Tag Archives: however

China finds $84bn local government debt irregularities

National Audit Office said breaches included “irregular credit guarantees”, “irregular collateral” and “fraudulent and underpayment of registered capital”.

There are growing concerns about the amount of bad loans being held by local governments.Official figures show they held debt of 10.7tn yuan ($1.7tn; £1.1tn) in 2010.

“The State Council is studying proposals to enhance local government debt management and to address fiscal and financial risks,” the audit office said in the report.
‘Again and again’
Continue reading the main story
“Start Quote
A lot of the local debt will be absorbed by the central government”
Michael Pettis Peking University

Local governments have been borrowing money from Chinese banks to fund projects aimed at maintaining economic growth.

According to the China Banking Regulatory Commission, local governments took up 80% of total bank lending in China at the end of 2010.

However, analysts said that although the lending had helped to spur investment and boost growth, it was now weighing on local governments.

“Whenever you look at lending that spurs growth miracles, it starts off with an increasing ability to pay the debt,” Professor Michael Pettis of Peking University told the BBC.

“But in every case that ability fades. That is the process that is happening in China,” he explained. “We are going to see stories like this again and again.”
Easing burden?

In October last year, China allowed four local governments to sell bonds for the first time in 17 year. It was hoped the sale would help them pay their loans.

However, the central government put a limit on the amount of bonds the local governments could issue despite the fact that there was a lot of interest among investors.

According to the Xinhua news agency, Shanghai’s bond sale received bids for three times the amount of bonds on offer.

As a result, many of the local governments still have sizeable debts and while the central government may let them raise money, it may also have to take further measures to solve the problem, analysts said.

“A lot of the local debt will be absorbed by the central government,” said Mr Pettis of Peking University.

this, news, page, this page, local, business, china, debt, stories, share, more, share this, government, $84bn, finds, local government, china finds, finds $84bn, government debt, irregularities, $84bn local, debt irregularities, news business, story, click, watch, related, story related, related stories, malaysia, 16405253, links, this story, about, more this, business 16405253, find, browser, able, navigation, with, here, click here, here find, find more, sales, quote, will, expat, your, shared, default, read, http, video, governments, local governments, greek, march, cycle, style, sheets, style sheets, will able, help, british, have, accessibility, content, facebook, twitter, that, panel, src=, alt=, said, while, best, full, chinese, yuan, media, skip, search, association, association with, with click, email, print, been, amount, again, central, october, free, close, 2012, http news, last, height=, width=, advertisement, times, page facebook, facebook share, page twitter, there, loans, held, bond, banking, debts, show, pettis, peking, pettis peking, , yuan $84bn, irregularities local, bbcimg, news bbcimg, bbcimg media, images, media images,  , accessibility help, asia, health, advertisement click, email this, story email, email print, print this, story print, page this, page been, been shared, shared times, times share, other, page other, places, other places, places share, have been, growing, concerns, growing concerns, concerns about, about amount, amount loans, held local, continue, reading, continue reading, main, reading main, main story, stories china, allow, china allow, allow local, local bond, bond sales, control, china control, shadow, control shadow, shadow banking, fears, surface, fears surface, over, surface over, over chinese, chinese debt, audit, office, audit office, office said, irregular, 2010, report, local debt, debt will, absorbed, will absorbed, absorbed central, michael, michael pettis, money, from, according, however, analysts, analysts said, look, ability, like, year, sale, would, them, amount bonds, interest, further, page share, advice, free advice, moves, moves iran, crude, iran crude, kills, href=, href= http, microsoft, celebrates, microsoft celebrates, death, celebrates death, scans, scans show, meditation, show meditation, brain, meditation brain, brain boost, kissing, just, kissing just, hard, just hard, uses, ipad, uses ipad, cross, ipad cross, border, cross border, crab, ocean, crab ocean, 

Stephen Lawrence: Gary Dobson and David Norris to be sentenced

Gary Dobson and David Norris were found guilty by an Old Bailey jury after a trial based on forensic evidence.
They will be sentenced as juveniles because they were under 18 at the time of the attack, which happened in south-east London in April 1993.Police say the investigation could be reopened if new evidence emerges.
Dobson, 36, and Norris, 35, can expect to receive sentences considerably shorter than would an adult convicted of the same crime under today’s laws.The BBC’s Home Affairs Correspondent Matt Prodger says they could serve minimum prison terms of around 12 years each.
Scientists found a tiny bloodstain on Dobson’s jacket that could only have come from Mr Lawrence. They also found a single hair belonging to the teenager on Norris’s jeans.
Acting Deputy Commissioner of the Metropolitan Police, Cressida Dick, who ordered the 2006 cold case review that led to the convictions, acknowledged that police believe there were five people involved in the murder, but there are currently no “live” lines of inquiry.
“If there was an opportunity to bring the other people who were involved in that night to justice, we would do so,” she said.
Give up others’
In a statement read by his lawyer outside the Old Bailey on Tuesday, Stephen’s father, Neville Lawrence, said the convictions were a moment of joy and relief – but he could not rest until all of those who killed his son were brought to justice. He described the investigation and preparation of the case as “faultless”.
He later told Channel 4 News: “I’m praying that these people now realise that they’ve been found out and say to themselves, ‘yes I did this awful deed, but I wasn’t alone in that action that night and there are other people also guilty of what I’ve done’ and name them.
“I hope before the sentence is passed, they will talk and give the rest of these people that killed my son up.”In an exclusive interview with the BBC’s Panorama, Stephen’s mother Doreen Lawrence said: “I don’t forgive the boys who killed Stephen. They don’t think they have done anything wrong.
“They took away Stephen’s life and there is nothing in their behaviour or anything to show they regret what their actions have done and the pain it has caused us as a family.”Prime suspects’
The original failed investigation into the murder led to the Metropolitan Police being branded as institutionally racist.
Stephen Lawrence was 18 when he was stabbed to death near a bus stop in Eltham, south east London, in April 1993.
Police identified five men who were later named in a damning public inquiry as the “prime suspects”.
By that time, there had already been a catalogue of police errors and two failed prosecutions, one brought by Stephen’s parents.

 this, comment, this comment, news, page, this page, lawrence, stephen, dobson, norris, number, more, comment number, share, stories, sentenced, share this, rate, david, stephen lawrence, gary, gary dobson, dobson david, david norris, rate this, lawrence gary, norris sentenced, will, that, years, story, watch, evidence, about, comments, related, story related, related stories, they, families, murder, link, 16403655, links, click, with, this story, more this, news 16403655, 2012, help, were, read, your, browser, able, navigation, find, find more, been, police, malaysia, here, click here, here find, their, analysis, most, this rate, positively, comment positively, positively rate, negatively, comment negatively, rating, negatively rating, rating this, link this, shared, justice, have, date, cycle, british, video, there, people, changes, plan, mississippi, terror, style, sheets, style sheets, will able, january, january 2012, comment rate, teenager, http, accessibility, content, facebook, twitter, found, from, said, these, best, report, pension, panel, convicted, after, home, advertisement, other, because, under, time, south, 1993, scientists, sentence, year, told, done, them, family, back, while, contributor, number contributor, username, contributor username, date this, contribution, this contribution, posted, contribution posted, minutes, posted minutes, complain, complain about, about this, comment report, report this, copy, number copy, copy this, this link, generate, link generate, permanent, generate permanent, permanent link, comment link, i mail, print, which, could, would, crime, also, play, click play, case, five, what, life, prime, being, rules, since, number rate, free, close, black, stabbed, death, stabbed death, http news, lawrence pair, pair sentenced, terms, last, height=, width=, east, advertisement click, page facebook, facebook share, page twitter, continue, reading, continue reading, main, reading main, main story, trial, profile, jury, forensic, they will, investigation, minimum, single, hair, single hair, metropolitan, metropolitan police, night, rest, killed, these people, doreen, have done, behaviour, when, some, suspects, dominic, want, treacy, justice treacy, cannot, starting, read more, clothing, matched, posts, moderated, posts moderated, must, moderated must, obey, must obey, house, obey house, house rules, white, just, with click, advice, children, 2011, iran, sanctions, iran sanctions, pole, south pole, science, more click, close panel, ie=8, convicted racist, racist murder, murder black, black teenager, teenager stephen, lawrence years, years after, after stabbed, death will, sentenced later, bbcimg, news bbcimg,  , ireland scotland, wales, scotland wales, email this, story email, email print, print this, story print, page this, page been, been shared, times, shared times, times share, page other, places, other places, places share, denied, norris denied, denied murder, lawrences, stories lawrences, road, lawrences road, road justice, reaction, reaction lawrence, lawrence murder, murder trial, profile gary, norris convicted, guilty, bailey, forensic evidence, because they, they were, were under, under time, attack, time attack, south east, london, east london, april, london april, april 1993, 1993 police, dobson norris, sentences, than, same, same crime, today, affairs, home affairs, correspondent, affairs correspondent, serve, prison, scientists found, tiny, bloodstain, tiny bloodstain, bloodstain dobson, jacket, dobson jacket, they also, belonging, hair belonging, belonging teenager, jeans, norris jeans, play click, play advertisement, judge, boys, cold, cold case, review, case review, convictions, that police, involved, live, inquiry, other people, that night, give, others, neville, neville lawrence, lawrence said, brought, that these, hope, before, doreen lawrence, think, anything, away, show, pain, celebrate, prime suspects, original, failed, stop, public, parents, image, casciani, dominic casciani, sentencing, held, time crime, racially, point, like, secretary, home secretary, would have, term, four, evidence that, material, fibres, clothing fibres, recovered, clothes, over, have been, counsel, client, broken, service, left, since murder, 2012 profile, sign, register, sign register, register comment, rate comments, comments posts, loading, comments loading, rated, however, right, editors, page share, free advice, romney, ecuador, upholds, ecuador upholds, chevron, upholds chevron, fine, chevron fine, sanctions starting, bite, starting bite, bike, food, uses, ipad, uses ipad, cross, ipad cross, border, cross border, kissing, kissing just, hard, just hard, caucuses, iowa caucuses, open, caucuses open, open 2012, election, 2012 election, cycle south, reality, winds, world, deliciousness, science deliciousness, rene, redzepi, rene redzepi,