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Xiaomi, the chinese way to challenge the american giant Apple

" The Beijing-based company has come out of nowhere this year to become the biggest threat to Apple, Samsung and other smartphone makers."

" Xiaomi phones can’t touch the iPhone or the Galaxy in terms of quality (yet), but the company beats them handily on price "

" The company’s private valuation is already estimated to have surpassed $10 billion — double the valuation of BlackBerry and half that of Sony. "

" Xiaomi sold 7 million handsets last year and just as many in the first half of this year, putting it on track to sell 20 million in all of 2013. "

In these days and especially in the previous months the technology industry has been shaken by a new and disruptive product: Xiaomi.

Everybody knows that from the death of Steve Jobs, Apple hasn't been the same company that he used to conduct and spread around the world, maybe because his charismatic and challenging character has not been replaced by Tim Cook, or maybe ,in a worst scenario, Apple has lost her ability to create innovation in a  not anymore " game-changer " mode.

Probably that is the reason why, in a industry so competitive like the hi-tech, Apple has lost lots of opportunity and tons of market shares in favour of Samsung, HTC, and in these days to Xiaomi.

" Have you heard of Xiaomi yet? If you haven’t, you probably will pretty soon. If you have, you know the Beijing-based company has come out of nowhere this year to become the biggest threat to Apple, Samsung and other smartphone makers. "

The Time is right, Xiaomi will become for sure the real threat to Apple and Samsung, because it's able to match high technologies ( but not at the same level of Apple and Samsung) with low prices and a network of salers very capillar, and that is the clue factor to be succesfull in China and, of course, in every part of the world.

 Xiaomi’s popular Mi3 handset — including a Nvidia Tegra 4 chip, a 13-megapixel Sony camera and 2-gigabit RAM — sells for $327. In comparison, in China, Apple’s iPhone 5S retails for $866 without a service plan, while the Samsung’s 32GB Galaxy Note 3 retails for $884.

Xiaomi has been founded in the 2010, and in circa 3 years of activity, now it is estimated of more than $10billion, that means more than two times of Blackberry and circa half of Sony!

Outside of China, Xiaomi began to gain notice in July, when research firm Canalys said that the company’s market share in China surpassed Apple for the first time in the second quarter. Apple’s share fell from 8% to 5% in a single quarter.

Those numbers are very appealing and if you add on that Xiaomi has recently hired Hugo Barra, who has been the head of product development at Google's Android division, is easy to understand what aims this firms has for its future.

And it doesn't finish here!

Infact, Xiaomi has an exclusive contract with China Mobile ( the state-owned telecom giant) as Samsung, that helps the firm to compete even better against Apple that can't count on this key factor asset.

Another main difference between Apple, as the Time reports, is that while the Cupertino, giant ran iTunes for years at little or no profit — using its music, movies and apps as a way to sell higher-margin devices — Xiaomi’s approach is similar to Amazon. Amazon sells its Kindle devices at or below cost to expand market share, using apps and content revenue to shore up slim margins.

In conclusion, the rise of Xiaomi has left the market wondering about how Apple will respond to a company thriving by using strategies very different from its own. In a research note, Sanford C. Bernstein  called Xiaomi a “new disruptive force” that “particularly stands out to us as a potential game-changer.”

For its part, Xiaomi sounds a little more confident  about its prospects against Apple. “They [Apple] don’t really care about what the users want. They imagine what the users want.”

The Great Wall is moving, and probably for Apple, too fast!

The Economist's interview to Tom Standage

The Economist's article here
The Time's article here

Heinz...mine!

" Warren Buffett’s Berkshire Hathaway Inc. and Jorge Paulo Lemann’s 3G Capital agreed to buy HJ Heinz Co. for about $23 billion. "

" The transaction is valued at about $28 billion including the assumption of debt "

" Heinz shares climbed 20 percent to $72.50 at 4:15 p.m. in New York trading. Berkshire advanced 1 percent to $149,240, a record close. "

" Heinz, led by Chief Executive OfficerBill Johnson since 1998, had gained 17 percent in the past 12 months as it boosted sales in developing economies. Heinz in November said fiscal second-quarter sales in emerging markets rose 13 percent, excluding the effects of foreign currency fluctuations and acquisitions or divestitures."

ENG:

It's a news of yesterday evening that Warren Buffett, with his associate Jorge Paulo Lemann, has bought with an IPO of about $23 billion Heinz Co., but the tranzactionis valued at about $ 28 billion because in the deal between the parts, buyers have included the assumption of debt.

The IPO is based on an offer of $72.50 per share, compared with yesterday’s closing price of $60.48 that underlines the great interest that the Oracle of Omaha feeds for this company.

One of the main motivation of this move is due to the fact that Heinz benefits from “very powerful consumer goodwill in the developed markets and a very early start in China and India, two of the largest developing markets”.

The other key factor of this deal is the sinergy that could be create between Heinz and Burger King      (that is one of the most successfull business in 3G's portfolio) in the fast food market of the emerging economies.

Thanks to Warren and his associate, Heinz shares climbed 20 percent to $72.50 at 4:15 p.m. in New York trading and Berkshire advanced 1 percent to $149,240, a record close.

The deal is the largest ever in the food industry, the companies said. The buyers are paying about 14.6 times earnings before interest, taxes, depreciation and amortization, according to data compiled by Bloomberg. 

The evergreen Warren Buffett doesn't want to retire, but always make huge money!

ITA:

E 'una notizia di ieri sera che Warren Buffett, con il suo socio Jorge Paulo Lemann, ha acquistato con una IPO di circa 23 miliardi dollari Heinz Co., ma l'operazione ha un valore di circa 28 miliardi dollari inquanto nell'accordo tra le parti è previsto che gli acquirenti si assumano l'intero importo del  debito societario.

L'IPO è basata su un'offerta di 72,50 dollari per azione, rispetto al prezzo di chiusura di ieri di 60,48 dollari, sottolineando in tal modo il grande interesse che l'Oracolo di Omaha nutre per questa società.

Una delle motivazioni principali di questo movimento è dovuto al fatto che Heinz può contare su un elevato incremento di consumatori soprattutto nei mercati occidentali e un inizio molto promettente in Cina e in India, due dei più grandi mercati in via di sviluppo".

L'altro fattore chiave di questo accordo è la sinergia che si potrebbe creare tra Heinz e Burger King (che è uno dei business di maggior successo nel portafoglio del fondo brasiliano di private equity 3G) nel mercato dei fast food delle economie emergenti.

Grazie a Warren e il suo socio, le azioni Heinz sono salite del 20% toccando i 72,50 dollari alle 4:15 pm di New York  e le  Berkshire sono avanzate del 1% a $ 149.240.

L'accordo è il più grande mai avuto nel settore alimentare mondiale, e non a caso gli acquirenti in questa operazione pagheranno Heinz circa 14,6 volte gli utili al lordo di interessi, imposte, ammortamenti, secondo i dati compilati da Bloomberg.

Il sempreverde Warren Buffett non vuole andare in pensione, ma sempre fare soldi a palate!

Bloomberg's interview to Tom Russo

Bloomberg article here

Apple is resting or it's just the quiet before the storm?

" Apple Inc.’s profit margins are falling back to levels not seen since sales took off after the 2007 debut of the iPhone, as competition and lack of breakthrough products pressure the company to lower prices."

" Unless Chief Executive OfficerTim Cook unveils a revolutionary new gadget with premium pricing, Apple shares will remain under pressure. "

" A central challenge is slowing sales of the iPhone, Apple’s best-selling and most-profitable product that accounts for 56 percent of revenue. Samsung Electronics Co., HTC Corp. and other rivals are introducing cheaper and feature-laden smartphones. "

"Apple is also seeking new customers in China, where it will be harder to charge premium prices. New products such as the iPad mini are also being priced at relatively lower points, eating into margins."

“They need to do something eye-opening, but nothing is going to have as high a margin as the iPhone,” said Erick Maronak, chief investment officer at Victory Management Inc. Apple’s gross margin could easily shrink to 35 percent"

“If they want to maintain or build market share, they can’t sustain prices that are in the neighborhood of 100 percent higher than rival products”

ENG:

As all we know Apple is slowly losing her leadership due to the constantly increasing competition, and as a confirm of that statement you can easily notice how the Cupertino's firm unveils and launchs "new" products in a shorter temporal distance than a couple of years ago.

Competitors like Samsung, HTC and others, thanks to lower retail prices, are eating up market shares to Apple, that due to premium prices, is unable to reach.

In fact sale volumes of the Iphone, that alone accounts for the 56% of revenues, are slowing down mostly due to an high retail price added to a no more tech-leadership.

All those factors lead Apple to a drop of 33% in value shares, making the worst performing stock in the Standard & Poor’s 500 Index in the period.

Why Apple is struggling so hard?

Here is the catch: competition and it's best ability to cut costs and prices is slowly but constantly eroding Apple's margins.

Apple's margins are falling back to levels not seen since sales took off after the 2007, due to the inability to launch a new product game-changer like the eldest Iphone, and the "constriction" to low retail prices in order to defend market's positions.

" The latest quarter’s drop in gross margin to 39 percent from 45 percent a year earlier was caused by the introduction of the iPad mini, other products with higher costs and price cuts for existing products. Unless Chief Executive OfficerTim Cook unveils a revolutionary new gadget with premium pricing, Apple shares will remain under pressure."

If you are an Apple's fan don't worry, there are rumors that affirm that it will be probably launched a new watch (yep you have read well) that also makes phone calls, accesses the Web and provides location- tracking services, and it will be sold at circa 200$ each generating a  margin of about 50%( that’s about twice the margin Apple might earn by making a TV or selling an inexpensive phone for less-affluent shoppers).

Analysts say that if Apple doesn't do something real in a short time, at the end of the year her margins could easily shrink to 35%.

Tim, seriously, don't let competitors eat your succulent Apple...

ITA:

Come tutti ben sappiamo, Apple sta lentamente perdendo la sua leadership a causa di una concorrenza in costante aumento, e a conferma di tale affermazione può essere notato come la società di Cupertino sveli e lanci "nuovi" prodotti in una distanza temporale più breve rispetto ad un paio di anni fa.

Concorrenti come Samsung, HTC e altri, grazie alla riduzione di prezzi di vendita al dettaglio, stanno sottraendo quote di mercato ad Apple, che a causa di prezzi più elevati, non è in grado di raggiungere e soddisfare.

Infatti i volumi di vendita dell' Iphone, che da solo rappresenta il 56% dei ricavi, stanno rallentando per lo più a causa di un  prezzo al dettaglio elevato abbinato  ad una non più leadership tecnologica.

Tutti questi fattori portano Apple ad un calo del 33% in termini di valore azionario, marcando  la peggiore performance nel periodo delle società dell'indice Standard & Poor 500.

Perché Apple sta operando così faticosamente?

Ecco il punto: la concorrenza e la sua migliore capacità di tagliare i costi e prezzi sta lentamente ma costantemente divorando ed erodendo i margini di Apple.

I margini di Apple sono in calo e su livelli che non si vedevano sin dal debutto dell'Iphone nel "lontano" 2007, in quanto a causa dell' incapacità di lanciare un nuovo prodotto davvero game-changer, come il primo Iphone, la società di Cupertino è "costretta" ad applicare prezzi al dettaglio "bassi" al fine di difendere le posizioni di mercato.

"Nell'ultimo trimestre il margine lordo è sceso al 39 per cento dal 45 per cento di un anno prima a causa sia dell'introduzione dell' iPad mini e di altri prodotti, che hanno dato vita ad  un incremento dei costi, e sia alla riduzione dei prezzi per i prodotti esistenti. A meno che il buon Ceo Tim Cook non sveli un  nuovo e rivoluzionario gadget con prezzi premium, le azioni di Apple rimarranno sotto pressione ".

Se sei un fan di Apple non ti preoccupare, ci sono voci che affermano che sarà lanciato molto probabilmente un nuovo orologio (sì avete letto bene), capace anche di effettuare chiamate, accedere al Web e fornire la posizione di localizzazione GPS, che  sarà venduto a circa 200 $, generando un margine di circa il 50%/pezzo (che è circa il doppio del margine che Apple potrebbe guadagnare fproducendo una TV o vendendo un telefono economico per gli acquirenti meno abbienti).

Gli analisti dicono che se Apple non faccia qualcosa di reale e concreto in breve tempo, alla fine dell'esercizio i suoi margini potrebbero facilmente ridursi fino al 35%, e così anche il valore dei titoli azionari.

Tim, sul serio, non lasciare che i concorrenti si mangino la tua mela succulenta ...

Bloomberg's article here

Finally we are back online!

As you all can see Upadate Yourself is back online and ready to supply new articles and interesting stories from all over the world! What you have to do is just stay tuned and wait till the next post!

Fiat and her new "wings"

" Chrysler Group LLC reported an 80% jump in its third-quarter profit over a year ago amid strong demand for its cars and pickup trucks and a continuing recovery in the U.S. auto market. "

" The Auburn Hills, Mich.-based auto maker said it earned $381 million, up from a profit of $212 million for the same period last year. Revenue climbed 18% to $15.5 billion in the quarter ended Sept. 30. "

" The company reaffirmed its full-year guidance for Chrysler income of $1.5 billion for 2012, and expects free cash flow to be well in excess of $1 billion. "

" Chrysler's U.S. sales have climbed 22.3% so far this year, outpacing the industry's growth of 14.5%. U.S. market share for the third-quarter was 11.3%, up from 8.9% at the end of 2009. "

" Together, Fiat and Chrysler hope to sell 6 million vehicles globally by 2014, up from 4.1 million cars and trucks that Fiat and Chrysler sold last year. "

" Fiat also is working to increase its stake in Chrysler, which now stands at 58.5%.  "

ENG:

Is a news of this days that Chrysler reported an 80% jump in profit for the third quarter of the 2012 due to a new strong U.S. demand for cars. Chrysler seams to live a new youth after the crysis of 2008, infact the group earned $381 million and revenues climbed 18% to $15.5 billion in the quarter ended Sept. 30.

Those records, that helped Chrysler's performance, are due to the 12% increase in vehicles sold world-wide. The auto maker, infact , sold 556,000 cars and trucks globally in the quarter ending Sept. 30, up from 496,000 in the same period a year ago.

In this week Mr. Marchionne is expected to revise Fiat's sales and other forecasts and provide details on new measures to cut Fiat's cost and excess plant capacity in Europe. It   will certainly effects Chrysler in her near future, because one of her main issue is the operating profit per vehicle, that is the lowest of the big U.S. car makers: $1,267 per vehicle. In contrast, General Motors GM  and Ford Motor Co. F have been making $2,000 to $3,000 on each vehicle they produce in North America.

The U.S. continues to be Chrysler's most important and profitable market.

Due to Fiat's troubles in Europe, and the recently decrease in sales in South America, Chrysler has become the financial engine for the Fiat-Chrysler partnership. For the first three quarters of the year, Chrysler has earned $1.29 billion and sales have climbed 22.3% so far this year, outpacing the industry's growth of 14.5%. Fiat also is working to increase its stake in Chrysler, which now stands at 58.5%, because without at least 80% ownership in Chrysler, Fiat can't touch Chrysler's earnings.

As all readers could see, Fiat’s competitiveness is strictly influenced by Chrysler’s records, because in the recent past the Italian automaker has seen a strong reduction of margins on profits, dues to the increase in competition by Asian automakers and the dropped demand caused by the strong increased gas’s price all over Europe.

In a recent article, Bloomberg underlines how Fiat and VolksWagen are fading and struggling in Brasil, that for many years was their main market in South America, and now thank to a new “wave” of competition, especially from Asia, their strong positions are melting down.

The time is tough for Fiat… maybe with Chrysler Italians cars could have new “wings”

ITA:

E ' notizia di questi giorni che Chrysler ha registrato un incremento dell'80% dei profitti nel terzo trimestre, dovuto ad una forte e rinnovata domanda di automobili degli Stati Uniti nel 2012. Sembra che Chrysler possa vivere una nuova giovinezza dopo la crisi del 2008, infatti il ​​gruppo ha guadagnato 381 milioni di dollari e i ricavi sono saliti del 18% a 15,5 miliardi dollari nel trimestre chiuso al 30 settembre.

Questi numeri che rispecchiano le notevoli prestazioni di Chrysler, sono dovuti all'aumento del 12% dei veicoli venduti in tutto il mondo. Il produttore americano, infatti, ha venduto 556.000 automobili e camion a livello globale nel trimestre chiuso al 30 settembre, contro i 496.000 dello stesso periodo di un anno fa.

In questa settimana Marchionne si aspetta di rivedere le vendite e altre previsioni per fornire dettagli sulle nuove misure per ridurre i costi di Fiat e la capacità in eccesso degli impianti in Europa. Certamente tutto ciò avrà effetti anche sul prossimo futuro di Chrysler, in quanto una delle sue problematiche principali è il profitto operativo per veicolo, che è il più basso tra tutte le grandi case automobilistiche degli Stati Uniti: 1.267 $ per veicolo. Al contrario, General Motors GM e Ford Motor Co. ottengono circa $ 2,000 - $ 3,000 ogni veicolo che producono in Nord America.

Gli Stati Uniti continuano ad essere il mercato più importante e redditizio per Chrysler.

A causa dei problemi di Fiat in Europa, e al recente calo delle vendite in Sud America, Chrysler è diventato il motore finanziario principale per la partnership  Fiat-Chrysler. Per i primi tre trimestri dell'anno, Chrysler ha guadagnato 1,29 miliardi dollari e le vendite hanno subito un incremento del 22,3% dall'inizio dell'anno, superando l’intera crescita del settore che si attesta al 14,5%.

Fiat sta inoltre sta analizzando e operando per aumentare la sua partecipazione in Chrysler, che ora è pari al 58,5%, in quanto senza detenere almeno l'80% di Chrysler, Fiat non può accedere al cash flow derivante dai profitti di Chrysler.

Come tutti i lettori potevano vedere, la competitività della Fiat è strettamente influenzata dai risultati di Chrysler, in quanto nel recente passato la casa automobilistica italiana ha visto una forte riduzione dei margini sui profitti, dovuti soprattutto all'aumento della concorrenza delle case automobilistiche asiatiche e il calo della domanda causato dal forte aumento del prezzo del carburante in tutta Europa.

In un recente articolo, Bloomberg sottolinea come Fiat e Volkswagen stanno lottando ma lentamente riducendo le proprie quote di mercato in Brasile, che per molti anni è stato il loro mercato principale in Sud America, e ora grazie ad una nuova '"ondata" di concorrenza, in particolare proveniente dall'Asia, le loro posizioni di forza si stanno lentamente sgretolando.

E’ indubbiamente un periodo difficile per Fiat ... forse con Chrysler le automobili italiane potrebbero avere nuove "ali"

Wall Street Journal article here

Bloomberg article here

Should we be worried about China’s $2.2-trillion shadow banking system?

" It is clear that the Chinese economy is slowing, and some think the risks of a hard landing are rising substantially. "

" If economic growth in China continues to slow, rising and sudden defaults on loans made in the country’s shadow banking system could threaten to bring down China’s traditional banking sector and throw the world’s third-largest economy in jeopardy. "

" The hodgepodge web of non-banks that comprise the shadow nexus in China includes pawn shops, underground banks, various wealth management products, trust companies, and guarantors – many of which don’t take deposits to insure against risky lending activities and operate completely beyond the eye of regulators and authorities. "

"At an estimated 14.5 trillion renminbi ($2.2 trillion) according to BofA, the amount of loans made by shadow banking entities amount to 25 percent of all the loans made in China by the traditional, regulated banking sector. "

" The system is also highly leveraged. Shadow lenders make most of their money by borrowing from regular banks at low interest rates and lending out at higher interest rates to riskier borrowers. "

" China has guarantors of over 19,000 different businesses. They provide guarantees on loans to risky borrowers, making it more palatable for traditional banks to lend to those who are less creditworthy than the average client. "

" And that is how the loan guarantee business in China really gets wild – instead of providing guarantees on clients’ loans, guarantors themselves are taking the loan money they are guaranteeing and lending it out to even riskier borrowers."

" The underlying problem facing all the institutions that make up China’s colossal shadow banking system is a slowdown in growth. "

ENG:

Most readers know how nowadays China is slowly down, losing the huge boost in terms of growth of GDP per year of previous years; it means no more "double digit" growth, but "only"a single one, which amounts to about 7.4%.

But what many don't know is the fact that since three years, China lives lots of troubles due to the credit crunch done by the institutions, which led to the birth and expansion of an illegal private financing way called Shadow Banking.

We can therefore speak of real Ghost Banks, that is a kind of well hidden network of "institutions" of credit which continue to fund illegally an economy in an evident downturn.

Those "institutions" are so widespread along the Chinese territory, ranging from simple pawn shops, from illegal banks, to the guarantors of credit for any highly risky borrower.

Analyzing this illicit system, it has been noted the operation and the consequences of this sick credit system.

The Chinese system in this way turns out to be highly leveraged, infact many people who enjoy a high reputation of solvency, borrow large sums of money from Chinese banks at a given rate of interest, and then reshoot these sums to risky subjects in exchange for high interest rates paid on credit.

This is one of the most used methods in China, and not surprisingly there are guarantors of credit in about 19,000 different businesses, making the phenomenon of a monstrous entity.

If the situation will continue to be so, China risks to be soon under the same conditions of Western economies characterized by a Debt / GDP exaggerated.

But let's go back to the origins of this phenomenon, who are these banks ghost and when didi they born?

It all began in late 2009 early 2010, when the Chinese government, concerned about the potential danger of the phenomenon of credit booms, inflationary pressures and the risk of a property bubble, tried to curb many of the activities of provision of loans to risky subjects.

Such a contraction, however, took different sectors of the economy to use the "shadow banking", ie financing channels not approved by the authorities, which now correspond to  circa 25% of the total loans disbursed in the country.

The fear that haunts Beijing is the concern that the economy of the Great Wall  is relying more and more on debt to develop new growth, as did Japan during the years of his boom. And it is well known to all that the Rising Sun holds the Debt / GDP ratio at the highest level in the world.

Sooner or later, the great Locomotives of Growth end coal, and China could start to be short...

ITA:

La maggior parte dei lettori saprà come oramai la Cina stia lentamente perdendo l'enorme spinta a livello di crescita di Pil annuo degli anni passati; si parla infatti non più di crescita a "double digit", ma ad una "sola"cifra, la quale si attesta a circa il 7,4%.

Quello che però molti non sapranno sta nel fatto che da tre anni a questa parte, la Cina  vive non pochi problemi a livello di credit crunch da parte delle istituzioni, cosa che ha portato alla nascita ed espansione di un sistema illegale di finanziamento privato chiamato Shadow Banking.

Si può dunque parlare di vere e proprie Banche Fantasma, ovvero di una sorta di rete ben nascosta di "istituti" di credito che continuano a finanziare un'economia in evidente fase di contrazione: tutto ciò, in modo tutt'altro che trasparente e legale.

Tali "istituti" sono presenti in modo capillare lungo il territorio cinese, e vanno dal semplice banco del pegno, passando da banche illegali, giungendo infine ai garanti di credito per soggetti altamente rischiosi.

Analizzando questo sistema illecito di finanziamento si è potuto notare il funzionamento e le conseguenze di tale sistema di credito malato.

Il sistema cinese in questo modo risulta essere altamente leveraged, in quanto molti soggetti, che godono di un'elevata reputazione di solvibilità, prendono a prestito elevate somme di denaro dalle banche cinesi ad un dato tasso d'interesse, per poi rigirare tali somme a soggetti rischiosi in cambio di tassi di interesse elevati sul credito corrisposto.

Questo è uno dei metodi più utilizzati in Cina, e non a caso sono presenti garanti di credito in circa 19000 business differenti, rendendo tale fenomeno di entità mostruosa.

Se la situazione continuerà ad essere tale, la Cina rischierà di trovarsi presto nelle medesime condizioni delle economie occidentali caratterizzate da un rapporto Debito/Pil esagerato.

Ma cerchiamo di risalire alle origini di questo fenomeno; chi sono queste banche fantasma e a quando risalgono ? 

Tutto ha avuto inizio alla fine del 2009 inizi 2010 quando il governo cinese, preoccupato per il pericolo potenziale del fenomeno di boom del credito, le pressioni inflazionistiche e per il rischio di una bolla immobiliare, tentò di mettere a freno molte delle attività di erogazione dei prestiti a soggetti rischiosi.

Una tale contrazione portò tuttavia diversi settori dell'economia a ricorrere allo "shadow banking", ovvero a canali di finanziamento non riconosciuti dalle autorità, che oggigiorno corrispondono al 25% del totale dei crediti erogati nel paese. 

La paura  che tormenta Pechino è la preoccupazione che l'economia della Grande Muraglia stia facendo affidamento sempre più sul debito per sviluppare nuova crescita, così come fece il Giappone durante gli anni del suo boom. Ed è cosa nota a tutti come il Sol Levante detenga il rapporto Debito/Pil più elevato al mondo.

Prima o poi anche le grandi Locomotive della Crescita finiscono il carbone, e la Cina potrebbe iniziare ad esserne a corto...

Financial Post article here
Wall Street Italia article here