We need to find a fairer way of providing Goods and Services to the rest of the people on Earth.Cryptocurrencies and/or Gold Standard of money....maybe the answer to fight hyperinflation caused by too much printing of paper/fiat currencies by Governments and Central Banks all over the World. (https://nomorefiatmoneyplease.blogspot.com)
China auto sales to grow 5-7% in 2016: industry association chief
Vehicle sales in China are expected to grow 5-7 per cent year-on-year in 2016, the head of China's auto manufacturers association told reporters in Beijing on Thursday.
PHOTO: REUTERS
[BEIJING] Vehicle sales in China are expected to grow 5-7 per cent year-on-year in 2016, the head of China's auto manufacturers association told reporters in Beijing on Thursday.
Dong Yang, secretary general of the China Association of Automobile Manufacturers, said that auto sales would rise around 3 per cent year-on-year in 2015, meeting the association's forecast.
Chevron slashes budget by 24% to weather low oil prices
Chevron Corp plans to slash its budget by 24 per cent next year, part of a revamped strategy to rein in spending and position the energy giant to be nimble as oil prices show little sign of rising in the near future.
PHOTO: AFP
[NEW YORK] Chevron Corp plans to slash its budget by 24 per cent next year, part of a revamped strategy to rein in spending and position the energy giant to be nimble as oil prices show little sign of rising in the near future.
The dramatic cutback in spending is likely to be echoed by other oil majors who will soon release spending plans, with rival ConocoPhillips set to release its 2016 budget on Thursday.
Shares of Chevron fell 0.5 per cent to US$87.20 in after-hours trading. As of Wednesday's close, the stock has dropped 21 per cent so far this year.
Chevron had previously signaled it could slash its budget for next year.
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Plunging oil prices have cut sharply into the industry's margins this year, fueling thousands of layoffs and spreading deep unease on Wall Street about whether some energy companies can service their debt.
Chevron plans to spend US$26.6 billion across the globe in 2016, with the bulk of spending on international oil and gas exploration and production projects, with the second-largest share going to projects in the United States, including shale developments in Texas.
The San Ramon, California-based company said in October it would cut 10 per cent of its staff to weather the low-price storm.
Part of the decrease in spending will come as Chevron opens major new natural gas projects next year in western Australia that have been under construction for years. "We gain significant flexibility in our capital program as we complete projects under construction," Chevron Chief Executive John Watson said in a statement.
About US$4.5 billion of the 2016 budget will be spent on joint venture projects, with the bulk of that amount going to Chevron and Conoco's ChevronPhillips Chemical Co venture and the Tengizchevroil oil project with Kazakhstan's government and Exxon Mobil.
Chevron said about US$3 billion of the budget will be spent on projects that have not yet received final investment decision, a term for areas in which the company is still investigating long-term potential.
Citigroup to take US$300 million 'repositioning charge' in 4th quarter
Citigroup Inc will take a US$300 million "repositioning charge" in the fourth quarter to "resize infrastructure and capacity" throughout its businesses, Chief Financial Officer John Gerspach said on Wednesday.
PHOTO: BLOOMBERG
[NEW YORK] Citigroup Inc will take a US$300 million "repositioning charge" in the fourth quarter to "resize infrastructure and capacity" throughout its businesses, Chief Financial Officer John Gerspach said on Wednesday.
Citi will also add US$300 million to US$400 million in loan reserves from the third quarter for energy loans, based on the expectation that oil prices will remain low, Gerspach told the Goldman Sachs US financial services conference.
Depressed oil prices have put several US banks under pressure because of their exposure to loans to oil companies.
Citi is due to report fourth-quarter earnings on Jan 15. "From an expense point of view, we will be taking a repositioning charge of say about US$300 million in Citicorp in the fourth quarter," Gerspach said. "That is as we continue to resize our infrastructure and our capacity to deal with a continuing low-revenue environment." Gerspach declined to comment when asked about investment banking bonuses, saying Citi would "pay competitively".
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The last time Citi took a repositioning charge as large as this was in the fourth quarter of 2014, said Barclays analyst Jason Goldberg. At that time, the charge was US$655 million.
Morgan Stanley said on Tuesday it would take a US$150 million severance charge related to workforce reductions in the fourth quarter.
The investment bank is cutting 1,200 workers worldwide, a source told Reuters, as tougher capital rules and mounting competition force it to improve profitability, following one of its slowest quarters for bond trading since the 2008 crisis.
Gerspach also said Citigroup would need to issue $10 billion to $15 billion in net new debt to comply with new rules designed to help banks better weather a crisis.
Speaking at the same conference, Bank of America Chief Executive Brian Moynihan responded to a question about whether its new debt issuance under the rules would be US$15 billion, by saying the number was in the "right ballpark." Wells Fargo & Co said last month it would likely need to issue an additional US$40 billion to $60 billion of long-term debt to comply with the rules.
The rules, proposed by the Federal Reserve on Oct 30, aim to ensure that some of the biggest and most interconnected US banks have enough equity capital and long-term debt to withstand crises.
