China Panic: Overnight Rate Hits 25%

China Panic: Overnight Rate Hits 25%

China Panic: Overnight Rate Hits 25%

Posted: 19 Jun 2013 10:42 PM PDT

The overnight repo rate in China has just hit 25%, an indication the credit market is now frozen. This month, liquidity tightened considerably.  Two government bill auctions failed, and several banks defaulted on their interbank obligations.  Overnight rates in the last few weeks surged to about 15% but had fallen back, settling in at just north of 7%.  The 25% rate indicates credit is becoming unavailable. Nothing is going right for China at the moment.  In the last few hours, the HSBC Flash PMI for June came in at 48.3, down considerably from the 49.2 final reading for May.  The country's problems are now starting to feed on themselves. What the People's Bank of China, the central bank, does in the next few hours could be critical.  One wrong move and defaults could roll through the country's banking system and take down struggling enterprises and debt-laden local governments. Follow me on Twitter @GordonGChang

India battles devastating monsoon floods

Posted: 19 Jun 2013 10:17 PM PDT

Early monsoon rains in northern part of country have left 120 dead, besides stranding thousands of Hindu pilgrims.

Chinese astronauts deliver lecture from space

Posted: 19 Jun 2013 10:40 PM PDT

Three astronauts take questions from 330 elementary and middle school students while in orbit.

Cuba and US to resume talks on migration

Posted: 19 Jun 2013 10:16 PM PDT

Official in Washington says negotiations between the Cold War-era enemies will take place on July 17.

Siemens Exits Solar Industry, Suffers $1 Billion In Losses

Posted: 19 Jun 2013 09:18 PM PDT

Siemens, the industrial conglomerate based in Munich, Germany, is shutting down its solar power division, which has suffered nearly $1 billion in losses over the past two years.

Neverwinter Review (PC)

Posted: 19 Jun 2013 09:15 PM PDT

If you're a Dungeons & Dragons purist looking for the latest PC adaptation of the classic fantasy tabletop game, Perfect World Entertainment's Neverwinter probably isn't what you're looking for.  If you're looking for a modern MMORPG with fantastic combat and high accessibility in the world of Forgotten Realms – Look no further.  Neverwinter combines aspects of traditional MMORPGs such as EverQuest or World of Warcraft and blends them with qualities of fast-paced ARPGs.  It's an electric mix that succeeds admirably, marking Cryptic Studios' best MMO to date.

State Of The Game: NVIDIA Talks SHIELD, GRID, Android, And The Future Of Gaming (It's Not Consoles)

Posted: 19 Jun 2013 09:03 PM PDT

NVIDIA has been a busy technology bee recently. Its Tegra SoC (System on a Chip) is at the heart of an increasing number of Android-based gaming products, including the Kickstarted OUYA and (likely) Mad Catz' MOJO, announced last week at E3—not to mention numerous smartphones and tablets. But NVIDIA, which issued the first Tegra chip back in 2008, is is no longer content to produce components for other vendor's products. At the end of June, the Santa Clara-based company will be releasing its SHIELD game controller/console, which it showcased to the public at E3.

China jails 19 Uighurs for religious extremism

Posted: 19 Jun 2013 08:40 PM PDT

BEIJING (Reuters) - Courts in China's far western region of Xinjiang have sentenced 19 ethnic Uighurs to up to six years in jail for promoting racial hatred and religious extremism online, in the latest crackdown on what China sees as violent separatists. All but one of those jailed were from the heavily Uighur southern part of Xinjiang, including eight from the old Silk Road city of Kashgar, the official Legal Daily reported on its website. ...

US Fed weighs slowing down bond-buying

Posted: 19 Jun 2013 08:37 PM PDT

Investors sell both stocks and bonds after Bernanke cites strengthening economy as reason for winding down programme.

China jails 19 Uighurs for religious extremism

Posted: 19 Jun 2013 08:40 PM PDT

BEIJING (Reuters) - Courts in China's far western region of Xinjiang have sentenced 19 ethnic Uighurs to up to six years in jail for promoting racial hatred and religious extremism online, in the latest crackdown on what China sees as violent separatists.

Where CEOs Are Most Confident In 2013

Posted: 19 Jun 2013 08:38 PM PDT

China Lending Crisis? Not For New Industries, Says Premier

Posted: 19 Jun 2013 08:38 PM PDT

China's Premier Li Keqiang said the government has to be mindful of lending, and where it should lend more is to new high tech manufacturing and not to manufacturers facing overcapacity. Of which there are many, by the way.

As Sanctions Bite, Iran Invests in Georgia

Posted: 19 Jun 2013 08:32 PM PDT

Economic sanctions against Iran have made it hard for Iranians to do business abroad. But Iranian businessmen are flocking to Georgia, a U.S. ally in the Caucasus region, to pursue profits.

Trial Begins for Finmeccanica Ex-CEO

Posted: 19 Jun 2013 07:39 PM PDT

The trial of Finmeccanica's former chief executive began, in which he faces fraud and corruption charges for allegedly overseeing the use of bribes to win a helicopter contract in India.

The Stuffed Brown Fox Wins Over Russia's Underdogs

Posted: 19 Jun 2013 09:31 PM PDT

A taxidermic fox—sitting cross-legged, with a vacant stare on its face—posed in satirical scenes is a sensation on the Web.

Fierce fighting for control of Syria's Aleppo

Posted: 19 Jun 2013 08:14 PM PDT

FSA fighters say they are trying to defend northern stronghold from government force armed with superior artillery.

India Second Asian Nation To Get Google Store

Posted: 19 Jun 2013 08:17 PM PDT

Not to be outdone by smartphone rival Apple, Google has taken to create their own stores and will have a foot in one of the biggest mobile markets in the world -- India --when it partners with Singapore-based Spice Global to open Android Nation in New Delhi's Select Citywalk Mall later this year.

World Digest: June 19, 2013

Posted: 19 Jun 2013 07:48 PM PDT

Seven al-Qaeda-linked gunmen detonated a pickup truck rigged with explosives at the gate of the U.N. compound in Somalia's capital Wednesday morning, launching a bombs-and-gunfire assault that saw militants pour into the complex, killing at least 13 people, including three foreigners, officials said.

Read full article >>
    

Anti-Putin Activists Could Face 10 Years In Prison For Protests

Posted: 19 Jun 2013 07:29 PM PDT

Add two more activists to Russian President Vladimir Putin's most wanted: Left Front members Sergei Udaltsov and Leonid Razvozzhayev were charged by federal prosecutors with organizing anti-United Russia parties on May 6, 2012, two months after the election of Putin. They might face 10 years behind bars as a result.

Vladimir Putin

Posted: 19 Jun 2013 07:29 PM PDT

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