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TOPIC: especially since July
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especially since July 12 Years, 11 Months ago Karma: 0  
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More layoffs Wei is one of many people working for securities brokerage firms who are facing a dilemma amid the sluggish stock market and slowdown of the economy. Several other firms in the sector, including CITIC Securities and Huatai Securities, were reported to have started layoffs late last year.Around 5 to 10 percent of the staff of the investment department of CITIC Securities - which has been one of the leading underwriting services providers involved in initial public offerings (IPOs) - will be laid off,p90x workout schedule, National Business Daily reported on December 26."Many brokerage firms have started cutting labor costs, so it will be difficult for me to find a new job,ghd," Wei said.The cutbacks are largely a result of the brokerage firms' poor business performance last year,longchamp pas cher, especially since July, when the China Securities Regulatory Commission (CSRC), the capital market regulator, suspended approval of new IPOs in an effort to revive the sagging stock market. The net profits of the country's 18 listed brokerage firms reached 14.79 billion yuan ($2.37 billion) in the first three quarters of 2012, down 6.46 percent compared with the same period of 2011, according to statistics from Wind Information Co, a financial information provider.The brokerage firms underwrote a total of 44 IPOs in the first three quarters of 2012,http://www.longchamppascherroses.com/, a 31 percent decline year-on-year, and their total income through offering underwriting services reached 1.26 billion yuan, down 56 percent compared with the same period of 2011, according to Wind.Companies queuing upAlthough the CSRC restarted reviews of four IPO applications in September,Chanel Outlet, over 800 enterprises are still queuing up for the regulator's review and approval procedures. Consequently, the investment departments of the brokerage firms have had much less underwriting business."The CSRC interfered with the market by slowing down IPO approvals in a bid to stabilize the faltering market, because an oversupply of new stocks in a sluggish market was partly a cause of the poor performance," Li Daxiao, director of research with Yingda Securities, a Shenzhen-based brokerage firm, told the Global Times.China's A-share market started falling steadily in May last year, and the benchmark Shanghai Composite Index fell to below 2,000 points in November 2012, hitting a five-year low.Although it seems that the securities sector has hit rock bottom, analysts said that this offers the regulator a good opportunity to implement reforms,http://www.saclongchamproses.com/, which could revive the stock market in 2013."A deep reform of the stock market, including the IPO pricing system, is urgently needed," Tu Chunhui, general manager of the research department at China Development Bank Securities, told the Global Times Tuesday.
The commission further said the move by the police to compel journalists to disclose their source of information is in contravention of their (journalists) ethical standards.
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