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  1. Business - Comment - MONITOR

    China's excess of industrial capacity nears danger level

    Posted Sep 24th 2013, 12:00am by Tom Holland

    ... Tom Holland The only option for Beijing is to close surplus plants, but it's doubtful the leadership has the political stomach for forcing through tough measures China's excess of industrial capacity nears danger level When China announced a massive stimulus programme in late 2008, the intention was to boost economic growth in the short term by investing in the infrastructure ...

  2. Demand for corporate bond issues pressures China banks

    Posted Jan 25th 2006, 12:00am by Tom Holland

    ... Tom Holland China's companies need the ability to issue bonds, yet the development of the country's corporate debt market is glacially slow. Critics blame stick-in-the-mud ... permission to issue them. The problem, say critics, is the reluctance of China's state planning authority, the National Development and Reform Commission (NDRC), to sanction new corporate debt ...

  3. Business - Comment - MONITOR

    China Inc's balance sheet is flashing danger signals

    Posted Sep 20th 2013, 12:00am by Tom Holland

    ... Tom Holland Mainland's recent lending boom has pushed corporate leverage into a potentially perilous state in terms of ratio of operating cash flow to debt China Inc's balance ... Asia, we should pay attention to corporate leverage and solvency. China has to have an economic contraction to cleanse the system GILLEM TULLOCH, FORENSIC ASIA Tulloch's preferred measure ...

  4. A 4 trillion yuan splash, but a lot less 'real water'

    Posted Nov 11th 2008, 12:00am by Tom Holland

    ... budgeted for investment in railways between 2006 and 2010. It also included 120 billion yuan a year of corporate value-added tax cuts that have been in the pipeline for months and come into effect ... weaker. Certainly, the China economists at Morgan Stanley are unimpressed. Yesterday, they cut their growth forecast for 2009 from 8.2 per cent to just 7.5 per cent, despite the promised ...

  5. High-profile banker keeps his head down

    Posted Sep 26th 2005, 12:00am by Tom Holland

    ... and the sale of Railtrack- Britain's crumbling railway network. More recently, and closer to home, he also played a crucial role in the 2000 acquisition of Hongkong Telecom by PCCW. He hopes ... the mainland, like the expected initial public offering for the Bank of China (BOC) for which UBS won the joint mandate last month. Mr Tapner, 46, has worked for a series of companies in his 22-year ...

  6. Worst of corporate pain still to come for Asia, IMF warns

    Posted May 08th 2009, 12:00am by Tom Holland

    ... and most of it still lies in the future. For corporate Asia and its bankers, this crisis is far from over. The start of the 1997 currency collapse caught many Asian companies in a highly vulnerable ... as 55 per cent of GDP in China, according to one estimate). At first sight, the current crisis looks even worse. As the developed world's demand for Asia's exports evaporated late last ...

  7. Strong economic growth veils dire corporate situation

    Posted Jul 13th 2005, 12:00am by Tom Holland

    ... being felt at the corporate level in China. Debt-fuelled over-investment- fixed-asset investment now accounts for more than half of China's economy- has spawned cut-throat competition, ... Tom Holland China's export machine is running at full throttle, consumer demand is buoyant and the overall economy is growing as strongly as ever. Yet China's companies ...

  8. Business - Comment - MONITOR

    Shareholders must have right to hold managers to account

    Posted Oct 28th 2013, 04:32am by Tom Holland

    ... their knowledge of accounting. Three of us were duly sent to the Hong Kong office of one of the Big Four accountancy firms for a morning's lesson on how to decode corporate balance sheets and income statements. The accountant lecturing us also meant well. To grab our attention, he started off by handing out photocopies of a newspaper report- from the South China Morning Post as it happened- ...

  9. Business - Comment - MONITOR

    Ratings are not credit- and a new agency won't change that

    Posted Oct 11th 2013, 12:00am by Tom Holland

    ... ratings largely worthless should have become clear to the rest of the world in the run-up to the 2008 crisis. In 2007, just seven US corporations carried the coveted AAA top credit rating. Yet ... Dagong Global Credit Rating (which made a splash in 2010 when it rated China more creditworthy than traditionally AAA-rated borrowers like France). Yesterday, the chairman of Universal's ...

  10. Coke-Huiyuan deal poses a thorny problem for Beijing

    Posted Sep 05th 2008, 12:00am by Tom Holland

    ... with Tom Holland The proposed HK$19.65 billion takeover of China Huiyuan Juice Group by Coca-Cola presents the mainland authorities with an interesting dilemma. On one hand, no company ... of 'economic security'. With Huiyuan ranked among the mainland's top 25 domestic brands by the China Brand Union Association, the company may well be famous enough for officials to want ...




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