MNI with a heads up for a piece from Xinhua News Agency
Reporting on comments from Li Xinchuang, head of China Metallurgical Industry Planning and Research Institute:
Closing excessive steel-production capacity may result in 400,000 job losses
More jobs will be lost in associated upstream and downstream businesses
Large-scale job losses in the steel industry may threaten social stability
Social stability is a very big concern of the Chinese administration. Structural reform of the Chinese economy is creating costs like stability costs. I don’t know how Chinese authorities will deal with this. There are suggestions some displaced workers will return to rural areas.
I am not expert on this, but its a very scary prospect.-
Xinhua News Agency is the official press agency of the People’s Republic of China
We all have different personal strengths and weakness. Many people focus on transforming a weakness into a strength. While that is admirable, the reality is that it’s not always possible. Although I agree with the basic idea of brain plasticity, and I whole-heartedly agree with the idea of always striving for self-improvement, I also know that as humans we have a certain degree of natural-born temperament and not everything about us can be changed.
Although we can’t always build or change every weakness into strength, the good news is that we can always leverage our strengths, if we know how. And that is mighty powerful. It’s so powerful that if you leverage the right strengths in the right way they can do an excellent job of not just counter-balancing your weaknesses, but can propel you so far ahead that those weaknesses pale in comparison.
One of the most powerful things you can do for yourself is identifying your natural strengths and then work to see how you can build on them.
We all have different personal strengths, and knowing how to leverage them is an important part of successful trading. A major consideration here is that you try to identify and leverage your own personal strengths, and not simply copy someone else’s. All too often I see struggling traders running from one style to another style whenever they see someone else’s success. One of the primary reasons why copying someone else’s trading style doesn’t always pay off in trading is because of different personal strengths.
The question of who will be the next chairman of the Federal Reserve may be one that President Barack Obama is chewing over while on holiday on the Massachusetts island of Martha’s Vineyard.
It’s one that is likely to move to the front of investors’ minds once the autumn begins. Mr Bernanke’s second term expires on January 31, and the current chairman has given no indication he wants a third.
Bloomberg has today published a survey of 63 economists looking both at who they want and who they would prefer as the successor. Here’s a quick snapshot of the findings:
65 per cent expect President Obama to pick Janet Yellen, currently Mr Bernanke’s deputy Read More
President Barack Obama is still considering several candidates for the chairmanship of the Federal Reserve and will announce his decision in the coming months.
Responding to questions at a press conference in Washington, Mr Obama said that both Janet Yellen and Lawrence Summers, two candidates who have been named as likely nominees, were “highly qualified” but that he was still evaluating other suitors.
Mr Obama called the decision one of the most important choices of his presidency.
The US president said the next chairman would need to set policy that bolsters the slow recovery underway: Read More
“What good can come from comfort? It’s not going to be art. I think there’s a false ideal out there, to some people — maybe younger people — they might think “I could be an artist and I don’t have to work.”
“But I think calling yourself an artist, you have to work three times as hard as someone with a punch-clock job. Because if you punch in, you have a responsibility at your job, but you can also do what you’re told, and work the machine, whatever you’re doing, do whatever is already there for you… do what’s expected of you of that job.
“But if you are an artist and you have to create something from nothing — there is nothing on this canvas, nothing on this tape, we have to create something that didn’t exist before — that’s ultra-responsibility, super-responsibility isn’t it.”
Traders and investors bear a “creative responsibility” in respect to creating something from nothing… starting with a blank canvas (portfolio) and producing profitable and worthwhile results over time.
This notion reflects the craftsmanship embedded in the investment process… trade selection… methodology and process design…
As an active market participant, do you see yourself as an artist too? How do you embrace the creative responsibility that comes with such?
I don’t think they will end QE. I rather think they will have to increase it because as you print money or as you purchase assets, from a central banking point of view, it loses its impact over time. In order to keep the impact going, you have to essentially increase it. I believe that the Dovish members of the Fed will print more money. Especially after the resignation of Mr. Bernanke early next year, when he will be replaced, there will be even more Dovish members.
… until the system breaks down. My view would be that there will be money printing, and the problem with money printing is always that you don’t control where it goes to.
On the money-printers coming to their senses? Read More
Reserve Bank of India (RBI) Governor Duvvuri Subbarao said on Saturday he has not yet been offered to stay on in his job after his five-year term comes to an end in September.
“No offer has been made so far, so there is no question of accepting so far. It is a hypothetical question. As I said before, I must move on,” Subbarao said on the sidelines of a meeting of the world’s financial leaders in Moscow.
Subbarao was appointed as the central bank chief on September 5, 2008 for three years and was later given an extension for another two years.
Speculation that he would get another extension has increased recently, as some believe that the government would prefer to make no changes until elections in May.
India is going through difficult economic times, battling a weakening currency, a record high current account deficit, lowest growth in a decade and still elevated inflation.
The Fed’s plans hinge on economic growth picking up, super-low inflation returning to 2% and hiring staying strong. But the Fed would rethink its timetable if the economy doesn’t deliver on these expectations.
He looks at four questions the Fed is trying to answer:
Is Job Growth Sustainable?
Is the Jobless Rate Overstating the Labor Market’s Health?
At least 47% of graduates in India are not employable for any industry role, according the latest report by employability solutions firm Aspiring Minds.
The report is based on a pan-India study of 60,000 graduates across colleges.
According to the report, 47% graduates are not employable in any sector of the knowledge economy. The employability of graduates varies from 2.59% in functional roles such as accounting to 15.88% in sales-related roles and 21.37% for roles in the business process outsourcing (BPO/ITeS) sector.
A significant proportion of graduates, nearly 47%, were found not employable in any sector, given their lack of proficiency in English and cognitive skills.
Since a graduation degree is considered a pathway to a job in the knowledge economy, substantive intervention at the school and college level is needed to improve basic skills of students. A renewed focus on vocational training should be re-emphasised, said the report.
The employability varies from role to role based on varying degrees of proficiency required in language and cognitive skills. Read More