Word: barber
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...There are certainly signs that some aspects of China's recovery are ephemeral. Part of the reason China's stock market has soared is that Chinese companies have received so much cheap financing that they have dumped proceeds into the equity market for lack of better alternatives. Andrew Barber, Asia strategist at Research Edge, a New Haven, Conn., investment-research firm, estimates that up to 30% of new bank lending this year has wound its way into equities. Why isn't the money going into new businesses? The evidence suggests that in key parts of the economy growth remains anemic...
...Little Big China Those caveats are important. But China's technocrats are well aware of the risks they are running. "They came into this [crisis period] with eyes wide open," says Barber, recognizing that loans being granted in a relatively weak economic climate could start to go bad in droves. The country's once shaky financial sector was cleaned up several years ago - in 2007, nonperforming loans amounted to just 3% of total bank assets - and vehicles set up to deal with China's last banking crisis still exist. In other words, Beijing thinks its financial system is strong enough...
...what happened to have been said, but it should be more a full record of what was intended to have been said." No wonder one of Lynton's White House antagonists, Karen Clark (Mimi Kennedy), says that "Lynton is an absolutely lunatic... Voices in his head are now singing barber-shop together...
...late morning, though a state-appointed manager will manage it for the time being, while the owner is forced to prove, under a special Italian statute, that he is clean of Mob ties. Police allege that top bosses from the Alvaro-Palamara faction of the Calabrian Mafia used a barber from a small rural town in Calabria as a frontman to buy the historic café in 2005 for some $350,000 dollars, though its commercial value is estimated at $60 million. Italian authorities suspect that the difference between the official price tag and real value was passed under...
...last year. Speculative froth in China's financial markets abounds. Long-futures interest on copper contracts on the Shanghai Metals Exchange - bets that the price of copper will continue to rise - recently exceeded the total amount of copper delivered into China in 2008. Research Edge's Barber believes Beijing is buying current growth at the expense of the future. Politically, he acknowledges, Beijing's leadership may not have had any other realistic choice when the developed world collapsed last fall. "But I have no doubt there will be pain down the road" because of the lending binge, he says...