Word: pricing
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...next time you complain about the high price of gas, think of Mr. Ma. The owner of small logistics firm in Beijing, Ma was forced to shut it down temporarily earlier this week after he simply couldn't find enough diesel to fuel his company's 20 trucks. "Gas stations even serving diesel have been difficult to come across," says Ma, who didn't wish to give his first name. "I'm losing 100,000 renminbi...
...effort to ease the pressure, China's economic planner, the National Development and Reform Commission, on Wednesday announced an almost 10% increase in domestic gasoline and diesel prices, calling the move an "urgent step" needed to tamp down demand and encourage refiners to ramp up production. The price hike is likely to alleviate the shortages - that is, until the next increase in global crude prices, says Gordon Kwan, a Hong Kong-based oil and gas analyst for CLSA Ltd. "When retail prices [in China] are nearly a third lower than in the rest of the world, why would producers want...
...addition to the price increase, which went into effect Thursday, the government also said it will require the country's biggest refiner, state-owned China Petroleum & Chemical Corp., known as Sinopec, to increase output and imports of oil products. Sinopec said Wednesday it will run its refineries at full capacity in November, bearing "heavy losses" to guarantee market supply. It will also halt all exports of gasoline and diesel for the time being. As in the past, however, any losses will likely be covered by billions of dollars in government subsidies...
...Their total investment of more than $130,000 was a total loss, but at least Lo was in good company. David Price, a horse trader based in Hong Kong, reckons that at least a quarter of the thoroughbreds brought into the city turn out to be financial black holes. He believes owners should pat themselves on the back if they're able to recoup a horse's livery fees through prize money. Snagging a champion horse requires lots of luck. "All the things in a [winning] horse - courage, constitution, the will to win - are things you can't see," says...
...Still, the skeptics remain, noting for example that the price tag of what was once billed as a $100 laptop is now closer to $200. Moreover, the original strategy of getting six of the largest developing countries - Argentina, Brazil, Pakistan, Thailand, Nigeria and Libya - to commit to buying one million units stalled in August. The governments in China and India have also been resistant, convinced that they can do something similar on their own. Negroponte's response has been to open up the program to individuals and companies, launching in mid-November in the United States a "Give...