somebozo
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Chinese man left in a pickle after $4,000 salt spree
Chinese man left in a pickle after $4,000 salt spree - Arab News
By REUTERS
Published: Mar 26, 2011 01:17 Updated: Mar 26, 2011 01:17
BEIJING: A Chinese man who bought 6.5 tons of salt, hoping to profit from panic buying spurred by fears of radiation from Japan, is now stuck with the $4,000 worth of the condiment, state media reported on Friday.
The man, surnamed Guo, bought the salt in Wuhan, the capital of Hubei province, when rumors spread across China last week that the iodine in salt could help ward off radiation sickness, the China Daily reported on Friday. Salt prices jumped on the rumors, and, acting on a tip that there would be a supply shortage lasting at least six months, Guo bought 260 bags of salt, which he took back to his apartment in three trucks. A few days later, the Chinese government urged consumers to stop the panic-buying, saying residents will not be exposed to radiation from Japans quake-damaged nuclear plant, causing a sharp drop in the price of salt. Guo is now stuck with the salt, which the newspaper said takes up more than half his apartment and had cost him 27,000 yuan to buy and transport. The newspaper said Guo cant resell the goods, because he has no receipt and also because he was told it was illegal to do so. He also cant take it to another province, as the government strictly controls salt transport.
Chinese man left in a pickle after $4,000 salt spree - Arab News
By REUTERS
Published: Mar 26, 2011 01:17 Updated: Mar 26, 2011 01:17
BEIJING: A Chinese man who bought 6.5 tons of salt, hoping to profit from panic buying spurred by fears of radiation from Japan, is now stuck with the $4,000 worth of the condiment, state media reported on Friday.
The man, surnamed Guo, bought the salt in Wuhan, the capital of Hubei province, when rumors spread across China last week that the iodine in salt could help ward off radiation sickness, the China Daily reported on Friday. Salt prices jumped on the rumors, and, acting on a tip that there would be a supply shortage lasting at least six months, Guo bought 260 bags of salt, which he took back to his apartment in three trucks. A few days later, the Chinese government urged consumers to stop the panic-buying, saying residents will not be exposed to radiation from Japans quake-damaged nuclear plant, causing a sharp drop in the price of salt. Guo is now stuck with the salt, which the newspaper said takes up more than half his apartment and had cost him 27,000 yuan to buy and transport. The newspaper said Guo cant resell the goods, because he has no receipt and also because he was told it was illegal to do so. He also cant take it to another province, as the government strictly controls salt transport.
What a fool. Look at Qinghai Lake, China's salt can eat a million years.
