Credicorp Securities Headlines Why China is Helping The EU

With much of the world overstretched by debt, western eyes are looking eastward to China to keep the battered system afloat. Here is why China might want to help: The Communist People’s Republic of China is second only to the United States in economic power. But the US has financial problems that leave it hamstrung, and the EU is paddling for all it is worth to keep its single euro currency above water.

China has shored up the euro zone lately, appearing as a saviour, red carpet visitors saying: “We’ll buy your debt.” Beijing kept the ravenous markets from driving the euro boat onto the rocks. Europe buys a great portion of China’s exports. Conventional thinking is it hardly wants the euro zone to sink. On the contrary, China has invested deeply in it. China has the pockets for that. Its GDP is in the realm of six trillion dollars (or roughly 4.4 trillion euros). Its growth is now around 10 percent per year. In the past three decades its share of global exports has shot from one to 10 percent. And 28 percent of China’s exports ship to Europe. It has some $2,800 billion in foreign exchange reserves. It can afford infusions of 5.6 billion euros worth for struggling Spain and five billion for Portugal. By some estimates, China holds seven percent of the European debt. Its contracts in Europe over a six-month period are tagged at 47 billion euros. Pragmatic is how the Chinese are seen. The Red Giant and Old Europe are privileged trade partners. Neither side seems interested in letting their friends down. It would harm business. The trade exchanges and investment have political and diplomatic spin-offs, too.

Beijing would appreciate support for its market economy status bid with the World Trade Organisation, officially aiming for 2016 to nail that down. If it got it earlier, it would eliminate costly tariff payments. China may be rich, but its own risks at home include high inflation and local government debts. These exceed one quarter of the country’s total output, and some of the debts have gone sour. Seeking stability, to keep its own businesses thriving and to feed and house people with low incomes, pundits say that no matter what the rest of the world wants, China will act conservatively. China’s euro sensitivity China’s National Day traditionally launches a period of celebration of past glories and present-day achievements. Will things be different this year? euronews asked Dr Robert Laurence Kuhn, author of ‘How China’s Leaders Think’, and our regular commentator on Chinese affairs. Nial O’Reilly, euronews: Dr Kuhn, with new concerns over the economy, inflation and debt worries, there seems less for the leadership to celebrate this year. Dr Robert Laurence Kuhn: We are within one year of the 18th party congress and this run-up period is a very sensitive time, particularly because there will be a generational change of leadership immediately following that congress.

So this is a very sensitive time in China, when you have this transition of leadership;and it’s not just the most senior leader, it’s the entire cohort of leadership of the country that is changing. But diplomatically 2011 has been a much better year than 2010, which was quite a disastrous year on the diplomatic front. Inflation however, it the really critical point. China is going to be more worried about controlling inflation – and there are questions even about the quality of the numbers that they have, what’s the real inflation rate? What are people feeling? This is of primary concern. That’s why the cooling of the economy is not so bad in China, because the leadership is more concerned about inflation. euronews: China, as you’ve mentioned, is concerned with things further afield and it’s been a big supporter of the EU during the current debt crisis, but it’s recently signalled it wants Europe to recognise it as a market economy. Is it payback time? Can we expect some hard bargaining at next month’s China EU trade summit? Kuhn: I think China wants to be appreciated. What’s happening Europe is critical for China. China’s doing that (helping Europe) for it’s own good and it would like to have the world recognise that it’s economy has been very successful.

Maybe it can’t solve all the problems of the world; and sometimes the rest of the world exaggerates the impact of China, be it positive or negative, in terms of what it can do. But indeed, in terms of world growth – if you look at the growth rate in China,even if it slows to 9 percent – is of enormous benefit if you compare it to what’s happening in the United States and Europe. euronews: It does have difficulties with Europe, but there’s also more evidence of China’s complex relationship with the US. In the coming days the Senate will vote on legislation to crack down on what the Americans see as China’s unfair currency practices. Will Beijing retaliate? Kuhn: What I fear is taking retaliatory or aggressive action about China in a coming election year will be the only thing the Republicans and the Democrats can agree upon. That would not be a wise decision in my opinion but it would be good politics, people may think in Washington. If that occurs – and I hope it does not – China will retaliate, but it will do so in this signalling way that they want to rachet down any permanent damage or any immediate impact of an escalation. They have to retaliate they can’t face their own people without some sort of a response, but it will not be a major response.

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In Todays Economy Which IS The Better Motivator? Cash OR Non-cash?

Cash or Non-Cash?

New Slants on an Old Argument

NEW YORK (September 26, 2011) – On the heels of the all the bickering that took place recently in Washington over the debt ceiling, most may not have the appetite for another debate, political or otherwise. As we slog through an economic atmosphere that feels more recessionary than recovery in nature, the debate over the economic impact of non-cash has a new context.

According to the most recent Performance Perspective executive briefing released by Madison Performance Group, non-cash rewards, in the right circumstances and in the right combinations, can actually be more “effective” and therefore a more “efficient” than money alone.

Madison Performance Group is the worldwide leader in developing employee engagement and incentive marketing programs for Fortune 1000 corporations that include CA, Citigroup, Kawasaki and Siemens. The company implements customized strategies to motivate workers, applying proprietary sales and marketing techniques to maximize employees’ success.

As highlighted in the perspective, non-cash awards-merchandise, travel, gift certificates and gift cards, a simple thank you-anything that’s processed/delivered outside of the payroll practice-are better investments and thus more affordable solutions for companies looking to “do more with less”.

The “cash is king” bias, long held by many business leaders and the reason some organizations still have closed minds when it comes to the potential impact non-cash cash awards could be playing within their organizations . Mike Ryan, Senior Vice President of Madison Performance Group says, “Cash should always be front and center in the compensation mix. But, is the promise of money really what motivates us to do our best when we do our work? And, perhaps more importantly, does cash alone represent what we really want to get out of the job?”

Non-cash motivators-including praise from immediate managers, can be more effective than the three highest-rated financial incentives: cash bonuses, increased base pay, and stock options. Additionally, non-monetary compensation can maximize effectiveness in aligning the goals of the organization with the emotional priorities of its people. It can be argued that people are indeed a source of unique advantage-one that is hard to replicate, and companies need to take care of today’s skilled workers by aligning reward strategies with what people really want: rewarding work, meaningful relationships, acknowledgement, freedom, and flexibility.

Even in these recessionary times employees think more frequently about material awards than they do their cash equivalents. Employees think more frequently about tangible awards-even when they are on an equal value to cash-and that the increased interest may lead to higher performance and greater returns on the aggregate compensation investment. Non-cash enticements can be used to close performance gaps across a wide variety of enterprise-level metrics, or they can be used to encourage improved outcomes at the local level.

“As an uncertain economic forecast continues to place cost demands on companies, it’s time to reexamine the old paradigm that cash is the most reliable motivator,” Ryan concludes. “With new studies showing that non-cash, in the right circumstances and in the right combinations, can be more “effective” and “efficient” than money alone, companies looking to maximize the impact of their compensation costs would be wise to blend non-cash elements into the mix.”

About Madison Performance Group:

Over the course of nearly four decades, Madison Performance Group has become respected for its ability to create hundreds of uniquely tailored programs, allowing corporations to optimize workforce engagement and maximize company success. Priding itself on its innovative ideas and strategic incentive marketing solutions, Madison helps build a corporation’s competitive advantage in today’s rapidly evolving, global marketplace.

Madison Performance Group has grown to become a worldwide resource for companies interested in enhancing the effectiveness of their current workforces, with headquarters in Manhattan and offices in China, Brazil, Sweden and Mexico.

Historically, Madison has represented blue-chip clients in a range of industries-from automotive and biotechnology to financial and telecommunications-to motivate and engage their employees and create unparalleled sales incentive programs. Madison is proud to include such leading brands and global organizations as CA, Citigroup, Kawasaki and Siemens on its client roster.

To learn more about Madison, please visit Madison Performance Group.


Mike Ryan is available for interview.

Logistic Industry in China Set For Tremendous Growth

According to our report “Chinese Logistics Market Forecast to 2012”, Chinese logistics industry has been witnessing tremendous growth for the past few years driven by decade-long economic growth, dominance in international trade, increasing domestic consumer demand, and manufacturing-centered economy. During 2010, the domestic logistics industry reached to an estimated value of around CNY 105 Trillion (US$ 15.75 Trillion). Further, it is expected that the industry will witness 9% CAGR during 2011-13, on the back of number of factors discussed in the report.

As per our analysis, both the government and industry players have incorporated measures to attract investments and improve the performance level. The liberal economic approach adopted in policy measures along with the increasing demand for goods in domestic market has resulted in exponential growth patterns for the industry. Besides, we have found that, Chinese logistics enterprises are increasingly shifting towards green logistics, with the growing awareness of global environment concern. These trends are expected to grow in near future, on the back of huge untapped opportunities in the sector.

Chinese logistics industry outlook is subject to the sustainable and continued development of the overall Chinese economy as well as the successful expansion of logistics infrastructure. Further, the report also evaluates industry restraints prevailing in the country.

“Chinese Logistics Market Forecast to 2012” provides extensive research and rational analysis of the Chinese logistics industry along with brief overview of the key players operating in the industry. The report also covers investments and freight movement details in different modes of transports. Besides, key developments in major logistics parks and regulatory framework are covered in the report. Our research findings will definitely help consultants, industry analysts, and vendors to get in-depth knowledge of the current, past, and future performance of the industry.

Forecasts presented in the report are based on the correlation between past market trends, statistical analysis, and industry drivers and provides a direction to clients, in which the industry is likely to proceed in future. It will also help clients in identifying hidden growth opportunities in the Chinese logistics industry.

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UAE Retail Sector to Witness Phenomenal Growth in Near Future

According to our latest research report “Booming Retail Sector in UAE”, retail sector in the UAE is observing increased activity from global retail players due to the incredible growth potential it holds. The UAE’s retail sector averted the effects of global recession and continued to grow in double digits. With surging consumer confidence, increasing public & private sector consumption, encouraging government policies, and rising purchasing power, the retail sector in the country is expected to rapidly grow at a CAGR of around 13% during 2010-2013.

According to our research, the country will witness a growing market for all segments, such as Food & Beverages, Apparel, and Cosmetics & Personal Care. Along with these segments, activity in retail of various types of electronic products, such as computers, air conditioning equipments, and other consumer electronics will also sustain upward growth trend in the coming years on the back of the various reasons discussed in the report.

“Booming Retail Sector in UAE” is an outcome of an extensive research and objective analysis of the retail industry in the UAE. It discusses the market structure, current and past market performance and factors critical to the success of the country’s retail industry. Further, our report discusses the direction, in which, the retail industry is likely to move in near term considering the impact of various market forces. It provides valuable statistics and analysis on all prominent retail segments including Food retail, Apparel, Cosmetics & Personal Care, Consumer Electronics, etc.

Our report has also examined other Middle Eastern countries including the GCC nations, such as Saudi Arabia, Kuwait, and Oman besides Turkey, Egypt, Jordan, Israel, and Iran. Besides this, the report analyzes the trend of macroeconomic factors critical to the retail sector. Additionally, the report sheds light on the emerging market opportunities and challenges, which are expected to decide the future of the UAE’s retail industry.

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Barclays Chairman Quits in Bid to Stop The Bleeding

The chairman of Barclays was poised to step down last night as the storm over the interest rate fixing scandal led to sackings at another high street bank and political pressure grew for a City-wide criminal investigation.

The departure of Marcus Agius is expected to be announced by Barclays today as the embattled bank moves to satisfy political demands for a senior executive to take responsibility for the debacle which has wiped billions off its share price and shaken confidence in Britain’s financial institutions.

The move came after it emerged that the taxpayer-funded Royal Bank of Scotland has sacked four traders over the scam and Vince Cable, the Business Secretary, said he supported a police inquiry into the manipulation of the Libor inter-bank lending rate.

The hardening of government rhetoric – Mr Cable says the Serious Fraud Office is re-examining evidence of rate-fixing – came as Barclays and other banks at the heart of the scandal braced themselves for “BP-style” lawsuits that are likely to cost billions of pounds in compensation.

The Barclays board hopes that the departure of Mr Agius, who had a difficult relationship with shareholders, will relieve some pressure on the bank’s embattled chief executive, Bob Diamond. Mr Agius is due to go before the Treasury Select Committee on Thursday and is expected to appear even if he resigns. He is expected to be replaced, at least in the interim, by Sir Michael Rake, an experienced City figure who is currently the bank’s senior independent director.

His resignation letter is expected to accept that the buck stops with him and to offer an apology to staff, customers and shareholders for the “devastating blow” to the bank’s reputation from an “unacceptable standard of behaviour”.

Mr Agius earned 750,000 a year for a three-day week and was on 12 months’ notice. He also held 232,000 shares, worth 378,000.

Meanwhile, it emerged yesterday that Mr Diamond told City analysts hours after his bank had been hit with a record fine that he was confident the firestorm “will fade”.

An email circulated by staff at the investment giant Morgan Stanley following a face-to-face meeting last Thursday showed Mr Diamond to be in a bullish mood, insisting that he had no intention of resigning despite admitting that the exposure of the rate fixing was a “significant blow” and he expected matters would “get worse before better”.

Mr Diamond’s position remains precarious despite his insistence that he will remain in his post. Patience Wheatcroft, a Conservative peer and a former non-executive director of Barclays, yesterday joined the list of those, including the Labour leader Ed Miliband, who have called for his resignation.

A copy of the memo obtained by The Independent reveals how the bank boss said he feared the scandal would lead to what analysts described as “more political intervention” and that it reinforced the “bad caricature” of the industry. Mr Diamond, who last year called for an end to banker bashing, said he expected pressure on the industry would recede once reforms had been put in place to deal with the question of what to do with banks deemed “too big to fail”.

Under the heading “Political and Regulatory Aftershocks”, the Morgan Stanley memo based on Mr Diamond’s comments said: “[He] fears more political intervention. Thinks political and regulatory pressure will fade as the too-big-to-fail question is addressed… but that is for the longer term and things get worse before better.”

The 17m-a-year chief executive also acknowledged that Barclays and other British banks under investigation for rate fixing, including RBS and Lloyds Banking Group, face the prospect of a wave of compensation suits and raised BP, which is facing a total bill of up to 40bn for the Gulf of Mexico oil spill, as “a case in point”. A Barclays spokesman said yesterday: “We do not comment on analyst notes.”

Mr Diamond will be asked about the size of Barclays’ legal liabilities when he appears before MPs on the Commons Treasury Select Committee on Wednesday for what is likely to be an uncomfortable examination of his actions to deal with rate fixing.

It emerged yesterday that the Barclays boss held a conversation in 2008 with Paul Tucker, the Deputy Governor of the Bank of England, about the bank’s predictions for Libor, which acts as a benchmark for financial instruments worth 229trn worldwide.

MPs are likely to ask Mr Diamond why, following his telephone call with Mr Tucker, managers of Barclays’ investment arm believed the Bank of England had sanctioned the practice of making the bank look stronger than it was by submitting lower interest rates than it was actually paying itself.

The Financial Services Authority, said last week that Barclays and the Bank of England had agreed that the central bank gave no instruction for Barclays to falsify its submissions during the conversation.

The repercussions from the Libor manipulation, which took place between 2005 and at least 2009, and led to Barclays being fined 290m by American and British regulators, extended to a second UK bank for the first time when RBS said it had dismissed four traders over the practice at the end of last year. The sacked men were named last night as Paul White, Neil Danziger, Andrew Hamilton and Tan Chi Min.

Mr Tan, who was sacked for gross misconduct for trying to influence Libor rates, claimed in court papers filed yesterday that the bank had condoned the practice and it was common for senior staff to make rate requests to maximise profits. The bank, which is still struggling to overcome the computer glitch which froze millions of clients out of their accounts, declined to comment on the sackings.

Mr Cable supported a call from Lord Blair, the former Metropolitan Police Commissioner, for a police investigation into what he said appeared to be evidence that Barclays staff had perpetrated a conspiracy to defraud.

David Cameron is also under pressure to widen the terms of a review of the way in which Libor rates are set.

Rake’s progress: new man in charge

Polo-playing Sir Michael Rake is a serial chairman of some of Britain’s biggest companies who as a young man flunked his professional exams but went on to become the country’s highest paid accountant

As a schoolboy he dreamt of becoming an RAF pilot but when his hopes were dashed because of a skin complaint he turned to accountancy. He had postings in Europe and the Middle East before his career took him to the chairmanship of KPMG International and an annual income of 3.6m.

Exporting To China – The Trust Issue

==> Trust

You want more sales but your existing market is under pressure. So you look East.

1.3 billion people in one country- almost twice the population of Europe. Beijing, with the population of Austria and the Czech Republic combined. Massive export potential- so how to reach it?

You need Trust. This is first and last. In a country so vast it’s easy for an individual or company to simply disappear, possibly with your money or goods.

==> Gone

Here’s a true story: a German business received an email from a Chinese company, saying that they were very interested in buying his German products. The Chinese company appeared viable from information available on the internet. Several month’s emails and conversations ensued. They were talking about some very substantial orders. The German director visited the “customers” for 2 weeks, was told of very potential Government orders. He made “contributions” to the hosts, with the assurance that an order would be placed imminently. When he returned to Germany, there was no contact from the “customers”- they suddenly became unreachable by phone or email. Disappeared. Gone.

It is difficult to imagine, but the months of subterfuge- exchanged emails, phone calls and the meetings themselves were all done for about 2500 Euros profit for the tricksters. But the loss to the director was so much more- 2 weeks away from the office, flight, hotel, travelling costs, the investment of time and money before the trip, samples, and so on.

And those people are certainly still operating, sending out tempting emails to earnest business people who are lured by the possibilities of exporting into the Chinese market.

==> The Wild East

The Chinese domestic market is not like any other- you could say it’s the “Wild East”. Without any question, you need Chinese to deal with Chinese. You are not simply dealing with a different language or political system, but 5000 years of a different way of thinking. Westerners tend to see a single, black and white picture, but Chinese see multidimensional, multi-coloured layers. To export successfully in China, you need safe Chinese hands to guide you through the minefield that you’re probably not even aware of.

==> Bridging the Gap

YUAN Ltd is a UK company offering a bridge to the East. As an English registered company with both English and Chinese staff they offer the ideal partnership to make Sino-Anglo business a real possibility. Let’s look more closely at their background-

Excess of 10 years export from China throughout the worldCustomers as diverse as General Motors to Dunelm MillsOffices in the 2 main industrial areas of ChinaRetail outlets in Shenzhen, just over the border from Hong Kong

==> So what’s on offer?

Face to face communication with a real person, who will manage your account from end to endA UK registered company operating under English lawOffices in China to handle all your export issues: market and customer investigation, samples, money, communicate and meet with genuine prospective clientsManagement of your travel arrangementsFull office facilities available during your travels

Exporting to China is ripe for some western products, not others. Ask YUAN Ltd for their candid opinion about your realistic chances of success as the market stands now. Meet with them, talk face to face about your products/services. Formulate a plan to get your products seen in China by the right people.

==> Reputation

Seen by the right people- and this is the other key issue. Perhaps more so than any other country, China is built on family, relationships, references, reputation. Not flashy websites, but blood and trust. This is why YUAN Ltd can’t just take on any candidate for export to China: your reputation becomes their reputation. You need to demonstrate that you have the supply capacity, cash flow and domestic repute to get the serious introductions. Trust works both ways! YUAN Ltd.’s reputation and extensive network will open the doors to serious exporters.

==> Possibilities

Go to China with the right support. Use YUAN Ltd to oversee the export of your first order and handle payment issues. Get feedback and support to push for repeat custom. And, if you wish, use YUAN Ltd to help you establish your own office in China.

1.3 billion possibilities. Your move.

Credicorp Securities Headlines Traumatized Norway Tries to Return to Normality

(Reuters) – A Norwegian cabinet minister will make a symbolic return on Wednesday to her bomb-damaged office as the nation tries to restore some normality after the massacre perpetrated by a right-winger who his lawyer believes is insane.

Friday’s attacks by Anders Behring Breivik killed 76 and traumatized normally peaceful Norway, which has been struggling to come to terms with his cold-blooded shooting of young people and bomb attack in the heart of Oslo’s government district.

Administration and Church Affairs Minister Rigmor Aasrud will be the first cabinet member displaced by the attack to return to her normal office after the bomb blew a hole through the prime minister’s office and badly damaged other buildings.

For the time being, Prime Minister Jens Stoltenberg will work from the defense ministry which is in another part of the city, and cabinet meetings will be held in a mediaeval fort near the Oslo waterfront. It is not yet clear whether the prime minister’s 17-storey building will be rebuilt or torn down.

Breivik’s lawyer said it was too early to say if his client would plead insanity at his trial, even though he thought the loner and computer games enthusiast was probably a madman.

“This whole case indicated that he is insane,” lawyer Geir Lippestad said of the 32-year-old Breivik, who has confessed to “atrocious but necessary” actions, but denies he is a criminal.

Lippestad said Breivik had stated he belonged to a radical network that had two cells in Norway and more abroad. But police believe Breivik probably acted alone in staging his assaults, which have united Norwegians in revulsion.


Police detonated on Tuesday night a cache of explosives found at a farm rented by Breivik. No one was hurt in the controlled explosion about 160 km (100 miles) north of Oslo.

Police believe that Breivik made his bomb using fertiliser which he had bought under the cover that he was a farmer.

Justice Minister Knut Storberget deflected criticism that police reacted too slowly to the shootings, hailing their work after the attacks as “fantastic.”

An armed SWAT team took more than an hour to reach Utoeya island, some 45 km from Oslo, where Breivik was coolly shooting youngsters at a Labour Party youth camp. He killed 68 there and eight in the earlier bombing in Oslo.

Many Norwegians seem to agree the police do not deserve opprobrium for their response. At a rally of more than 200,000 in Oslo on Monday night, people applauded rescue workers.

Police reopened some streets around the blast site and Oslo’s main thoroughfare, Karl Johans Gate, is showered with flowers as Norwegians pay their respects to victims while nearby vendors gradually reopen for business.

Workers at a corner store about 150 metres from the blast painted on Tuesday the plywood boards put up in place of blown-out windows. Others were busy cleaning up inside.

“Fixing the glass (windows) will take a week or two and the wood looks better painted,” said deputy store manager Aykan Bastas. “We will fix it up nicely, just like before.”