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Chinese Fund Managers Sentenced to Death after Cheating Investors out of 1 Billion USD

HANGZHOU – Two brothers and their father were sentenced to death on Monday for cheating 15,000 investors out of over $1.1 billion in east China’s Zhejiang province. Ji Wenhua, president of the Yintai Real Estate and Investment Group, was sentenced to death for the crime

Gold at $7,000 article goes viral in Chinese media

Dan Collins CMR “Gold going to $7,000”, an article today in the Chinese media is going viral and one of the most viewed articles in the financial press. The article references American Jim Rickards and his concept of comparing inflation-adjusted gold prices. Most Chinese economists

Western paper markets manipulate gold prices lower as China takes the real stuff off the market.

It’s not uncommon for the large Wall Street banks to combine in shorting an entire years supply of minded silver in a single day.The same goes for all commodities. Endless paper printing getting funneled to Wall Street has destroyed all real price discovery. Capitalism fails

“American Collapse Theory” Gaining Ground in China

Dan Collins CMR When I moved to China back in 1998 I was surprised to learn how highly the Chinese thought of America. Of course China was a much poorer place back then but coming from the Detroit area I couldn’t fathom where was all

Chanos is back….This is getting sad

Chanos is back! His short China thesis is very long in the tooth but as it goes with most ego maniacs he cannot accept failure or that fact that he might be wrong. Being wrong on an entire country where you have never visited and

China Car Sales Up 22.6% -The Chinese economy is collapsing?

You have to laugh at the whole “China will collapse crowd” on CNBC and even respected sites like Zero Hedge. Personally, I love the Zerohedge stuff. They understand the ponzi-financial fraud-money printing-welfare state economy that now envelops the West. But China is a real economy,

Cloud Computing in China booming as American giants are pushed out

D.Collins CMR China’s cloud computing market is expected to be worth 37.2 billion yuan (US$6 billion) in 2017 as demand for the service grows, the Chinese-language China Securities Journal reported on Friday. Some American tech companies are watching the largest and fastest I.T. market in

Oil rig dispute could see repeat of Sino-Vietnamese War: report

Breaking News today that a Chinese vessel as rammed and sunk a Vietnamese fishing boat. All countries in the South China Sea and East China Sea are using fishing boats in a game of cat-and-mouse to challenge each other on their respective areas. This time

China now runs 4 of the world’s 5 biggest banks

Stockswatch China has become a banking powerhouse. Four of the five largest banks in the world are Chinese, according to SNL Financial’s latest global bank rankings. It’s a big change from the past few years when only two Chinese banks made the top five. Beijing-based

France relents to China, Chinese police to help patrol Paris streets

Scared of losing the Chinese tourist dollar, France has relented to China and will allow Chinese police on the streets of Paris. More signs of the benefits of third-world immigration into the West to the point where cultural breakdown has occurred and law and order

People’s Bank of China will take down global gold price manipulation

Gold has been flowing East for a decade. When the West wakes up to the fact that their gold is gone, they will no longer have sound money with which to back a currency. The world has only been off a gold standard since 1971

China to lower reserve requirement ratio

From the China Daily… BEIJING – China will lower banks’ reserve requirement ratio (RRR) by 0.5 percentage points starting May 18, the country’s central bank announced Saturday. The cut, the second of its kind this year, will drop the RRR for the country’s large financial

Chinese Officials Falsify Data To Mask Slowdown, NYT Says

Is China tweaking its numbers on GDP? Probably. For twenty years Chinese GDP roughy came in right on the governments target. This would be an almost magical performance record considering economists in the West can predict absolutely nothing. For years, China most likely lowered GDP

Japan Learning the Hard Way, Destroying your Currency is Not an Economic Strategy

Japan will learn the hard way that destroying your currency is not an viable economic strategy. Shanghai Daily JAPAN posted a record 1.63 trillion yen (US$17.4 billion) trade deficit in January as rising exports trailed surging imports of crude oil and gas due to rising

Renminbi-yen trade growing strongly a year after launch

One year after the launch of direct trading between the renminbi and Japanese yen, the daily trading volume between the two currencies has reached 50-100 billion Japanese yen on the Shanghai market and 15 billion yen on the Tokyo market, a combined volume double that

China’s quantum satellite to herald new era

THE imminent launch of the world’s first quantum communication satellite is widely believed to herald a breakthrough in China’s development of quantum technology.

Mysterious and confusing, the study of minute particles smaller than atoms has been applied in fields as diverse as computer processing, lasers and nuclear technology.

China will launch the world’s first quantum communication satellite in a matter of days.

Amid the intense preparations for the quantum communication satellite, scientists hope it can help unravel one of the strangest phenomena in quantum physics — quantum entanglement.

By beaming individual entangled photons between space and ground stations, the satellite should be able to test whether the quantum’s entanglement property extends over the record-breaking distance.

“We have the technology to produce pairs of entangled photons on the satellite,” said Pan Jianwei, academician of Chinese Academy of Science and chief scientist of Chinese quantum communication satellite project.

One photon of an entangled pair will be beamed to a station in Delingha in northwest China’s Qinghai Province, and the other to a station in Lijiang in southwest China’s Yunnan Province, or in Urumqi, capital of Xinjiang Uygur Autonomous Region in northwest China. The distance between the two ground stations is about 1,200 kilometers.

How will quantum communication change our lives, especially in the age of cyber attacks, wiretapping and information leakage?

Based on the quantum phenomenon that a tiny particle acts as if it’s simultaneously in two locations, quantum computing could dwarf the processing power of today’s supercomputers.

In normal silicon computer chips, data is rendered in one of two states: 0 or 1. However, in quantum computers, data could exist in both states simultaneously, holding exponentially more information.

One analogy to explain the concept of quantum computing is that it is like being able to read all the books in a library at the same time, whereas conventional computing is like having to read them one after another.

Scientists say that a problem that takes Tianhe-2, one of the fastest super computers in China, 100 years to solve might take a quantum computer just one hundredth of a second.

In July 2015, a quantum-computing lab jointly established by Chinese Academy of Science and Chinese Internet giant Alibaba opened in Shanghai. The lab is expected to produce a general-purpose quantum computer prototype with 50 to 100 quantum bits by 2030. Such powerful computing ability is also viewed as a threat as it could make everything on a conventional computer hackable.

However, like a coin with two sides, quantum mechanics also serves as protector of information. Quantum key technology boasts ultra-high security as a photon can be neither separated nor duplicated, so it is impossible to wiretap or intercept the information transmitting through it, experts say.

Moreover, it has the ability to inform the two communicating users of the presence of any third party trying to eavesdrop. At the same time, the information being intercepted would “collapse” or self-destruct.

Meanwhile, China will complete and put into operation the world’s first secure quantum communication backbone network, the Beijing-Shanghai backbone network, later this year, Pan said.

The 2,000km backbone network will be used in the fields of finance, electronics and government affairs. The satellite and the ground-based network will ensure the secure passage of information, Pan said.

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China is developing a hypersonic jet: Planned space plane could drastically cut the cost of space travel

Daily Mail

China is developing a hypersonic jet: Planned space plane could drastically
cut the cost of space travel

– Plans for a hypersonic space plane were discussed on broadcaster CCTV
– It would take off and land on an airstrip, using advanced hybrid engines
– State aerospace firm CASTC aims to deliver a working plane by 2030

China is developing a hypersonic aircraft to take pilots, and perhaps even passengers, to the edge of space. A state aerospace firm has reportedly begun research on an aircraft capable of taking off from a runway and carrying a crew into low Earth orbit. The design is purported to be a more efficient successor to Nasa’s Space Shuttle, which was launched on a rocket but landed on a runway.

The new space plane is being developed by the China Aerospace Science and Technology Corporation (CASTC). When completed it could dramatically reduce the costs of space travel and give China a boost in the renewed space race. According to Popular Science, the aircraft would take off like a normal plane, before a supersonic scramjet engine kicks in to lift it to almost 100 km above sea level. At this point, rocket boosters will provide the additional thrust, giving it enough power to escape the clutches of Earth’s lower atmosphere.

Plans for the plane were discussed on state broadcaster CCTV, with a plane entering service by 2030. With Nasa’s Space Shuttle programme decommissioned since 2011, a hybrid space plane could give the Chinese an edge in the space race.Details are sketchy at this early stage, but the craft could potentially hit speeds of Mach 5, reports Popular Science. It comes just a few weeks after Russia revealed it was developing a hypersonic aircraft capable to travelling anywhere in the world in two hours.

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America melting down in 2016- Nearly 100 people shot in Chicago in less than a week

Nearly 100 people have been shot in Chicago in less than a week, pushing the number of shooting victims so far this year to more than 2,500 — about 800 more than this time last year, according to data kept by the Tribune.

Between last Friday afternoon and early Thursday, at least 99 people were shot in the city, 24 of them fatally. At least nine people were killed on Monday alone.

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Marc Faber: S&P is set to crash 50%, giving back 5 years of gains

CNBC

The notoriously bearish Marc Faber is doubling down on his dire market view.

The editor and publisher of the Gloom, Boom & Doom Report said Monday on CNBC’s “Trading Nation” that stocks are likely to endure a gut-wrenching drop that would rival the greatest crashes in stock market history.

“I think we can easily give back five years of capital gains, which would take the market down to around 1,100,” Faber said, referring to a level 50 percent below Monday’s closing on the S&P 500.

In fact, stocks would need to fall by at least that much in order for some of Faber’s calls to be proven correct. In October 2009, when the S&P was trading near 1,100, Faber said on Indian CNBC-TV18 that U.S. and Indian stocks were “very overbought” and “the gravy’s out” on the rally.

Since then, Faber has generally only become more and more bearish as stocks have climbed. And on Monday, as Faber made his latest crash call, the S&P 500 touched an all-time high of 2,185.44.

When pressed on what could cause the decline he predicts, Faber responded that “you never know exactly why this will happen,” adding that he believes the market’s gains are unsustainable.

“The fact is, the market hasn’t really been driven by genuine buying, but by stock buybacks, takeovers and acquisitions, and market leadership has been narrowing. It’s not that many stocks that have been making new highs. It’s quite a narrow growth of stocks that have been very strong,” he said.

In fact, market breadth has broadened substantially, and as of Monday’s close, 48 percent of the stocks within the S&P 500 have made 52-week highs within the past three months; 6 percent made 1-year highs on Monday alone.

Even though markets have been incredibly quiescent of late, Faber warns that “the excess liquidity that have been generated by central banks will lead to a great deal of volatility.”

And turning an eye to personal history, Faber said that “I’ve seen, repeatedly in my life, markets drop 40 or 50 percent, and in some cases I’ve seen a market like the Dow Jones drop 21 percent in one day.”

“So many things can happen.”

A look at Faber’s predictions, however, would suggest that a sustained market rally was never really within the realm of possible happenings that he considered.

High Taxes, Not Rising Labor Costs Biggest Obstacle to Chinese Manufacturers

Caixin Online

High Taxes, Not Rising Labor Costs Biggest Obstacle to Chinese Manufacturers, Study Finds

Southeast Asian nations had cheaper workers, but they were less productive, helping China retain its competitive edge, researcher says

(Beijing) – China was losing factory jobs to Southeast Asian rivals due to rising labor costs but this did not hurt the country’s competitive edge because Chinese workers on average were more productive, a study by Beijing Normal University found.

Instead, heavy government taxes was the biggest factor hurting manufacturers’ bottom lines, researchers said in a report released on August 5.

The study looked at how factory costs have risen from 2009 to 2013 in three major industrial hubs in the country: Nanjing in eastern province of Jiangsu, Chongqing municipality in the southwest and Luoyang in the central province of Henan.

Salaries for assembly line workers have increased by nearly 12 percent on average each year from 2009 to 2013, which is about three percentage points higher than the annual growth in gross domestic product over the same period, data from the National Bureau of Statistics showed.

The report showed wages of Chinese factory workers rose faster compared to that of Southeast Asian countries such as the Philippines, Indonesia and Thailand. From 2000 to 2012, hourly factory wages in China grew 16.5 percent, nearly double the rate of growth in the Philippines.

Factory workers were now more educated, with their average years of schooling rising from 8 years in 2005 to nearly 10 years last year, pushing up costs, the study said.

A drop in the working-age population has also driven up wages, said Song Xiaowu, who led the research. The population aged between 15 and 59 declined by 3.45 million in 2012 and by another 2.44 million in 2013, he said.

But the productivity of Chinese workers had more than doubled over the same period compared to their counterparts in the Philippines and was 1.7 times that of the labor pool in Thailand, which still gave China a competitive edge, research shows.

Meanwhile, value created per manufacturing worker in China, in 2013, was more than five times compared to the figure in Vietnam and nearly three times that of Indonesia, the study found.

Therefore, there was still room to raise pay in China without hurting the country’s overall competitiveness in manufacturing, Song said. The growth in wages in recent years was justified because the Chinese economy prospered for decades at the expense of workers who endured low wages and poor welfare, he added.

China’s GDP grew almost twenty times in the past four decades, while workers’ incomes rose less than 14 times over the same period, data from NSB show.
Meanwhile, heavy taxes and other government mandated expenses including contributions to pensions and other employee benefits were the major factors weighing down manufacturing profits, the study found.

Taxes and government levies accounted for 16.8 percent of overall costs and another one-fifths went to workers’ benefits including a housing allowance that has led to a heated public debate.
Employers pay up to 12 percent of a worker’s base pay to a government-run housing fund, which employees can tap when buying a new home or refurbishing one.

Critics say executives with already fat paychecks benefited more from this tax-deductible perk compared to assembly line workers.

Authorities must cut taxes and reform the mandatory payment for housing to reverse the slump in manufacturing, researchers said.

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Japan Pings Beijing Over Radar in East China Sea Tokyo lodges protests with China over ships nearing disputed islands and radar spotted on gas platform

WSJ

TOKYO—Japan said Sunday it issued multiple protests to China in recent days concerning Beijing’s actions in the East China Sea, including what Tokyo described as the installation of radar on a Chinese offshore gas platform.

The Japanese foreign ministry also said that on Sunday, two Chinese coast-guard ships entered the territorial waters of islets in the East China Sea that are held by Japan and claimed by China, following incursions Saturday into a contiguous zone surrounding the territorial waters.

The developments raised tensions in a dispute between Tokyo and Beijing over the islets, known as the Senkakus in Japanese and Diaoyu in Chinese. Beijing is already at odds with neighboring countries over a separate territorial dispute in the South China Sea after an international tribunal ruled in July that China’s claims there had no legal basis.

China has 16 gas-drilling platforms in international waters of the East China Sea, and on one of them an ocean-radar facility and surveillance cameras were discovered in June, Japan’s foreign ministry said.

A foreign-ministry spokesman said Japan “cannot accept” the radar. “We call for the immediate removal of the equipment,” he said.

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China Market Update- 08AUG2017

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Chinese Defense Minister Urges Preparations for a “People’s War” at Sea

The Chinese defense minister has warned the tense situation in the South
China Sea poses the threat of a direct confrontation and has called on
the military, police and general population to be ready to defend the
country’s territorial integrity. Chang Wanquan made the statement while
inspecting military installations in China’s eastern coastal Zhejiang
Province, state news agency Xinhua reported, without giving the timing
of the comments.

In related news, China has also warned that foreigners fishing in Chinese
waters will be jailed. As the last stocks of fish in the South China Sea
are gobbled up, foreign trawlers (Philippines, Vietnamese, etc) could be
taken into custody by Chinese defense forces sparking further confrontation
in the South China Sea.

We know how this will end…a flash military confrontation in South China Sea
between the U.S. and China. It will result in an embarrassment for U.S. military
which will result in massively expanding its budgets. The “Asian Pivot”,however,
will have to be scaled back and American military domination will be called into
question globally. From that point, you can expect a gradual decline of the
U.S. dollar to about 1/3 of its current value. During that time, the Japanese
financial system will finally implode leaving the country and old middle-income
country as they try and reinvent themselves as an Asian military power.

China to launch world’s fastest high speed-train

Meanwhile…the U.S. might get a high speed train system sometime if
one of America’s corporate titans such as GE can buy the trains from
China and get a loan from a Chinese bank to fund the purchase.

RT
The world’s fastest high-speed train with the maximum operating speed of 380 km per hour will run on Zhengzhou-Xuzhou high-speed track from next month.

The engineers behind the Zhengzhou-Xuzhou high-speed railway have succeeded in finishing a key interconnecting facility to link the railway with Beijing-Guangzhou and Zhengzhou-Xi’an high-speed line, creating a seamless connection of high-speed tracks in China’s eastern and middle-western regions.

After the new train is launched, the travel time between Zhengzhou, Central China’s Henan province, and Xuzhou, East China’s Jiangsu province, will be shortened from 2-hour 33-minute to about 80-minute.

Compared to the last generation bullet train, the new train’s continuous operating speed has increased 50 km per hour to 350 km per hour

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S&P Corporate Debt now at 1998 Asian Financial Crisis Levels

Total debt for non-financial companies in the S&P 500 has increased by more than
$1tn since the beginning of 2010.

The median debt-to-EBITDA ratio of the non-financial companies in the S&P 500 has
reached 2.3x, a measure unmatched since 2000, which is the earliest year that
we have reliable data.

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Investors aim to tap digital ‘gold mines’

Shanghai Daily

ONLINE broadcasting and virtual reality are regarded as new “gold mines” in the digital entertainment market in China, industry officials said during the Chinajoy fair yesterday.

One of the spotlights at the country’s biggest game show, held annually in Shanghai, is online broadcasting which offers talk shows and game narrations and attracts huge attention from gamers and also potential advertising income.

The medium has attracted investments from iQiyi, Qihoo 360 and Wang Sicong, son of property tycoon and Wanda Group President Wang Jianlin.

Online video website iQiyi will invest heavily to offer broadcasting hosts packaged services including training, marketing promotion and income sharing, said Xu Weifeng, iQiyi’s co-president.

Baofeng aims to sell 5-10 million VR devices by the end of this year.

The market will have an “explosive growth” from the second half, especially in mobile VR sector, due to improved smartphone screens with high definition, Google’s Daydream system and enriched contents, said Huang Xiaojie, chief executive of Baofeng Mojing, the VR subsidiary of the company.

HTC said it will, together with new venture capital partners, raise the capital of its Virtual Reality Venture Capital Alliance to US$12 billion from US$10 billion to support VR developers.

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Four Chinese Banks Among 10 of the World’s Most Profitable Companies

Top 10 most profitable companies in the world

No 10 Gilead Sciences
No 9 Toyota Motor
No 8 Wells Fargo
No 7 Berkshire Hathaway
No 6 JPMorgan Chase &Co
No 5 Bank of China No
No 4 Agriculture Bank of China
No 3 China Construction Bank
No 2 Industrial and Commercial Bank of China
No 1 Apple

Steroid hormones found in face masks

SOME face masks sold online are infused with illegal “addictive hormones” that have desirable short-term effects but cause skin problems when used for too long, according to an investigation by the food and drug watchdog in south China’s Guangdong Province.

Officials bought 137 face masks, priced from about 20 yuan to 200 yuan (US$30) each, on the Internet. Of them, 33 were found to contain glucocorticoids, a class of steroid hormones, the use of which has been restricted by China’s health authority since 2007, China Central Television reported.

Glucocorticoids are widely used by doctors to reduce skin inflammation, as well as for whitening and rejuvenation. However, patients can experience side effects such as skin allergies and disorders, CCTV reported.

“One can get addicted after using glucocorticoids face masks for 14 successive days,” said Wang Baoxi, a senior doctor at the Plastic Surgery Hospital with the Chinese Academy of Medical Sciences.

“Users will find their skin is very supple and smooth, and feel uncomfortable if they stop using it. But after another two weeks, skin rashes will appear, and they need to see a doctor.”

The number of people experiencing adverse reactions has been on the increase for the past 10 years, Wang said, adding that about one fifth of patients at his hospital with skin problems are regular users of face masks, especially those with whitening or anti-aging properties.

“Face masks that have strong short-term effects usually contain harmful substances,” said Xie Zhihao, director of the cosmetics department at Guangdong Food and Drug Administration.

The authority also found that 32 of the 33 glucocorticoid-infused samples were made illegally, CCTV reported.

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China Market Update- 25JUL16

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China’s sovereign wealth fund assets surge to over US$810b

CHINA Investment Corp, the country’s sovereign wealth fund, said yesterday that its total assets had grown to over US$810 billion at the end of 2015, from US$200 billion of registered capital in 2007 when it was founded.

The annual growth rate of the company’s state-owned capital reached 15.3 percent over the eight years, according to the company’s 2015 annual report released yesterday.

This is the first time the wholly state-owned company, also one of the world’s largest sovereign wealth funds, to disclose the cumulative growth rate of its state-owned capital since its inception.

Headquartered in Beijing, CIC was established as a vehicle to diversify China’s foreign exchange holdings and seek maximum returns for its shareholders within acceptable risk tolerance.

The government injected US$49 billion in extra funding to CIC in 2011.

In 2015, a challenging year for CIC and the global economy, the company prudently coped with challenges by exploring new business opportunities and refining its corporate governance, thereby renewing progress in overseas investment and management, Ding Xuedong, chairman and CEO of CIC, was quoted by the report as saying.

In CIC’s overseas investment portfolio, public equity took up 47.47 percent, fixed income 14.44 percent, absolute return 12.67 percent, long-term assets 22.16 percent, and cash products 3.26 percent, according to the report.

Due to volatility in global financial markets and foreign exchange losses triggered by an appreciating US dollar, CIC’s overseas investments generated a US dollar-denominated net return of negative 2.96 percent in 2015, said CIC, adding that it had enjoyed a net cumulative annual return of 4.58 percent in overseas investments.

CIC also said it raised investments in assets that generate stable returns such as real estate and infrastructure last year.

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Chinese Military Unveils New Weapons After South China Sea Verdict

http://www.ndtv.com

Beijing: Chinese military has unveiled a range of new weapons, including long-range missiles, amid calls by its top officials to be combat-ready following a landmark verdict by a UN-backed tribunal that struck down China’s “historical rights” in the South China Sea.

The Southern Theatre Command of the People’s Liberation Army (PLA) which looks after the South China Sea front has unveiled a series of new weapons for sea and air combat during a visit by top military officers

The weapons were shown on state television in the wake of a landmark international tribunal rejecting Beijing’s claims to almost all of the South China Sea and upheld the claim of the Philippines.

Military experts said the rare public display was intended to show that the newly formed Southern Theatre Command, was well- prepared for any potential military confrontation with the US, Hong Kong-based South China Morning Post reported today.

The display conceded with the visit to the centre by General Fan Changlong, vice chairman of the Central Military Commission (CMC), China’s highest military official after President Xi Jinping. Xi heads the CMC and the overall high command of the PLA.

General Fan has called on troops to be ready for combat and for improvements in equipment and logistical preparation.

Officers and soldiers need to be aware of current threats to China’s sovereignty, security and interests, state-run Xinhua news agency quoted him as saying in an official statement.

He asked the military to research combat methods and strategies pertinent to different situations and foster special forces reserved for key sions and scenarios.

“Air and sea patrols should be tightly organised to handle all kinds of emergencies and safeguard air and sea security in border areas,” General Fan said.

General Fan was accompanied by Gen Ma Xiaotian, commander of the PLA Air Force and General Wei Fenghe, chief of the army’s Rocket Force, which operates the country’s missile arsenal.

Beijing-based naval expert Li Jie said General Fan’s visit indicated that the southern command could carry out joint combat operations of land, rocket, naval and air forces as well as other strategic support forces.

“All the weapons showed on state media are defensive arms of short to medium range within 1,500 km, meaning China so far is using restrained deterrence to warn the US not to challenge Beijing’s bottom line in the South China Sea,” Li said.

State broadcaster CCTV showed footage of troops in the southern theatre handling the DF-16 missile, which has a range up to 1,000 km, the report said.

The missile, which was first displayed on September 3 last year in a military parade to mark the 70th anniversary of the end of the Second World War, could strike US military bases in Okinawa.

US Navy’s newest $12.9bn supercarrier doesn’t work: Most expensive warship ever built ‘struggles with jets taking off and landing’

We have been warning in our writing for the last several years not to pay
attention to military budgets. Just spending money does not guarantee
performance. Most of the U.S. very expensive war machine is a dud.
The nuclear fleet is still using floppy discs. The new F-35 Fighter
can’t fight. And now as China is developing more sophisticated equipment the
the U.S. is busy rolling out standards for transgendered soldiers.

Dailymail.co.uk

US Navy’s newest $12.9bn supercarrier doesn’t work: Most expensive warship ever
built ‘struggles with jets taking off and landing’

$12.9 billion warship, the USS Gerald R. Ford, is not ready for combat, the
Department of Defense says the massive ‘supercarrier’ is the most expensive Navy
warship ever built and is due to be commissioned this year the ship delivery is
scheduled for November, more than two years late of its original date of
September 2014. A government memo says ‘poor or unknown reliability issues’ are
behind the latest roll out problems with the ship

The most expensive warship ever built has been delayed from hitting the front line
because it is reportedly not ready for battle.

The $12.9 billion USS Gerald R. Ford Navy supercarrier – the first of three in its
class with a total cost of $43 billion – could potentially struggle with planes
landing and taking off, moving military weapons and being able to successfully
defend itself, a memo obtained by Bloomberg News reads.

The memo allegedly states ‘poor or unknown reliability issues’ were identified in a
letter dated June 28. These four systems affect major areas of flight operations,’
Defense Department Director of Operational Test and Evaluation Michael Gilmore wrote
to Pentagon and Navy weapons buyers, according to Bloomberg News.

‘Unless these issues are resolved, which would likely require redesigning, they will
significantly limit the CVN-78’s ability to conduct combat operations.

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http://www.dailymail.co.uk/news/article-3701727/Navy-s-12-9-billion-USS-Gerald-R-Ford-delayed-dogged-reliability-issues.html

China wins global top spot in iOS game revenue

China has surpassed the US and Japan to become the new leader in the game category of the iOS app market in the latest quarter, according to a report released by US-based analytics firm — App Annie on Tuesday.
It said with the iOS Games category taking home about 75 percent of all revenue, the country’s leap to the top is attributed to explosive growth for locally developed massively multiplayer online role-playing games (MMORPGs).

In the mid of April, statistics released by App Annie predicted that China would surpass other markets around the globe in the coming quarters this year, highlighting that the growth was driven “almost entirely by games”.

The county’s iOS revenue more than doubled in the first quarter compared to the same period last year, according to the company.
Another mobile market monitor — Newzoo noted that China is set to reach a $10 billion mobile games market this year, saying Tencent and NetEase are by far the most dominant publishers in the nation.

According to Newzoo, NetEase ranked the top grossing publisher on domestic iOS game market this month while Tencent alone claimed about 45 percent of Chinese Android game revenues in May, publishing 23 of the top 100 titles.

Earlier this month, Tencent announced investment in Finnish mobile gaming company Supercell Oy, spending $8.6 billion to acquire up to 84 percent of the latter’s shares, which is believed by the industry as a strategy to accelerate the globalization of the company.

In a recent exclusive interview with China Daily, Bertrand Schmitt, CEO and co-founder of App Annie, said China accounts for about 20 percent of the world’s gross app store revenue and it is expected to take about 30 percent of total revenue by 2020.

The country’s gross app store revenue totaled $8.7 billion in 2015 and will reach $30.9 billion in 2020, according to App Annie.

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Federal Debt Tops $19,400,000,000,000

According to GAAP accounting levels the U.S. debt is already over $100 trillion.
The $19.4 trillion and counting is only on the current account. $30 trillion here
we come!

(CNSNews.com) – The federal debt moved above $19,400,000,000,000 for the first time as of the close of business on Tuesday, according to the data released today by the U.S. Treasury.

At the close of business on Monday, July 18, the total federal debt was $19,391,094,247,028.26, according to the Treasury. By the close of business on Tuesday, July 19, it had risen to $19,402,361,890,929.46.

On Friday, Oct. 30, 2015, Congress passed the “Bipartisan Budget Act,” which suspended the legal debt limit until March 15, 2017. President Obama signed that bill into law on Monday, Nov. 2, 2015

At the close of business on Oct. 30, the federal debt stood at $18,152,981,685,747.52.

In the less than nine months since then, the federal debt has increased by $1,249,380,205,181.94

European Media Warns of Russia while their populace is being slowly exterminated by Radical Islamists

European media are warning against a recent NYT interview in which Donald Trump
was asked if he would back up Baltic States against a Russian invasion. We are
not sure if they are more afraid of Russians or actually having to pay the bills
for their own defense. We are also not sure why they were not asking him how he
could help Europe by destroying ISSIS. Last we checked, the European body count from
Russians in the last 60 years was exactly zero meanwhile the threat from Radical
Islam grows by the day as the bodies continue to pile up over these savage attacks.
Indeed, one must start to wonder if the Europeans are not feeling a bit of Stockholm
Syndrome from the attackers in their midst. You know Stockholm, the rape capital of
the world outside Sub-Saharan Africa.

Over the long term, demographics will turn Europe into the Middle East….but watch
out for those Russians!

The NYT Article as paraphrased is below

SANGER: I was just in the Baltic States. They are very concerned obviously about this new Russian activism, they are seeing submarines off their coasts, they are seeing airplanes they haven’t seen since the Cold War coming, bombers doing test runs. If Russia came over the border into Estonia or Latvia, Lithuania, places that Americans don’t think about all that often, would you come to their immediate military aid?

TRUMP: I don’t want to tell you what I’d do because I don’t want Putin to know what I’d do. I have a serious chance of becoming president and I’m not like Obama, that every time they send some troops into Iraq or anyplace else, he has a news conference to announce it.

SANGER: They are NATO members, and we are treaty-obligated ——

TRUMP: We have many NATO members that aren’t paying their bills.

SANGER: That’s true, but we are treaty-obligated under NATO, forget the bills part.

TRUMP: You can’t forget the bills. They have an obligation to make payments. Many NATO nations are not making payments, are not making what they’re supposed to make. That’s a big thing. You can’t say forget that.

Head in Hands