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THE YEAR OF THE OX - CHINESE NEW YEAR 2009

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Bianca
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« Reply #60 on: January 26, 2009, 09:04:39 am »











                                       China Not So Bullish About the Year of the Ox
     




 
Sun Jan 25, 2009
Time.com

Monday sees the arrival of the Chinese lunar New Year, and the onset of the Year of the Ox. But Shanghai residents who had been counting on the bovine astrological sign to usher in a bull market are likely to be disappointed. Contrary to its placid and solid reputation, soothsayers in China's financial capital have deemed this year's ox an altogether different beast.


A bit of background: There are 12 Chinese zodiac animals, each of which is subdivided by five elements signaling different qualities - wood, earth, water, fire and metal. This year's ox is an earth ox. That may sound innocuous enough, but according to one astrological interpretation, financial markets are in dire need of a spark from the fire element to set stocks blazing. For other fortune tellers, the worry is absence of metal, an element with which they make a simple astrological connection to money. A metal year, they say, brings plenty of gold. An earth year buries all that lucre under piles of dirt. All in all, a buffalo wallowing in mud doesn't exactly portend a get-up-and-go kind of year.


Befitting the grim economic climate, Shanghai newspapers are predicting that celebrations of the arrival of the lunar New Year will be more muted than the lavish outlays of previous years. Local department stores have been slashing prices, and malls are less crowded than usual, with few heeding the promises of Shanghai mayor Han Zheng that 2009 will bring 9% GDP growth for the city. Another gloomy indicator: Year of the Ox stamps issued by the Shanghai post bureau haven't been selling as well as their Year of the Rat predecessors. Even worse, the meteorological bureau predicts that the days on which the lunar New Year celebrations will fall may be some of the coldest in recent Shanghai memory - a bone-chilling 15.8 degrees in a city where most homes lack central heating.


Market sentiment during the last few Years of the Ox has, in fact, been more bearish than bovine. In 1997, Asia suffered its financial meltdown, while 1973 was the year the world was ravaged by oil shocks. Year of the Ox almanacs sold in Shanghai subways counsel patience and hard work in order to overcome 2009's potential market woes. Both virtues are considered attributes of those people born under its symbol. In fact, one of the leaders on whom the fate of the global financial system may well depend was born in a Year of the Ox: Barack Obama.


Outside of the economy, too, there are a handful of potentially tricky anniversaries for China in the coming year: The 20th anniversary of the crushed Tiananmen movement, the 50th of the failed Tibetan uprising, and the 10th of the banning of the Falun Gong spiritual sect.


Still, some politically savvy Shanghai astrologers are taking heart from history, even if the markets haven't performed well in previous cow cycles. One almanac available at a local bookstore lists the geopolitical glories associated with previous oxen years, chief among them 1949 - the last time the Ox that came stomping through town was an earth creature. That, of course, was the very year China's Communist Party triumphed over its enemies and founded the People's Republic.
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« Reply #61 on: January 26, 2009, 09:07:22 am »




               








                                            Year of the Ox Is Looking Inauspicious






Reuters
By MARK MCDONALD and
BETTINA WASSENER
January 26, 2009
HONG KONG

 — Hong Kong’s gleaming past and current troubles are right there, plain to see, on Vincent Chan’s wall — photographs of more than a hundred Bentleys, Rolls-Royces and Jaguars for sale, luxury cars dumped by their once-flush owners in need of some ready cash.

Mr. Chan sells only one or two cars a week now — a third of the sales his dealership has made in recent years. And under pressure from his bank, he is prepared to sell any of his cars at a loss, just to free up some money. He is ready to haggle.

The Chinese Lunar New Year began Monday, and projections for the Year of the Ox from astrologers, lawyers, bankers and fishmongers are anything but auspicious.

“The mood is confused and desperate,” said Kerby Kuek, a feng shui master and Chinese astrologer. “Two years ago, people would ask me if they should change from a medium house to a big house, or from a Nissan to a BMW.

“Now people ask me directly, ‘When am I going to get laid off?”’

Mr. Kuek said he was getting the same fearful questions from clients as he heard in 2003, when Hong Kong was rocked by the epidemic of SARS severe acute respiratory syndrome. Foreigners fled, tourism disappeared, local people went around in surgical masks, and the economy, of course, buckled.

Hong Kong’s other economic calamity came with the 1997-98 Asian financial crisis. Property values dropped 50 percent.

But Mr. Chan, 58, does not see a current parallel to that dark period, which he called “completely horrible.”

“We haven’t had any suicides this time!” he said brightly. “So, you see: Not so bad as ’98!”

Most of his customers are expatriates, and the global crisis and the ensuing recession in Hong Kong are forcing many of them to economize. (Which explains the huge backlog of cars in Mr. Chan’s jammed warehouse.) Some expats have been recalled to their home countries, especially those in banking, law and finance, while others have been fired outright.

But gloom can be relative. There are no signs of mortgage defaults in Hong Kong, and people are not losing their homes like they are in the United States. And even if thousands of expats have been handed one-way tickets back to New York, London and Sydney, a number have chosen to remain.

“There isn’t the desperate urge to leave like there was during SARS,” said Shriram Chaubal, chief operating officer of GeoClicks, which runs a popular Hong Kong Web site called GeoExpat.com. “They know Hong Kong is a lot better than wherever they’d be expatriating back to.”
« Last Edit: January 26, 2009, 09:11:33 am by Bianca » Report Spam   Logged

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« Reply #62 on: January 26, 2009, 09:13:09 am »




             









But Mr. Chaubal said friends and clients working in the manufacturing, retail, and food and beverage sectors were worried. And while enrollments have grown a bit at the Discovery Bay International School, the principal, Grant Ramsay, has heard plenty of gruesome layoff stories on the parental grapevine.

“We certainly know a dip is coming,” he said. “So it’s eyes wide open and bracing for the worst.”

And the worst appears yet to come. Donald Tsang, Hong Kong’s chief executive, delivered this blunt warning last Tuesday: “Hong Kong is in the grip of the financial tsunami.” He predicted more layoffs and company closings after the New Year holiday.

The economic numbers — macro and micro — certainly support Tsang’s baleful analysis. The Hang Seng stock index, for example, was off 48 percent in 2008.

The unemployment rate ticked up recently to 4.1 percent, a mild cough compared to the tubercular rate of 8.8 percent in 2003. But a new Citigroup analysis warns that “this cycle appears worse,” with no appreciable recovery until 2011.

Personal bankruptcies, up 85 percent from a year ago, are increasing 10 percent per month, said Thomas Tse, a partner at the law firm Yip, Tse & Tang. He expects bankruptcies to double between now and late summer, eventually ensnaring 1 percent of the city’s working population, largely on personal loans and credit card debt.

A dozen years ago, a bankruptcy was a traumatic loss of face, a deep humiliation in a society that prizes propriety and thrift. But now, after a dozen years of economic peaks and troughs, Mr. Tse said it carries much less of a stigma.

John Carroll, a historian of Hong Kong, said people here were “legendary for their resourcefulness and ability to recover” from economic shocks.

He pointed to rebounds from labor strife in the mid-1920s; the Japanese occupation from 1941 to 1945; United Nations and United States embargoes during the Korean War that prompted a shift from trade to light industry 50 years ago; and Hong Kong’s more recent move to a service economy after industrial jobs were shipped to mainland China.
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« Reply #63 on: January 26, 2009, 09:14:30 am »









Anil Daswani, head of research at Citigroup in Hong Kong, wrote a strategy report last week that admired the city’s transformation from a trading port into “a genuine global financial powerhouse alongside London and New York.”

“Hong Kong has always prospered by being able to reinvent itself,” he wrote, “and we are of no doubt that during this downturn it will do it again.”

The go-go years in the middle of this decade certainly burnished the city’s reputation as an Asian hub for business, banking and excess. Those were the days when the Peninsula Hotel, in a single order, bought 14 custom-made Rolls-Royces specially painted in “Peninsula green.”

The Hong Kong wealthy remain wealthy, and stratospherically so. But for people a few rungs down the economic ladder, the impromptu weekend trips to Bali or Tokyo, the jewelry binges, the full-on lush life — that is mostly over.

“The whole party-party thing, the let’s-go-splurge thing, that’s clearly not happening now,” said Chaubal of GeoClicks.

If there is any time for Hong Kongers to party, however, it is now. The New Year holiday in Asia calls for a long break from work, with money spent on new clothes, big dinners, flowers and gifts. But this year, in street markets and marbled malls alike, the buzz of commerce is more muted. And with consumers more cautious, prices have plunged.

Caterpillar fungus, a kind of Chinese cure-all that is cooked into stews, has dropped in price by a third, down to about $250 an ounce. Crocodile jerky, sea cucumbers, shark’s fin and dried fish bellies have seen similar reductions.

Kumquat trees, a traditional holiday gift that symbolizes prosperity, are the same price as last year, although more buyers are going for the lower-priced potted shrubs rather than the grander 5-footers.

And at his showroom on Dragon Road, Mr. Chan has a ’96 Rolls-Royce Silver Spur for sale. Marked down from $48,000, the sticker now says $38,000 — and even that is negotiable.

Mr. Chan is making other changes. He has always reserved four tables at a good restaurant where he treats his employees and a few dozen loyal customers to a New Year’s dinner. This year he has cut back to one table, staff only.

He is also cutting back on the money he is putting into the red-and-gold envelopes traditionally given to children, staff members and service people during the holiday. In previous years he has put in a crisp bill of 100 Hong Kong dollars, worth about $12.80. This year he will use 50-dollar notes.

“They won’t be angry,” Chan said. “Everybody knows the problems with the economy. They know what’s happened.”

A former garage mechanic, Mr. Chan bought a 1956 Vauxhall junker when he was a teenager, fixed it up, and sold it for five times the money. He has been buying and flipping cars ever since.

“If I sell a car now and lose money, O.K., I’m still alive,” he said. “I can always make money again.” He snapped his fingers. “This is Hong Kong. We’re gamblers.”
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« Reply #64 on: January 27, 2009, 02:20:06 pm »

     








                                   Join in the Chinese New Year Festivities in Hong Kong






January 26, 2009


Hong Kong is a city of bright and colorful festivals which reflect Chinese tradition, customs and culture. Chinese New Year (also known as Spring Festival) is perhaps the most significant and grand festival in the city. During this event, people in Hong Kong all emerge with a fresh energy and enthusiasm to welcome the New Year.



People engage themselves in a shopping spree for friends and family. The houses, buildings, shops, restaurants, parks, gardens and streets all are decorated with colorful lamps and bright flowers. The most common flowers to be seen in the market are narcissus. Other flowers include orchids and peach blossoms. An elaborate and ornate international parade is organized for this event. The gorgeously dressed people taking part in this parade, the beats of the drum, the rhythmic music and glittering lights all lend glitz and glam to this splendiferous event. Various sports events like horse race and soccer are organized during this occasion. The best holiday entertainments recommended below are sure to help you find out how to celebrate a traditional Chinese New Year in Hong Kong.





International Night Parade


This is the 14th parade sponsored by Cathay Pacific Airways. As one of the world’s most fascinating attractions, this night parade is perhaps the best-loved event of the entire New Year’s celebrations, as Hong Kong puts on a show famous across the globe. This year’s Cathay Pacific International Chinese New Year Night Parade has a distinctly global feel. The huge crowds at the parade will be entertained by the cavalcade or attractively decorated floats, carrying both international and local performing artists.  This year’s parade follows a route that snakes around Tsim Sha Tsui East, where, in the evening, the harbourfront area will be transformed into a giant street party venue.
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« Reply #65 on: January 27, 2009, 02:23:22 pm »





             








Flower Market


The Flower markets are an indispensable part of the Chinese New Year celebrations in Hong Kong. The markets exhibit a gorgeous rainbow of colours and a riot of scents, offering the perfect backdrop for the multitude of shoppers. People take a stroll through these popular markets in search of that perfect plant or bloom for the home or office, to bring them good luck for the coming year. Kumquat trees, narcissus and peonies are believed to bring prosperity, peach blossoms add fire to romance, while tangerine plants, with their leaves intact, help to ensure long-lasting relationships and “fruitful” marriages. Come and visit, interact and mingle with the bustling crowds and let the vivid sights and smells overwhelm your senses in this, the Year of the Ox!








Firework Display


Fireworks are banned for security reasons. However, the government would put on a fireworks display in Victoria Harbour on the second day of the Chinese New Year for the public. This illuminated show creates a magical aura and is something to be marveled at. Take this marvelous opportunity to be astounded by the magnificent display of computer-controlled fireworks that ushers in the New Year. Join the thousands upon thousands of people who will be lining both sides of the harbor cheering, celebrating and partying as they welcome in the Year of the Ox!
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« Reply #66 on: January 27, 2009, 02:24:38 pm »





                                   










Horse Race


Catch all the fun and excitement in this uniquely Hong Kong way of kicking off the New Year. A day at the races, which takes place on the third day of the Chinese New Year, is a tradition among local sports fans as they head for the Sha Tin Racecourse to celebrate the first race day of the Lunar New Year. The stands are packed with excited race enthusiasts looking to get the New Year off to a prosperous start with a winning ticket.







Fortune Seeking


It’s customary at Chinese New Year to give thanks for the past 12 months and pray for good fortune for the coming year. For an unforgettable experience, join the crowds as they make a trip to Sik Sik Yuen and Wong Tai Sin Temple to burn incense sticks and shake the fortune stick for a new year prediction. You can also spin the Wheel of Fortune at Sha Tin’s Che Kung Temple to dispel bad luck and encourage good fortune. Another possible trip is to visit the fabled Wishing Trees in Lam Tsuen, Tai Po and make a wish!



China Tour Guide
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« Reply #67 on: January 27, 2009, 02:28:43 pm »

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« Reply #68 on: January 27, 2009, 02:37:24 pm »



               






                              









                                               Sports pageant for two festivals






by: Mirenda Wu
| From:
China Tibet Information Center

Tibetan rural people in Huangzhong County of northwest China's Qinghai Province have always held a traditional sports pageant for Tibetan Losar (Tibetan New Year) as well as Chinese New Year, which fall
on the same date.
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« Reply #69 on: January 27, 2009, 02:51:24 pm »





         

               HONG KONG
« Last Edit: January 27, 2009, 02:54:25 pm by Bianca » Report Spam   Logged

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« Reply #70 on: January 27, 2009, 02:56:14 pm »



HAPPY NEW YEAR FROM BEIJING
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« Reply #71 on: January 27, 2009, 03:00:32 pm »




           
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« Reply #72 on: January 28, 2009, 11:40:12 am »

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    Re: CHINESE GIVE YEAR OF THE OX A NOISY WELCOME






« Reply #3 on: January 26, 2009, 10:44:24 am » Quote 

--------------------------------------------------------------------------------



BEIJING — China greeted the arrival Monday of the Year of the Ox with fireworks and celebrations, bidding farewell to a tumultuous 2008 marked by a massive earthquake, the Olympics, and a global economic crisis.

Colorful pyrotechnic displays lit up the midnight sky over Beijing, as firecrackers exploded deep into the early morning hours in the capital.

Officials reported that 46 people were injured from fireworks-related accidents, a 48 percent drop from the previous year, the official Xinhua News Agency said Monday. A fleet of 70 ambulances roamed the city overnight on the lookout for emergencies, it said.

The Lunar New Year is China's most important holiday. It is generally the time of the year for lavish spending on elaborate meals with friends and family and exchanges of "hong bao," or red envelopes stuffed with money.

But the country's economic outlook this year has been dampened by the deepening global financial crisis, with China's 2008 annual growth down to a seven-year low of 9 percent. Thousands of factories have closed in China's export-driven southeast and estimates of job losses exceed 2 million.

Communist leaders have worried publicly about rising tensions and possible unrest as laid-off workers stream back to their hometowns. They have promised to create new jobs and are pressing employers to avoid more layoffs.

Despite the gloomy economic forecast for the new year, merchants in the capital reported that fireworks sales were up 28 percent from the previous year, with some 230,000 firework packages sold by Sunday, Xinhua said.

In Hong Kong, tens of thousands also temporarily shrugged off worries about economic woes, filing into the annual Chinese New Year market at Victoria Park late Sunday. Shoppers wandered amid a traditionally eclectic mix of goods ranging from popular New Year's decorations like water lilies to inflatable oxen and furry ox-shaped caps. Small windmills _ which symbolizes a change in fortune _ were reportedly a big seller.
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« Reply #73 on: January 28, 2009, 11:41:36 am »










Meanwhile, another 20,000 visited the Taoist Wong Tai Sin Temple to light up incense sticks and pray for good luck after a year that saw Hong Kong slip into economic recession and left thousands of locals fretting over the fate of their investments in financial products linked to failed U.S. investment bank Lehman Brothers.

The economic worries capped off a year that saw the country's leaders juggling one crisis after another, beginning with freak snow storms that paralyzed China's southern transportation system one year ago during Chinese New Year celebrations.

That was followed by deadly riots in the Tibetan capital of Lhasa, which prompted a massive security crackdown.

The tone changed after the massive May 12 earthquake in Sichuan left almost 90,000 dead or missing, a disaster that was met with international aid and sympathy.

China's leaders received widespread praise overall for hosting the Beijing Olympics in August themselves, but just weeks afterwards came revelations of a national food safety scandal over tainted milk powder that left at least six babies dead and nearly 300,000 others ill.

_______

Associated Press Writer Min Lee in Hong Kong contributed to this report.
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« Reply #74 on: January 28, 2009, 11:43:03 am »







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    Re: CHINESE GIVE YEAR OF THE OX A NOISY WELCOME
« Reply #5 on: January 26, 2009, 10:45:07 am » Quote 

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Children take a closer look at traditional masks after a religious ritual at a village temple as part of the New Year of the Ox celebration in Hong Kong on January 26, 2009. Millions across Asia are celebrating the arrival of the Year of the Ox which begins on January 26.
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