparison understates the situation, notes Macquarie. Average free float of Chinese stocks is around 40%, versus more than 90% in the U.S. That is because China’s state- and family-controlled firms hold substantial numbers of shares off market. Margin lending thus has an outsized effect on the shares that trade. Adjust the numbers, and China’s margin lending has gone “parabolic” as Macquarie puts it; it now is 8.2% of free-float market cap. By comparison, the U.S. is at 2.5% today, around where it was, incidentally at the height of the tech bubble. Taiwan’s late 1990′s mania saw margin lending hit 6% of free float market cap.

For China, there’s another important variable: Margin lending was only officially allowed in 2010. There is a first time for everyone.
GM Sales Get Boost From China

GM’s global sales grew 1.9% in the first quarter compared with the same period in 2014, boosted by gains by its U.S. pickup truck and sport-utility vehicles combined with a 9.4% overall gain in China that offset deep declines in Europe and South America.
Dutch Pension Manager, Gingko Tree Near Deal for Madrileña Red de Gas

A group of investors led by Dutch pension manager PGGM and China’s Gingko Tree Investment Ltd. are nearing a deal to buy Spanish natural-gas distributor Madrileña Red de Gas.
Flimsy Island Claims Pose Risk to Asia Geopolitics

The web of claimants to a set of insignificant specks in the South China Sea includes a Philippine fishing magnate who sought to mine bird droppings.
China Suffers First Default by State-Owned Firm

Baoding Tianwei Group was unable to raise enough funds to make a $13.8 million bond interest payment.
Hong Kong Shares Rebound

Stocks in Hong Kong rebounded Tuesday from their largest tumble of the year.
Offer Is No Small Beer

China Resources is restructuring assets to create China’s biggest pure-play beer company. Given the price on tap, shareholders should quit while they are ahead.
South Korea Hires PR Agency Ahead of Abe Speech
China Resources Sells Non-Beer Assets
Mohegan Tribal Gaming Authority to Develop Casino in South Korea
Street Styles From Asia
U.S. Firms Urge China to Improve Conditions
Asian Morning Briefing: U.S. Stocks Bounce Back
Stocks Bounce Back on Upbeat Earnings
China Widens Economic Door to Pakistan
U.S. Government Bonds Lower on China Stimulus
European Stocks Partially Recover Losses

News by Country and Region

News from the Wall Street Journal and Dow Jones Newswires

After 40-Minute Mating Session, a Panda Cub Cliffhanger
Zookeepers in Singapore were on tenterhooks this month as a pair of pubescent pandas fumbled through their mating rites for the very first time.
From Mini Designer, a Chinese Car 'on Steroids'
The designer who helped shape the modern Mini envisions a Chinese car "on steroids."
Is China Facing a Warehouse Bubble?
The frothiness of logistics industry in China is appearing, as more residential property developers build warehouses amid a sluggish housing market.
Flimsy Island Claims Risk Shipwrecking Asia Geopolitics
The exploits of “Admiral” Tomas A. Cloma Sr., a Philippine fishing magnate, might be no more than a whimsical footnote to history.
Fosun Makes Play for China's Affluent With Cirque du Soleil
A Greek jeweler, a French resort chain and now a circus troupe -- they are all companies China's Fosun International Ltd has bought a stake in.
U.S. Firms Want China to Improve Business Conditions
China Makes Multibillion-Dollar Down-Payment on Silk Road Plans
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