Securitization boom exposes China’s slapdash deleveraging efforts

Securitization boom exposes China's slapdash deleveraging efforts

Securitization boom exposes China’s slapdash deleveraging efforts

As China strives to depreciate its economy against excessive debt, emerging markets securitization exploded with funds from private banks, local governments and private companies rush to turn assets into cash.

China’s asset-backed securities market (ABS), a financial instrument through which a broad range of assets, such as loans, real estate, tolls and picturesque parks, were converted into securities comparable to negotiable bonds, a 50% 2016 and now is over 1 trillion yuan (147.1 billion dollars).

However, there are risks of developing signs of this market, which has barely taken off three years ago.

Its first ruling came at the end of last year, when a securitized bridge in Inner Mongolia could not gather enough to pay the investors tolls.

Analysts said some projects were securitizing too optimistic cash flow projections and, in other cases, there was an excessive concentration of risk.

The Chinese media reports have added to this concern by suggesting that the government could soon lower the bar for regulatory infrastructure projects supported by the government to securitise.

“Asset securitization can help companies reduce leverage in a controllable way and support the economy,” said Song Qinghui, an independent economist based in Beijing.

“This is just a financial tool, but in recent years, ABS has been proclaimed heaven in China and the rapid growth of the company itself shares some resemblance to the burgeoning crisis stage in the United States.”

Government securitization, ironically, stands side by side with China’s intense efforts to reduce its huge debt and overinvestment.

It is partly responsible for pushing banks and real estate companies that try to convert future non-liquid loans into their immediate cash balances.

The first group of public-private partnership projects (PPP) in values were earlier this year and included two water treatment projects, a tunnel operator and a heating system.

A second group of projects should start trading in the two major Chinese stock markets, generating 1 billion yuan for local titurent assets.

There can be no more of these PPP securitization projects if the government changes the rules are currently in the projects that have been in operation for less than two years after the securitization.

China launched ABS in a pilot project in 2005 but suspended the market during the global financial crisis of 2007-2008, which was triggered by the collapse of fragile mortgage securities in the United States.

China recovered the issuance of ABS in 2012 and issued a series of policies for the promotion of the company, with the State Council, China Cabinet, asset identification last year as a means to help Chinese enterprises to Reduce leverage.

Financial regulators believe that ABS can help local governments in China manage their huge debt of 15 trillion yuan.

Lin Hua, chairman of China’s Titulization Analytical Consulting warns that these are local governments or with scores below those of China’s poorest regions, such as Guizhou and Shandong, that would exploit the ABS market.

Although in a typical asset securitization structure, a special purpose vehicle that will be set up to isolate the issuer’s solvency from the underlying assets backing the ABS, there is also concern that more and more farm borrowers and credit rating agencies Credit could paint an optimistic picture irréalement cash flow futures securitized assets.

This is the case with the bridge in Inner Mongolia who missed payments after their entrance by toll collapsed due to a drop in coal transport, away from stable cash flows projected by the rating agency China Lianhe Credit Rating Co.




North Korea celebrates the launch of its new test of intercontinental ballistic missiles – which according to some experts have the capacity to reach Alaska and the Pacific Northwest – with an artistic representation representing the departure of the Hwasong-14 rocket.

The Sunday show was described by KCNA, the North Korean state news agency, as an event “cherished [by] respected leader Kim Jong Un” and party officials.

Staff around Kim and senior military personnel mingled with the national defense scientists in the country who helped launch the missiles.

Musical elements include “color numbers” such as “Glory to our great party”, “The Glorious Motherland”, a slight relief in the form of “Republican artillery rocket march” and a dance group of the barrel routine including Carried out a song called “Toast by the Overcomers.”

North Korean leader Kim Jong Un reacts with scientists and technicians of the DPRK Defense Academy after the intercontinental ballistic missile test launched Hwasong-14 in this undated photo broadcast by Korea News Agency Korea Of the North (KCNA) in Pyongyang July 5, 2017.
Each artist praised the leadership and direction of Kim Jong Un. The information service of the North Korean government has approved that entertainment has shown that the leader “dedicated to carry out the great cause of President Kim Il Sung [founder of North Korea]” to “building a nuclear power “.

Kim Jong Un’s images on the floor were met with applause, the information service reported. But the loudest applause was reserved for the final number “Glory to Kim Jong Un.”

North Korea confirmed the launch of the missile on public television last week, announcing that Hwasong-14 reaches an altitude of 1,731 miles and traveled 600 miles before reaching the sea on July 3. It was the eleventh of North Korean missiles launched this year.

Donald Trump, referring to Kim Jong Un, twisted Tuesday morning “Does this man have anything better to do with his life”

Israeli diplomat says UNESCO resolution is less important than fixing his toilet

Israeli diplomat says UNESCO resolution is less important than fixing his toilet

Israeli diplomat says UNESCO resolution is less important than fixing his toilet

By Ruth Eglash, The Washington Post

JERUSALEM – Israelis are not known for their love of the United Nations and its institutions, but a resolution was passed on Friday for the continued Israeli occupation of the old city of Hebron in the West Bank and the damage it could cause to the holy sites there Flew normal response:

“I’m sorry … I have a very urgent … I’m sorry, Mr. President … it’s my plumber in my apartment in Paris. It’s not a huge problem in my bathroom, and that’s more important than the decision we just made. Approve, thank you, “Carmel Shama-Hacohen, Israel’s ambassador to the United Nations Educational, Scientific and Cultural Organization, said sarcastically while facing the Forum’s annual meeting.

The Conference adopted a resolution proposed by Lebanon, Kuwait and Tunisia to place Hebron, including the sacred site where Abraham, Isaac, Jacob and their wives were worshiped by Jews, Christians and Muslims for thousands of years on the Heritage List Of endangered sites.

Referred to by Jews as the Cave of the Patriarchs and by Muslims as the Abrahamic Mosque after the 14th-century house of prayer built, the place was a starting point for Israeli-Palestinian violence for decades.

Tensions are constantly high in and around the old city of Hebron, where a few hundred Jews live under heavy Israeli military protection surrounded by more than 200,000 Palestinians living on the edge of the city.

In January, Palestinians – as part of a diplomatic campaign to create an independent state free of Israeli occupation – have asked UNESCO to include in Hebron the World Heritage List and then asked whether it was recognized as a site in Danger its territory.

The Palestinians have presented a dossier explaining the necessity of this state, focusing on the historical character of the city since 1250, the beginning of the Mamelouole period of Islamic rule. Jews and Christians were also present in the city at the time, but their activities were limited.

The International Council on Monuments and Sites then tried to evaluate the application and explore the site. A report to UNESCO stated that it could not fully justify the registration of Hebron as an endangered site, but noted that the Council had not fully implemented its mandate after not receiving “necessary approvals” from Israel to go to Hebron.

Wall Fire in Butte County Swells to 5,600 Acres, Mandatory Evacuations in Place

Wall Fire in Butte County Swells to 5,600 Acres, Mandatory Evacuations in Place

Wall Fire in Butte County Swells to 5,600 Acres, Mandatory Evacuations in Place

About 4,000 people were evacuated and 7,400 people were asked to prepare to leave their homes as the fire swept the foothills of the Sierra Nevada, about 60 miles north of Sacramento, said Sunday the Department of Forestry and Protection Against fire in California.

The wall of fire has burned about 4 square miles, four firefighters injured and destroyed at least 10 structures, but this figure should increase, said fire spokeswoman Mary Ann Aldrich.

The burning zone was southeast of Oroville, where spillways in the nation’s highest dam began to collapse in the heavy rains this winter and led to temporary evacuation orders for 200,000 downstream inhabitants.

“That leaves you feeling like you could not take a break,” said Sharon Reitan, who sought refuge at an evacuation center with her boyfriend Sunday night.

They were in Oroville on Friday afternoon, when the fire and the roads of their hill house were blocked. Later he saw photographs of his house reduced to ashes.

“The road on which we live has been hard hit,” Reitan said. “We’re in stop mode right now, it’s so devastating.”

Fire was contained by 20%. It was one of 14 forest fires in California, including about 5,000 firefighters fighting Sunday.

Cal Fire has not determined the cause of the fire.
Persons wishing to obtain more information about fire may call 530-538-7826.
These are areas that are subject to 10-hour evacuation orders. Sunday:
These are areas that are subject to evacuation warnings of 10 p.m. Sunday:
All areas west of Miners Ranch Rd. And Dr. Dunstone Road. 162 Grubbs Rd.
Just north of Alto Palermo Rd. In Grubbs Grubbs Road to Road to Dunstone Dr.

All roads / areas along Foothill Blvd. On Golden Bangor Road. On Golden Bangor Road. At the bottom of Wyandotte Rd, continuing south on the lower Wyandotte Road. At the intersection of Palermo’s upper street and the way in Grubbs, it encompasses everything on the West Bangor Road.

All roads / areas east of the Bangor Gold Road. On Foothill Blvd. On Pinedale Avenue, Pinedale Avenue, north of Edgewood Dr., north avenue of Hilldale, west of the road. 162.
All paths / areas along Glen Dr. Gold prey dam. Gold is Quincy Road. And just east of Glen Dr.

Scholars: White House’s name gaffe not helping US-China ties

Scholars: White House’s name gaffe not helping US-China ties

Scholars: White House’s name gaffe not helping US-China ties

BEIJING – Chinese scientists said Monday that White House staff revealed their incompetence and lack of depth to confuse the name of the country that Chinese President Xi Jinping conducts, and that while Beijing is probably unaware of the mistake, he does not Was conducive to US health reports.

The head of the transcript broadcast Saturday describes Xi as president of the Republic of China, which is the formal name that the government of Taiwan as China refuses to recognize.

Xi heads of the People’s Republic of China, which was founded in 1949 after Republic of China forces fled to the island of Taiwan during a bloody civil war.

The error was at the head of the transcript only, and was not in the full text or in the statements of President Donald Trump to Xi in Hamburg, Germany.

Beijing may reject the decree as a technical matter, but it is indicative of how the White House operates under Trump and is not conducive to China and the United States. Relations, said Shi Yinhong, professor of international relations at Renmin University of China.
“These are the basic skills for those working in diplomacy, but this isolated incident underscores the responsibility of White House staff, when they are relaxed and how they are poorly coordinated,” Shi said. “This will only tip the US government to make a mistake of this kind of low level.”

Wang Dong, an associate professor at the School of International Studies at Beijing’s elite University, said he believed the error was not intentional but still reveals a lack of ability in Trump’s foreign policy team as key posts remain vacant.

“This demonstrates the lack of professionalism of the White House staff in terms of diplomacy,” Wang said.

“The mistake in itself may not affect China and the United States, but the White House must learn a lesson to improve its workflow.

On Monday, the White House changed the transcript to simply read “President Xi of China.”

During a 2006 state visit by Chinese President Hu Jintao, a White House announcer said that the public would soon hear the national anthem of the Republic of China, instead of the People’s Republic of China. Proper hymn was played.

The latest reference to Taiwan is especially sensitive because of Trump’s moves on the island that have infuriated Peking.

According to the long-standing diplomatic protocol, Trump telephoned Taiwanese President Tsai Ing-wen in December and questioned the wisdom of the “one-China policy,” which Washington has official relations with Taiwan alone.

Last month, to Beijing’s outrage, his administration approved a $ 1.4 billion arms sale to the island.

Nearly six months in office, Trump has not filled thousands of government positions and White House staff in particular has been accused of poor organization.




Qatar has booked reserves of $ 340 billion, including sovereign wealth assets that could help Gulf countries overcome isolation by their powerful Arab neighbors, central bank governor Sheikh Abdullah Bin Saud al-Thani told CNBC .

“It’s the credibility of our system, we have enough money to maintain a” shock, “he said, told the news channel in an interview published Monday on its website.

Al Thani said the central bank had reserves of more than 40 billion dollars in gold, while the Qatar Investment Authority has 300 billion in reserves could liquidate.

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Stocks declined Qatar and riyal was volatile in the spot market as Saudi Arabia, the United Arab Emirates, Bahrain and Egypt broke diplomatic relations with Qatar and transport June 5, which accuses of supporting terrorism. Dona denied the allegations.

“Qatar has already had a unique and exclusive system. We have established laws against all these types of terrorists,” Thani told CNBC. “We work with the IMF and other institutions to establish our laws, our audits and reviews.”

“We have no challenges, we welcome all those who study our books are open,” he added.

Al Thani said that although the central bank has seen some nonresident outlets, the amounts were not particularly significant.

“There’s more [money],” he said, confirming that the tickets outweighed the departures.

He said that long-term contracts in the oil and gas sectors showed no change.

The rating agency Moody’s Investors earlier this month has changed the outlook for Qatar’s credit rating from stable to negative citing economic and financial risks stemming from the ongoing conflict between Qatar and Saudi alliance.

Despite the fundamentals of the market, economists say Qatar’s largest global exporter of liquefied natural gas has taken a number of measures, including expected increases in gas production and new transportation routes to deal with the crisis.


Cardinal Pell Lands in Sydney. Also: A Viral Australian Trump Takedown.

Cardinal Pell Lands in Sydney. Also: A Viral Australian Trump Takedown.

Cardinal Pell Lands in Sydney. Also: A Viral Australian Trump Takedown.

La Policía Federal de Australia estaba esperando para escoltar el cardenal George Pell del aeropuerto de Sydney cuando aterrizó de un vuelo de esta mañana.

El cardenal Pell, el oficial católica Superior Australia, regresó al país en el Vaticano menos de dos semanas después de que la Policía de Victoria confirmó que había sido acusado de delitos de abuso sexual.

Un pasajero en el vuelo a The Sydney Morning Herald que el cardenal Pell, que viajó en clase ejecutiva, apareció “la calma y no estresado.” El cardenal salió del aeropuerto a través de una entrada lateral y no contestó ninguna pregunta.

El cardenal Pell llegó justo antes de 06 a.m. Singapur. Un portavoz dijo en un comunicado que el cardenal había cambiado su vuelo a casa en el consejo de sus médicos. El portavoz dijo que hoy en día su regreso “no debería ser una sorpresa.”

“Cuando se le informó de los cargos de la policía de Victoria, dijo el cardenal Pell en Roma que él rechazó totalmente las acusaciones, era completamente inocente de los cargos y debe volver a Australia para defender vigorosamente y limpiar su nombre” dijo el comunicado.

“Es raro que un cardenal, un príncipe de la Iglesia, es acusado de abuso sexual”, dijo Jacqueline Williams en nuestra cobertura inicial de los cargos.

El cardenal Pell ha negado reiteradamente las acusaciones contra él. Se enfrentará a la Corte de Magistrados de Melbourne el 26 de julio para una audiencia de deposición.

El cardenal Pell se trasladó al Vaticano en 2014, dejando su cargo de arzobispo de Sydney.

A finales de junio, Anthony Fisher, actual arzobispo de Sydney, confirmó que la iglesia no cubriría los costos legales del cardenal. Hemos informado a los católicos australianos han intensificado a hacer.
Presidente de Trump con el presidente Enrique Peña Nieto de México, a la izquierda, en la conferencia del Grupo de los 20 en Hamburgo, Alemania, el viernes. Stephen Crowley crédito / The New York Times
Llamarlo un momento raro en la parte delantera del escenario para la televisión australiana mañana. Los “iniciados” Domingo, Chris Uhlmann, editor político de la Australian Broadcasting Corporation, presentaron un segmento que resonó en todo el mundo.

Informar a la alta del Grupo 20 en Hamburgo, Alemania, M. Uhlmann hizo una crítica mordaz de la actuación del presidente de Trump en la reunión y en su posición en este momento.

El informe prohibido M. Uhlmann se produce en un momento en que muchos puntos de noticias estadounidenses están a la defensiva por su cobertura de la administración Trump, que es cada vez más combativa con los periodistas y organizaciones de noticias.

Los comentarios pueden ser incluso más importante que respecta al lugar de M. Uhlmann en el espectro político. La emisora ​​de toda la vida es un conservador que en 1998 corrió en el billete de la independiente Christian Paul Osborne, en el territorio de la capital australiana.

Tillerson Reminisces About Life at Exxon in Accepting Oil Award

Tillerson Reminisces About Life at Exxon in Accepting Oil Award

Tillerson Reminisces About Life at Exxon in Accepting Oil Award

Secretary of State Rex Tillerson said lovingly about his 41-year career with Exxon Mobil Corp. because he accepted a Sunday World Oil Council price honoring his “outstanding contribution to the oil and gas industry.”

Flanked by huge oil pipeline models on a huge stage in a conference room in Istanbul, Tillerson praised those working in the industry who helped form during his decade as CEO of Exxon and offered some advice on his approach to foreign policy .

Tillerson said that success requires the rule of law “a respect for the sanctity of contracts and a level of integrity among partners and counterparts” – just the kind of problem that challenges as it seeks to forge better relations in the United States With Russia and to resolve a diplomatic crisis in the Persian Gulf.

“I miss you all,” Tillerson, 65, told the crowd. “I miss you as colleagues, I miss you as partners, I miss you as competitors, I miss healthy debates, collaboration, progress.”

Tillerson was the 10th recipient of the Dewhurst Award Board during a lightning trip that has so far brought in Germany, Ukraine and Turkey.

There is a stop in Kuwait on Monday and may make other stops in the area while trying to deal with Qatari’s diplomatic isolation by a Saudi coalition. He also met with Turkish President Recep Tayyip Erdogan on Sunday.

In his brief speech, Tillerson offered the kind of light touch and humor that critics of the large government department he leads now failed.

‘Somewhere fishing’

“When I was informed that I would receive this award that there are not enough years, I thought I would intervene my retirement, I will likely be fishing somewhere in the mountains of North America,” Tillerson said to laughter. “It does not really work that way.”

Tillerson withdrew decisions related to his former employer for two years under the ethical order of President Donald Trump for assigned persons. His comments echoed the comments he made in the State Department, in which he stressed that employees are the most important asset.

“What’s extraordinary about this industry, it’s all you and all those who defend it do so largely without public notice,” Tillerson said upon receiving the award.

Tillerson also noted that the next World Petroleum Council conference will be held in Houston in 2020, when Trump will face re-election if he decides to seek a second term.

“On behalf of the United States, I hope I’ll be there in 2020 – I’ll be there, somehow, one way or another,” said Tillerson.

“I will never forget my friends, colleagues and partners in this extraordinary industry that supplies energy to the world. You are remarkable, all of you.

Theresa May urges rival parties to ‘contribute and not just criticise’

Theresa May urges rival parties to 'contribute and not just criticise'

Theresa May urges rival parties to ‘contribute and not just criticise’

Theresa May convened rival parties “to contribute not only to criticize,” since it signals a post-election change in her style of government.

In a speech Tuesday, the member says he still wants to change countries, but losing his coming of age means that a new approach is needed.
The work shows that the conservatives have finished the ideas.

However, the first secretary of state, Damian Green, said it was an “increasing way of doing politics.”

Ministers faithful to Ms. May rejected reports plots to eliminate it as “gossip” fueled by drinking, but work remains in the election, with leader Jeremy Corbyn said he expects a new poll in September.
Ms. May will return to the message of her first day on Downing Street last July when she succeeded David Cameron, and she pledged to wear what she called a “one nation” government that works for everyone and not just “privileged.”

The speech is considered by some to be a “restart” or “setback,” after Ms. May has lost her majority – and much of her authority – in the last election last month.
“They come up with their own views and ideas on how we can address” the challenges facing the country, “Mayo said, adding,” We may not agree at all, but ideas can be clarified and improved and better To find. ”

At its discretion is an explicit recognition of its fragility; Its authority and its majority are irregular.

Government sources say it is a mature approach that is committed to addressing major challenges, difficult and complex; Not only Brexit but also welfare reform, for example.

The work indicates that Ms. May’s speech demonstrates that conservatives have “completely out of ideas” and were reduced to “begging” political proposals.
Gray line

In his speech, the member is going to say that although the outcome of the June elections is not what he wanted, “the beliefs that define continuing my commitment to change in Britain is irrelevant.”

Their “belief in the potential of the British people and what we can do together as a nation stands firm and the determination that I have to face the challenges of a changing world increasingly secure,” she says.

She says she is convinced that the path she has set out in her first 10-issue speech is still good.

“This will lead Britain to stronger and just what we need.”
A magazine – from informal work and low wages – will be described – Matthew Taylor, former adviser to Tony Blair, who commissioned his arrival at the Premier.

We believe that Mr. Taylor, who has examined the use of zero-hour contracts and the increase of business-based applications such as Uber and Deliveroo, will no longer require a legal minimum wage for employees of the so-called Economy concert, which They do not have guaranteed hours or pay fees.

But it must propose a set of additional rights for precarious workers and could also recommend shaking the tax system to bridge the gap between employees and self-employed.

They are also likely to seek measures to improve job satisfaction for people working in minimum wage jobs, according to The Guardian.

‘Battle of Ideas’
In her speech, Ms. May will say: “When I commissioned this report, I conducted a majority government in the House of Commons. The reality that I am now facing the prime minister is quite different.

“In this new context, it will be even more important to enforce our policies and values ​​and win the battle of ideas both in Parliament and in the country.

A police officer responded to a burglary alarm and ended up shooting the owner’s dogs, video shows

A police officer responded to a burglary alarm and ended up shooting the owner’s dogs, video shows

A police officer responded to a burglary alarm and ended up shooting the owner’s dogs, video shows

A woman critically responded to Minneapolis’s law enforcement after her two dogs were taken by an officer to respond to a burglary alarm at home, according to local media reported.

Jennifer LeMay has released a video of the shooting, which took place on Saturday night on Facebook and became viral.

The Minneapolis woman says the pictures show that the officer reacted with unnecessary force and that her dogs have not threatened by KARE.

According to CBS Minnesota, the incident took place on Saturday after LeMay said his 13-year-old daughter accidentally fires the house’s theft alarm.

Police responded and entered the family’s backyard, where their two pit bulls were, the two service animals, according to LeMay.

The video, which has more than 137,000 hits since Sunday night, shows that the officer quickly back under his gun fired when one of the dogs for you to cut him. The animal, however, stops, then begins to walk slowly in the direction of the officer. After the dog moves a few feet, the agent opened fire.

A second dog then proceeds, but before he could approach the officer who goes off, and the dog ran away. The officer then raises the fence. Both dogs are still alive.
According to a police report obtained by KARE, the official mentioned dogs as pit bulls and said they were charging before opening fire.

LeMay told the Minneapolis Star Tribune that the dogs, Ciroc and named Rocko, are Staffordshire Terriers, a kind of pit bull, that helps their son both suffer from severe anxiety.

LeMay told the grandstand that he had to pay thousands of dollars for the two dogs undergoing surgery. Ciroc suffered a fractured jaw, while Rocko needed stitches, she says. On Facebook, he said the two animals have returned home Sunday night.

A GoFundMe page set for dogs’ medical bills has increased $ 6,000 in eight hours.

The Minneapolis Police Department issued a statement saying it would investigate the shooting, according to CBS Minnesota.

“Every time an officer carries out his firearm in the line of duty, there is a survey completed with the Internal Affairs Unit of the Minneapolis Police Department,” the statement said.

“We are in the video posted online, and the video of the officer’s body chamber.”