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Monthly Archives: July 2012

China is Expanding, Much to its Neighbors Chagrin

China’s newest city is a tiny and remote island in the South China Sea, barely large enough to host a single airstrip. There is a post office, bank, supermarket and a hospital, but little else. Fresh water comes by freighter on a 13-hour journey from China’s southernmost province.

Welcome to Sansha, China’s expanding toehold in the world’s most disputed waters, portions of which are also claimed by Vietnam, the Philippines and other neighbors. On Tuesday, as blustery island winds buffeted palm trees, a new mayor declared Sansha with a population of just 1,000 China’s newest municipality.

Beijing has created the city administration to oversee not only the rugged outpost but hundreds of thousands of square kilometers (miles) of water, aiming to strengthen its control over disputed — and potentially oil-rich — islands.

A spokesman for the Philippines Foreign Ministry said Manila did not recognize the city or its jurisdiction. Vietnam said China’s actions violated international law.

The city administration is on tiny Yongxing island, 350 kilometers (220 miles) southeast from China’s tropical Hainan Island. The Cabinet approved Sansha last month to “consolidate administration” over the Paracel and Spratly island chains and the Macclesfield Bank, a large, completely submerged atoll that boasts rich fishing grounds that is also claimed by Taiwan and the Philippines.

Vietnam and China both claim the Paracels, of which Yongxing, little more than half the size of Manhattan’s Central Park, is part. The two countries along with the Philippines, Malaysia, Brunei and Taiwan also claim all or parts of the Spratlys.


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World’s Ugliest Chart Contest

Global Macro Monitor is out with some fugly charts juxtaposed against some good technical analysis.

See the world’s ugliest charts here.

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Obama Administration Announces Solar Energy Projects

Because opening federal land in the Western states to increased oil and gas drilling is such a gamble.

The Obama administration will open public lands in six Western states to more solar projects as part of a solar energy road map it publicized Tuesday.

The Interior Department set aside 285,000 acres in Arizona, California, Colorado, Nevada, New Mexico and Utah for the initiative. Firms can apply for waivers to develop projects on an additional 19 million acres.

Read the article here.

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Buffalo Wild Wings misses by $0.06, reports revs in-line; lowers EPS guidance growth est
Reports Q2 (Jun) earnings of $0.62 per share, $0.06 worse than the Capital IQ Consensus Estimate of $0.68; revenues rose 29.7% year/year to $238.7 mln vs the $240.03 mln consensus. Sees FY12 EPS growth 15-20% vs. 20%+ previously (consensus +19%). “We managed controllable costs, but the higher year-over-year wing costs in the second quarter moderated our net earnings to a 9.3% increase over the same quarter last year, providing earnings per diluted share of $0.62 compared to $0.58 a year ago. We continue to outpace the casual dining category with same-store sales increases of 5.3% at company-owned restaurants and 5.5% at franchised locations for the second quarter.”

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U.S. Treasury Yields Hit All Time Lows

“Despite some early angst, Treasury yields have been crushed lower today. Down 7bps from their European close levels, 30Y is trading with a 2.45% handle for the first time ever and 10Y now with a 1.39% handle.”

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