The OECD report shows that global economic growth is stabilized

Economic Cooperation and Development (OECD), headquartered in Paris, the 12th release of comprehensive economic leading index report showed stable global economic growth in the near future.
Overall, the OECD region as a whole in September Leading Index flat and August was 100.2. Group of Seven (United States, United Kingdom, Germany, France, Canada, Italy, Japan) as a whole leading index is maintained at a level of 100.3 points. China's leading index for four consecutive months maintained at 99.4, indicating that although China's economic slowdown, but growth will remain stable.
See from the country, the leading index of the U.S. economy rebounded slightly to 100.9; stopped consecutive months of declining trend in Italy, the leading index rebound; Germany, France, Japan's leading index declined, economic growth continues to decelerate.
In addition, the economies of the United Kingdom and Brazil to get rid of the euro area continues to be upstream. India and Russia, the leading index continued to go down, that the momentum of economic growth continued to weaken.
OECD statistics of its members and a small number of non-member economic data published regularly to national and regional economic leading index, to predict the economic development situation about six months in advance.

The deputies force Tsan Xi Jinping and Li Keqiang

Remarkable CPC eighteen have been the end of the five-day agenda of the meeting, everyone is looking forward to the new generation of leaders. The pinnacle of Chinese power is about to be boarded Thursday incumbent Vice President Xi Jinping and Vice Premier Li Keqiang has a good reputation at the grassroots level and among the representatives.

It is reported that more than 200 members of the 17th CPC Central Committee because of their age, half of them are retiring, so the new session of the Central Committee of the half is new. These concern, because most of them have long-term work at the local grassroots was young the addition experienced suffering, hungry, under Township, then work the scene to give the local people are impressed.

Xi Jinping and Li Keqiang, is no exception.

48 National Congress of the CPC, the party secretary of Yan'an Yao Yinliang: "Xi was over twenty-eight thousand Beijing educated youth to Yanan to the countryside to jump the queue, spoke highly of the local people, because he was at that time in that for seven years, very hard in a small ravine, he later became a brigade cadres of the production team, the with local Northern people saying 'good young man'. "

48 National Congress of the CPC, Li Xiaodong: "Vice Premier Li Keqiang we Liaoning worked as secretary of the provincial party committee, because he went to see our base. According to my understanding of the several, all our contact and his people think he is a very wise, the atmosphere, and the people are very friendly, kind, very concerned about our grassroots people, very close to the people, a leader. "

This experience overseas concern, former U.S. Secretary of State Henry Kissinger said: "The new generation of Chinese leaders experienced tumultuous years in China, this kind of experience to make them stronger in the face of current challenges."

Why Japanese electronics giant collective get the blues

Consumer Electronics is a highly competitive industry. But it is striking that, in the past few years, the Japanese electronics giant had a flourishing collective away the blues. If you see from the data, Panasonic, Sharp and Sony, the Japanese electronics "Three Musketeers" of the fiscal year, the total loss of about 37 trillion yen (U.S. $ 46 billion), equivalent to the sum of the profits for the past 18 years.

This may be only the beginning of the long night. Even though Sony is in massive layoffs reorganized, desire this year will not be a huge loss, but Matsushita loss of ten billion U.S. dollars, is a foregone conclusion, its stock price recently plummeted this end. Most people lamented Sharp, Looking back, this year is the birth centenary of Sharp face bleak prospects, this century-old enterprise have to admit, the ability to continue to "survive", is facing a "substantial doubt" .

Japanese electronics giant attributed the huge losses unlucky, especially the appreciation of the yen. Indeed, Japan's major earthquake, the international economy is poor, Thailand floods, the overseas market sales of the three companies significant atrophy; appreciation of the yen, but also give exports as an important source of profit for the giants of the head with a stick.

But if careful study, these although the reasons for Japan's electronics industry gloom and doom, but by no means is the fundamental reason. Even in the yen weak, because even in previously appreciation of the yen during the Big Three are still in the international market Kaijiangtuotu, and introduced the transistor radio, Walkman, CD and video recorders and other electronic new; Sony still losses.

In the end what? It can be said that the survival of the Japanese electronics giant crisis, the fundamental reason is that the strategic misjudgments.

Sharp LCD TV is its housekeeping products, but when the market is obviously saturated the occasion, the Sharp still stick to the original market, spending billions of dollars to expand production, so that when the After market wind shifted, caught up in the quagmire of century-old enterprise. Sharp, Sony also exists, Kazuo Hirai, president of Sony once said, TV is inherited Sony DNA commodity ", these words are nice, but the face of fierce market competition, especially the strong rise of the South Korean enterprises If you can not find the new competitive products, the inevitable defeat in the competition. As an opposite example, Hitachi decisively stop the production of television sets turned to equipment and information and communication systems and other infrastructure to be done here, and fiscal 2011 earnings of about $ 4.3 billion, an increase of 45% over the previous year.

Strategic mistakes at the same time, it is the weakness of the Japanese electronics giant innovation. Once upon a time, the Japanese are proud of the manufacture of mobile phones in Japan, but with the advent of a series of innovative products in Jobs, iPhone, iPad rapidly popular in Japan, which is equal to a slap in the face of the Japanese electronics giant. That the industry laments, in the era of audio and video to create a the numerous revolutionary electronic products in Japan fully sink in the digital age.

Sink behind a cause can not be ignored is the Japanese company's system. Daniel Kalman won the Nobel Prize in Economics to criticism that, in all countries, Japanese companies often gamblers lost money like gambling, win back lost money before, will not leave the gaming tables. Such a result, very few companies truly invincible position.

From this perspective, innovation mechanism for dwarfs. "Wall Street Journal" 8 "70" in the United States now top 21 electronics companies; 10 years ago, six of which size is too small, not yet among the Forbes 500. But U.S. companies innovative mechanisms to promote the market survival of the fittest the outstanding enterprises burst out innovative, eventually making it to the beach-goers in the market. Which include the market value of the world's first Apple, a major feature of the Apple innovation to meet consumer demand, but to create a new demand to meet the needs of consumers.

In Japan, however, more than 50 years, the top few have been several electronics companies. Enterprise may be evergreen, but more will as time goes on, innovative force in the shrinking.

That year, the Japanese electronics giant long drive into the U.S. market, and the final demise of the U.S. TV industry completely, but the market is not always the winner. Decades after the Apple comeback, Samsung [microblogging] have sprung up everywhere, and electronics enterprises in China is also a strong rise, which shows that the world's electronic pattern is undergoing great changes, stick to the same lack of innovation is bound to be eliminated by the market. Of course, this description from the other side, Apple even now flourishing, not necessarily will become a century enterprise. The tide of the market for the past 30 years ago, in China, in the world, the number of giant demise, and how many of the new leader was born. "Seeing him from the high-rise, seeing his dinner guests, seeing his building collapsed, metabolism is the eternal law, unless you can keep alive often new.

HSBC: after the U.S. presidential election to be concerned about their financial cliff

Hailed as the most intense of the U.S. presidential election in 50 years, As Obama announced successful re-election has come to an end. Global concern, the result of the election of the President of the United States to celebrate Obama's re-election, the investment climate is good, the euro, the Australian dollar rebounded. However, HSBC Global capital markets Asia-Pacific Wealth Strategies Director Ye Jianxiong reminded that the 12th, the threat of the U.S. fiscal cliff has a step closer.

According to its analysis, the political, the election results on behalf of the U.S. Congress will continue to be stalled, especially in the House remains Republican dominated, accounting for most of the Democratic Party in the Senate with Republicans on fiscal issues continue to struggle, "This is reminiscent of in the summer of 2011, the two parties in the dispute on the budget deficit, eventually leading to the Standard & Poor's lowered the U.S. AAA long-term sovereign credit rating, this situation is likely to again be staged once.

Ye Jianxiong said, in January next year, the U.S. Congress will enter a "lame duck" period for the transfer of old and new Members, Members of the two parties in the two major issues to solve the fiscal cliff - increase taxes and cut spending on the delay consensus, uncertainty.

He said: "Although the market believe that the two parties will eventually reach an agreement, to take a middle-of-the-road, in order to avoid the United States into recession for the full implementation of the tax increases and spending cuts, but it is expected that the bipartisan extension of tax breaks to postpone part of the spending cuts to slowly negotiations to gain time, because of the financial problems of the United States really is not one forty-five can solve.

The European Commission predicted the European economy begin to recover next year

The European Commission published the autumn economic forecast report said Europe's recent economic growth prospects remain bleak, is gradually emerging from the medium and long term, to win back the confidence of the effect of structural reforms as well as the construction of the EU institutional mechanisms, is expected next year began a slow recovery of the European economy .

The report said the short term, the prospects of the EU economy is still fragile, but the European economy will gradually return to growth in 2013, the recovery trend of 2014 will be more stable. Specifically, this year, the EU and the euro area's gross domestic product (GDP) is expected to shrink by 0.3% and 0.4%, respectively. In 2013, the European Union and the euro zone's GDP is expected to be an increase of 0.4% and 0.1%, respectively.

The report said: the German economy this year and next year, the EU's largest economy is expected to grow by 0.8%; French economy in the next two years is expected an increase of 0.2% and 0.4%, respectively; troubled by the debt crisis and the banking crisis, the situation in Italy and Spain the poor, which the Italian economy will shrink by 2.3% this year, next year continues to shrink 0.5%; Spanish economy this year and next will be expected to shrink by 1.4%.

The report said the EU's huge internal and external economic imbalances are reduced, but this adjustment process is greatly affected domestic demand in some countries. The same time, 10 years after the completion of the European Monetary Union (EMU), gradually declining competitiveness in some countries is currently slow recovery, therefore, with the recovery of global trade, export growth in European countries will slow recovery.

In addition, the economic situation of the euro-zone countries to accept international aid is not the same. Ireland, the situation is slightly better, competitiveness, and the improvement of the labor market will promote the country's economic growth this year to 0.4% next year, an increase of 1.1%. Ongoing large-scale structural reform and fiscal austerity, Greece and Portugal's economy this year will shrink by 6% and 3%, will shrink by 4.2% and 1%, respectively, in 2013.

The report also predicts that Europe's unemployment rate will remain high. Although the economic recovery will bring a gradual improvement in the labor market, but after the peak in 2013, the unemployment rate of the euro area and the EU will remain at close to 12% and 11% of high. Eurostat data released last week showed that the unemployment rate in the euro zone and the European Union in September reached 11.6% and 10.6%, respectively.

In addition, high energy prices and indirect tax increases in the next few quarters will continue to be a major promoter of the rate of inflation in Europe, However, due to the domestic consumer price pressure is not high, the inflation rate in Europe in 2013 gradually reduced from the current 2.5% to below the maximum set by the European Central Bank's 2% target.

Rehn, the European Commission responsible for Economic and Monetary Affairs Commissioner, said in the press conference on the publication of the report, Europe is experiencing a macroeconomic rebalancing difficult process, and this process will continue for some time we predict that the growth prospects of the EU economy will began a gradual improvement from the beginning of next year. "Wren said," series of important measures taken by the European Union as a response to the debt crisis to consolidate the confidence to lay the basis of market pressure also decreased, but there can be no room for complacency. European Union must continue to be reasonable fiscal policy and structural reforms combined, in order to create the conditions for sustainable growth, so that the unacceptable high unemployment rate has dropped slightly.

Rehn also said that the ongoing structural reforms of some European countries will soon play a role in the construction of the mechanism of the European Monetary Union will continue to build confidence, "lay the foundation for 2014 EU countries stronger, balanced economic growth In 2014, the EU economy is expected to grow by 1.6%, the euro area economy to grow by 1.4%. "

Eurostat data show that the second quarter of this year, the euro area and the EU economy 0.2% atrophy. Eurostat intends announced third-quarter economic data next week. Most analysts have pointed out, the third quarter, the euro area and the EU economy is likely to continue declining trend of the last quarter.

Financial Times: Leucadia36 one hundred million U.S. dollars acquisition of an independent investment bank Jefferies

The enterprise group Leucadia National agreed to independent investment bank Jefferies acquisition in the form of an all-stock transaction, which is the nation's largest securities dealer, the transaction value of approximately $ 3.6 billion. The transaction highlights the challenges faced by the Wall Street independent investment bank. Prior to the acquisition, Jefferies has experienced a period of uncertain times. Securities and Exchange rival MF Global bankruptcy last year after Jefferies suffering a funding crisis. Although the acquisition valuation is relatively high, compared to last Friday's closing market capitalization of $ 2.9 billion, a premium of up to 24%, but Jefferies and the Leucadia merger may lead to a guess about other independent investment banks in the capital market financing prospects. Because they do not belong to the bank holding company, so they are called independent investment banks. These banks operating conditions and predict the opposite. Originally, the market is expected to the 多德弗兰克 Act reform after 2010, due to the regulatory limit for larger competitors, they are supposed to benefit from. Last week, a smaller investment bank KBW to Stifel Financial acquisition.

Revelation of the liabilities of Japan

The recently released by the Japanese Ministry of Finance statistics show that as of the end of September, the national debt, including government bonds, borrowings and short-term government bonds amounted to 983.295 trillion yen (U.S. $ 77.3 trillion yuan), a record high. 7.1098 trillion yen compared to the last data released by the end of June, is expected to the end of fiscal 2012, the national debt will total ¥ 1,085,000,000,000,000. According to the Ministry of Internal Affairs and Communications of Japan's total estimated population of 1.2753 million calculations per capita debt of about 7.71 million yen.

Japanese government debt to GDP ratio of over 200%, but the bond market to maintain long-term stability, especially the interest rate is very low (almost no gain), which seems to be in violation of economic common sense. Japanese companies or individuals fought to put money into the bond market, because the national debt is the safest and most liquid assets, even if the investors want to exit the bond market can not find the same capacity and market liquidity can replace. Which also contains a Japanese psychological structure, closed local preferences, but also related to the lack of trust in the international market, because of Japan's investment in overseas assets before the bubble burst almost have encountered a problem. Therefore, the majority of funds remain in the country rather than to the international market. Investment, despite the yen carry activities, mainly the implementation of the overseas institutions. There is no place for the funds ultimately input into the government bond market in Japan, to provide financing for the government deficit.

More peculiar is that government bonds accounted for 25% of the total assets held by the banking system in Japan, Japanese government bonds held by institutions such as central banks, insurance, annuity, plus total about 60 percent, it is like The wall is a market, long-term holding and holdings of government bonds to financial institutions to ensure market stability. MF officials warn the stability of the banking system in Japan last month, the size of the government bonds of their proportion of total assets held by the Japan Bank may be in five years from the current one-quarter rose to third. The Bank of Japan is under tremendous pressure, and being swayed by the Japanese government.

Japan's national debt crisis, its financial sustainability is mainly dependent on the Japanese domestic liquidity and confidence is hard to say. Japanese companies almost never expand investment due to a serious aging problem, but the constant increase in savings, unless large-scale implementation of overseas mergers and acquisitions have may affect the liquidity of the domestic or the current account deficit led to the water dried up. Japanese Finance Ministry this week, a report said Japan's economy shrank by 0.9% in the July-September quarter. Japan's economic growth becomes suspicious, coupled with the strong yen, Japan's corporate revenue and national current account will withstand the pressure, but do not rule out the possibility of continued deterioration. These will let Japan continue to have sufficient liquidity to support financial financing becomes more and more suspicious.

As for government spending cuts, which is almost an impossible task, because of cuts in social spending, especially welfare, politically suicidal behavior, therefore, the Democratic Party and the Liberal Democratic Party program to reach a consensus on raising the consumption tax, but long term, even if the tax increases can only eke out a period of time, can only delay the crisis and will not resolve the crisis, Japanese exceptionalism may be fragile. Japanese financial institutions to hold government bonds so that the size of the debt appears safe expansion and long-term interest rates would depress survive so that the enterprises should be eliminated, thus affecting the industrial restructuring, the plight of the Japanese economy is that the transition has not been successful.

18:00 Presentation: international market financial news at a glance

Important financial news in the international market today include: Obama will stick to tax increases to the rich; Greek Parliament passed a 2013 austerity budget; Austria said it would veto the EU budget bill; expand Japan-China total trade in January-October decline to 2.1% ; Moody's credit rating in Australia from threats.

The following is a briefing Details:

FT

【Japan the third quarter, the economy shrink by 0.9% MoM]

The Cabinet Office announced on Monday, Japan's third-quarter GDP fell by 0.9%, a decrease of 3.5% per annum. Mainly due to the performance of the cars and computer chips on behalf of the export commodities weak.

【Obama will adhere to the rich tax increases]

Obama said on Friday, will continue to promote a program to raise the taxes of the wealthy people of the United States, as to avoid the coming fiscal cliff response initiatives in the United States early next year. Obama this proposal is bound to be faced with the scrutiny of the U.S. Congress Republican, because of their opposition to raise tax rates on the rich standard.

Greek Parliament passed a 2013 austerity budget]

Greek Parliament on Monday in 167VS128 majority of voting by the 2013 austerity budget, and strive to get the international creditors a key step forward in its objective to provide financial assistance. Greek finance minister said Greece will get € 310 YuanKuan, avoid bankruptcy fate.

Reuters

[The Spanish Public Bank rights shares issued at a discount]

In order to to effectively attract investors and avoid apply for aid to the European region, the Spanish Public Bank size of up to 2.5 billion euros rights shares issued at a discount, the discount rate much higher than analysts predicted earlier.

[Austria said it would veto the EU budget bill]

Austria weekend warned the European Union to cut tax rebates and subsidies on agricultural development, Austria will have to vote against a long-term budget of the European Union. Austria is the EU held from November 22 to 23 before the EU summit, another EU member states to vote against the budget bill.

[Total confirmed is the sale of the the Nigeria assets of negotiations]

Total, the French oil giant, announced that on Sunday, is currently on the sale of part of the assets of the company in Nigeria to hold talks, but the company does not intend to withdraw from the market in Nigeria. Earlier media reports said Sinopec has nearly reached agreement to buy Total offshore oil field in Nigeria.

Marketwatch

Japan and China from January to October, the decline in total trade expanded to 2.1%]

Japan-China total trade in January-October fell 2.1%, down 1.8% compared to January-September, down further expand. Japan-China bilateral trade fell significantly reflect the Diaoyu Islands dispute caused by slow-moving Japanese goods in China.

Samsung Apple supply spare parts price raised 20%]

"Chosun Ilbo" (Monday, citing unnamed people familiar with news reports said, as the highest operating income in the world scientific and technological enterprises, South Korea's Samsung Electronics will supply Apple phone processor price has increased 20% in the near future.

[Korean court approved a private placement of $ 1.1 billion acquisition of 30% equity interest in Woongjin Howe]

Korean private equity fund MBK Partners, a Korean court has approved to spend $ 1.1 billion to buy water purifier manufacturer Woongjin Howe (Woongjin Coway) nearly 30% stake, which is one of Asia's largest amount of private equity transactions this year.

CNBC

[U.S. authorities to investigate the Barclays bank license in Saudi]

U.S. prosecutors Founder of Britain's Barclays Bank is in Saudi Arabia through the improper payments to obtain a banking license to commence investigation. Barclays recently faced a number of investigations to increase again.

[Biography Best Buy appointed the Sharon - 麦克克兰姆 as new CFO]

According to sources, the U.S. high-end household goods retail giant Williams-Sonoma Inc former chief financial officer comeback of Sharon - 麦克克兰姆 (Sharon McCollam), that will be the end of this year to become the world's largest consumer electronics retailer Best Buy CFO.

[EU discuss bankers' bonuses absolutely handicapping program]

EU officials on Sunday announced that the EU this week will discuss the absolute upper limit of the program is a set of bankers' bonuses. Is expected that the UK is unlikely to support. Program to cap bankers' bonuses, including stock options must be set between 3-5 times the wages, but also requires that the proportion of cash bonuses to its bankers wage setting limits.

CNBC

[The battle of the world's largest financial center: London backward upper New York]

London has been lagging behind in the ranking of the world's largest financial center (employment) in New York, to the 2015 London will catch up in Hong Kong, China. Analysts pointed out that the above reflects the development of the worldwide economic and financial center of gravity has tilted to the east.

ExxonMobil Asia Pacific LNG project development cost by 20%]

U.S. oil giant Exxon Mobil liquefied natural gas project in Papua New Guinea investment costs jumped 3.3-19 billion U.S. dollars, an increase of over 20%. Mainly due to the turmoil in the foreign exchange market, as well as the project site landowners and local staff to block construction.

Moody's: the Australia credit rating is not threatened]

Moody's executives said on Monday, weak commodity prices damage the revenue of the Government of Australia, the country can keep AAA credit rating. "When mining and liquefied natural gas industry has experienced prosperity inevitably experienced a period of decline, but that does not mean there is a problem.

WSJ

[U.S. airlines face the past half century, the most serious pilot shortage]

With the U.S. airline industry will usher in a wave of retirement wave of demand for the industry for new employees will continue to increase, and American Airlines are likely to face the most serious pilot shortage since the 1960s.

[BOJ Shirakawa Masaaki: focus on expanding the amount of wide policy]

Bank of Japan Governor Masaaki Shirakawa on Monday, announced that the Bank of Japan will continue to focus on the implementation of increased quantitative easing monetary policy, and the the existing yen climbed into account risks posed by the Japanese economy, according to the actual further expansion of the quantitative easing policy efforts.

【Olympus Q2 turnaround net profit of 12.47 billion yen】

Olympus today announced financial results by the sum of capital injection to promote from Sony, the poor performance of the balance sheet has improved. Olympus, second quarter net profit of 12.47 billion yen, a loss of 30.91 billion yen in the corresponding period of the previous fiscal year the company.

The requirements of the United States 10 million people seceded by state petition of over 25,000 White House or respond

According to U.S. media reported on November 13, since the U.S. presidential election results were announced, more than 100,000 people in nearly 20 states have issued demands secession petition, which only petition more than 25,000 people in the state of Texas, Obama administration might respond to it.

Currently, there are 25 318 signatures on a petition in Texas, in accordance with the provisions of the White House itself, the signer of the White House should respond to 25,000. The petition writing said: "the government ignored fiscal reforms, the U.S. economy continued in recession .... Texas has maintained a balanced budget, and is the world's 15th largest economy of the state from the U.S. Federal is entirely feasible, but also ensuring that the local people's living standards and the rights of the important initiatives. "

Except Texas, the the similar petition states, including Arkansas, South Carolina, Georgia, Missouri, Tennessee, Michigan, Colorado, Oregon, New Jersey, North Dakota, Montana, Indiana, Mississippi, Kentucky, North Carolina, Alabama and New York, most of them support the defeated Republican candidate Mitt Romney.

The above petition has attracted the participation of more than 100,000 U.S. citizens, their signature posted on the White House's "We the People" website.

The United States accused on Syria options or limited military intervention will carefully consider

After the ending of the U.S. presidential election, the Syrian crisis again put on the foreign policy agenda of the United States. Obama second term will be how to deal with the Syrian crisis? Whether to provide weapons directly to the Syrian armed opposition or massive sending troops to Syria? Some analysts pointed out, the Obama administration is "quietly" re-examine its involvement in the Syria conflict options. This will lead to changes in the strategic unknowable. But analysts believe that the United States must be considered to provide more support for Syria opposition, or even take a "limited" military action.

Reuters November 12 Journal article said that the U.S. current and former officials said, President Obama and his advisers is very cautious. Even if the general election pressure has passed, and still can not imagine that the United States would send troops to a large scale. Help get rid of the former Libyan leader Muammar Gaddafi, the kind of more limited but sustained bombing campaign is not on the table, at least for the time being.

However, the support of the United States more involved in Syria conflict, said the United States must be considered to provide more support for Syria opposition, or even to take a "limited" military action.

The Obama administration said the armed Syria opposition might make things worse. However, the article pointed out that nothing will no longer be viable. Syria death toll rose at the same time, there are more and more indications that the war also neighbors to become unstable, especially in Lebanon, Iraq, Turkey and Jordan.

"I am surprised that people soon after the election to talk about Syria," Joseph • Holliday, a former U.S. military intelligence officer, said, "I think, some people think that the omission itself is an option but we restraint longer, things change the more worse, "a senior U.S. government official claimed that:" we have been reviewing options. "he said, the White House against direct armed Syria opposition stance has not changed.

The article points out that some senior U.S. officials, such as the U.S. ambassador to the UN Rice allegedly more support for Syria to take a big move. U.S. military and intelligence agencies are very reluctant. Obama himself showed little interest also adopt a new diplomatic intervention. The some key ally of the United States still reluctantly. The British Sources said British officials have also been re-examine their options on Syria, but this week, they retreat on the recommendations of an armed opposition or to relax the EU arms embargo. France also yet to deliver on the promise of providing air defense weapons.