Mr John Tsang Chun-wah ︰ if the United States from falling from a financial cliff "will be difficult to immune

Hong Kong Financial Secretary John Tsang said recently that if the United States is falling from fiscal cliff "recession in the U.S. economy, Hong Kong will not be an exception, the economy is also likely to be recession; but for the public to worry about the third round of U.S. quantitative easing measures to Order a lot of hot money inflows push up inflation and property prices in Hong Kong, he is cautiously optimistic.

John C Tsang, in his personal blog author said, if the United States is falling from fiscal cliff ", so that the recession in the U.S., which will bring the global economy a heavy blow, the European recovery will be more distant mainland economic risk of a hard landing will increase; Hong Kong as a small export-oriented economies will face major trading partners lose growth momentum, even recession, Hong Kong also not been spared. Hong Kong's economy is likely to be a recession, asset prices may fluctuate, corporate bankruptcies and rising unemployment? Living of the people will be greatly affected. On the other hand, Mr Tsang said that many people worry about re-election of U.S. President Barack Obama, Federal Reserve Chairman Ben Bernanke planned to implement QE3, so that the devaluation of the Hong Kong dollar pegged to the dollar, a lot of hot money inflows, pushing up inflation and Floor price impact? livelihood.

Mr Tsang said that the property market this attitude more cautiously optimistic, because in the end of October, the Government introduced two measures to manage demand for residential buildings, including raising the special rate of stamp duty and extend the applicable period, as well as to non-permanent residents and corporate buyers open levy a 15% buyer stamp duty, the hot money inflow significant increase in the costs and risks of the residential property market.

Greece an extra two years to reach the budget target

Greece's international lenders agreed on Monday to allow the Greek fiscal surplus as a percentage of GDP 4.5% in 2014 to reach the target, delayed for two years to 2016. According to the files of the euro zone finance ministers' meeting, the two-year delay standards will need 32.6 billion euros of additional capital.

However, the debt to GDP ratio, Eurogroup Chairman Juncker said to allow Greece will be reduced to 120% of the target deadline extended by two years to 2022, but the International Monetary Fund (IMF) President Christine Lagarde said, IMF adhere to the 2020 deadline. Juncker said the euro group meeting will be held on the 20th of this month, will be further discussions in this regard.

New York crude oil fell 4.8 percent to $ 84.44

New York crude oil (85.15, -0.42, -0.49%) futures prices closed Wednesday fell sharply, mainly due to rise in the dollar exchange rate, and the United States government report showed U.S. crude inventories rose more than expected last week, so as to suppress oil prices fell below $ 85 a barrel.

The same day, the New York Mercantile Exchange (NYMEX) price of light sweet crude for February delivery fell $ 4.27, to close at $ 84.44 a barrel, down 4.8%, to erase the gains of the previous trading day. Financial information provider FactSet statistics data, which means that New York oil prices hit the lowest closing price since July 10. Tuesday's closing, the December contract rose sharply to 3.6%.

London's ICE Futures Europe exchange price of North Sea Brent crude oil futures for December delivery fell $ 4.25 to close at $ 106.82 a barrel, down 3.83%; erase the gains of the previous two trading days. In terms of the closing price, the difference between the North Sea Brent crude oil futures in New York light sweet crude to $ 22.38 a barrel, the spread in the October 14 last year hit $ 27.88 a barrel, the highest level.

U.S. stocks sharply lower, the dollar also rose, leading to the pressure of the crude oil futures market, "financial cliff" as investors started to feel worried. After the re-election, Obama will have cooperation with a divided Congress, the Republicans continue to control the House of Representatives, while the Democrats retained control of the Senate.

The term "financial cliff" January 1, 2013 by Federal Reserve Chairman Ben - Bernanke (Ben Bernanke) originally used to describe this time node. At this date, the Bush Administration tax concessions relief policies Obama administration's 2% payroll tax relief and unemployment compensation measures to extend the policy will expire at the same time, this will lead to the sudden decrease in government expenditure, thus spending curve looks like a cliff, so named after the "fiscal cliff.

The U.S. Department of Energy's Energy Information Administration (EIA) for the week ended November 2 crude oil and petroleum products inventory report released today. The report showed that the crude oil inventories increased by 1.8 million barrels, an increase than analysts had expected. Energy information and consulting firm Platts survey, analysts on average expected U.S. crude oil inventories increased by 100 million barrels last week. The report also showed that gasoline inventories increased by 2.9 million barrels last week, analysts expected a decrease of 100 million barrels; distillates (including diesel and heating oil) inventories increased by 100,000 barrels, the analyst is expected to be reduced by 200 million barrels.

In other energy trading at the New York Mercantile Exchange, the price of RBOB gasoline futures for December delivery fell 10 cents to close at $ 2.60 per gallon, down 3.74%; heating oil futures prices for December delivery fell 9 cents , to close at $ 2.96 per gallon, down 2.94%; natural gas futures prices for December delivery fell 5 cents to close at $ 3.57 per million British thermal units, a decrease of 1.30%.

The Energy Information Administration on Thursday released natural gas inventory report for the week ended November 2. Platts survey, analysts on average expected natural gas inventories increased by 26 billion cubic feet to 30 billion cubic feet last week.

Samsung raised the price of Apple iPhone chip

Reporter was informed that the 11th Samsung Electronics has suddenly raised the wholesale price of the iPhone and iPad application processor, and an increase of nearly 20%. Samsung Electronics is substantially increased their old customers - Apple applications processor supplier prices, this is the first time. The industry believes that the two companies have been started in the worldwide patent wars, this price will exacerbate the conflict existing between.

A very understanding of the negotiation process of the two companies of electronic industry executives who on the 11th, said: "Recently Samsung to Apple prices require Apple is unwilling to accept, but can not find an alternative source of supply, eventually accepted prices requirements. "the source said, the recent trading of the two companies are beginning to reflect the new prices rose nearly 20%.

Samsung Apple two companies used to focus on supply problems occur in a contradiction. Before the prices with different memory chips and displays, in addition to Samsung Electronics, Apple is nowhere to buy this product, therefore prices are likely to make the relationship between the two companies has become more tense. Currently, in the world capable of producing Apple requires application processor, only a Samsung Electronics.

Apple for the iPhone and iPad application processor All procurement to Samsung Electronics, the number of last year to more than 130 million, and this year is expected to be more than 200 million. It is reported that Samsung Electronics and Apple signed a long-term supply contract ending in 2014, although the two sides will hold regular price negotiations, but has no special price factors, the price will essentially unchanged.

The industry believes that, the Samsung Electronics raise the wholesale price of the application processor, in addition to the factors and the Apple lawsuit, Apple is trying to reduce the number of application processor is one of the reasons to buy from Samsung at.

Germany, and Britain called for raising the corporate tax efficiency

According to reports, German Finance Minister Theo Schaeuble and British Chancellor of the Exchequer Osborne jointly called on countries in the world should be "enough to correct the error behavior of multinational corporations 'erosion of the tax base and the transfer of profits' leadership in worldwide build, improve corporate tax efficiency. "

Common unified corporate tax base "(CCCTB) mechanism set by the EU, countries should multinational profits taxable part of the consensus, and this part of the unified tax profits, rather than solely on the basis of the multinational respective reporting that a portion of the profits tax.

Analysts said that some developed countries with economies in both with preferential policies to attract multinational companies in the country reside, while multinational corporations pay the corresponding taxes. However, many multinational enterprises, especially those engaged in catering and other intangible assets are legitimate uses of "transfer pricing" means the corporate effective tax rate is much lower than the statutory tax rate. OECD (OECD) are stepping up revised guidelines to deal with transfer pricing rules.

Wall Schaeuble and Osborne, intangible assets in the proportion of economic activity and trade is growing, small adjustments to transfer pricing rules, and can not effectively prevent some multinational companies to evade responsibility for the acts of the corporate tax, even could lead to the government will not have enough capacity to SMEs as a major transfer of profits among tax jurisdictions taxed. Analysts said that to prevent enterprises to use "to avoid double taxation principle of" double tax avoidance, tax should consider the introduction of more stringent regulatory measures for multinational corporations.

New York Huang Jinping closed at $ 1,730.90

Beijing early morning of November 13, the New York gold (1724.10, -6.80, -0.39%) futures closed Monday does not appear to change was mainly due to India's strong demand and market fears the Japanese economy to form a support for the gold market, but with the United States "financial cliff" uncertainty related to the European debt crisis led to market pressure.

The day, the 12-month contract by the New York Mercantile Exchange (NYMEX) under the Commodity Exchange (COMEX) gold futures prices closed at $ 1,730.90 an ounce, there was no change compared to last Friday's closing price. In last week's trading, the New York gold futures prices rose more than 3%.

The senior investment the website TrueContrarian.com the Editing Steven - Kaplan (Steven Kaplan) pointed out that If the (U.S.) 'financial cliff' the problem is resolved, then the U.S. federal government deficit will continue to remain at a high level, but may strong rise in gold futures prices. However, the Republicans are unlikely to agree to a substantial increase in tax revenue, it is expected that the gold futures market will continue to face downward pressure. "

Gisborne Potter, managing partner of Silver Arrow Capital Management, the asset management company - Green Nevis root (Gijsbert Groenewegen) pointed out that the gold market is subject to the euro zone sovereign debt crisis, "financial cliff" and "quantitative easing" policy. He also pointed out that, from a fundamental point of view, gold futures prices need to break through the resistance level of $ 1740 per ounce, then the impact resistance of 1790 U.S. dollars an ounce.

The term "financial cliff" January 1, 2013 by Federal Reserve Chairman Ben - Bernanke (Ben Bernanke) originally used to describe this time node. At this date, the Bush Administration tax concessions relief policies Obama administration's 2% payroll tax relief and unemployment compensation measures to extend the policy will expire at the same time, this will lead to the sudden decrease in government expenditure, thus spending curve looks like a cliff, so named after the "fiscal cliff.

The so-called "quantitative easing" (Quantitative Easing QE), a concept first proposed by Japan, in the context of the economic malaise, the sharp contraction in bank credit, the Bank of Japan on the zero interest rate from the beginning of March 2001 (between banks further deepening of the night lending rate) policy, mainly refers to the Central Bank in the implementation of the zero interest rate or near-zero interest rate policy, through the purchase of bonds and other long-term bonds, to increase the supply of base money injection of liquidity to market intervention to to encourage spending and borrowing, and also simplified described as indirectly by printing money.

Bloomberg: Europe agreed to grace Greece two years to reach the deficit and debt targets

European governments agreed to grace Greece two years to complete the deficit target, and will seek to fill the resulting financing gap, in order to ensure that Greece still remain to prevent further deterioration of the debt crisis in the euro zone. Monday of euro zone finance ministers' meeting agreed to grace Greece in 2016 to reduce the deficit target of 2% of GNP, but the countries in the next week to decide how to fill a funding gap of up to 32.6 billion euros resulting. This is three years after the outbreak of the debt crisis in Greece, Europe once again make a compromise, led by Germany, the creditors agreed to continue to inject liquidity to Greece and not allow a Greek default to lead Greece out of the euro zone to cause the situation to further confusion. Eurogroup Chairman Juncker told reporters that extend the last date to Greece's deficit reduction "would be an appropriate adjustment to further fiscal consolidation in the future". He said the parties are currently looking for "the right approach" to cover the deficit, but which does not include the official sector holdings of Greek debt written down. However, the euro zone finance ministers' meeting did not discuss how to increase member states funded affordable conditions, increase financial support for Greece, Greece's main creditors Germany will hold a general election in 2013 will become a source of relief funds in Greece troubled by the problem of Chancellor Angela Merkel.