Obama meets with NBA champion Lakers
US President Barack Obama shares a laugh with Kobe Bryant (L) during a ceremony honoring the 2009 NBA basketball champions Los Angeles Lakers in the East Room at the White House in Washington, January 25, 2010. [Agencies]
On 2010-01-29, In basketball, By znnw
On 2010-01-29, In basketball, By znnw
Arenas’ teammate pleads guilty in gun case
Washington Wizards guard Gilbert Arenas, currently serving an indefinite suspension from the NBA, keeps his head down as he arrives to face felony gun charges at the District of Columbia Superior Courthouse in Washington January 15, 2010. Arenas is expected to reach a plea agreement with prosecutors on charges that he displayed handguns at the Wizards practice facility during a gambling debt dispute with a team-mate. [Photo/Agencies]
Javaris Crittenton of the Washington Wizards pleaded guilty on Monday to a misdemeanor gun possession charge for last month’s incident when he argued with teammate Gilbert Arenas and brought an unloaded handgun to the basketball team’s locker room.
Crittenton was sentenced to one year of unsupervised probation and required to perform community service through the NBA’S Haiti project and through a children’s organization in Washington, D.C., the U.S. attorney’s office said.
“The charges filed today against Javaris Crittenton and his subsequent plea represent another disappointing development in what has already been a long and frustrating process for the team, the NBA and, most importantly, our fans,” the Wizards said in a statement.
“Javaris clearly used very bad judgment in this situation and will now face the consequences of his actions.”
Arenas, 28, who has been suspended from the team, faces a tentative sentencing date of March 26 after pleading guilty on January 15 to felony weapons possession for bringing four guns to the locker room. He faces up to six months in prison under his plea deal.
In late December, Crittenton and Arenas became involved in a heated argument after a card game. Arenas said he was too old to fistfight and threatened to shoot Crittenton in the face, according to court documents.
Crittenton, 22, responded that he would shoot Arenas, a three-time All-Star guard, in his surgically-repaired knee.
On December 21, Crittenton arrived at the Verizon Center, where the team plays in downtown Washington, to receive medical treatment and to attend practice.
CONCERNED ABOUT THREAT
According to Crittenton, before he left his home in Virginia, he placed a lawfully owned, unloaded handgun into his backpack because he believed that Arenas would carry out his threat to shoot him that day.
Once Crittenton entered the locker room, he put his backpack in his locker and went to another room to see team trainers.
When Crittenton returned to the locker room, he saw Arenas walking away from the area in front of Crittenton’s locker. On a chair in front of Crittenton’s locker, Arenas had placed several handguns and a piece of paper with the message “PICK 1.”
According to Crittenton, he believed that Arenas intended Crittenton to select a firearm that Arenas would carry out his threat to shoot Crittenton. Arenas has said he put the guns on the chair as part of a practical joke.
Crittenton then told Arenas he had his own gun, he took his handgun out of his backpack and he showed it to Arenas.
Crittenton has voluntarily surrendered the handgun to law enforcement authorities. Crittenton has no criminal record, has never been arrested and has cooperated with authorities, prosecutors said.
On 2010-01-28, In Stocks, By znnw
Chinese shares dip more than 2% on weak heavyweights
Chinese equities ended 2.34 percent lower Tuesday on weakened heavyweights led by oil producers, following the global crude oil prices plunge a day earlier.
The benchmark Shanghai Composite Index lost 69.46 points to finish at 2,897.55.
The Shenzhen Component Index retreated 1.92 percent, or 231.75 points, to finish at 11,813.46.
Combined turnover fell slightly to 222.77 billion yuan (32.76 billion U.S. dollars) from 231.99 billion yuan on the previous trading day.
Losers outnumbered gainers by 747 to 114 in Shanghai and 637 to125 in Shenzhen.
Sinopec, Asia’s largest refiner, dropped 3.16 percent to close at 11.33 yuan, and PetroChina, the nation’s biggest oil producer, fell 2.18 percent to 12.99 yuan.
Coal producers also fell, as crude prices may dampen demand for coal as an alternative to oil products. China Shenhua, the country’s largest coal producer, plummeted 3.97 percent to 31.94 yuan.
Steel makers also led losses, with the whole sector down 3.73 percent.
Handan Iron and Steel Ltd., Tangshan Iron and Steel Co., and Chengde Xinxin Vanadium and Titanium Co. each plunged more than five percent, after they resumed trading Tuesday following the approval of the merger of these three makers. Their stocks were suspended from trading starting Sept. 17.
Stocks of the consumer spending sector, such as food producers and home appliance makers, however, rose on expectation of holiday sales during the forthcoming eight-day National Day holidays from Oct. 1 to Oct. 8.
Guangdong Midea Electric Appliances, one of the country’s leading home appliance makers, advanced 1.59 percent to 17.94 yuan.
China Kweichow Moutai Distillery Co., the country’s leading liquor maker, added 2.52 percent to finish at 169.59, after the firm said Monday it would invest 20 billion yuan to nearly double annual output within five to 10 years.
Analysts with Everbright Securities said market sentiment would remain cautious before the National Day holiday, and the market may continue to see corrections as investors wait for new stimulus.
On 2010-01-28, In Stocks, By znnw
Equities decline on recovery concerns
Chinese stocks dropped for a second day, dragging the Shanghai Composite Index to a three-week low, as falling steel prices and transport rates spurred concerns about the country’s economic recovery.
Tangshan Iron & Steel Co retreated 3.9 percent after its parent cut prices of reinforcing bars used in buildings for a second month. China Cosco Holdings Co fell 3 percent as a measure of shipping costs for commodities declined. PetroChina Co, the nation’s biggest oil company, lost 1.7 percent after crude slipped.
“Judging from falling product prices, the recovery doesn’t seem to be very solid and the outlook is still clouded by uncertainty,” said Yan Ji, who helps oversee about $1.2 billion at HSBC Jintrust Fund Management Co in Shanghai.
The benchmark index fell 54.83 points, or 1.9 percent, to 2,842.72 at close, adding to Tuesday’s 2.3-percent drop and its lowest close since September 2. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, slid 2.3 percent to 3,060.07.
The Shanghai gauge has lost 18 percent since this year’s peak on August 4 on concerns a plunge in new lending will derail the economic rebound and a flood of share sales will draw funds away from existing equities.
The decline ended a 91-percent rally this year that was driven by optimism the government’s $586-billion stimulus package and more than 1 trillion of new loans would guarantee the economy reached the government’s 8 percent annual growth target. Stocks on the index trade at 31.44 times reported earnings, compared with last year’s low of 12.87 times, Bloomberg data shows.
The Baltic Dry Index, which tracks transport costs on international trade routes, fell on Tuesday to its lowest level in more than four months after data showed Chinese demand for coal and iron ore to make steel is tumbling.
China Cosco retreated 3 percent to 12.62 yuan ($1.85). China Shipping Development Co, a unit of China’s second-biggest sea-cargo group, fell 2.6 percent to 12.10 yuan. Cosco Shipping Co, a unit of the largest, slid 4.2 percent to 9.74 yuan.
The country’s iron-ore imports declined 14 percent in August from July and coal imports slid 15 percent, a second consecutive monthly decline, according to customs data.
An 11-percent rebound on the Shanghai Composite this month through September 18 lured investors to open more accounts to trade stocks for the first time in seven weeks. Individual investors opened 345,844 accounts last week, data from the nation’s clearing house showed yesterday.
The figure is less than half the 700,000 registered in the last week of July, when investors were rushing to buy equities following the end of a nine-month ban on initial public offerings and a rebound in economic growth.
On 2010-01-28, In Stocks, By znnw
China to float about $4 billion of T-bonds
China’s Ministry of Finance said it started to issue 26.8 billion yuan (3.94 billion U.S. dollars) of book-entry treasury bonds Thursday, the 24th batch of its kind this year.
The five-year bonds have a fixed annual interest rate of 2.9 percent, said the ministry in a statement on its website.
The sales period of the bonds will run from Sept. 24 to 28. Interest will be paid annually, with the principal paid on maturity, namely Sept. 24, 2014. The bonds will be tradable on Sept. 30.
On 2010-01-28, In Stocks, By znnw
Hong Kong stocks close 2.52% lower
Hong Kong shares Thursday opened 209.05 lower and expanded their losses, seeing a day-low of20,963.37. The benchmark index dropped 544.79 points, or 2.52 percent, to end the session at 21,050.73 as losses narrowed down in the afternoon.
Thursday’s turnover rose to 78.69 billion HK dollars from Wednesday’s 58.54 billion HK dollars.
China Enterprises Index went down 384.56 points, or 3.09 percent, to close at 12,047.25 points.
All four major stock categories lost. The finance sub-index became the biggest loser and plunged 2.8 percent. The utilities dropped 1.38 percent, the properties, 2.08 percent, the commerce and industry, 2.4 percent.
Blue-chips ended lower. Banking giant HSBC Holdings plunged 2. 31 percent to close at 88.7 HK dollars. Heavyweight China Mobile, by far the largest mobile carrier in the mainland, fell 2.53 percent to 78.85 HK dollars. HKEx, the sole exchange operator in Hong Kong, lost 2.64 percent, to 144.1 HK dollars.
Local properties also lost. Cheung Kong, the flagship of Hong Kong’s richest man Li Ka-shing, fell 1.8 percent to 98.4 HK dollars. SHK Properties lost 2.27 percent to 112.1 HK dollars. Henderson Land slid 4.02 percent to 50.2 HK dollars.
Mainland-based commercial lenders ended lower. Bank of China fell 3.97 percent to close at 4.11 HK dollars. ICBC fell 2.8 percent to 5.89 HK dollars. CCB moved 2.96 percent down to 6.22 HK dollars.
Chinese insurance shares finished lower. China Life lost 3.23 percent to 34.45 HK dollars. Ping An fell 3.11 percent to 62.35 HK dollars. PICC P&C lost 5.93 percent to 5.39 HK dollars.
As for energy shares, PetroChina dropped 2.98 percent to 9.11 HK dollars, off-shore oil producer CNOOC lost 3.51 percent to 10. 44 HK dollars, while Sinopec Corp fell 2.19 percent to 6.71 HK dollars.
Metallurgical Corp. of China closed at 5.61 HK dollars on the first day of its trading debut, 11.65 percent below its offering price. (7.8 HK dollars = 1 U.S. dollar)
On 2010-01-28, In Stocks, By znnw
Chinese shares edge up 0.38%
Chinese equities edged up by 0.38 percent Thursday as banks and real estate developers staged a strong rebound during the afternoon.
The benchmark Shanghai Composite Index gained 10.83 points to finish at 2,853.55. The Shenzhen Component Index advanced 0.12 percent, or 13.54 points, to close at 11,475.88.
Combined turnover shrank for a third day, from Wednesday’s 191.61 billion yuan (28.18 billion U.S. dollars) to 176.94 billion yuan.
Losers outnumbered gainers by 546 to 299 in Shanghai and 477 to281 in Shenzhen.
Thursday’s gains were led by bank shares, with Bank of Beijing registering the sharpest rise of 9.25 percent to 17.72 yuan. The Industrial and Commercial Bank of China, the country’s biggest lender, edged up 0.81 percent to 4.95 yuan.
Real estate developers rose across the board, with the sector up 1.76 percent. China Vanke, the country’s biggest property developer, climbed 2.94 percent to 10.86 yuan.
Beijing Capital Development reported the biggest gain of 6.31 percent in the sector to end at 20.05 yuan.
Liquor producers posted broad losses after Wuliangye Yibin Co.,one of the country’s top liquor makers, was temporarily suspended from trading since Thursday for violating disclosure rules.
The Shenzhen-listed Jiuguijiu Company Limited, also a leading liquor manufacturer, showed the biggest drop in the sector — 5.41percent to 12.95 yuan.
On 2010-01-28, In Stocks, By znnw
GEB float rates see mark-up
Investors should be aware of the high risks involved in GEB shares before they invest, say experts.[China Daily]
The first 10 firms due to list on China’s NASDAQ-style second board plan to sell shares at prices 50 percent above their mainboard peers, just as worries over speculation spurred officials to tighten trading rules.
After gauging investor demand, the 10 start-up companies, including software developer Beijing Ultrapower and outdoor sportswear maker Toread, have decided on prices for their shares that average 55 times their 2008 earnings.
That compares with an average price/earnings ratio of 36 for other initial public share offerings this year on the mainland.
“Growth potential, rather than past performance, is what investors are looking at, so a high PE ratio doesn’t necessarily mean they’re over-priced,” said Jiang Jianrong, analyst at Shenyin & Wanguo Securities Co.
“But without doubt it will be quite a speculative market at the beginning because it’s new and the companies are very small.”
To curb risks, the second board for start-ups, to be launched as soon as next month in China’s southern boomtown of Shenzhen, will set an 80-percent limit on share price movements during the first day of trade, the Shenzhen Stock Exchange said yesterday.
China is hoping that the growth enterprises board could provide badly needed financing for the private sector, which has difficulty obtaining bank loans but is crucial to creating jobs and sustaining growth.
Beijing is also hoping that the market could become a cradle for China’s own future versions of Microsoft or Intel, helping to cut the economy’s reliance on manufacturing.
The 10 firms, which include drug producer Chongqing Lummy Pharmaceutical and Beijing Lanxum Technology Co, a provider of office information system services, will take subscriptions today.
“Our rival Fuji Xerox is stronger than us both in branding and in financial strength,” said Lanxum Chairman Chi Yanming. “Listing on the second board would help us to narrow the gap.”
Lanxum, which is selling 5.3 million shares, said yesterday that it plans to raise 477 million yuan, 73 percent more than its previous fund-raising target, after pricing its IPO at 18 yuan per share, or 51.49 times its 2008 earnings.
Lepu Medical, a medical equipment maker, plans to raise 1.19 billion yuan, more than double its target, after pricing its IPO at 29 yuan a share, or 53.54 times its 2008 earnings. Lepu shares were 117.12 times over-subscribed during the road show.
Investor fervor is initially likely to push stocks on the start-up board to excessively high valuations, helping to create new Chinese billionaires.
“Some speculation is not always a bad thing. It provides easy money to private companies which had been at a disadvantage in financing compared with state-owned rivals,” said Shenyin & Wanguo’s Jiang.
But regulators fear the second board could become like a casino, where excessive speculation could hurt the interests of small investors and lead to a repeat of failures by start-up boards in other countries.
Thirty-nine countries or regions have set up 75 second boards since the 1960s and nearly half have closed, including markets in Germany and the UK, a Shenyin & Wanguo Securities report said.
The Shenzhen Stock Exchange’s new price limit announced yesterday will suspend shares from trade until the final three minutes of the session if they move more than 80 percent from the opening price on their first day of trade.
On 2010-01-28, In Stocks, By znnw
Chinese shares slip 0.52% to end week lower
Chinese equities dropped by 0.52 percent in light trade Friday amid fluctuations, and ended the week lower.
The benchmark Shanghai Composite Index retreated 14.71 points to finish at 2,838.84, about 3.5 percent down from last Friday’s close.
The Shenzhen Component Index lost 0.8 percent, or 91.71 points, to close at 11,384.16.
Losers outnumbered gainers by 573 to 259 in Shanghai and 477 to 275 in Shenzhen.
Liquidity concerns overshadowed Friday’s market as 10 firms launched online subscriptions Friday on China’s Nasdaq-like Growth Enterprise Board.
Share prices dipped in the morning, and the benchmark index fell again before closing after a rebound led by heavy-weight oil producers temporarily lifted stocks out of negative territory, as investors adopted a cautious wait-and-see attitude.
Combined turnover shrank for a fourth day, by more than 25 percent from Thursday’s 176.94 billion yuan (26.02 billion U.S. dollars) to 129.33 billion yuan Friday.
Sinopec, Asia’s largest refiner, advanced 0.35 percent to end at 11.39 yuan, lower than its day high of 11.55 yuan. PetroChina, the nation’s biggest oil producer, fell 0.39 percent to 12.85 yuanat close after hitting a high of 12.99 yuan during the afternoon.
Nonferrous metal producers led losses, with the sector falling more than 3 percent. Henan Yuguang Gold and Lead Co. posted the biggest drop of 6.37 percent to end at 20.58 yuan.
Steel makers, banks and real estate developers also fell. Baosteel, the country’s leading steel maker, edged down 0.45 percent to 6.62 yuan.
Industrial and Commercial Bank of China, the country’s biggest lender, dropped 1.01 percent to 4.9 yuan.
China Vanke, the country’s biggest listed property developer, retreated 2.03 percent to 10.64 yuan.
Analysts with Southwest Securities expect the market to sustain falls before the National Day holidays, but said they would be limited.
There are three trading days next week before trading is suspended for the holidays starting Oct. 1.
On 2010-01-28, In Stocks, By znnw
Equities end up on gains by financials
Chinese shares ended slightly higher yesterday as falling transport rates spurred declines in shipping companies and overshadowed the gains by financial companies.
Shanghai International Port (Group) Co, the operator of the country’s busiest harbor, lost 3.1 percent and China Shipping Development Co slid 1.2 percent as a measure of shipping costs for commodities declined for a ninth session. Industrial Bank Co rallied 5.5 percent, paring its loss from its high this year to 21 percent.
Almost two stocks fell for each that rose on the Shanghai Composite Index, which added 10.83, or 0.4 percent, to 2,853.55. The gauge traded between a loss of 2.1 percent and a gain of 1.5 percent yesterday, after closing at a three-week low on Wednesday. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, gained 0.7 percent to 3,080.93.
“Investors are split on what shape the recovery and corporate earnings growth will take in the fourth quarter,” said Zhang Xiuqi, a Shanghai-based strategist at China International Fund Management Co, which oversees about $10.2 billion. “The market is expected to trade around this level until more indicators emerge.”
Companies on the Shanghai index trade at 31.56 times reported earnings, compared with last year’s low of 12.87 times, Bloomberg data showed.
Gains were also limited on concern a flood of initial public offerings on China’s new start-up board will draw funds away from existing equities.
The Shanghai Composite has slumped 18 percent since this year’s peak on Aug 4 on speculation a plunge in new lending will damp domestic spending and stifle economic growth. Overseas demand for the nation’s products has yet to recover amid the global recession, with exports tumbling 23.4 percent in August from a year earlier.
“The market is no longer so optimistic about the economic rebound,” Wang Lei, who helps oversee $530 million at Lombarda China Fund Management Co, said in an interview in Shanghai.
Hang Seng declines
Hong Kong stocks declined, led by resource companies, as commodity prices dropped and Metallurgical Corp of China Ltd fell below its initial public offering price.
China Metallurgical, the construction company that helped build the “Bird’s Nest” Olympic stadium in Beijing, tumbled 12 percent on its first day of trade.
The Hang Seng Index sank 2.5 percent to 21,050.73 at the close, the steepest drop since Aug 17. The gauge has surged 86 percent from a four-month low on March 9 as stimulus measures revived economies around the world. Shares on the Hang Seng Index are priced at an average 17 times estimated profit, up from 10.6 times at the start of 2009.
The Hang Seng China Enterprises Index slid 3.1 percent to 12,047.25.
