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...Experts talk of China's maritime rise in the same continuum as that of the British Royal Navy in the days of Victorian empire, and the U.S. fleet during the Cold War. At present, China's naval capabilities are still that of a regional power - its own state planners aim for the PLA to finally have "risen" only in half a century's time. By then, the world could be very a different place. The Chinese navy could act as a stabilizing force - or a source of conflict that threatens its neighbors. "It should not shock us that they...
...mood among those already listed on AIM has soured, too. For the first time in its 14-year history, more companies left the exchange than listed on it last year. The reasons aren't hard to come by. In a survey of the businesses delisting in the year to April by law firm Trowers & Hamlins and accountants UHY Hacker Young, financial pressures or insolvency, as well as the cost of maintaining an AIM listing - paying for non-exec directors and other services can add up to $300,000 a year - accounted for a large chunk of those leaving. Others...
...blow to a market that was one of the world's most dynamic in recent years. Offering businesses a dip into London's deep investor pool, but with a light regulatory burden, AIM had lured 1,700 companies from more than 30 countries at its peak in late 2007. That figure now stands at 1,500 and shrinking. Among firms valued at less than $7.5 million - almost 40% of all companies listed on AIM - "there's quite a strong feeling that if things aren't going to improve in the near future, they're minded to look at coming...
...AIM rebound? Its owner, the London Stock Exchange (LSE), is currently lobbying the government against rules that forbid Venture Capital Trusts (VCTs) from investing in AIM firms above a certain size. The limits have virtually wiped out funding from that source. The Exchange also wants VCTs to be able to pick up shares in the secondary market - something they're currently prevented from doing - not solely through new listings. The LSE also recently launched a service providing research on AIM companies which lack the kind of independent analysis wavering investors are after. (See pictures of the global financial crisis...
...while the LSE predicts the market for new listings will recover next year, expect "a wholesale change in the way AIM looks," says Cowie. U.K.-based firms have quit the market at more than twice the rate of overseas businesses in the last 18 months, he says, and the dwindling presence of smaller companies means the firms that remain will be bigger, forcing up the exchange's average market cap. Investors already look set to buy in. The AIM index is still down year-on-year but it's up 30% so far this year, far more than its bigger...