Word: training
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...revenue for S&P 500 companies comes from overseas, compared with just 30% a decade ago. Securities backed by mortgages on homes in Miami and Detroit are held by banks from Switzerland to China. So, how much does the U.S. really matter? "If the world economy were a train, we'd now have a greater number of engines pulling that train," says Sam Stovall, chief investment strategist at Standard & Poor's Equity Research. "However, the biggest engine is still the U.S., and as a result, the speed of that train depends...
...closed today, are being gradually opened, meaning ordinary citizens will eventually be free to invest some of their wealth outside the country - with Hong Kong, which is a Special Administrative Region of the mainland, as the likely first stop. Beijing last year proposed a new program, nicknamed "the through train to the Hong Kong stock exchange," that would allow individual Chinese to buy stock in Hong Kong for the first time. The city is a natural platform for Chinese investment, says Saskia Sassen, a Columbia University professor and a leading expert on global financial networks. "On one hand, Hong Kong...
...Among other measures, the proposal calls for smoothing immigration and customs procedures, coordinating airport and train facilities, and allowing money to flow more easily across the border. The proposal is rooted in a much grander vision than merely cutting bureaucratic red tape, however. The goal in melding Hong Kong and Shenzhen, the report said, is to create a megacity that, by 2020, would surpass London and Los Angeles as an international economic juggernaut. It's a quintessentially capitalist solution befitting a quintessentially capitalist city. Need to grow to keep pace with competitors? Find a merger partner. "I think a closer...
...officials recognize that a flood of mainland money could disrupt Hong Kong's markets. Last year, Chinese authorities cracked down on underground Shenzhen traders funneling yuan illegally into Hong Kong. Aware that speculative investment could destabilize Hong Kong, Chinese financial officials also appear to have indefinitely delayed the "through train," the program that would allow individual Chinese to invest in the Hong Kong stock market...
...authorities blocked access to an online video apparently showing drunk police officers in Henan province beating up a college girl that had been posted to several major video-sharing websites. And this week, mobile phone videos showing hundreds of people protesting against a proposed extension of Shanghai's maglev train line have appeared on YouTube as well as on mainland web portal Sina.com...