Word: curtailment
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...partners including Delta and Korean Air. "Air France is getting more and more successful, with bigger and more significant alliances," says David Learmount, operations and safety editor of Flight International magazine. "It has the capacity to expand - but not if its terminals fall down. This is going to seriously curtail the rate at which Air France can expand if the whole terminal has to come down because they find a design fault." Brun is anxious to contain the crash's long-term damage. He promises that existing capacity will allow Air France to proceed with planned expansion. But even...
...Outside of China's main financial hubs, however, there is a risk that attempts to curtail overly optimistic investments by clamping down on credit will be ineffective, because local lenders may not heed Beijing's edicts. For a nation that was once completely command controlled, the central government has surprisingly few ways to compel regional lenders to obey orders. In Chengdu, for example, capital of Sichuan province 1,500 kilometers from Beijing, a branch of the China Construction Bank recently approved loans to upgrade a steel mill in the town of Panzhihua. Jiang Wen, chief of the bank's business...
...trip to Europe last week, Wen made soothing, Greenspan-like sounds, saying China's outlook was "good on the whole" while noting "excessive" credit growth and overinvestment in some economic pockets, such as construction and steel manufacturing. He promised "resolute" measures to curtail profligacy. Indeed, Beijing has already made some moves. Regulators have increased banks' reserve requirements, reducing the amount of cash available for loans, and the central government is trying to curb rampant unauthorized development by local governments, promising punishment for those who ignore stop signs. Late last month, several Communist Party officials and a Bank of China manager...
...riding on whether Beijing's technocrats can manage a soft landing. China's investment boom is being driven in part by rampant borrowing, which the central government has tried to curtail by requiring banks to put more of their funds on reserve, thus taking money for loans out of circulation. The strategy seems to be having little impact, partly because China's banks have close ties to local governments, which often have stakes in local companies and property developments-a strong incentive to ignore Beijing and keep lending. "Irrational investments in redundant low-level construction projects ... have not been controlled...
...that China's economy is rising too fast are intensifying, and efforts by Beijing to let some of the air out of the balloon before it bursts have so far proved ineffective. The latest statistics, released last week, added to the alarm. Despite the central government's efforts to curtail unrestrained bank lending and excessive investment in sectors such as real estate and automaking, China's economy surged 9.7% in the first quarter this year, well above the government's 7% target. Another worrisome sign: fixed-asset investment spiked 43% in the first quarter, with the bulk of it going...