CHINA: ‘ Takes Stock of 90-Million Accounts ‘ held by Individuals Many Borrowed to Gamble – Next?

#AceNewsReport – CHINA:July.08: It’s a problem many Chinese probably thought they’d never have.

The country has 90 million stock market accounts, most held by individuals. About 12 million were opened in May when the market was in the midst of a 63% rise.

Many borrowed to get in. Now, with a 20% tumble in the main stock index, they’re in trouble.

So is the government, which is scrambling to stem the losses.

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LOS ANGELES: ‘ Residents could see Water-Rate Increase every Year for Five Years to Replace Ageing Infrastructure ‘

#Ace​Finance​News​ – LA:July.08: Los Angeles residents would see a water rate increase of 2.4% to 3.5% every year for five years in order to replace aging infrastructure, meet conservation mandates and upgrade customer service under a plan announced today by the Los Angeles Department of Water and Power.

The rate increase plan, which requires approval by the L.A. City Council, would hit heavy water users harder than residents who use less water, part of a larger water conservation strategy amid California’s drought.

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WASHINGTON:Obama: ‘ TPP No Ordinary Trade Deal its Meant to Undermine China’s Position ‘

#AceFinanceNews – Featured Report:WASHINGTON:July.08: The Trans-Pacific Partnership (TPP) is not just an ordinary trade deal: it is meant to undermine China’s positions in the Asia-Pacific and strengthen Washington’s hegemony in the region for decades to come, US expert Sean Mirski explains.

The Trans-Pacific Partnership (TPP) is not just about trade: the deal will alter the balance of power in the Asia-Pacific strengthening Washington’s positions in the region for decades to come, US expert in international affairs Sean Mirski asserted.“In short, then, the TPP has been presented and criticized as if it were an ordinary trade deal. It’s not. The treaty boasts strategic consequences that make it well worth passing,” the expert stressed.

“If the TPP can change the trajectory of American power relative to China’s, it may be the single most important factor in whether the United States retains its “indispensable” role in the 21st Century,” he elaborated.

According to the expert, those who oppose the deal are making a grave mistake, “dismissing the strategic consequences of the treaty for America’s continued primacy in the Asia-Pacific.”Mirski argues that without the TPP the United States would eventually cede its dominant political and economic positions in the region to its “primary geopolitical rival” — China.

“In order to preserve American primacy in the face of a rising China, American strategists seem forced to choose between two options that are both extremely unpalatable: containment and integration.”

However, the TPP “offers a third option:… the United States should build up its own strength (as well as the strength of its Asian allies) in order to maintain a balance of power in the Asia-Pacific that is favorable to continued American primacy,” the expert revealed.

The United States should hurry up, since China has begun to develop “an alternative set of global institutions,” threatening the Washington-backed Bretton-Woods system, according to the author.Furthermore, the expert insisted that “China and Hong Kong would lose out $47.5 billion [by 2025] from being excluded from the [TPP] agreement, since it would divert trade flows away from them and toward TPP countries,” while Washington will enjoy “a net $77.5 billion increase” in income.

The expert criticized those who hesitate to grasp such an opportunity, stressing that it is “shocking” that the deal “almost met its end” in the US Congress.

According to Mirski, the agreement’s antagonists still cannot realize Washington’s bright geopolitical prospects related to the widely discussed deal.

“[C]ongressional Democrats, environmental organizations, and labour unions have closed ranks to present a united front against the TPP. They argue that it will line the pockets of corporations while draining much-needed jobs from the American economy,” he noted.

Indeed, the 12-nation TPP has faced heavy criticism in the United States. Some critics argue that the agreement will play into the hands of the Wall Street magnates and multi-national corporations and will deal another heavy blow to America’s waning middle class.

“The multinational corporations… embrace an approach that allows them to move factories and jobs from country to country in order to lower wages and avoid labor, environmental, and human-rights regulations,” US political blogger John Nichols wrote a month ago, stressing that together with the American Legislative Exchange Council they are now pushing ahead the TPP.

However, it seems that Washington’s political establishment is too preoccupied with its rivalry with China to take into consideration its burning domestic issues, such as the economic well-being of its middle class, workers and farmers. 

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#BRICS ‘ BRICS Countries Account for 42% of Population & 26% of Worlds Land Territory ‘

BRICS in Numbers

BRICS in Numbers

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#BRICS2015 ‘ #BRICS Reach 30% of GDP ‘

#AceFinanceNews#BRICS July.08: The share of BRICS countries in global GDP has reached 30 percent, Russian Minister of Economic Development Alexei Ulyukayev said at the Meeting of the #BRICS Trade Ministers in Moscow.

Trade between the #BRICS countries in 2014 was up by more than 70 percent to USD 291 billion, he pointed out.

“Our countries accounted for over 17 percent of global trade, 13 percent of the global services market and 45 percent of the world’s agricultural output [in 2014],” Mr Ulyukayev noted, adding that the combined GDP of the five #BRICS countries surged from USD 10 trillion in 2001 to USD 32.5 trillion in 2014.

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#BRICS2015 ‘ Central Banks of #BRICS Countries Protect their own Currency with Reserve Pool of £100-Billion ‘

#AceFinanceNews#BRICS July.09: The Central banks of #BRICS countries have signed an operating agreement on the currency reserve pool, according to Central Bank of Russia. The $100 billion pool aims to protect #BRICS member states from currency volatility shocks.

BRICS/SCO summits in Russian city of Ufa LIVE UPDATES

The agreement was signed Tuesday in Moscow after the meeting of the Finance Ministers and Chiefs heads of the Central Banks of #BRICS, the statement of the Central Bank of Russia (CBR) said. It contains a detailed description of the procedures which are carried out by the central banks of #BRICS states – the emerging economies of Brazil, Russia, India, China and South Africa – within the currency reserve pool, defines their rights and duties.

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LONDON: ‘ Summary of George Osborns Budget Statement ‘

#AceFinanceNews – LONDON:July.08: Budget Day again and Osborn delivers his statement. Nothing for the poorer until 2020 but cuts for the wealthy business owners immediately.

Key Points: 

New compulsory living wage of £9.00 hour by 2020.

Delays on plan for budget surplus.

£37-Billion spending cuts planned for this parliament. 

Mortgage interest tax relief for right to buy to be limited. 

Tax on Corporate profits to be cut by 18%

Student Grants scrapped.

Benefits cap reduced to £23,000 in London & £20,000 elsewhere.

Inheritance Tax Allowance £1-million.

4-year public and private sector pay freeze.   

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Reuters: China tells state-owned financial firms not to reduce share holdings

#AceMarketsNews – BEIJING (Reuters) July.08: – Chinese state-owned financial firms should not reduce share holdings during market volatility, the Finance Ministry said on Wednesday.

The ministry encouraged state-owned financial firms to increase their holdings in listed companies when prices were “below reasonable levels”, according to a statement on its website.

It also promised not to reduce its holdings in Chinese shares.

Chinese stock markets have plunged some 30 percent in three weeks despite a flurry of market stabilisation measures.

(Reporting By China economics team; Editing by Alan Raybould)

China tells state-owned financial firms not to reduce share holdings

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MARKETS: Barclays leads FTSE higher after CEO Jenkins goes

#AceMarketsNews – LONDON (Reuters) July.08: – A rally in Barclays after it ousted its chief executive helped FTSE 100 edge higher on Wednesday, but it remained near a six month low, as a rout in Chinese equities weighed on other lenders.

Britain’s FTSE 100 was up 11.87 points, or 0.2 percent at 6,444.08 by 0753 GMT, after posting its lowest close since mid-January in the previous session.

Barclays rose 3 percent after surprising markets by saying that Antony Jenkins would leave and a search for a new chief executive was under way, in an attempt to accelerate strategic change and boost shareholder returns.

Barclays was the top FTSE 100 riser, and the move added 1.3 billion pounds ($2.0 billion) to its market capitalisation.

“While a period of uncertainty until a successor is found would usually be a negative, the positive share price reaction suggests optimism that the replacement can better satisfy the board on the financial performance and strategic change front,” said Mike van Dulken, head of research at Accendo Markets.

Blue-chip banks also comprised the top fallers on the index, with Standard Chartered and HSBC both down 2.3 percent.

The Asian-focused lenders came under pressure after Chinese stocks plunged, with the country’s securities regulator warning investors were in the grip of “panic sentiment”.

“HSBC and Standard Chartered both have high levels of exposure in the area and their share prices are being marked back as a result (of the Chinese equities sell-off), whilst iron ore prices have also stumbled on the news,” said Tony Cross, market analyst at Trustnet Direct.

The turmoil in the world’s biggest metals consumer also pegged back commodity stocks, with mining shares down 0.7 percent.

Weakness in commodity shares has hindered the FTSE 100’s performance so far this year, and it is down around 2 percent in 2015.

The index has fallen 10 percent from an all time high hit in late April, with the ongoing Greek debt crisis having knocked appetite for equities across the continent.

Euro zone members have given Greece until the end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of Europe’s currency bloc and into economic ruin.

Also in focus on Wednesday, British finance minister George Osborne will say how he plans to reshape the economy by chopping welfare spending, easing the tax bill for workers and tackling some of the biggest challenges facing the recovery.

(Reporting by Alistair Smout; Editing by Keith Weir)

Barclays leads FTSE higher after CEO Jenkins goes

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