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今天是二戰日本戰敗投降日，迷你倉沙田首相安倍晉三雖不出席參拜靖國神社，卻以自民黨總裁身份獻上祭祀費，以隱含的姿態展示參拜神社的合憲性與正當性，進一步鞏固和凝聚國內急遽膨脹的右翼勢力，並據此作為撕破二戰後國際社會為防範日本軍國主義復辟所設置的種種束縛，隱隱然再把日本引上一條錯誤的歷史歧途。中國和南韓對日相及其主要閣員參拜靖國神社深惡痛絕，理由很清楚，因為參拜合祀於神社的二戰甲級戰犯，反映日本根本沒有對過去侵略亞洲各國，為此造成無數生靈塗炭的罪行而悔疚。可以看到，安倍對當前國內政治右傾浪潮推波助瀾，可謂竭盡了心思。昨天政府高調要求國民於今天中午集體為二戰的戰死者默哀，為日本戰敗迄今六十八年來所未見。安倍以哀悼戰士亡魂的悲情，同時突出日本遭受原爆重創的慘劇，來激發國內的民族情緒，骨子�實為今後「修憲」、行使集體自�權而累積政治本錢。形勢演變至今，日本謀求恢復成為政治和軍事大國的決心和激烈手段，無疑是戰後歷屆政府之最。如今安倍政府已奪得參議院的控制權，意味未來三年，安倍可以在政治生命相對安全的狀態下，有力排除反對阻力，完成大國的戰略部署，包括在外交、安全和軍事上制衡中國崛起。今天，在國內右傾化浪潮高漲下，安倍不去參拜靖國神社，與其說是避免中韓責難，倒不如說是惟恐美國反感，損害日美同盟的威懾作用，破壞整體戰略布局。細看八月六日廣島原子彈爆炸紀念日當天，日本「準航母」「出雲號」下水，顯示出安倍「強軍勵民」的微妙政治含義。可以看到，日本戰敗六十八周年，不僅未能透過戰後民主改革廢除「祭政一致」，徹底消除了神迷你倉價錢與國家政治不分的軍國主義溫床，反而東亞地區的和平，更因目前右翼勢力急遽膨脹，再浮現武力衝突的陰霾。目前，中日關係的確已跌至兩國建交以來的低點，日前︽中日和平友好條約︾簽署三十五周年紀念日，兩國反應冷淡。很顯然，中日關係緩和的基礎不斷受到安倍「挑釁」行為所削弱。安倍政府在中日釣魚島主權爭端上寸步不讓，以中日持續緊張關係作為擴軍的理據，也藉此積累進行修憲的政治本錢。在日美聯盟下，只要中國不採取主動奪島的軍事行動，日本也就不必急於解決釣魚島爭端。與此同時，也可以看到，安倍展開帶有對準中國的「戰略外交」，除了強調日美同盟的威懾外，還積極拉攏中國周邊中小國家，形成牽制中國的戰略格局；放寬武器出口三原則，方便防務裝備轉移國外，最近安倍答應向菲律賓提供十艘海上巡航船，強化菲律賓的海上防禦力量；也不顧國內反對聲音，加入TPP談判，放慢中日韓自由貿易區談判的步伐，對內對外，形成了以中國為假想敵的具體戰略安排。照發展形勢來看，中日關係改善的條件，在安倍內政外交戰略下，已很難令人樂觀；兩國的戰略信任基礎飽受撬動，且兩國關係更走向「軍事化」，發展令人擔憂。日本「出雲號」下水，這艘新一代直升機驅逐艦隨時可變身航母，進行遠程軍力投放；印度也急不及待，加快讓國產航母「維克蘭特」號下水，反映東亞地區如今已拉開了軍備競賽的惡性循環序幕。可以說，日本二戰戰敗投降日，安倍雖然不到靖國神社參拜，但他領導的政府在應對中國崛起、亞太秩序變化所走的戰略路線，有把日本再度引入岐途之虞，也使東亞地區的和平與穩定受到戰後以來最大的威脅迷你倉庫

業內人士認為，儲存由於公募和專戶代表不同的利益方，買入成本和賣出價格均無法做到統一，因此極易讓市場產生某種聯想，對這一現象應予以研究和規範☉記者 婧文 ○編輯 張亦文“合縱連橫”本是基金常態，同一派系機構資金之間的抱團、互為犄角現象也頗為普遍。不過，隨著同系公募基金與專戶產品頻繁同時“現身”上市公司前十大流通股東，則再度引發市場關於公平交易的熱議。從目前曝光的專戶持股情況來看，“廣發系”基金的專戶與公募同行的現象較密集。例如，華西能源的半年報顯示，“廣發基金公司－建行－中國平安人壽保險股份有限公司”專戶在一季度建倉華西能源，並在二季度進一步加倉，而值得注意的是，廣發小盤成長股和廣發內需增長這兩只公募產品，也在二季度入駐了該股。無獨有偶，從瑞康藥業的半年報來看，“廣發系”基金同樣是扎堆入駐，其中，廣發穩健增長、廣發策略優選以及廣發聚豐均位列該公司前十大流通股東之列。廣發穩健增長、廣發策略優選相對一季度而言，在二季度進一步加倉，廣發聚豐的持股則保持不變。在公募基金抱團之際，“廣發基金公司－建行－中國平安人壽保險股份有限公司”專戶在二季度也入駐該股，進入前十大流通股東之列。類似的情況還出現在了搜于特上。不過，該股在過去半年表現平平，而8月以來則出現了較大的反彈。其中，廣發策略優選二季度繼續加倉該股，廣發聚瑞則有所減持，而“廣發基金公司-建行-中國平安人壽保險股份有限公司”在二季度入駐了該股。同一家基金公司旗下的公募與專戶“抱團取暖”還發生在了興業全球、新華基金等基金公司身上。從新大新材的半年報來看，興全旗下的3只公募基金與1只專戶產品共同現身于該股的前十大流通股東之列。其中，興全趨勢和興全綠色投資均為最新入駐，興全合潤分級和“興業全球基金公司-興業-白新亮”新蒲崗迷你倉進行了一定程度的加倉。新華基金旗下一對多專戶“新華基金-華夏-潤銀投資分級1號”則現身科大智能，二季度對其有所減持。與此同時，新華優選分紅混合則在二季度建倉該股，新華泛資源優勢靈活則略微加倉。值得注意的是，雖然該股此前表現平平，但已于8月起開始停牌，並公告了重大合同中標的公告；此外， 公司還于8月1日發佈了《關於重大資產重組停牌公告》，稱公司正在籌劃重大資產重組事項。此外，匯添富旗下“匯添富-光大-陝國投·盛唐6號”和“匯添富-工行-華融信托·添富2號”雙雙現身中弘股份，分別持股5000萬股和3940萬股。其中，“匯添富-光大-陝國投·盛唐6號”為二季度最新入駐，而“匯添富-工行-華融信托·添富2號”則有所加倉，而從上市公司半年報來看，“匯添富-光大-陝國投·盛唐6號”屬於基金專戶，而“匯添富-工行-華融信托·添富2號”卻是私募基金。作為一家房地產公司，該股此前表現一般，但近期因擬進軍手遊行業，而受到資金的熱烈追捧。談及專戶與公募“抱團”出擊個股，業內人士認為，隨著專戶產品的公募基金的雙向擴容，難免會在持股上“撞車”。據瞭解，目前擁有“一對多”專戶等非公募業務的公募基金公司，在公募和非公募業務的架構上均表示建立了防火牆制度，借以預防外界憂慮的利益輸送等行為。現行一般模式是公募和非公募業務的投資人員物理隔絕，各自擁有股票池。不過，基金公司的公募和非公募業務均共享同一研究平台，難以避免共同進駐同一隻股票的情況。記者查閱相關法規，對於同一家基金公司旗下的公募產品和非公募產品是否能夠同時建倉同一隻股票並未作明確規定。但是，業內人士認為，由於公募和專戶代表不同的利益方，買入成本和賣出價格均無法做到統一，因此，極易讓市場產生某種聯想，對這一現象應予以研究和規範。mini storage

MARKHAM, ON, Aug.迷你倉價錢 14, 2013 /CNW/ - Nightingale Informatix Corporation ("Nightingale" or the "Company") , an application service provider (ASP) of electronic medical record (EMR) software and related services announces that it will hold a conference call to discuss its first quarter fiscal 2014 financial results.? Mr. Sam Chebib, Chief Executive Officer, will host the call._____________________________________________________________________________________ |DATE |Thursday, August 15, 2013 | |____________________|________________________________________________________________| |TIME |8:30 am, Eastern Time | |____________________|________________________________________________________________| |DIAL IN |(888) 390-0546 or (416) 764-8668 | |NUMBER | 迷你倉庫 | |____________________|________________________________________________________________| |TAPED |(888) 390-0541 or (416) 764-8677 | |REPLAY |Call ID 443786 | | |Available until Thursday, August 22, 2013 | |____________________|________________________________________________________________| | |An audio replay of the call will be available at | |AUDIO REPLAY |.nightingalemd.com| | |shortly after the call. | |____________________|________________________________________________________________|Nightingale Informatix CorporationCONTACT: Peter Cauley, Chief Financial OfficerNightingale Informatix Corporation905-307-7870pcauley@nightingalemd.com儲存

Source: AME Info, Abu Dhabi, United Arab EmiratesAug.迷你倉新蒲崗 14--BARCLAYS REVIEWING UAE RETAIL OPERATIONS: Britain's fourth-largest bank by market value, Barclays, is conducting a strategic review of its retail banking operations in the UAE, which could lead to a sale of the business, Reuters has reported, citing two sources familiar with the matter. Barclays' retail banking operations in the UAE include its personal banking, lending and mortgage services and a credit card business. The bank has between 500 and 1,000 staff in retail banking but most are outsourced employees and not part of the bank's direct payroll, one banking source said.BURGAN B迷你倉出租NK POSTS 10 percent FALL IN Q2 NET PROFIT : Kuwaiti lender Burgan Bank, a unit of Kuwait Projects Co (Kipco), has reported a 10 percent decline in its second-quarter net profit to KD12.26m ($43.1m) from KD13.62m in the year earlier period, Gulf Times has reported. First-half net profit fell 11 percent to KD27.89m from KD31.16m in the same period of 2012, the lender said. Total assets stood at KD6.39bn at the end of June, up 29 percent from KD4.97bn a year earlier.Copyright: ___ (c)2013 AME Info (Abu Dhabi, United Arab Emirates) Visit AME Info (Abu Dhabi, United Arab Emirates) at .ameinfo.com Distributed by MCT Information Services儲存倉

[ET Net News Agency, 15 August 2013] Deutsche Bank raised its target price for Li & Fung (00494) to HK$12.迷你倉新蒲崗3 from HK$11.7, and upgraded the stock to "buy" from "hold".It said Li & Fung's core operating profit (COP) came at the high end of management'sexpectations, and the company maintained its full-year guidance of COP at US$882m.Deutsch迷你倉出租 Bank expects actual performance might beat guidance based on the current order book, LF USA already hitting bottom and the strong performance from LF Europe. The house expects a major recovery in 2014 on margin improvement in the distribution business. It lowered FY2013 EPS by 7% but maintained FY2013/14 net profit broadly unchanged. (KL)儲存倉

　　《經濟通通訊社１５日專訊》據《上海證券報》報道，迷你倉沙田８月前１１天，四大行信貸投放平穩，新增貸款投放１５５０億元（人民幣．下同），同期存款繼續負增長超１６００億元。市場人士預期８月全行業整體信貸投放或達７３００億元，存款增長７０００億元左右。　　工商銀行（０１３９８）（滬：６０１３９８）Ａ股微升０﹒３％，Ｈ股升０﹒２％；中國銀行（０３９８８）（滬：６０１９８８）Ａ股跌０﹒３％，Ｈ股升０﹒３％。（ｃｔ）

　　內銀利率市場化勢所必行，迷你倉新蒲崗工行（０１３９８）董事長姜建清表示，早已在資產、收益、渠道、客戶結構４大方面調整，應對利率市場化改革，並要把握機遇，真正成為跨國銀行。　　「利率市場化改革將使商業銀行面臨盈利模式、市場競爭和風險管理的全方位挑戰。」《新浪財經》引述姜建清指，利率市場化對銀行利差收入短期內造成挑戰，隨利率市場化推進也將逐漸令內銀呈現異質化競爭格局，或出現價迷你倉出租戰。　　為了迎接利率市場化帶來的影響，姜建清指，過去５年已大力發展非信貸類業務，又推高非利息收入和手續費及佣金淨收入的增幅，並且積極推動電子化。　　除了４大結構上進行調整，姜建清指，工行推進從本土傳統商銀走向全球化大型金融集團，逐步提高綜合化、國際化業務的資產和盈利佔比，惟跨國銀行建設之路只是剛開始，未來幾年是決定工行能否真正成為跨國銀行的關鍵時期。《香港經濟日報》儲存倉

Romantic journeys After its successful collaboration with "If You Are the One" dating game show, Air New Zealand is launching a new romantic flight safety video titled "Love from Takeoff to Eternity.迷你倉" Go airnewzealand.cn/romance and take part in the online "Watch the Romantic Video, Win Free Trip for Two" event, you will have a chance to win a round- trip to Queenstown for two! Meanwhile, from now on, you can enjoy a romantic special price from as low as 5,390 yuan (excluding tax) for a round trip from China to New Zealand, plus limited-edition onboard gifts for couples. To make the romantic journey more convenient, Air New Zealand also provides online car rental and hotel booking services. Passage to India Air India has launched a promotion- al Executive fare class to India. It costs 7,990 yuan to fly Delhi or Mumbai with flat beds. You can stretch out and relax as Air India pampers you with delicious cuisine and wines on the way to your destination. For further info, contact Air India Shanghai office or check .airindia.in. Sky manga on offer From now on, JAL provides Sky Manga for passengers. The service allows passengers to enjoy digital manga on the in-flight entertainment system. Not only will the company work to meet the needs of customers who desire a wide variety of in-flight entertainment, they will also transmit manga, one of the forms of entertain- ment representative of Japan, to the world. JAL was named the world's most punctual airline in the Major Interna- tional Airlines and Asia Major Airlines and J-AIR in Asia Regional Airlines. The world on wheels From now through October 31, Kore- an Air is cooperating with Auto Europe to provide a "USA drive yourself ex- perience" for passengers. During this period, Korean Air skypass members who successfully book tickets from linked website can enjoy the following promotion: Free experience on first day; Buy 4 days get extra 3 days free; Free B-Level VIP set menu from Auto Europe (valued at 600 yuan). For more details, visit .korea- nair.com. Southeast Asian holiday Vietnam Airlines is offering a spe- cial promotion for a round trip from Shanghai to Ho Chi Minh City from only 1,000 yuan. The promotion is only available on .ctrip.com. Latest in-flight entertainment Singapore Airlines recently launched its US$150 million next generation of cabin products, as well as next genera- tion in-flight entertainment system, set to be the new industry benchmark for premium air travel. The significant investment in the next generation of cabin products reaf- firms the airline company's commit- ment to product innovation and lead- ership, and demonstrates confidence in the future for premium full-service air travel. Customers traveling on select flights between Singapore and London will be the first to experience the new cabin products from September. Many cross-Strait routes TransAsia Airways provides superior flight experience and most convenient cross-Strait routes,, connecting 14 cit- ies, including Shanghai, Hangzhou, Wuxi, Chongqing, Tianji and Xiamen, directly to Taiwan every day. For three persons, two adults and one child, the child's ticket is 50 percent off. Valid until December 31 (departure time), not valid for September 20-30. For more details, search TransAsia Airways online at .tna.com.tw or call Shanghai office at 6196-0999. First 文件倉lass bargains Lufthansa customers buying a First Class ticket can now share the ulti- mate travel experience with a travel partner: From August 1 customers fly- ing outside China's mainland get one free First Class ticket with every Luf- thansa First Class ticket paid. Book- ing must be made through August 31. Travel period is from August 22, 2013 to February l, 2014. For more informa- tion, visit .lufthansa-premium. com. Man vs superjumbo South African rugby player Bryan Habana pushed himself to new heights as he went up against British Airways' brand-new superjumbo, the Airbus A380. Weighing in at 95kg with a height of 1.80 meters, Habana prepared to race British Airways' superjumbo of 366,000kg, with a height of 24 meters, a wingspan of 80 meters and 73 me- ters in length. Georgia May Jagger was on hand to start the race. Watch the race at v.youku.com/v_ show/id XNTg5OTMOMDg4.html and see if man really can run faster than a plane. The race took place to celebrate that customers can now book at ba.com onto the A380 to fly to Johannesburg from February 12, 2014. To Thailand and beyond To celebrate Thai Airways Shanghai's 20th anniversary, special round-trip business class fares from Shanghai to Australia, New Zealand and European destinations are offered. When two passengers pay and travel together, the second ticket can get 50 percent off. Promotion period is running through September 29. Meanwhile, special air fares from six gateways on China's mainland to Thailand and beyond are also avail- able online when payment is made through China UnionPay cards. Travel commencing: August 20-September 20. For more details and reservation, visit .thaiairways.com.cn or call 3366-4000. Stand-up, live music Virgin Atlantic is bringing live en- tertainment to the skies above Britain with a line-up of surprise entertain- ment for passengers. Little Red LIVE will be offering experiences in the sky for passengers on selected domestic flights from London Heathrow to Edinburgh and Manchester. Little Red LIVE kick starts with a series of stand-up gigs during the Edinburgh Fringe Festival followed by live music in September. For details on Virgin Atlantic Little Red flights, go to .virgin-atlantic. com. First B787 Shanghai-kA On August 3, Shanghai Pudong In- ternational Airport geared up to welcome the first scheduled B787 between China and the United States. Passengers received inaugural flight certificates and souvenirs to commem- orate the first flight. Flight UA199 departs Shanghai daily at 8:lOpm and arrives at LA Interna- tional Airport at 5:20pm the same day For the return, Flight 198 departs LA at 1:25pm and arrives in Shanghai at 5:45pm the next day. New Shanghai-Tokyo flight On August 1, ANA Boeing 787's maiden flight left Shanghai to To- kyo: Flight NH920 (l:lOpm, Shanghai Pudong-5pm, Tokyo Narita), Flight NH919 (9:50am, Tokyo Narita- 11:55am, Shanghai Pudong). At 12:20- 12:40pm, ANA held the ceremony at NH920 boarding gate. Visit .ana. co.jp for more details. Sri Lanka to SE Asia, Maldives Sri Lankan Airlines offers promo- tions for Business Class fare (all tax- es inclusive): to Bangkok from 3,880 yuan, to Colombo from 6,000 yuan, to Male from 7,100 yuan. For more infor- mation, visit .srilankan.com. Rugby player Bryan Habana will take on British Airways' new superjumbo, the Airbus A380. 存倉

　　《股林淘金》筆者在７月３１日文章表示「大市處安全時刻，mini storage不宜太早造淡」，表示８月上旬大市仍有力續升，升至２２５００點以上也不出奇，故建議投資者宜採取「盲婆煲粥，任得佢滾」策略，否則造淡者太早行動，大市一夾便容易身先士卒了！不足兩星期，前日（１３日）恆指便升抵了２２５００點，「盲婆煲粥」的策略率先見效，而造淡者真的是身先士卒了！　　筆者當天警告切勿買入定息收入之房產基金領匯（００８２３），過去８天以來的股價表現是跑輸大市，逆市下跌，顯示即使大市上升之時，一些板塊之股份仍會下跌，領匯便是一例！筆者聲明對領匯近３個月來的負面評論並非對此公司有偏見。事實上在領匯２００５年首次申請認購上市之時，筆者便在香港《經濟日報》建議強烈認購，更首次呼籲投資者宜借９倍孖展認購，之後一直都是建議吸納。但時移世易，美國長債息率的長期上升周期已展開，此類房產基金將會有一段頗長時間是跑輸大市的，除非投資者本身只著重於收股息，而不介意股價跑輸大市則另作別論。＊騰訊、水泥股升幅勝內銀股＊　　另外，筆者在７月１７日建議再追落後股份安徽海螺（００９１４）及中建材（０３３２３）及在７月２４日表示應持有較長時間，不要急於沽貨，兩者股價至昨天（１４日）為止分別上升了１８％及１５％，獲利self storage度僅次於筆者上周三（７日）建議套利的騰訊（００７００），但仍然多於筆者在６月２６日文章「拋棄恐懼，盡快入市為上策」建議吸納的五大內銀股中國銀行（０３９８８）、建行（００９３９）、工行（０１３９８）、交行（０３３２８）及招行（０３９６８）。＊利豐最壞情況應已成過去＊　　港股昨天因颱風休市，美股道指昨天下挫了１１３點，必會令今天（１５日）早上的港股受壓，加上兩股份騰訊及利豐（００４９４）的業績公布表現遜於市場預期，增添大市心理壓力。筆者在８月７日騰訊早上衝上３７９元的時候便呼籲「再升也無悔」，建議沽貨，現時的態度是沒有改變。筆者在７月３１日文章已表示踏入了８月中旬之後，美國的經濟數據可能反彈，退市的憂慮將會重臨，近一星期美國兩名聯儲局分局總裁先後的言論，暗示聯儲局適合採取退市行動之時間快將來臨，故未來的港股入市策略應轉變為短線，以防美股出現較大波動。港股中內銀股筆者較為放心，有中國新聞消息表示８月份以來中國的四大銀行新增貸款額達１５５０億元人民幣，顯示中央政府已逐漸放寬銀根，致力保７％之增長，若內銀股有調整，反而可以吼低吸納。利豐雖然業績遜預期，但在美國業務的最壞情況應已成過去，筆者反而覺得可以趁壞消息入貨，作長線的持有。《恆豐證券研究部董事　林家亨》迷你倉

Source: Dayton Daily News, OhioAug.迷你倉沙田 14--WRIGHT-PATTERSON AIR FORCE BASE -- The thunder you hear in the skies today is not thunder.The Ohio Air National Guard's 180th Fighter Wing has starting flying in F-16s to Wright-Patterson while crews repave the unit's home runway at Toledo Express Airport in Swanton. Two of the fighter jets landed at Wright-Patterson on Tuesday, and more arrived Wednesday, officials said.The unit flies an air sovereignty alert status mission to de迷你倉價錢end North American airspace.The Fighting Falcon jets were expected to stay in the Miami Valley until early September, base officials said.The F-16s will share the flight line with the Air Force Reserve's 445th Airlift Wing which flies the C-17 Globemaster III and is home based at Wright-Patterson.Copyright: ___ (c)2013 the Dayton Daily News (Dayton, Ohio) Visit the Dayton Daily News (Dayton, Ohio) at .daytondailynews.com Distributed by MCT Information Services迷你倉庫

MONTR�AL, Aug.儲存 14, 2013 /CNW/ - On July 25, 2013, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with penalties, between IIROC staff and Jacques Turenne.Mr.?Turenne admitted to engaging in a personal financial transaction with a client.Specifically, Mr.?Turenne admitted to the following violation:(a) On or about March 19, 2012, Mr. Turenne engaged in a personal financial transaction with a client, by borrowing money from her, without the knowledge and without the consent of the IIROC Dealer Member with whom he was employed, contrary to IIROC Dealer Member Rule 29.1.Pursuant to the Settlement Agreement, Mr.?Turenne agreed to the following penalties:(a) A fine in the amount of $10,000;(b) Suspension of approval for one month;(c) Pass the examination based on the Conduct and Practices Handbook Course within six months of applying for reapproval; and(d) Strict supervision for 12 months with mandatory submission of a monthly report to the IIROC Registration Department.Mr.?Turenne also agreed to pay costs in the amount of $1,000.The Settlement Agreement is available at: docs.iiroc.ca/DisplayDocument.aspx?DocumentID=8A816BF1928F4F30819B9C228B15CDDE&Language=en and the Hearing Panel's decision dated July 25, 2013 is available at: docs.iiroc.ca/DisplayDocument.aspx?DocumentID=D520699066A546D19853A75782660578&Language=en.Documents related to ongoing IIROC enforcement proceedings - including Reasons and Decisions of Hearing Panels - are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.IIROC formally initiated the investigation into Mr.?Turenne's conduct in November 2012. The conduct occurred when he was a Registered Representative with the Shawinigan, Qu�bec branch of PEAK Securities Inc., an IIROC-re新蒲崗迷你倉ulated firm. Mr.?Turenne is no longer a registrant with an IIROC-regulated firm.IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces.IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1877442-4322.Investment Industry Regulatory Organization of Canada (IIROC) - General NewsCONTACT: Enforcement Contact: Carmen Cr??pinVice-President, Qu??bec514 878-2854ccrepin@iiroc.ca Media Contact: Karen ArcherSenior Media andPublic Affairs Specialist416 865-3046karcher@iiroc.camini storage

Editor’s Note: Cautiously optimistic, that can be the description of the economists’ general feedback on the latest data about China’s economic performance, at least according to the views that China Daily has collected here.迷你倉Many fears that investors had in earlier weeks are gone, particularly after the industry’s stronger growth from June. Apparently, the mini-stimulus program designed by Premier Li Keqiang has been working. For the remainder of the year, the stabilization of the industrial sector may be followed by more investment in fixed assets, such as the much talked-about Central and West China high-speed rail system. And more investment may be followed by more spending.At the same time, the economists’ remaining concerns stand out more clearly than ever. Those concerns focus on how China will free itself from the entanglement of an opaque financial system, a legacy from the lack of financial and fiscal reform in the previous decade, and the mounting debt that local governments have collected. This is exactly where China’s next reform effort will have to focus.Q1:Of the economic data for July, which one do you think is most significant? Why?Q2:Do you think growth can keep July’s momentum for the rest of the year?Q3:What do you think is the most important sign of the economy’s transition of its growth model?Q4:What is the economy’s biggest remaining challenge?A1The most important indicator right now is industrial production. Out of the official monthly data, industrial production is the best gauge of economic activity in China.The rebound in July suggests that the economy was recovering from the financial stress seen in June. As such, our GDP-tracking model indicates that third-quarter growth could rebound to around 7.8 percent to 8.3 percent.A2 No, the July surge was due to a rebound from a weak June. Data for August and September are likely to be in line with our expectations for mildly below-trend growth. That said, the government’s 7.5 percent GDP growth target for this year looks attainable, and the risk of a hard landing as a result of problems in financial markets has receded.The government’s “mini-stimulus” program announced in late July — comprising a cut in the small-business tax, a pledge to boost railway construction, and easier financing for exporters — may have a small impact later this year, but the effect was negligible in July, as fixed investment was flat. The best-case scenario seems to be a further flat trend in investment, as continued restrictions on the housing market and bans on erecting new government buildings will cap construction.A3The most important sign of transition will be a clear government commitment to reform. Top officials from Premier Li and President Xi down have signaled a strong preference for reform rather than short-term stimulus to boost growth. But apart from some financial liberalization there has not been anything fundamentally transformational announced so far. Hopefully some meaningful reforms will be announced at a high-level policymaking conference in October, and hopefully there will be a clear commitment toward their implementation.A4 The government has a clear capacity to boost short-term growth if necessary via fiscal and monetary policy. Longer-term growth is the bigger question.The biggest challenge is aligning the interests of everyone in government toward further reform and market liberalization. There are many problems ahead, such as the aging population and shrinking workforce and the buildup of debt from the 2009-10 stimulus and so on, which will be much easier to deal with if economic growth is faster.Economic reforms kick-started China’s economic development, and further reforms will enable it to continue growing and avoid the middle-income trap, which is a situation where economic growth in developing economies stagnates and per capita income stops converging with developed countries.Of course, this is easier said than done, which is why it is the economy’s biggest challenge.Alaistair Chan,economist at Moody’s AnalyticsA1Retail sales is really the only major indicator that’s been showing a clear uptrend since March. It has risen consistently on a year-to-date basis, showing that the underlying momentum of the economy is not too weak.This indicator is quite important due to its more stable nature relative to trade. During an economic slowdown, it is easy to get carried away by wildly swinging trade numbers, making it difficult to assess the actual health of the economy.A2China is now undergoing a structural reform phase. Given its long-term nature, the concern shouldn’t be on the next few months’ economic data. The key concern is whether China can get through this transition smoothly.Because we are at the beginning of such transition, hiccups are inevitable, and economic growth is set to slow further from present levels. However, we think a full-year growth rate above 7 percent can be tolerated.A3China is clearly steering away from the old model of excess credit-fueled investment. The leadership is now more reticent about initiating massive, across-the-board economic stimulus programs and is holding back from monetary stimulus despite the economic slowdown.The leadership has also quickly moved ahead with interest rate liberalization, which ultimately helps to rationalize the lending behavior of banks. This is in line with broader efforts to streamline investments in the future.To complement the rationalization of investment behavior, the government is encouraging investments in certain industries, such as environmental management and intra-city transportation. Economic transition is not a simple case of increasing consumption as a share of GDP. From the way reforms are developing, investment will remain a very important pillar of GDP growth.A4The biggest challenge is untangling the complicated webs of wealth management products and off-balance sheet debt. Not long before the listing of China’s State-owned banks, the non-performing loan problem was quite serious. Back then, the shadow-banking system was almost non-existent. Right now, it is difficult to comprehend the scale of the problem.It’s a dilemma because if the shadow-banking system is allowed to expand uncontrollably, it will be increasingly difficult to track where the money goes. But tough regulation can restrain shadow banking to a degree that further restrains economic growth.Chris Leung,executive director and senior economist for Greater China at DBS BankA1 Taken together, the July activity indicators suggest that the Chinese economy, having encountered some sluggishness during the first half, seems to be stabilizing and showing some decent pickup in activity going into the third quarter. This is most notable in the solid expansion in the July industrial output figure.From the demand side, exports showed some moderate recovery in July, and the steady slowdown in fixed investment growth since early in the year also appears to be stabilizing.Besides, the solid gain in July imports, especially the pickup in commodity imports (including iron ore and copper), also sheds some positive light on domestic demand conditions.A2The July data will remove some of the near-term downside risk to growth. But it remains to be seen how sustainable the pickup in July activity will be in the next few months. Regarding our GDP forecast for the second half, we expect the headline year-on-year real GDP growth rate to b文件倉 7.4 percent in the third quarter and 7.0 percent in the fourth. Our full-year 2013 GDP growth forecast stands at 7.4 percent with 7.2 percent in 2014.Policy uncertainty has been a major driver of market sentiment and economic activity in China, especially in recent months.In July, the State Council and the Politburo mid-year conferences attempted to restore market confidence via clarifications of economic policies. Premier Li Keqiang reiterated this year’s growth target of 7.5 percent and clarified the growth floor at 7 percent. In addition, mini-reform measures were announced to combine the targets of stable growth and economic restructuring.A3The nation’s economy is transitioning toward a more consumption-oriented growth model instead of an investment-oriented one. However, in July, retail sales growth was softer than expected, probably reflecting the constraint of slower income growth. Urban household disposable per capita income increased at a modest pace of 6.5 percent in the first half, undershooting real GDP growth.To rebalance the pattern of economic growth, in the short and middle term, the government should solve the main problems, including industrial over-capacity and inefficient investment.Yuan appreciation has also negatively affected exports since the second quarter.We suggest the currency should be allowed some depreciation.Also, policy fine-tuning has started. On the fiscal side, the government is pushing for a compositional shift in fiscal expenditure by cutting administrative public expenditure and increasing spending on social welfare, infrastructure and the service sector.On the monetary side, policymakers are trying to restore the effectiveness of credit policies by cracking down on speculative activity in the financial sector and guiding banks to lend more prudently and effectively.In addition, mini-reform measures have been introduced to support domestic demand, such as investments in railways and infrastructure, expansion of VAT reform in the service sector, a tax waiver for small businesses, simplification of investment approval procedures and support measures for exports.We expect more fine-tuning measures in the coming months. The scale and pace of policy fine-tuning will be important to gauge the growth outlook in the second half, and it will also be indicative of the reform agenda expected to be announced during the third plenary session of the Central Committee later this year.A4The biggest remaining challenge for China’s economy may be the systemic risks in the financial industry.In recent years, risks have built up in China’s financial sector, amid a boom in non-bank financing. We estimate that total social debt rose to 194 percent of GDP in 2012, compared with 145 percent in 2008. Corporate debt reached 124 percent of GDP in 2012.Major sources of risk come from corporate debt, local government debt and the spillover from shadow banking.The financial outlook in China depends on the pace of economic reform going forward.The dilemma faced by policymakers in China is essentially a trade-off between short-term and long-term financial stability. Active de-leveraging is helpful to contain financial risks in the long term, but overly aggressive de-leveraging could cause a hard landing and trigger an abrupt crisis.But bank insolvency is not an immediate risk, and China should pursue structural reform to avoid a repeat of Japan’s experience. It means that the delay in structural reform may delay a financial crisis for an extended period, but this comes at the cost of “zombie banks” and “zombie companies”, declines in competitiveness and a continuous slowdown in economic growth.Zhu Haibin,chief economist in China at JPMorgan Chase & CoA1 I mainly look at fixed-asset investment because it is the main driver of China’s growth. Investment growth is flat, even though production has ramped up a lot. Total fixed-asset investment (excluding rural households) increased 20.1 percent year-on-year, according to the National Bureau of Statistics in a statement on Friday. With investment growing at 20 percent, the economy remains quite weak. Fixed-asset investment is a key gauge of government spending on infrastructure. Looking forward, we will not see much upside with investment, given huge overcapacity and over-leveraging, which need to be worked off gradually.A2We have seen some momentum in production in July with factory production output up 9.7 percent from a year earlier. Some think the acceleration will help the country avoid an economic slowdown, but that could be a false dawn. There could be some short-term or temporary upswings with production in the future. However, we are not certain whether a trend of recovery will be firmly built. Most likely we will see the economy stuck in a low-growth path for a period longer than we thought before.A3We haven’t seen many signs of a change-of-growth model as of yet. But there are indeed signs of greater policy resolve to change the growth model. One of the signs of change is that the government has been refraining from rolling out an all-out stimulus program and instead has been focusing more on structural adjustments lately.A4The biggest remaining challenge is to strike a balance between growth stability and structural adjustment and between policy continuity and reform. Without such a balance, there is a high risk of the economy slipping into a severe slowdown, either now or in the future.Ren Xianfang,senior economist at IHSGlobal InsightA1Of the July data, we saw a surprising upbeat mood in foreign trade growth, which bounced back from the negative growth recorded in the previous month.This reflects an improving external environment amid the better-than-expected recovery of developed economies, which will continue to support the foreign trade growth for China for the rest of the year.Therefore, we are optimistic about economic growth for the first quarter next year.A2I don’t think such momentum can last long.Investment growth in July was partially down to a lower level last year. Investment in the manufacturing sector is stabilizing and infrastructure and housing projects are picking up.Growth in the coming months depends on whether government-led projects could accelerate and offset the negative effect of a weakening investment in manufacturing.But the basis for such investment is frail. Local government investment is still very much constrained by fund shortage because of the debt audit.This year’s investment will mainly focus on projects under construction rather than new ones.A3The performance of traditional sectors remains weak, and the overall economic growth still lacks impetus. Manufacturers were very much forced into technical upgrading.This trend is reflected in exports, where high-end manufacturers are playing an increasingly important role.However, the economic transition is still handicapped by the cyclic swing of the economy. The transition should be implemented during a recovery, but the repeated swings are impairing its effectiveness.A4The biggest challenge is that the current economic downturn is adding more pressure to the employment market.In previous years, unemployment pressure would only happen at one end of the job market. Despite job losses for office workers, people in the service sector are still in demand.But now we are seeing millions of college students struggling to find a job.Yang Weixiao,senior analyst at Lianxun Securities Co Ltd存倉