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内容：小蘑菇开始打怪   编辑：吐吐yeah

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Part I: Speaker

China And U.S., Titans Of Carbon Pollution, Move To Cut Gases

Source: NPR
http://www.npr.org/blogs/thetwo-way/2014/11/12/363467360/china-and-u-s-titans-of-carbon-pollution-move-to-cut-gases
[Rephrase 1, 04:08]

吐吐yeah

Part II: Speed

Gold is doing something it hasn't done in 17 years
By Lawrence Lewitinn

[Time 2]
Gold bugs are having flashbacks of the late ‘90s.

But it’s not Hanson or “Seinfeld” on their minds. Instead, it’s the sobering realization that gold is about to do something depressing.

If gold were to close out the year right now where it is, it would be looking at its first back-to-back yearly loss since 1997. The precious metal is currently off almost 4 percent on the year. The surging dollar and lack of inflation has taken the shine off gold. But with so much going wrong, could now be the time to buy bullion?

“I think gold is headed straight down,” said CNBC contributor Gina Sanchez, founder of Chantico Global. She sees a stronger dollar, economic optimism and rising rates ahead for the U.S. all conspiring to push the metal’s price down. Add to that flat inflation in China and the potential of deflation in Europe and you have a recipe for cheaper gold.

“None of those things are going to support gold,” Sanchez said. “You might get some firming in the physical markets but it’s just not enough to combat the outflows in the financial markets.”

The charts don’t look much better.

“What we’re seeing in the trend is that this can continue,” said Ari Wald, head of technical analysis at Oppenheimer & Co. “We would be playing for lower gold prices. As pessimistic as sentiment has gotten, we think it becomes more pessimistic.”

For well over a year, gold has been making a base, with support around $1,200 per ounce, according to Wald’s charts. But with prices falling below that level, that may have failed.

“We see $1,200 now as resistance and we are viewing this as a resumption of the very long-term downtrend that started in 2012,” Wald said. “Until gold can stabilize, we see downside risk to $1,000.”

The $1,000 level is significant technically, not just because it’s a nice round number but because it was strong resistance in the time between 2007 and 2009, said Wald.

“It was prior resistance for a few years in there and I think that might be a floor here,” he said. “The worst-case scenario is gold can’t stabilize and the trend continues lower.”
[365 words]

Source: Yahoo Finance
http://finance.yahoo.com/blogs/talking-numbers/gold-is-doing-something-it-hasn-t-done-in-17-years-214340197.html

Investors looking to Alibaba's smaller businesses for next growth spurt
By Aaron Pressman

[Time 3]
Alibaba’s (BABA) record-breaking sales on China’s 11.11 holiday failed to provide any lift for investors.

The Chinese ecommerce giant said consumers grabbed over $9 billion of highly discounted goods on “Singles Day,” an anti-Valentine’s Day that has become one of the biggest shopping days on the planet. But Alibaba shares, which had been on a tear of late, lost almost 4%, trimming about $10 billion off the company’s market value.

Some ups and downs are inevitable for such a fast-growing company. In the long term, however, further major gains in the stock price will depend on more than just the ecommerce habits of China’s growing middle class.

Alibaba is currently worth $284 billion, up 69% from its initial public offering two months ago. That’s four times the current stock market value of eBay (EBAY), double the value of Amazon (AMZN) and even 10% more than Walmart’s (WMT) value.

Some mock Alibaba’s valuation heights, but with $328 billion of merchandise moved across its various sales channels over the past year, the company is rapidly approaching Walmart’s $480 billion of annual sales. Walmart acquires all the goods itself to sell in its stores, while Alibaba acts as more of an online facilitator. (Yahoo, the parent of Yahoo Finance, owns a 15% stake in Alibaba.)

Without the costs of carrying all of the inventory and owning physical stores, Alibaba’s profit margin is much higher. The company reported net income of $6.3 billion in the past year, which is almost half of what Walmart made over its most recently reported 12 months, and growing quickly. While the Alibaba figure is almost double what it made in its last fiscal year, Walmart’s net income is less than it made in any of its last three fiscal years.
[292 words]

[Time 4]
But after the 69% share price run-up, Alibaba investors have priced in much of the expected ecommerce growth in China. To justify another leap forward, some of Alibaba’s other bits and pieces will have to become significant businesses as well.

Investors have identified some potential future big plays, including Alibaba’s web sites catering to consumers outside of China, Internet hosting service, logistics and delivery affiliate and, of course, its links to the popular payments platform, Alipay. Not all are owned outright by Alibaba, but are under the control of the company’s executive chairman Jack Ma.

Alipay is the best known and, likely, easiest to value of these side bets. The company, which was a part of Alibaba until 2011 when it was spun off, has 300 million members and processed almost $800 billion worth of transactions for the year ended June 30. Analysts say it could already be worth $60 billion to $80 billion on its own – and Ma said on Tuesday that he’s already contemplating an IPO.

Under a deal struck before its IPO, Alibaba will be entitled to a 33% stake in Alipay if the payment arm goes public. And Alipay also has many avenues for new growth, as it spreads beyond China and into savings, lending and other financial service markets.

Ma appears to be following the Jeff Bezos playbook for his Internet cloud services unit, Aliyun. Bezos began selling excess computing capacity from Amazon’s own server network back in 2006. Now Amazon Web Services is taking in $5 billion and growing fast despite heated competition. Alibaba held a developer conference for Aliyun customers last month and is striking partnerships to bring more useful features to the platform. Revenue rose 43% to $85 million in the first six months of 2014 compared to the first half of last year.
[302 words]

[Time 5]
Alibaba owns a minority stake in a delivery and warehouse joint venture, China Smart Logistics, which is larger than United Parcel Service (UPS) as measured by the number of packages delivered. Fund manager Daniel Loeb, who owns Alibaba shares, says the business could bring in $50 billion in revenue within a few years.

Finally, Alibaba is also seeking to outmaneuver Amazon, eBay and Walmart around the world. Only 11% of Alibaba’s commerce sales in its most recent quarter came from outside of China, but expanding outside of its home country is a top focus. The company’s experience in China may be more applicable to developing countries than the experiences of U.S. ecommerce companies.

Alibaba carries some potential risks that have yet to become a real investor concern. Although Alibaba is growing fast in mobile commerce, it could be outpaced by companies like Tencent (TCEHY), which is adding ecommerce features to its popular messaging app Wechat in China. Any downturn in the Chinese economy would also obviously threaten Alibaba’s growth, as would difficulties with China’s governing authorities.
Still, the optimistic case is swaying more investors.

“We have seen Alibaba’s pattern for growing businesses and believe that they are inclined to focus on share over profits until they reach enormous scale,” Loeb wrote in his third quarter letter to investors. “Once a business achieves ubiquity, profits can ramp very quickly.”
[228 words]

Source: Yahoo Finance
http://finance.yahoo.com/news/investors-looking-to-alibaba-s-smaller-businesses-for-next-growth-spurt-192201026.html

China wins, U.S. loses at APEC
By Aaron Task

[Time 6]
The Asia-Pacific Economic Cooperation (APEC) meetings continue today in Beijing, so the story isn't over yet, but it's increasingly looking like China is winning big at APEC at America's expense. Put another way: if APEC were last night's Monday Night Football game, China would be the Eagles and America the Panthers.

Let's review the highlights:

China and Russia expand their partnership: Gazprom, Russia's state-owned oil company, inked its second major gas deal with China this year. Separately, Russia's state run bank Sberbank secured about $2 billion in financing from Chinese lenders, which will help ease the pain of Western sanctions against Vladimir Putin's regime. The deals give Russia additional leverage with Europe, which is highly dependent on Russia's natural gas and helps China secure a major source of energy on favorable terms. President Obama's rhetoric about 'pivoting' toward China and the obvious tension between the U.S. and Putin's regime have helped push the Chinese and Russians closer in a classic "the enemy of my enemy is my friend" situation.

Asia embraces China: "Leaders of Asia-Pacific economies agreed Tuesday to begin work toward possible adoption of a Chinese-backed free-trade pact, giving Beijing a victory in its push for a bigger role in managing global commerce," The AP reports. This is a victory for China and blow to the U.S.-led Trans-Pacific Partnership, which excludes China.

Tear down these walls: The U.S. and China agreed to drop tariffs on about 200 different technologies, including semiconductor, medical tech equipment and GPS devices. South Korea inked a similar deal to remove tariffs on 90% of goods and Australia is expected to announce a similar agreement. Experts believe these deals could be a prelude to a major tariff-cutting agreement at the World Trade Organization meeting in Geneva next month. (This is arguably a "win" for the U.S. too; and Carolina scored 21 points vs. the Eagles.)

State-sponsored capitalism: On the eve of the APEC summit, China announced the long-awaited Shanghai-Hong Kong Stock Connect, which will allow foreign investors far greater access to Chinese companies listed in Shanghai. Separately, China's central bank engineered the biggest one-day rally in the renminbi in four years, effectively throwing a bone to its trade partners.

Oh, and China is exhibiting its new stealth fighter at the Airshow China, which kicked off Tuesday in Zhuhai.  

In sum, while America has talked about containing China's ambitions, enemies like Russia and regional allies alike -- including Japan -- are moving toward closer ties with the Middle Kingdom. This may be just a reflection of China's "home court advantage" at APEC and the undeniable reality of its place in the global economy and dominance in the region. As discussed in the accompanying video, China is also taking advantage of President Obama's weakened state in the wake of the drubbing his party suffered in last week's midterms. For all the talk about domestic U.S. politics, the impact of President Obama's falling political stature is very much a global story and one with potentially negative implications for Americans, regardless of political affiliation.
[505 words]

Source: Yahoo Finance
http://finance.yahoo.com/news/china-wins--u-s--loses-at-apec-145943608.html

吐吐yeah

Part III: Obstacle

Every man for himself
Nov 8th 2014 | From the print edition

[Paraphrase 7]
CENTRAL banks in the developed world are no longer acting in tandem. When the financial crisis broke in 2007-08, most banks eased monetary policy significantly. But in late October, two days after the Federal Reserve ceased its third programme of asset purchases, the Bank of Japan stepped up its bond-buying. This divergence seems likely to have a big effect in the medium term, not least in the currency markets.

The Bank of Japan said it was expanding its programme of asset purchases (known as quantitative easing, or QE) from ¥60-70 trillion to ¥80 trillion ($700 billion) a year. Its aim is to ward off deflation, a persistent problem over the past 20 years. The Tokyo stockmarket jumped sharply on the news but the biggest economic impact may be on the exchange rate. The yen fell more than 2% against the dollar on the day of the announcement—a big move by currency-market standards—and hit a seven-year low against the greenback on November 3rd.


The dollar has been gaining ground more broadly in recent months (see chart). This seems largely due to America’s relatively strong recovery (by the rich world’s feeble standards) and the perception that this will lead the Fed to raise interest rates sooner than other central banks. The market’s view of when the first rate rise will come has varied a lot, but the Fed’s latest statement was seen as fairly hawkish; the current consensus is some time in November or December next year. Those investors who like to play the “carry trade”—borrowing money in a low-yielding currency to invest in a higher-yielding one—can already exploit the big gap in yields between Treasury bonds and German or Japanese government debt. Higher short-term interest rates will give them another incentive to buy the dollar.

For Japan, a weaker yen is broadly positive. It pushes up inflation by raising the cost of imports and boosts the prospects of Japanese exporters by making them more competitive in global markets. Exchange rates are a zero-sum game, however: if Japanese exporters gain market share, some other country’s exporters must lose it. And if competition from Japan forces producers in other countries to lower their prices, the effect could be to export deflation to the rest of the world.

Over the past 12 months, for example, the yuan has risen nearly 15% against the yen. That has put pressure on Chinese manufacturers to cut prices; the Chinese producer-price index has fallen for 30 consecutive months, the longest decline since the late 1990s. In turn, that puts further downward pressure on American inflation; since 1995, there has been a 70% correlation between Chinese producer prices and American consumer prices, according to Deutsche Bank.

If other central banks in the developed world respond to the yen depreciation by loosening monetary policy, then the net effect on economic growth would be positive. But the Fed and the Bank of England have stopped easing and the European Central Bank seems reluctant to adopt QE. The extra burst of Japanese QE may only offset a planned rise in the consumption tax, so the net effect on global demand could be zero.

A further sign of the growing worries about deflation can be seen in the gold price. Gold’s decline was not halted by the Bank of Japan’s move; it even accelerated. Yet when QE was first adopted, many investors piled into gold as a hedge against the rapid inflation they thought it would inevitably unleash. As it turns out, that dog has not even whimpered, let alone barked. Even the argument that the inflationary impact of QE has shown up in asset prices has been of little comfort to the gold bugs. Equities and corporate bonds have enjoyed much higher returns than gold itself. The S&P 500 index has almost doubled, in gold terms, since 2009.

The most bull(ion)ish arguments in favour of gold hinged on the notion that the dollar would collapse due to the toxic combination of massive government debts and QE. Gold is seen by many as the dollar’s main competitor as the world’s reserve asset. So the dollar’s resurgence undermines another pillar of the case for gold. More than $1.3 billion was withdrawn from precious metal funds in October, according to Bloomberg.

Add together a weak gold price, falling commodity prices, low government-bond yields and downward revisions to growth forecasts and one has a recipe for deflation. That is the last thing that countries with high debt burdens need. Small wonder if governments decide it is every man for himself.
[758 words]

Source: Economist
http://www.economist.com/news/finance-and-economics/21631145-economic-policies-are-diverging-developed-world-deflation-looms-every-man

风随心动01

Speaker：
O and X in Beijing approached an agreement about carbon emission.
US will reduce carbon emission 26%-27% until 2025.
China will reduce it until 2030.

peggychianglove

2:21, 155w/m
1:40, 174w/m
1:51, 165w/m
1:14, 185w/m
3:15, 155w/m
4:24, 168w/m

conglomerator

Time 2: 1:41

Gold price keeps going down recently. There are several reasons named to support the claim that this trend will continue. And the charts does not look good neither. Some technical analyses are given.


Time 3: 1:40

Alibaba stock price went down after it had made another sales record on the singular day. But it is not worth of worrying. Alibaba is fast growing. Compared to Walmart, its gross revenue is catching up and its net profits margin is much higher.

Time 4: 1:46

Investors are expecting more than Alibaba. Several other companies are not owned by Alibaba but are under control of the same owner, Jack Ma. Alipay will probably be the first to make IPO. And Aliyun is underway.

Time 5: 1:20

Another promising business related to Alibaba is a logistics company, which is larger than UPS. And Alibaba is focusing on international market, its experiences in China makes its future in developing countries bright at least. But there are some risks investors need to be aware of, which include competitors, influences of possible China Economy downturn and difficulties with China Authorities. Anyway, Alibaba is still growing, it will focus on profits rather than shares until it become very ubiquitous.

Time 6: 2:59

China won at APEC at America’s expense. The cooperation with Russia, the agreement of a Chinese-backed free-trade pact with Asian countries, the tariff cut-down between China and the US, China and Korea and China an Australia, the state-sponsored capitalism, and the airshow in Zhuhai. Home court advantage, the relationship between US and Russia, and the weakened state of Obama are all the possible causes.

Obstacle: 4:07

Every man for himself. Fed stopped QE, but BoJ started purchase assets. Yen went down, which is good for Japan. If central banks of the other developed countries loose their monetary policy, the overall effect on global economy would be positive. Gold price shows growth worries, but it is good for the dollar. All in all, every man is for himself.

越狱LV

Speaker
During the summit President Obama and China’s president Xi announced in agreement about limiting carbon pollution. President Obama expressed to cut its emissions by 26%-28% in 2025 compared with that in 2005. China’s president Xi expressed to decrease the pollution by 20% in main polluted cities in 2030 which will need huge investments. The two countries’ goals are ahead of many other countries. Besides, both Chinese and American reporters were chosen to raise questions to the two presidents, which were different as five years ago. President Xi was asked about press freedom in China. President Obama was asked HK’s demonstrators and he expressed the protest was illegal and it’s internal matter for China.

2. 02:33.06
The gold keeps falling in the price. The market is more pessimistic about the gold price with the appreciation of USD and inflation in US. The analysts estimated that the gold would stabilize to downside risk of $1000, better than it can’t stabilize and the trend keeps lower.

3. 02:11.42
Alibaba announced that consumers bought over $9 billion discount goods online on Single’s Day, while its shares decreased by 4%. It’s normal to have ups and downs for such a fast-growing company. Its market value is better than several giant company. It is 10% more than that of Wal-mart while its profit margin is higher.

4. 02:26.24
Alibaba’s investors expect much from the China’s ecommerce’s growth. Investors have identified several future big plays, including Alipay, which is a part of Alibaba. Jack Ma is preparing for its IPO. Besides, Aliyun is also updated to bring more features.

5. 01:36.87
Alibaba is seeking opportunities to expand its business outside China. The developing countries are more suitable. But it is still faced with some challenges, such as competition from Tencent, the controls from the government authorities and China’s economic downtown. But the investors are optimistic.

6. 04:33.41
In the APEC summit China wins against America. China and Russia expand their partnership in oil business, which helped Russia ease the western sanctions to Putin’s regime and also helped China secure a source of energy. Asia-pacific agreed on the Chinese-backed free-trade pact, which responded to TPP. US and China agreed to drop off tariffs on 200 technologies. China announced the SH-HK stock connection.  China took advantage of the host and President Obama’s failure in the midterm elections.

Obstacle 06:28.11
US announced the ending of QE 3, while Japan didn’t follow it. It was expanding its asset purchases in the midterm. Japan had deflation for 20 years. But the weaker Yen is positive for japan.
USD has gained around due to economic recovery. The gold price decrease because it is regarded as competitor of USD as the world’s reserve asset. A weak gold price, the falling commodity price, low government-bond yields and downward growth forecasts form the recipe for deflation in Japan.

No idea...

cyndichiang

Speaker
Xi and Obama co-announced a climate agreement which began from a letter.
US promises to cut the carbon pollution by 26%-28% of the level of 2005, while China tries to cut 23%
However,many other countries excused to follow the agreement and confront their own carbon policies
China plans to invest in non-polluted energy, and US follow the existing trend without legislation.
Two reporters ,one from China,one from US ,asked question to president xi and Obama separetly.
US reporter asked about price freedom.
China reporter who the speaker thought she prepared in advance pressed the Obama concerning the democracy stress in HK

obstacle 5'37''
Japan continues QE in order to ward off deflation,leading to a weak gold price,high cost of export and low government-bond yield.
Exchange rate push Chinese to cut down the prices,however,in the terms of whole world,it is a zero-game
Gold price is not a hedge of the increase in dollars.

MAGGIEHE1993

先占座~~~~~~~~~~~~~~~~~~~

HaiqingYU

Thanks for sharing!
02:07->the current economic situation makes gold value to go lower, and this trend will continue.
02:16->the great dale on single day doesn't bring up the stock price of Ali;
       Ali is a fast growing and profitable company.
02:24->Investors's expectation for other Ali's business, especially AliPay and Aliyun.
01:25->Ali's concern: expand its business out of China
02:49->China has won the APEC game (against America) in the following 4 aspect: Gaz from Russia; relationship with Asiancountry; tariff on technologies; and capitalism stock.