Word: cheaping
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...powers, especially Beijing. China has begun to give arms and planes to Zimbabwe; in return, the MDC charges, Zimbabwe is giving China land. The Chinese government is helping to build Mugabe a new mansion on the outskirts of Harare, the capital. And Chinese traders are flooding the country with cheap shoes and clothes - and immigrants to sell them, too. The crackdown on Zimbabwean sellers will remove competition in this sector, alleges MDC leader Morgan Tsvangirai. "The Chinese are not so interested in short-term material gain; they're after long-term influence and power in the region," says Isaac Maposa...
...course, it isn't just China's undervalued currency that makes its TVs and T shirts so irresistibly cheap to American shoppers. It's the low wages paid to the people who produce them. U.S. policymakers acknowledge that the wage differential won't be erased by a small rise in the yuan's value (say 5%), and they recognize that the Chinese are unlikely to go along with a more consequential one (say 25%). But the Administration feels some heat needs to be put on China to ward off protectionist measures in Congress. Indeed, Alan Greenspan pointed out last week...
...years, Beijing has fixed the value of the yuan at 8.28 to the dollar. But as the value of the dollar has fallen, complaints from U.S. manufacturers have grown louder that if the yuan were allowed to rise to its true value, Chinese imports wouldn't be so cheap, compared with U.S.- made products. "The situation right now with China's currency," Treasury Secretary John Snow told TIME, "is risky and unsustainable...
...what should the patient bargain hunter be buying in Asia today? Wadhwaney suggests looking at out-of-favor Japanese stocks such as Asatsu-DK Inc., an advertising agency that's "extremely cash rich," well positioned in an industry that's ripe for consolidation, and "very cheap." He also likes Nichicon Corp., a producer of aluminum capacitors?ubiquitous components in electronic products. It's an acutely cyclical industry that's deeply depressed, but Nichicon?like every company Wadhwaney owns?is so well capitalized that it will undoubtedly survive while he waits for the downturn to pass. In the meantime, he adds...
...well-financed Hong Kong bank, as well as property in mainland China. The stock, listed in Hong Kong, trades at a 50% discount to its net asset value. It could take years for other investors?or acquirers?to notice how undervalued it is, but when you find something this cheap, says Wadhwaney, "you buy and buy and buy?and then you wait...