2018年9月12日 (水)

monetary policy still far from normal

  A staggered exit from quantitative easing is the most Mario Draghi can do. The European Central Bank said on Thursday it expected to stop adding to its bond portfolio via purchases of sovereign and corporate debt. But the exit is qualified by caveats, and a pledge to keep rates low. Trade wars and a weak euro zone mean the ECB president has little choice but to keep his options open.

  The ECB's statement that it expects to stop increasing the size of its bond portfolio at the end of December marks the official end of the money printing experiment that began in 2015. It looks about time: growth is healthy, and the central bank expects inflation to average 1.7 percent over the next two years, close to its target. Employment in the euro area is at a record high.

  Yet it's an awkward time to take risks. Growth, while above the euro zone's potential, is still expected to fall this year to 2.1 percent from last year's 2.5 percent. political risks are growing: the US is threatening Europe with a trade war. The Italian government wants to push up its deficit, and unpick reforms.

  That puts the ECB in a tricky position: if it keeps buying bonds, it can be accused of facilitating Italy's rebellious government. If it stops abruptly, and market expectations of rate increases cause bond yields to rise sharply, investors could worry about Italy's ability to service its debt, currently 132 percent of GDp.

  In that tricky context, the ECB's complex move looks sensible. It anticipates ending quantitative easing in December, but that is contingent on inflation numbers. And it said rates would not rise until September next year. Moreover, principal proceeds from the 2.4 trillion euros of bonds it already owns will be invested for as long as necessary.

  The euro fell, as did German bond yields. The relatively benign market reaction will make it easier for the ECB to creep toward the exit. Yet its task will probably get harder. The Italian government's demands for fiscal leniency and tougher migration rules could hurt confidence, and increase fears over the euro zone breaking up. A global trade war would particularly hurt Germany, Europe's largest economy. Quantitative easing is ending, but normal monetary policy is way off.

2018年9月11日 (火)

China can learn from Mexico to fight trade war

  

  Mexico, together with Canada and the EU, announced retaliatory measures on June 1 in response to US trade protectionism. The Mexican tariffs target products such as iron, lamps, pork, processed meat, apples, grapes, blueberries and cheese. Mexico's highly calibrated tariff strike offers some lessons for China, which is in the middle of its own trade frictions with the US.

  The measures meticulously plan to attack the traditional Republican districts in this year's mid-term election and the home states of Republican big shots.

  Mexico is the largest export market for US pork, including variety meat, representing nearly 33 percent of all US pork shipments last year, according to the US Meat Export Federation (USMEF).

  The hog and processed meat industries are scattered around the central US. Iowa, North Carolina and Minnesota are the top three states by pig inventory. Large processed meat producers can be found in states such as Kansas, Arkansas and Colorado.

  Almost all of these states currently have Republican incumbents in the House. With all of the 435 seats in the House open to contest, those central US states, suffering the damage from a trade conflict initiated by a Republican president, will struggle not to swing to the other party.

  Mexico has been the second largest importer of US apples and grapes for years, most of which are produced by farmers in California, Florida and Washington. House majority leader Kevin McCarthy, who is a Republican, serves California's 23rd congressional district, and young political star Marco Rubio is a Republican senator for Florida.

  Though Mexico's counterattack is right on the mark, the amount affected is limited compared to the $560 billion in bilateral import and export volume. It is more of a gesture than a fatal blow. Mexico, which relies on the US economically, is facing a dilemma. It does not have enough bargaining chips, nor does it have space to back out.

  China and Mexico both have a trade surplus with the US, but China and the US are more or less on equal footing. Mexico, on the other hand, is a much smaller economic entity and depends greatly on the US. Since NAFTA was signed in 1992, Mexico-US trade volume has grown 8-fold, and 60-80 percent of Mexican products make their way to the country's northern neighbor. Mexico does not have enough fuel to fire the boat.

  NAFTA renegotiation has entered its eighth round, but the future is still uncertain. With the presidential election on July 1 approaching, current Mexican president Enrique pena Nieto would like to settle the NAFTA agreement before stepping down. The compromise he is willing to make is unlikely to meet Trump's demands.

  Aside from NAFTA, president pena Nieto already carries enough baggage, including a corruption scandal and worse public security. With his approval rating dropping to new lows, and anti-American sentiments high in Mexico, he does not have much leeway on trade matters.

  Therefore, president pena Nieto is forced to react, but not too hard. Mexico is hardly leaving a massive wound on the US with its tariff increases. But the highly anticipated counterattack is indeed accurate. China, which is also a victim of US protectionism, can learn from Mexico's tactics.

  Mexico knows and understands the US. As a neighbor of the US, it has close trade ties and high population mobility across the border. China needs to study the US trade system and politics closely, and more experts are needed with knowledge of US interest groups.

  Also, China can learn how the Mexican government, local media as well as media from across Latin America and Spain put pressure on the US. China will need to cooperate with third party media to let different voices be heard and win international support.

  The last lesson is to team up with other countries. The EU and Canada took Mexico's side. Central and South American countries gave their support because Mexico is fighting for them. What happened to NAFTA today could be used as an example to deal with other free trade agreements with other Latin American countries. China will have to work with other countries targeted by the US under different multilateral organizations.

2018年9月10日 (月)

pre-midlife cry-sis: Chinese in their 30s despair over life

  Midlife crisis, generally troubling people between 40 and 60, has come to hit many Chinese in their 30s. Many living in first-tier cities and on the wrong side of 30 feel anxious and complain of identity crisis and other psychological perils.

  My friend Cilin, who is turning 30 this year, began to feel anxious last year. She has been working in Beijing for over six years, occupied by a decent job. For her friends, she earns a good income and lives an enviable life in the capital city.

  However, Cilin thinks she fell short of expectations from life. She worked very hard and got promoted soon, but found her career stagnating after some time. This made her change jobs a few times. Once jobless for about six months, she began to despair. Cilin lost her fighting spirit and was beset by anxiety and a foul temperament. She also sought the help of a psychologist to find solace.

  Although now well-paid, she has limited savings after paying rent and all the other expenses every month. Her parents call her from time to time to remind her to find a boyfriend and get married soon.

  "Sometimes I feel quite at a loss. There is a huge gap between my expectations and reality. Being 30 means you should have a career, a family and foothold in society. But I haven't achieved anything. Besides, I become more anxious when comparing myself with my successful peers who have stable jobs and happy marriages in my hometown and Beijing. When I go back to my hometown to celebrate the Spring Festival every year, I pretend in front of my parents and friends that I enjoy a good life in Beijing."

  Her life is an epitome of what many young Chinese in their 30s, especially if they live in first-tier cities, are going through.

  One's 30s may be a decade packed with adventure, excitement and new beginnings, but that milestone birthday can also inspire fear and anxiety.

  The multiple life decisions including career and marriage, rising younger colleagues at work and the rapid development of knowledge cause Chinese 30-somethings to experience a midlife crisis.

  Statistics from JSBR Consulting Center, a Beijing-based psychological consultation organization, show that people in their 30s constitute more than 41 percent of the population that experienced anxiety in 2016, the highest proportion compared with other age groups.

  perhaps the deep dread among people in their 30s is born out of the old Chinese saying - "San Shi Er Li," which literally translates into "one should be independent and steadfast at the age of 30." But many have misunderstood it. For many who just graduated from schools and embarked on their career path, it is hard to establish themselves by 30.

  The Confucian saying encourages people to gain spiritual independence and forge their own value systems by 30. But the current version deviates from its original meaning.

  The anxiety that many people in their 30s suffer is normal as they are in a transitional phase. But they need to make an objective self-evaluation and should stop being too harsh on themselves. They should adjust expectations in line with reality, enrich their inner world by continuing to learn, develop their own lifestyle, and give themselves more say over their life.

2018年3月20日 (火)

Analysts upbeat on Jack Ma stepping down

  Alibaba Group co-founder and executive chairman Jack Ma speaks during a news conference in Hong Kong, China, June 25, 2018. [photo/Agencies]

  Jack Ma, China's richest businessman, is stepping down as chairman of Alibaba Group Holding next year, marking the end of an era for the over $400 billion e-commerce juggernaut.

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  Ma's retirement plan was officially announced on Monday. The English teacher-turned-entrepreneur made the announcement on the day dedicated to educators in China, Teachers' Day, which also was the day the charismatic leader turned 54.

  The changing of the guard would mean Daniel Zhang, the current chief executive officer, would succeed him as chairman on Sept 10, 2019, which also marks Alibaba's 20th anniversary.

  "No company can rely solely on its founders," Ma said in an open letter to customers, employees and shareholders. "Because of physical limits on one's ability and energy, no one can shoulder the responsibilities of chairman and CEO forever."

  Ma and his 17 partners founded Alibaba in 1999. It has transformed the way Chinese do business, go shopping and conduct payments on a daily basis. His stewardship has put the company on a par with internet behemoths like Google and Amazon in fame, scope and ambition.

  Alibaba said Ma will remain on the board of directors until 2020 and in the Alibaba partnership, a group of longtime senior managers who exercise significant control over the business and its affiliates.

  Ma said he will pursue philanthropic endeavors and get back to his old role as a teacher, which he has long held dear.

  File photo of Daniel Zhang Yong, CEO of Alibaba. [photo/VCG]

  The news caused Alibaba shares to dip over 2 percent in premarket trading in New York on Monday. But analysts' reactions were largely positive, saying the plan indicated Alibaba's corporate governance has shifted from one that relies on individuals to one built on systems of organizational excellence and a culture of talent development.

  Alicia Yap, an analyst at Citigroup Global Markets, said the succession plan announcement makes sense, and it "should also give investors confidence that the company is thinking ahead and wanting to ensure a smooth transition".

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  Alibaba has the most depth in its senior executive teams among major Chinese internet companies, Yap said. "Especially over the past four to five years, after Alibaba listed in the US, Ma has not been involved too much in the day-to-day operations. Instead, he has been more instrumental in the strategies, platform ecosystem and direction of growth."

  Analysts said Ma is likely to retain a role in setting top-level strategy, and that his ethos and voice will remain with the corporate culture and management philosophy for years.

  Alibaba shareholders "should have little to fear if the charismatic Ma pulls back a bit further", said Brock Silvers, managing director of Kaiyuan Capital.

  But Wu Xiaobo, a financial commentator, voiced concerns that Ma's exit might overshadow Alibaba's key strategic moves, as the company's vast e-commerce business is in the midst of consolidating a brick-and-mortar retail presence. It is also in the process of connecting all its affiliated arms, from financial to logistics to cloud computing, to make sure they work together for long-term profitability.

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2018年3月 8日 (木)

30+ Cuba Travel Tips You Need to Know Before You Go

I had barely put down my fork after finishing a Cuban meal prepared in a privately owned restaurant called a paladar when someone grabbed my hand and pulled me to my feet. Live music accompanied our meal, and turning down an impromptu salsa dance just isn't acceptable — so dance I did.

Light-footed from sips of Havana Club rum and ready to try out the moves I learned at a lesson earlier in the week, I couldn't help but smile at my situation. Traveling to Cuba as an American means a lot of things. It means navigating a rather complicated system of rules, restrictions, and politics. It means dealing with the reality of a president who is currently making it harder by the day to experience all this country — just 90 miles off the United States coast — has to offer. It means understanding and respecting the harsher realities of what Cubans and Cuban-Americans have gone through and are still going through — something tourists should be aware of.

I was able to travel to Cuba with Backroads, an active travel company that made a biking trip through the country launching in January 2017 — full of logistical complications and red tape — look like a breeze and seem like a complete dream.

The trip began in Havana, a city with crumbling historical homes juxtaposed beside colorful structures and shiny, newly reconstructed buildings. We biked daily through towns along the northern coast, by farmland, over hills, and past parts of lush jungle and forest. Experiencing a trip like this, in the open air rather than closed up in a tour bus or car, was like nothing else I've ever done. After eight days, a thousand answers and even more questions, new friendships with Cubans, and yes, a few cigars and sips of Cuban coffee and rum, I learned a thing or two about a place that is in some ways a bit of a mystery to many Americans, due in large part to the embargo and the nature of US-Cuba relations for the past 50+ years.

These takeaways and tips will help you plan your Cuban trip and will hopefully help make your time on this Caribbean island as wonderful and informational as my own experience. I'm already counting down the days until I can return.

2018年1月 9日 (火)

Korean universities to set up universities in South

 The cooperation in running schools mainly consists of two ways of cooperating with foreign universities and establishing branch schools overseas. Foreign universities cooperate with  Korea, and they can obtain degrees from foreign universities in South KoreaThe first non-travel related case of Colistin resistant E coli and carbapenem resistant.

 The New York State University South Korea Campus was established in 2013 and graduated with a degree from the State University of New York. The Korean University began to establish branch campuses overseas in 2000. The overseas branch campus of the Korean University is usually co-organized with local schoolsThe Hong Kong Polytechnic University is known as the best university of hong kong in providing hospitality education programme.

For example, Zhongyuan University opened Beijing University of Science and Technology at Beijing Union University. In addition, inter-school exchange programs and double-degree programs include international student exchange learning and mutual recognition of the credits earned during the exchange. Upon graduation, they receive a double degreeWhen searching for corporate gifts online, travel accessories can come as splendid items. Few other accessories also exist but, the above mentioned 5 are of supreme necessity for business travellers.

2017年11月 9日 (木)

Also, the singing of the stream, the cricket

Solo, is a person walking. In my spare time, you can not idle, but you can not have no leisure time. As a result, I sometimes like to walk alone. In this bustle of the world, only the only step is no fetter bondage; only the only step can feel their true heartbeat; only the only step in order to indulge their share of the mood. Enjoy the fun of walking in solitude and enjoy the quiet of life in solitudeThe admitted students can apply postgraduate nursing degree degree including Master of Nursing, Master of Science in Infection Control etc. Our high-quality clinical research has had positive impacts on nursing and health sciences.

In a hurry, there is no unbridled ease, often overlook the infinite beauty of life. In a solitary step, install a life-seeking soul, take a leisurely indifferent mind, take a look at the world's hundreds of states, a product of the sweet life, listen to the birds in the grove, smell the park Floral, enjoy to enjoy, to feel, to comprehend. Enjoying the seductive splendor of spring flowers, listening to the summer rain fiercely, the view of the loneliness of loneliness, sense of winter snow crystalless.  playing, the bird's song ... ... to melt their own feelings in the poetic nature of the mind, in the solitude of the soul's quiet and calm, appreciate the share of peace of mind And leisurely.

Unbridled, aimless, just walk, arbitrary, near or far, or anxious or relaxed, free, relaxed mood. Can stop and go, and can go and stop, but also east go west turn, if the line, people and things. Only step is a leisurely walk, everything can be thought, can not think of anything, this time to become the world's most free one, and enjoy the enjoyment of the solstice alone, looking for the good mood aloneThe admitted students can apply postgraduate nursing degree degree including Master of Nursing, Master of Science in Infection Control etc. Our high-quality clinical research has had positive impacts on nursing and health sciences. This is the blend of environment and state of mind, see mountain love, look at the tree is interested, see flower fragrance, see the lush. Although gave up the Zhouma, but harvested nourishing heart; although far from the group, but the achievements of their own Masako; Although tired of the body, but ignited the pursuit of passion.

2017年10月10日 (火)

human quilt of mismatched

Caballo and the mayor began corraling dancers off the street and waving runners to the startingline. We crowded together, forming into a crazy faces, bodies, andcostumes. The Urique Tarahumara were in their shorts and running shoes, still carrying theirpalias. Scott stripped off his shirtPolyU has a strong record for aviation research and innovative research in Asia to solve specific technology problems (e.g. aviation operations) and develop new products. Arnulfo and Silvino, dressed in the bright blouses they’dbrought especially for the race, squeezed in beside Scott; the Deer hunters weren’t letting the Deerout of their sight for a second. By unspoken agreement, we all picked an invisible line in thecracked asphalt and toed it.

My chest felt tight. Eric worked his way over beside me. “Look, I got some bad news,” he saidwine tasting.

“You’re not going to win. No matter what you do, you’re going to be out there all day. So youmight as well just relax, take your time, and enjoy it. Keep this in mind—if it feels like work,you’re working too hard.”

“Then I’ll catch ’em napping,” I croaked, “and make my move.”

“No moves!” Eric warned, not even wanting the thought to creep into my skull as a joke. “It couldhit one hundred degrees out there. Your job is to make it home on your own two feet.”

Mamá Tita walked from runner to runner, her eyes puddling as she pressed our hands. “Te ncuidado, cari.o” she urged. Be careful, dearie.

“.Diez!… .Nueve!…”

The mayor was leading the crowd in the countdown.

“.Ocho!… .Siete!…”

“Where are the Kids?” Caballo yelled.

I looked around. Jenn and Billy were nowhere in sight.

“Get him to hold off!” I shouted back.

Caballo shook his head. He turned away and got into race-ready position. He’d waited years andrisked his life for this moment.Dr protalk He wasn’t postponing it for anyone.

“.BRUJITA!” The soldiers were pointing behind us.

2017年9月22日 (金)

putting his odds of actually

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Immediately after he’d paced Martimano in the ’94 Leadville race, he talked his way onto a radiostation in Boulder, Colorado, and asked anyone with an old coat to come drop it off. Once he had apile, he bundled them up and set off for the Copper Canyons singapore business formation.

He had no clue where he was going,  finding his buddy Martimano on apar with Shackleton making it back from Antarctica. He wandered across the desert and throughthe canyons, repeating Martimano’s name to anyone he met, until he stunned both himself andMartimano by actually arriving at the top of a nine-thousand-foot mountain and the center ofMartimano’s village. The Tarahumara made him welcome in their own wordless way: they barelyspoke to him, but when Caballo awoke every morning, he found a little pile of handmade tortillasand fresh pinole by his campsite.

“The Rarámuri have no money, but nobody is poor,” Caballo said. “In the States, you ask for aglass of water and they take you to a homeless shelter. Here, they take you in and feed you. Youask to camp out, and they say pre nursery school in hong kong-Victoria (Belcher) Nursery & Kindergarten, as an "IB World School", aims to help children to reach their highest potential and provides opportunities promoting to top International Schools and Band One Primary Schools. ‘Sure, but wouldn’t you rather sleep inside with us?’”

But Choguita gets cold at night, too cold for a skinny guy from California (or wherever he wasreally from), so after giving away all his coats, Micah waved adiós to Juan and Martimano andstruck off on his own, pushing into the warm depths of the canyons. He meandered blindly pastdrug dens and desperadoes, avoided diseases and canyon fever, and eventually discovered a spothe liked by a bend in the river. He hauled up rocks to build a hut, and made himself at home.

“I decided I was going to find the best place in the world to run, and that was it,” he told me as wewalked back to the hotel that night. “The first view made my jaw drop. I got all excited because Icouldn’t wait to get out on the trail. I was so overwhelmed, I didn’t know where to begin. But it’swild out there. I had to give it some time Shenzhen Transpring Enterprise Ltd. is one of the leading Oil vaporizer pen and vaporizer (A3 Vape Cartridge etc) manufacturer and supplier in China. Over the years, we have been serving many customers from USA, ... .”

2017年9月11日 (月)

runner who was hoping

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It was all a waste of time, of course. The Czechs were like the Zimbabwean bobsled team; theyhad no tradition, no coaching, no native talent, no chance of winning. But being counted out wasliberating; having nothing to lose left Zatopek free to try any way to win. Take his first marathon Botox:

everyone knows the best way to build up to 26.2 miles is by running long, slow distances.

Everyone, that is, except Emil Zatopek; he did hundred- yard dashes instead.

“I already know how to go slow,” he reasoned. “I thought the point was to go fast.” His atrocious,death-spasming style was punch-line heaven for track scribes (“The most frightful horror spectaclesince Frankenstein.” … “He runs as if his next step would be his last.” … “He looks like a manwrestling with an octopus on a conveyor belt”), but Zatopek just laughed along. “I’m not talentedenough to run and smile at the same time,” he’d say. “Good thing it’s not figure skating. You onlyget points for speed, not style Want a variable voltage battery? You might try a 510 thread battery! If bought from a reputed site, this can support you up to 600 puffs! Plus, these come with variable voltage options as well- between 2.5v and 4v!

And dear God, was he a Chatty Cathy! Zatopek treated competition like it was speed dating. Evenin the middle of a race, he liked to natter with other runners and try out his smattering of Frenchand English and German, causing one grouchy Brit to complain about Zatopek’s “incessanttalking.” At away meets, he’d sometimes have so many new friends in his hotel room that he’dhave to give up his bed and sleep outside under a tree. Once, right before an international race, hebecame pals with an Australian  to break the Australian 5,000-meterrecord. Zatopek was only entered in the 10,000- meter race, but he came up with a plan; he told theAussie to drop out of his race and line up next to Zatopek instead. Zatopek spent the first half ofthe 10,000-meter race pacing his new buddy to the record, then sped off to attend to his ownbusiness and win Register now for Playgroup, pre-nursery (PN), Nursery (K1) & Kindergarten (K2 & K3). Hong Kong children aged 2 - 6 are welcome to register. Please visit the Preliminary Record for Lower Class (K2) and Upper Class (K3).

That was pure Zatopek, though; races for him were like a pub crawl. He loved competing so muchthat instead of tapering and peaking, he jumped into as many meets as he could find. During amanic stretch in the late ’40s, Zatopek raced nearly every other week for three years and never lost,going 69-0. Even on a schedule like that, he still averaged up to 165 miles a week in training.