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Jan 1, 2012

China probes illegal futures exchanges | Caixin Online - MarketWatch

By Wang Ziwu and Wang Shenlu 

BEIJING ( Caixin Online )A new State Council draft regulation has cast a shadow over futures exchanges that have popped up in China in recent years. Released on Dec. 21, it says local governments may be held responsible for investigating and punishing illegal exchanges.
The draft follows a circular that the State Council, China’s cabinet, released on Nov. 11. This circular, known as Document No. 38, required the China Securities Regulatory Commission (CSRC) and provincial governments to form a commission to grant approval to various types of exchanges for items ranging from art to commodities. The CSRC was also told to coordinate the work of various departments and provincial governments in sorting out illegal futures exchanges. 

 About Caixin
Caixin is a Beijing-based media group dedicated to providing high-quality and authoritative financial and business news and information through periodicals, online and TV/video programs.


In late November, a source close to the CSRC said it and local governments had conducted surveys on various types of exchanges. Local governments were told to complete and submit the survey by the end of December.

Assessment

The exchanges include those used as trading platforms for artwork and wine and new types of e-trading platforms for commodities and precious metals.
“Most of these exchanges operate under the banner of ‘financial innovation,’ involving complex local interests,” an industry insider said.
A source close to regulators said that the CSRC-led survey was a preliminary attempt to monitor the local operations.
Document No. 38 stipulates several banned activities on operating exchanges, including anonymous trading.
The Dec. 21 draft goes further, stating: “Without receiving approval from a State Council futures regulatory institution, no entity or individual may establish a futures transaction market or organize a futures exchange or related activities in any form.”
Official statistics show there are more than 300 exchanges operating around the country. Some have the approval of local governments, but others do not.

Interest intertwined

Industry insiders said that implementation of Document No. 38 will likely be carried out by local governments. They added that how the joint commission handled the clean-up, and continuing oversight was an open question.
Additionally, ministries and local government official disagreed over how to sort out the exchanges.
Tianjin Vice Mayor Cui Jindu defended their existence. “The Property Law stipulates that property can exist in different forms. It is out of this consideration that we approved innovation in transaction models at exchanges.”
Some local officials said the exchanges boost local economies, but Document No. 38 would appear to ban some of these trading activities.
“We hope the CSRC can make detailed rules and regulations defining which types should be restricted and which should not be,” a local government financial supervision official said.

Search engines required to post China bank links Government cites phishing concerns for new rules | Caixin Online - MarketWatch

By Jin Qing

BEIJING ( Caixin Online ) — China’s top search engines are now required to post the links of five state-owned banks at the top of every search page.

 About Caixin
Caixin is a Beijing-based media group dedicated to providing high-quality and authoritative financial and business news and information through periodicals, online and TV/video programs.

The Ministry of Public Security (MPS) issued the requirement in an announcement on Friday.
The MPS cited recent online security concerns and said the search engines have agreed to comply.
The top 10 search engine companies operating in China, including Baidu BIDU -0.04%  , Bing MSFT +0.04%  , Sogou SOHU +0.20%   and Yahoo YHOO +0.06%  and six others now must post the official website links to Industrial Bank of China CN:601398 +0.95% IDCBF -3.28% , Agricultural Bank of China CN:601288 +0.77% ACGBF -2.20% , Bank of China CN:601988 +0.34% BACHY -0.22% , China Construction Bank CN:601939 +0.67% CICHF -0.73% , and Postal Savings Bank of China, along with China UnionPay and CebNet. 

A representative with the MPS said that financial institutions reported phishing attacks, or the siphoning of user passwords, claiming that customers have lost private data since 2010. See this report at Caixin Online.

Source:  MarketWatch.com

ICE Futures U.S.: The Weekly ICE Commentary Videos Are on Holiday!



The weekly video market commentaries by Nick McDonald of Trade With Precision are on holiday until Sunday, January 8. The regular schedule resumes then with two technical analysis videos, one focused on the Russell 2000® mini futures markets and major US equity indexes and the other on ICE US Dollar Index® futures and the forex markets.

You can find the technical market analysis videos on www.icecommentary.com. The videos are posted by 8  PM ET every Sunday and remain on the site until the next week’s videos are posted.
ICE wishes you peace and prosperity in the New Year.

NYT Global Update: Future in Mind, E.U. Plans for Less Unanimity

Global Update



TOP NEWS

Future in Mind, E.U. Plans for Less Unanimity

By STEPHEN CASTLE
Legislators are coming up with plans intended to work with smaller groups of countries when all 27 can't agree.

Palestinians and Israelis Will Talk This Week

By ETHAN BRONNER
Palestinian and Israeli negotiators will meet in Jordan on Tuesday in an effort to revive moribund peace talks, although none of the sides involved suggested any reason to view the meeting as a sign of significant progress.

After Struggle on Detainees, Obama Signs Defense Bill

By MARK LANDLER
President Obama fought provisions of a $662 billion spending measure that would have forced him to try terrorism suspects in military courts and impose strict oil sanctions on Iran.
Multimedia

Video Feature: Year in Review 2011

Staff members from The New York Times discuss some of the major stories of the year.
Opinion

Op-Ed Contributor

Sri Lanka's Ghosts of War

By NAMINI WIJEDASA
If Sri Lanka wants true reconciliation, the government must take responsibility for civilian deaths during the civil war.
WORLD
Culture and Control

China TV Grows Racy, and Gets a Chaperon

By EDWARD WONG
A dating show helped set off the toughest crackdown on television in years, exposing the tension at the heart of the Communist Party's control of entertainment.

In Tsunami Aftermath, 'Road to Future' Unsettles a Village

By NORIMITSU ONISHI
The tiny village of Babanakayama, Japan, had plans to build a road to resettle on higher ground, but opposition has sidelined the project.

Iran Says It Has Produced First Nuclear Fuel Rod

By THE ASSOCIATED PRESS
Iranian scientists have produced the nation's first nuclear fuel rod, a feat of engineering the West has doubted Tehran capable of, the country's nuclear agency said Sunday.
BUSINESS

No Fireworks for Euro as It Reaches the 10-Year Mark

By NICHOLAS KULISH
A decade after the celebrated introduction of the European currency, the word "euro" in a headline is usually paired with the word "crisis."

Manufacturing in China Grows Only Slightly in December

By REUTERS
The purchasing managers' index indicated a slight expansion in business activity in China's vast factory sector, but the reading was barely above 50, which demarcates expansion from contraction.
Economic View

I Just Got Here, but I Know Trouble When I See It

By N. GREGORY MANKIW, CHRISTINA D. ROMER; TYLER COWEN; ROBERT H. FRANK; ROBERT J. SHILLER and RICHARD H. THALER
Jobs. Europe. Housing. Health care. The writers of the Economic View column examine these and other big issues of the new year, and possible ways to solve them.
TECHNOLOGY
Novelties

Defining Words, Without the Arbiters

By ANNE EISENBERG
Wordnik, the online dictionary, brings some of the Web's vox populi to the definition of words. It shows "what's out there right now," one of its founders says.
Corner Office | John Donovan

Strive for Results, Not for the Accolades

By ADAM BRYANT
John Donovan of AT&T says that getting credit for accomplishments isn't as important as assembling and leading the best team.
Workstation

The Year of the Multitaskers' Revenge

By PHYLLIS KORKKI
Technology's continuing onslaught, and employees' responses to it, will be central issues for the American workplace of 2012.
SPORTS

Tales of the Unexpected in Premier League

By ROB HUGHES
In defeating Manchester United, Blackburn said much for the integrity, and the competitive nature, of a league that classes itself the best on earth.
Soccer Roundup

Manchester United Is Upset; Still Trails Manchester City

By THE ASSOCIATED PRESS
Grant Hanley's goal in the 80th minute broke a 2-2 tie and spoiled the 70th birthday of Alex Ferguson, the manager of Manchester United.

United Aims for Sole Possession of Premier League Lead

By ROB HUGHES
Alex Ferguson has warmed up to the last weekend of 2011 with two 5-0 victories, and a third on Saturday could take his team to where it started the year: alone atop the Premier League.
U.S. NEWS

F.D.A. Finds Short Supply of Attention Deficit Drugs

By GARDINER HARRIS
A partnership between the Drug Enforcement Administration and drug makers is behind a shortage that is prompting a wave of complaints to the Food and Drug Administration.

Chief Justice Defends Peers' Hearing Case on Health Law

By ADAM LIPTAK
Comments by Chief Justice John G. Roberts Jr. amounted to a vigorous defense of two of his colleagues on the Supreme Court, Justices Clarence Thomas and Elena Kagan.

In Washington, Large Rewards in Teacher Pay

By SAM DILLON
In a new system to retain young talent, about 476 teachers received sizable bonuses this year, with 235 of them getting unusually large pay raises.
OPINION
Editorial

A Tempestuous Year

Is there a connection between last year's extreme weather and global warming? If the Republicans in Congress were less hostile to climate change research we might know.
Opinion

New Rules for the New Year

By BILL MAHER
Forget egocentric New Year's resolutions. It's time for New Rules for how the world should work.
Opinion

Serving With Saddam's Ladle

By LAURA BLUMENFELD
I ran back and forth between the Sabbath meal and the bidding on eBay for a ladle once owned by Saddam Hussein.

ABC News Australia | Business - Morning Edition Top Stories:Tarnished euro marks 10-year anniversary


Arab body calls for monitors to leave Syria

An advisory body to the Arab League has called for the immediate withdrawal of its monitors from Syria.
More »

 More Top Stories »

The Drum



2011 was a bad year, 2012 will be much worse

And so, here we are again. The end of 2011 looms, the stern faces of Janus looking back on what has been and saying, "well that was crap", and forward to what will be and saying, "it just gets worse".
And indeed it is a comfort, as we contemplate the living hell that has been this year, to think that next year will definitely be much worse.
But before we struggle on into the vale of tears that is the future, let's reflect on what we've all just been through.
More »



More Analysis »



Australia



 

Dozens of drug busts at music festivals

More than 160 people were arrested on drugs charges at New Year's Day music festivals in Sydney and Melbourne.
More »



 More Australia »


Business





Tarnished euro marks 10-year anniversary

European leaders have predicted more economic gloom in 2012 amid muted celebrations for the 10th anniversary of the euro single currency, far from the fanfare which heralded its arrival a decade ago.
More »
 More Business »

NYT Today's Headlines: Obama to Turn Up Attacks on Congress in Campaign

Today's Headlines


TOP NEWS

Obama to Turn Up Attacks on Congress in Campaign

By MARK LANDLER
The president will seek to show that he has taken unilateral actions on the economy in the face of the legislative stalemate with Republicans.

F.D.A. Is Finding Attention Drugs in Short Supply

By GARDINER HARRIS
The Food and Drug Administration has received complaints about drug shortages for attention deficit hyperactivity disorder, and has pointed a finger at the Drug Enforcement Administration.

Over Phones and Greasy Pizza, a Battle for Iowa

By A. G. SULZBERGER and MICHAEL BARBARO
Far from candidates' spotlights, hundreds of aides and volunteers are waging an unglamorous ground war unfolding with hidden intensity.
QUOTATION OF THE DAY
"Lots of teachers leave the profession, but this has kept me invested to stay. I know they value me."
TIFFANY JOHNSON, a special-education teacher in Washington who received a 38 percent raise and bonuses totaling $30,000 under a new incentive pay system.

World

Video: A Date With the Censors

Reality TV shows have become common on Chinese television but the sometimes racy and materialistic content has also attracted the attention of China's censors.
Sunday Review

Interactive Feature: An Imperfect Political Weather Vane

A heartland sampler of statistics is presented to reflect the Iowa caucuses' vital, sublime and (some might even be tempted to say) ridiculous role in the democratic process.
WORLD

China TV Grows Racy, and Gets a Chaperon

By EDWARD WONG
For decades, China's Communist Party has pushed television networks here to embrace the market, but conservative cadres have grown increasingly fearful of the kinds of programs that court audiences.

Orphans' Defender Jostles With Afghan Corruption

By ROD NORDLAND
The director of Afghanistan's orphanages is trying to improve their management but must confront pervasive corruption and political favoritism.

In Tsunami Aftermath, 'Road to Future' Unsettles a Village

By NORIMITSU ONISHI
The tiny village of Babanakayama, Japan, had plans to build a road to resettle on higher ground, but opposition has sidelined the project.
U.S.

Chief Justice Defends Peers' Hearing Case on Health Law

By ADAM LIPTAK
Comments by Chief Justice John G. Roberts Jr. amounted to a vigorous defense of two of his colleagues on the Supreme Court, Justices Clarence Thomas and Elena Kagan.

In Washington, Large Rewards in Teacher Pay

By SAM DILLON
In a new system to retain young talent, about 476 teachers received sizable bonuses this year, with 235 of them getting unusually large pay raises.

A Farewell to Cheetah, the Original or Otherwise

By KIM SEVERSON
To the 60 or so mourners who gathered in front of a chimpanzee's Florida cage on Saturday, it didn't matter whether he was the grinning sidekick of the "Tarzan" films.
POLITICS

After Struggle on Detainees, Obama Signs Defense Bill

By MARK LANDLER
President Obama fought provisions of a $662 billion spending measure that would have forced him to try terrorism suspects in military courts and impose strict oil sanctions on Iran.

Last-Minute Scramble as Caucus Night Nears

By JEFF ZELENY and JIM RUTENBERG
Mitt Romney and Newt Gingrich began their final appeals of 2011 in a G.O.P. presidential contest that remains fluid.

Group's Ads Rip at Gingrich as Romney Stands Clear

By NICHOLAS CONFESSORE and JIM RUTENBERG
An advertising deluge against Newt Gingrich by a group supporting Mitt Romney shows how a court ruling has created powerful ways for outside money to influence elections.
BUSINESS
Economic View

I Just Got Here, but I Know Trouble When I See It

By N. GREGORY MANKIW, CHRISTINA D. ROMER; TYLER COWEN; ROBERT H. FRANK; ROBERT J. SHILLER and RICHARD H. THALER
Jobs. Europe. Housing. Health care. The writers of the Economic View column examine these and other big issues of the new year, and possible ways to solve them.

Your Recycled Resolutions Are a Boon for Business

By NATASHA SINGER
The self-improvement industry thrives on New Year's resolutions gone awry. After all, if you don't lose those pounds or stop smoking this year, you'll probably try again in 2013.

No Fireworks for Euro as It Reaches the 10-Year Mark

By NICHOLAS KULISH
A decade after the celebrated introduction of the European currency, the word "euro" in a headline is usually paired with the word "crisis."
TECHNOLOGY
Novelties

Defining Words, Without the Arbiters

By ANNE EISENBERG
Wordnik, the online dictionary, brings some of the Web's vox populi to the definition of words. It shows "what's out there right now," one of its founders says.
Unboxed

Even a Giant Can Learn to Run

By STEVE LOHR
Samuel J. Palmisano, who is departing as I.B.M.'s chief executive, devised four questions that pushed his huge company to stay a step ahead of its rivals.
Corner Office | John Donovan

Strive for Results, Not for the Accolades

By ADAM BRYANT
John Donovan of AT&T says that getting credit for accomplishments isn't as important as assembling and leading the best team.
SPORTS
Knicks 114, Kings 92

Stoudemire Sits, but a Rookie and a Veteran Stand Tall

By HOWARD BECK
The rookie Josh Harrellson had 14 points and 12 rebounds in his first start, and Tyson Chandler, a defensive specialist, had 22 points and 7 rebounds.

From the Sideline to the Bottom Line

By JAMES K. GENTRY and RAQUEL MEYER ALEXANDER
A review of the contracts for more than 40 major college football coaches reveals a wide variety of salary increases, lucrative bonuses and desirable perks.

Sanchez, Used to Stability, May Soon Confront Uncertainty

By BEN SHPIGEL
Unless the Jets overcome long odds Sunday to make the playoffs, Mark Sanchez could be forced to confront significant changes.
ARTS
Art and Design

Apropos Appropriation

By RANDY KENNEDY
Beyond the legal questions in a copyright infringement lawsuit involving the artist Richard Prince, the case asks if the flow of creative expression, riding a tide of instantly accessible digital images, can be slowed.
Pop Music

The Year When Rock Just Spun Its Wheels

By JON CARAMANICA
This year may well be remembered as the most numbing ever for mainstream rock.
Classical Music

Occupying the Arts, a Seat at a Time

By ANTHONY TOMMASINI
Classical music, like other performing arts, has long depended on the 1 percent while also struggling to fight the perception - an unfair perception - that it is elitist and inaccessible.
NEW YORK / REGION

Intervening After Robbery, an Off-Duty A.T.F. Agent Is Killed

By AL BAKER and TIM STELLOH
The special agent for the Bureau of Alcohol, Tobacco, Firearms and Explosives was fatally shot after confronting a robbery suspect outside a pharmacy.
City Room

Surging Back Into Zuccotti Park, Protesters Are Cleared by Police

By COLIN MOYNIHAN and ELIZABETH A. HARRIS
More than 500 people associated with the Occupy Wall Street movement gathered in Zuccotti Park, held a general assembly meeting, chanted the now familiar slogan "We are the 99 percent" and experienced a bit of friction with police officers.

The Year Ahead (We Expect)

By CLYDE HABERMAN
The Metro reporters of The New York Times outline developments they expect to track in coming months.
MAGAZINE

The Fat Trap

By TARA PARKER-POPE
In the battle to lose weight, and keep it off, our bodies are fighting against us.

Let's Start Paying College Athletes

By JOE NOCERA
How to end the corrupt, contrived sentimentality of big-time college sports.

Newt Gingrich's Glory Days

By MATT BAI
The candidate tries to keep his moment from slipping away.
EDITORIALS
Editorial

As Good as It Gets?

There is little in the latest growth spurt to signal an economic recovery going forward. Americans deserve better than an economy that merely muddles along.
Editorial

Westchester's Desegregation Battle

A New York county is still fighting the federal government's efforts to upend decades of housing discrimination.
Editorial

A Tempestuous Year

Is there a connection between last year's extreme weather and global warming? If the Republicans in Congress were less hostile to climate change research we might know.
SUNDAY REVIEW
Opinion

Which Words Will Live On?

By GRANT BARRETT
Among this year's list of catchwords, "occupy" should be with us a while, but will "crankshaft" be on the tip of the tongue?
Op-Ed Columnist

She Made Me Run!

By MAUREEN DOWD
Egos in disguise: "humble" men and the women who "shove" them.
Op-Ed Columnist

Iowa's Harvest

By FRANK BRUNI
Extreme positions on the campaign trail in Iowa do damage to the Republican Party.
ON THIS DAY
On Jan. 1, 1959, Fidel Castro led Cuban revolutionaries to victory over Fulgencio Batista.