Kerry, Lew to next meet top Chinese officials in July

By Douwe Miedema

WASHINGTON, April 13 | Sat Apr 13, 2013 11:49am EDT

WASHINGTON, April 13 (Reuters) - U.S. Treasury Secretary Jack Lew and Secretary of State John Kerry will meet senior Chinese officials in July as the world's two largest economies continue discussions on currency rates and the North Korean nuclear threat.

The so-called U.S.-China strategic and economic dialogue, an annual high-level forum, will be held in the week of July 8-12 in Washington, the Treasury Department said.

Kerry and Lew will meet Vice Premier Wang Yang and State Councilor Yang Jiechi, along with members of the Chinese delegation, and their U.S. colleagues.

Kerry has been meeting with China's leaders in Beijing this week, and the two countries agreed to make a joint effort to push for the peaceful denuclearization of the Korean peninsula.

Lew traveled to China for a two-day visit in March, where he pushed Beijing to take more action on the exchange rate of the yuan, which many in Washington say is undervalued and is harming U.S. exports.

The discussions in July will follow up on these two meetings, the Treasury said.

"The dialogue will focus on addressing the challenges and opportunities that both countries face on a wide range of bilateral, regional and global areas," it said.

The United States and its allies believe North Korea violated the 2005 aid-for-denuclearization deal by conducting a nuclear test in 2006 and pursuing a uranium enrichment program that would give it a second path to a nuclear weapon in addition to its plutonium-based program.

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Chinese site distributes pirated iOS apps without requiring a jailbreak

If you thought that there's absolutely no way of installing pirated iOS apps on an iPhone or iPad without being jailbroken, well, think again! It turns out that a Chinese pirate site, called 7659, has found a way to do just that.

The way those smart fellows have achieved this is by exploiting Apple's own bulk enterprise licensing tools. The tools are usually used by companies to distribute apps to their employees more easily, but it looks like messy things can happen if they fall in the wrong hands. Utilizing the tools, the pirates are now offering paid apps for free through their site. The "service" is only available in China, but according to some reports, it's possible to take advantage of it if you use a proxy server, though we don't encourage anyone to try it.

The fun part is the admins' explanation of their actions. Apparently, they "believe" that using the iTunes platform can prove to be a bit difficult for Chinese users, which is why they are offering a new way of getting applications. According to them, the percentage of jailbroken phones in China since the service's launch has dropped from 60% to around 30%, which, however, doesn't really matter that much, considering that those non-jailbroken users are still getting pirated content. It would certainly be interesting to see how Apple reacts to that...

Here's the full message by site:

source: TheVerge

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Bearish Sentiment Continued amid Worries over Chinese Property Tax Plan

ONG Focus | Insights | Written by Oil N' Gold | Thu Feb 21 13 23:54 ET

News headlines and economic data set the market in a negative tone and stocks and risky assets weakened further after the FOMC minutes indicated the possibility of an early termination of QE. In China, investors were cautious after the Chinese State Council report unveiled intention to extend the property tax pilot program and other measures to curb speculative demand and property prices. In the Eurozone, the disappointing PMI data suggested that the bloc’s economic outlook remained gloomy. Data in the US was also worrisome with headline Philly Fed index slumping and initial jobless claims climbing higher. Wall Street decline with the DJIA and the S&P 500 indices losing -0.34% and -0.63% respectively. In the commodity sector, the front-month contract for WTI crude oil slumped for a second consecutive day, falling to as low as 92.63 before settling at 92.84, down -2.50% while the Brent crude contract plunged to -1.79% during the day. The benchmark Comex gold contract rebounded after plummeting to 7-month low of 1554.4. The contract ended the day at largely flat at 1578.6.

At a State Council meeting, Chinese Premier Wen Jiabao announced that the government would accelerate measures to curb the country’s real estate market. Xinhua News, the CPC government’s press agency, stated that the government would take various measures “ranging from raising the minimum down payment and higher interest rates for second-home mortgages to putting a conditional ban on the buying of properties by non-local residents” as “21 of 27 cities monitored register sales of floor space more than five times the area of the corresponding holiday week last year and at higher prices”. Meanwhile, “40 of China's 70 major cities saw property prices rise from the previous year, compared with 18 cities in November and 14 in October”. The government would maintain (may increase) the land supply and boost the construction of the government-subsidized housing for low-income households. Xinhua also cited media reports that the government would raise down payment for second-home purchasers 70% from 60% and increase he mortgage rate 1.3 times the benchmark interest rate instead of the current 1.1 times.

In the Eurozone, manufacturing PMI slipped -0.1 point to 47.8 in February, compared with consensus of 48.4. Services PMI also surprisingly dropped -1.3 points to 47.3 during the month.US’ headline Philly Fed index plunged -6.7 points to -12.7. Intiaily jobless claims rose to 362K in the week ended February 16. This was largely inline with market expectations of 361K. However, this has sent the 4-week moving average +8K to 361K during the week while the continuing claims were up +11K to 3 148K in the week ended February 9.

The DOE/EIA reported that total crude oil and petroleum products stocks declined -1.25 mmb to 1094.70 mmb in the week ended February 15. Crude stockpile increased +4.14 mmb to 376.39 mmb as inventory soared in 3 out of 5 PADDs. Cushing stock added +0.42 mmb to 50.66 mmb. Utilization rate was down -0.9% to 82.9%.

Gasoline inventory dipped -2.88 mmb to 230.35 mmb as demand climbed +0.39% to 8.44M bpd. Production added +0.45% to 8.94M bpd while imports slid -17.35% to 0.51M bpd. Distillate inventory dropped -2.28 mmb to 123.63 mmb although demand fell -3.40% to 3.81M bpd. Imports gained +105.59% to 0.29M bpd while production fell -1.95% to 4.27M bpd during the week.

 

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Chinese media attack on Apple, VW exposed; backfires badly (macnn)

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