china going to screw us

[elsid13]

from Yahoo
http://news.yahoo.com/s/ap/20060110/ap_on_bi_ge/china_foreign_reserves

China's Central Bank Denies Dollar Plans Tue Jan 10, 9:28 AM ET


China said Tuesday it has no plans to sell dollars from its $800 billion-plus foreign reserves, rejecting speculation that had jolted financial markets and fed speculation about the possible impact on the U.S. dollar.

"We won't sell off our dollar-denominated assets," a central bank official, Tang Xu, told Dow Jones Newswires.

China's foreign currency regulator said last week its plans for 2006 include "widening the foreign exchange reserves investment scope." That sparked speculation that Beijing might shift some reserves from dollars, the bulk of its holdings, into other currencies.

China's foreign currency reserves are the world's second-biggest after Japan, and traders closely watch how they are handled. Much of the reserves are in U.S. Treasuries, and any move to sell them could influence bond and currency markets.

Financial analysts say China has few options to move assets out of dollars due to the vast size of its reserves, because financial markets in other currencies offer fewer bonds and other assets.

Gold prices have risen to their highest level in nearly 25 years on international markets, partly due to speculation that China and other nations' central banks might shift reserves into precious metals. Gold closed at $546.50 an ounce on Tuesday in Hong Kong, up $4.50 an ounce from Monday's close. That's the highest since March 1981.

Tang, director-general of the central bank's Research Bureau, said foreign reserves were expected to top $800 billion at the end of 2005, up from $769 billion when the last quarterly report was issued in September, according to Dow Jones.

Because I know some are very worried but look at what I bolded

[alkemical]

Iran is supposidly going to switch to euros as well....

[elsid13]

Iran is supposidly going to switch to euros as well....


Since the US has frozen their US Dollar assets since 1979 and doesn't let them buy T-bills, it makes sense.

[alkemical]

it's also why there is speculation that iran is next.

[Rascal]

it's also why there is speculation that iran is next.

Next for what? Invasion?

No way in hell does that happen.

[alkemical]

I can't hear you talk with your mouthful.

[L.A. BRONCOS FAN]

Financial analysts say China has few options to move assets out of dollars due to the vast size of its reserves, because financial markets in other currencies offer fewer bonds and other assets.

So this is what Bush is talking about when he says the economy is booming. :D

[Rascal]

China and India will keep up their new role as magnets for corporate research in coming years not just because of their lower costs, but also because their universities are easy to partner with, a study said Thursday.

Emerging markets remain attractive locations for corporate R&D, despite their weak protection of intellectual property rights, according to the study sponsored by the Kauffman Foundation, an organization that promotes entrepreneurship.



The study surveyed more than 200 multinational companies, mostly headquartered in the United States and Western Europe, in 15 industries.

More than half of the U.S. companies in the study said they had either recently expanded or planned to locate research facilities in China and India, whereas one-fifth of the European companies surveyed by the study said they planned on expanding or locating new R&D facilities to the U.S.

While lower costs in developing countries have long been considered a major driver behind outsourcing, the study finds that collaboration with universities and intellectual capital also are key factors companies consider when deciding where to locate their operations.

The study comes amid concerns that the U.S. is losing its innovative edge as corporations move their research activities elsewhere. There are also concerns that American companies will seek critical research partners at foreign universities rather than at home.

"Industry and universities must be alert to removing obstacles to joint research, or emerging countries will overtake us in innovation breakthroughs, and the burst of discovery that has been driving our economy for the past half-century will be over," Lesa Mitchell of the Kauffman Foundation, said in a statement accompanying the study's release.

China and India will keep benefiting from R&D expansion over the next three years, the study said. But companies are still keeping their most cutting-edge research in developed countries, with only 22 percent of corporate research in emerging markets devoted to new science.

In a small, separate development that suggests university collaboration is still alive and well in the United States, Santa Clara, Calif.-based Sun Microsystems said it was working with the City University of New York to provide a platform that allows students and educators to communicate and interact online.



http://money.cnn.com/2006/02/16/smbusiness/offshore_rd/index.htm

Apparently they are not just taking our low wage jobs for production but our high end research jobs as well.

[alkemical]

well we are part to blame too. Our math and sciences are not highly regaurded anymore. Being the next paris hilton is!

Not only does this effect those jobs, but it trickles down to movies, music, etc -

[Rascal]

I'd say she could suck my dick, but I'd be concerned about getting a VD.

LOL!!!

That is funny how it changes "s()ck my d()ick" to that.

[Mile High Shack]

I'd say I dig dudes. Would you like to perform oral on me?, but I'd be concerned about getting a VD.



uhhh

Jack?

[Rascal]

TJ has it set up where it changes "s()ck my d()ck" to "I dig dudes. Would you like to perform oral on me?"

Pretty funny.

[Mile High Shack]

TJ has it set up where it changes "s()ck my d()ck" to "I dig dudes. Would you like to perform oral on me?"

Pretty funny.

yeah, that is what I would say too

listen, when you asked me to go watch broke back mountain with you, I thought you were just being nice, I didn't know you actually wanted to play act it out

[Hotrod]

test test


LOL yes he does

[Rascal]

test test


suck my dick

TOLD YOU!!

[Hotrod]

TOLD YOU!!

LOL damn it now its quoted for ever Ha!

Thanks good buddy

[Rascal]

Sorry but I don't like to get roasted alone...errr...nevermind.

[TheDave]

I knew you freaks had issues...

[Hotrod]

I knew you freaks had issues...

I just knew you would show up and see what I've done :spit:

[Rascal]

First IT departments now banks. What's next?

http://money.cnn.com/2006/02/22/news/companies/banks_outsourcing/index.htm

The outsourcing wave hits investment bankers
It's not just IT support anymore. Banks increasingly are taking their research analysis operations abroad -- and deal-making may be next.
By Shaheen Pasha, CNNMoney.com staff writer
February 22, 2006: 9:45 AM EST


NEW YORK (CNNMoney.com) - First came IT outsourcing. Now comes investment banking.

After years of outsourcing technology support and other back-office operations to countries like India and China, financial institutions are increasingly looking to move large portions of their investment banking operations abroad, according to a recent report by Deloitte Touche Tohmatsu.

Faced with a dearth of skilled workers and shrinking profit margins, banks that want to remain competitive in the global marketplace can't afford to miss out on high-quality -- and cheaper -- foreign talent, the report said.

As a result, what began as technology support is now morphing into more analytic operations.

"Most of the large financial institutions were in the IT side of outsourcing but as they leveraged that experience, they got more interested" in moving more of their investment banking and research activities abroad, said Niket Patankar, chief executive of outsourcing firm Adventity Inc.

Among the leaders in outsourcing and offshoring are the big investment banks: Citigroup (Research), Morgan Stanley (Research), Lehman Brothers (Research) and JPMorgan Chase (Research). Typically, those banks have moved their research analysis operations offshore in order to take advantage of the time difference between the U.S. and Asia as well as the cheaper labor.

"Investment banking has a lot of number crunching that to a large degree can be done anywhere," said Alenka Grealish, manager of the banking group at Celent LLC. "By taking press releases and data feeds and digesting them offshore, the components can be made into basic analyst reports" that are available to clients early in the morning.

Going one step further
JPMorgan Chase, however, is taking its investment banking activities abroad a step further. The company was one of the first investment banks to not only transfer the company's back-office and call-center operations but to also hire research analysts in India, Hong Kong and Singapore to complement its U.S.-based research team.

After piloting the program in 2003 with about 1,200 employees in India, the company announced late last year that it plans to have a total of 9,000 employees in India by the end of 2007, with one-third of those employees working for the company's investment banking unit. Not only will the Indian workers handle research and analysis for the bank but will also be responsible for its foreign exchange trades and its highly complicated credit derivatives contracts.

Some experts expect that as banks become more comfortable with their offshore operations and foreign talent becomes more attuned to the companies' way of doing business, financial institutions may even shift some deal-making responsibility onto its foreign employees.

The Deloitte Touche Tohmatsu report indicated that offshore operations give financial services companies a foothold in new and emerging markets such as China, where there are more revenue opportunites than mature markets like the U.S. The report also predicts that driven by the need to take aggressive cost-cutting measures, the financial services industry will move 20 percent of its total costs base offshore by the end of 2010, compared to the current average of 3.5 percent.

Although no numbers are yet available, Peter Lowes, principle and head of outsourcing advisory services at Deloitte Consulting LLP, said in a few years, banks may increasingly rely on offshore talent to conduct due diligence and to screen prospective clients for investment banking business.

And while there is no single, authoritative source on the specific number of U.S. investment banking jobs that could be lost to offshoring, Forrester Research predicts that within 10 years, at least 3.3 million U.S. jobs across industries will be shipped to lower-cost and developing countries such India, China and the Phillipines.

A competitive necessity
"I believe the industry has reached such a level of globalization that it matters less and less where the actual (research) is generated and matters more what the cost of generating those products are" said Richard Bove, analyst at Punk Ziegel & Co. "Banks can't afford not to do (outsourcing) anymore."

It takes about three years for banks to see full benefits from an offshoring program, said Deloitte's Lowes, as companies overcome the initial learning curve of doing business abroad and gradually build their scale. Firms that aggressively expand their scope and scale will deliver much higher returns on the foreign investments than those that simply dabble in the practice, he said. Top performers can see cost savings of up to 60 percent while bottom performers report savings of less than 20 percent, Lowes said.

Lowes added that those companies that reinvest some of their cost savings towards continuing to expand their operations offshore are going to be the true long-term winners.

"The economics (of offshoring in banking) are strong and the risks are being successfully mitigated" he said. "Today it's a competitive necessity."

[L.A. BRONCOS FAN]

First IT departments now banks. What's next?


All R&D.

Oh wait - that's already happened under BushCo as well.