Tag Archives: eastern

Thousands seek that special someone in Shanghai

SHANGHAI: The odds favored the men as thousands gathered to look for love in Shanghai at the eastern Chinese city’s largest-ever matchmaking party, paying for the privilege of searching for their other half.

Census data shows a rise in the percentage of older single women over the last decade, while the percentage of older single men has fallen, according to the China Daily — which experts said might be due to increasingly choosy women unwilling to settle for men with inferior education and living standards.

Organizers said there were three women for every two men, with 6,000 tickets sold to single woman and 4,000 to men.

“These days, girls are much more self-sufficient and independent,” said Zhou Juemin, president of the Shanghai Matchmaking Association, which organized the two-day event at the weekend.

“Also, there’s a lot of work pressure in society nowadays, so many girls are busy with their jobs and perhaps tend to consider career advancement above marriage — so some of them are no longer young.”

Long queues of singles waited for their turn for five-minute chats with the opposite sex in the ultimate blind-date event.

“If your standard of living is lower than mine in every aspect, but if we can relate well to each other, I wouldn’t mind — because if we relate well, there would be good chemistry,” said 27-year-old Zue Tianwei.

“Then the issues of social order would no longer be a problem. I guess it depends on how strong my feelings are.”

Many men, for their part, said they were willing to shrug off traditional thinking that once made marrying a woman of higher educational and living standards unacceptable.

“Regarding girls who have a higher education level or standard of living, I wouldn’t mind pursuing them because this is a two-way thing,” said Li Jianxun, a 27-year-old native of central China who has lived in Shanghai for two years.

“As long as the feelings are mutual, it is still possible to interact and get to know each other.”

Hopefuls from nearby provinces travelled to Shanghai to take part, among them some who had already married and divorced.

A few, bolder than others, held up signs to distinguish themselves from the crowd. One said, “I wanted to fall in love early, but it’s already late.”

Around 3,000 parents also tagged along, with Organizers allocating a special corner for them to advertise information on their unmarried children. Some kept an eye out for suitable future in-laws.

Qi Xiong, who helped his son by taking pictures to keep track of potential matches, said he still felt that men should not look for wives with higher social status than themselves.

“Generally speaking, if you are a girl and your education level or income is too high, we’re more likely to oppose it,” he said, noting that a simple university degree was sufficient.

“A huge difference in education levels would make it difficult to communicate. If both parties begin at the same starting line, and want to achieve success in the future, they can work at it together.”

Deadly floods ravage Brazil’s Minas Gerais

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A total of 66 towns cities in Minas Gerais state have declared a state of emergency.In the town of Ouro Preto two taxi drivers died when a bus station was destroyed by a landslide.
Flood waters are also threatening hillside communities in Rio de Janeiro state that were devastated a year ago.

Flooding is common in southeastern Brazil during the rainy season. Nationwide, more than 2m people have been affected by this year’s rains, Brazil’s civil defence force says.

About 10,300 people have been evacuated, and 3,000 homes have been destroyed.

Many roads have been blocked, making it difficult to get help and supplies to affected areas.

Early warning

Last year floods killed more than 800 people, in what officials said was the worst natural disaster ever to befall Brazil.
Most of the deaths were in towns in the mountains north of Rio de Janeiro such as Nova Friburgo, which are again suffering from intense rains.

Since then, the Brazil government has set up an early warning system to monitor weather rainfall and ensure people evacuate before floods strike.

There has also been heavy investment in flood protection.

Minas Gerais state governor Antonio Anastasia said disaster prevention measures had proved effective.

“Given the quantity of rain, we can observe that the system of alerts and evacuation are working well,” he said.

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Macroprudential policy Risky business

 THE new big hope of central banks is called macroprudential policy. During the boom, central banks used the fairly blunt instrument of interest rates as their main weapon. But since inflationary pressures were low, thanks to the deflationary shock stemming from China and eastern Europe, rates were kept low. This led to a splurge of asset-backed lending. Meanwhile, banks found easy ways to exploit the rules of the Basle accords – designed to ensure the system was well-capitalised. As a result, when mortgage-backed securities started to plunge in value in 2007, the banks were much less robust than was previously thought.

The Bank of England has set up a financial policy committee, which is just starting the arduous task of sorting out which principles it should follow and which policy buttons it can push. In a paper out today, it sets out its options. It starts by discussing the potential flaws in financial markets such as

incentive distortions which can, for example, arise from contracts that reward short-term performance excessively

informational distortions such as those linked to buyers doubting the quality of assets (adverse selection) or less than fully rational processing of information

co-ordination problems, where collective action, for example to step away from lending in a boom, may be in the interests of individual banks but there is no way to co-ordinate on this outcome

As the paper points out (and as Hyman Minsky famously noticed) there is a tendency for banks to get overexposed to risk in the upswing of a credit cycle. After all, it is the banks that are driving the cycle. As they become more confident about lending against assets, more funds are available to investors/speculators and asset prices rise, increasing the confidence of all involved. As a proportion of GDP, commercial lending to real estate doubled between 2002 and 2008. In the UK banking system, leverage (as measured by total assets to shareholders’ claims) increased from 20:1 to 50:1 within a decade. Both measures ought to have caused alarm but nothing was done.

There is little new in this, as the paper recognizes. Credit cycles have nearly always been marked by lending against property. But property is an illiquid market and prices fall very sharply when the balance of supply and demand shifts, often wiping out of all of a bank’s collateral. Meanwhile, the duration of bank funding was steadily falling, from an average maturity of 10 years in the early 1980s to four years by 2008 (the US followed a similar trajectory). This left the banks very vulnerable to a run on liquidity.

The FPC says the authorities have, in principle, three types of measure to deal with these risks.

those that affect the balance sheets of financial institutions

those that affect the terms and conditions of loans and other financial transactions

those that influence market structures

For example, balance sheet measures include maximum leverage ratios and liquidity buffers; the second group includes caps on loan-to-value ratios and minimum margins; the third includes requirements for disclosure to reduce uncertainty about the market exposure of individual banks, but also the use of central counterparties to clear trades.

The paper then conducts an excellent and clear-eyed assessment of the pros and cons of these measures, without coming to any definite conclusion (the paper is part of a consultation process). What is clear is that the authorities cannot rely on just one or two measures, esepcially given the proved willingness of banks to game the system. Of course, the authorities cannot prevent all future financial crises, but they can still be a lot more alert than they were in the early 2000s. The paper shows the FPC is making a good start.

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