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China Visa Updates from Shanghaiist and WSJ blog

WSJ QUARTERLY MARKETS REVIEW 7/01
Asia Endures Sharp Blows From Global Stock Selloff SB121484886123216521
Global Shares Are Damped by Economic Storms SB121485878147617067
Stocks End Quarter Just Above 'Bear,' But Challenges Remain for Rest of Year SB121487100151417807

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Torrential rains are causing some of the worst flooding to hit China in years, the latest in a series of disasters this year that is creating a sense of gloom among many Chinese. China is facing a flooding emergency in the country's south, as it battles the aftermath of last month's earthquake. Official reports say at least 60 people have been killed or are missing as heavy rains batter Southern China. Over a million people have had to leave their homes and go to higher ground as river levels rise. The provinces of Jiangxi, Guangxi and Sichuan have all been affected but hardest hit has been Guandong Province. China's Meteorological Authority warns the Yellow River may suffer serious flooding. Forecasters warn fresh storms could lash parts of the Yangtze River delta region near Shanghai, and provinces across the east, south and southwest. The authority says the national flood prevention and relief effort is entering a crucial phase. Chinese television has shown images of people rowing boats down the main streets of large towns. Major roads have been washed away and hundreds of bridges seriously damaged. The flooding emergency is expected to deteriorate over the week with heavy rain forecast for the South of China for the next ten days. SB121363935743178127

[Fuel Surge Graphic]

China raised its base price for gasoline by 17% and diesel by 18%, a move that global oil traders quickly concluded could diminish the country's voracious appetite for fuel. Benchmark crude oil on the New York Mercantile Exchange fell USD4.75 a barrel, or 3.5%, to USD131.93. The move, Beijing's second price increase since November and its biggest in four years, did what the U.S. has failed to do with its efforts to exert pressure on producers. China last raised domestic fuel prices by 10% in November, when oil was around USD90 a barrel. The new rises will take effect Friday (6/20). Base prices can differ from the prices at the pump. The National Development and Reform Commission said the increases will lead to average retail prices of about USD1,095 a ton for gasoline, or about USD3.06 a gallon. Electricity prices, also state-set, will rise an average 4.7% nationwide. NDRC announced late Thursday that petrol and diesel prices would go up by USD145 per tonne. Aviation kerosene would increase by more that USD220 per tonne. Xinhua reports the average electricity price will be raised by 2.5 cents per kilowatt hour from July 1, but households, and the farming and fertiliser production sectors, would be exempt. SB121388580377088575

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