Society
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- By David Cao
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In the global financial crisis, each government and shop owner definitely like those shopaholics, but it's not a good news for the families have a shopaholic as their member.
In Guangzhou, China, a lady, MS. Jiang, was sent into madhouse by her husband as she is a shopholic.
Unlike other chinese ladies who still work after marriage, she is a full-time housewife. That means her husband supports the whole family by working hard. The fact is that she goes shopping after she sends her son to school, then keeps on purchasing things never use ,everyday, from last year.
During the spring festival (Chinese new year) , she spent half of her husband's monthly salary within one day, that was the last straw and lighted the fuse of anger - her husband sent her into a madhouse.
“I really regret it. Most of the things I brought in shop are still there in package without being open" MS. Jiang said.
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- By David Cao
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On the 17th of February, twenty rural workers worked as carpenters for China Huaxi Ltd, Co. on a construction site. 4 days later, the manager in charge of woodwork fired them for slow work and bad quanlity, of course, he promised to paid them salary.
At 15:00 yesterday, they came back in Zhang's office, after few words, the door was closed and the light was turned off. Zhang and his hatchet man beat those rural workers with stick. During the 10 minutes before the police came, they were suffering from whopping, in the end, 5 of them was sent to Fengcheng Hospital for serious injury.
The lady, in the photo above, said,"Zhang don't wanna paid us for the 4-day-work, and it's merely 4000RMB (584.94 USD)".
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- By David Cao
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At both of the exit and entrence of Tangsha, Wanshen highway, there are a 400-meters-long line of vehicles, the lanes heading to Dongguan have been closed.
The oil tanker on fire is stopped on the lane Gongguan-Shenzhen. The flames reach up to 20 meters high with black smokes. “The oil tanker is on fire since 15:50, no explosion.“ Mr. Mo said.
Ashes were blowed on the hills nearby, which created a bigger fire and increasing the difficulties to put out the fire.“A fireman said. The fire were put out till 5 o’clock in the afternoon of yesterday.
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- By Chinadaily.com.cn
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The scandal surrounding Wall Street financier Bernard Madoff that is bankrupting hundreds of investors worldwide, even causing some to commit suicide, has also alarmed many rich Chinese who once believed everything that glitters in international marketplaces is gold.
Rich clients, scared by global market risks, may turn to local options, potentially boosting business for Chinese private banking services, said analysts.
The only known Chinese victim caught in the Madoff scandal so far is Tang Jun, the former Microsoft China CEO. Tang consigned his investments abroad to four foreign professional financial companies who, in turn, entrusted large parts of their portfolios to Madoff. Tang said in December he lost $2.76 million in the scandal.
Tang estimated over 30,000 Chinese millionaires use offshore financial companies to manage their wealth and that the number doing so has grown at 20 percent annually for the last several years.
"I learned not to blindly worship professional financiers and I learned I should focus private investment in China instead of overseas. My investment returns in China have remained over 30 percent annually since 2003," he said in an earlier TV interview. He added that he has decided to turn to the Industrial and Commercial Bank of China (ICBC) and other Chinese private banks for wealth management.
Scandals in overseas markets could tarnish the image of international financial services and help Chinese banks cultivate more high-end customers, said Tjun Tang, managing director with the China financial services practice of Boston Consulting Group (BCG),
"Wealth markets in China continue to rise and the global financial crisis is unlikely to end this trend. The crisis may prove more an opportunity than a peril for Chinese banks," he said.
Zhang Yue, an ICBC marketing director, said a large number of Chinese millionaires have consulted his team for private banking service over the past few months, especially since October 2008.
China's wealth management business has huge potential. The number of millionaires in US dollar terms in China reached 391,000 by Sep 2008 and grew 22 percent year-on-year for the past five years, according a BCG report. Only the US, Japan, United Kingdom and Germany have more millionaires than China. BCG also estimates the number of Chinese millionaires could reach 858,000 by 2012.
David Leung, CEO with the wealth management department of Standard Chartered Bank (China) Ltd, said Chinese demand for professional wealth management service will increase amid financial woes.
"Chinese millionaires are used to making investment decisions largely on their own and traditionally favor investing in real estate and equity markets. Their investment habit will likely to change over time, particularly with the recent stock market turbulence and sluggish property market," said Leung.
Tang Jun, the former Microsoft China boss who got burned in the Madoff scandal, agrees. "The value of the US stock market shrank over 42 percent last year, but only 30 percent of my investments suffered a loss. That's the difference between professional wealth management and individual investment."
Prosecutors accused the 70-year-old Madoff of operating a massive pyramid scheme illegally using money from new investors to pay previous ones. US officials say the fraud may have cost investors $50 billion.
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- By Chinadaily.com.cn
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Holding a bunch of roses and a birthday cake, a Wuhan man has been waiting for his girlfriend outside a shopping mall for eight days.
Chen Bihua, 25, showed up on Valentine's Day and just waits. Except for meals, Chen has done nothing but stared at passing cars.
Policemen have asked him to leave but he refused.
He said he had an argument with his girlfriend and he tried to see her by sending her text messages but she has not replied.
"It is mainly my fault to have quarreled with her. I just want a chance to explain," Chen said.