The Nation Newspaper

Tag: china

  • Ministry to part mining intervention funds to boost tiles production

    The Ministry of Mines and Steel Development said on Tuesday it would commit part of the mining intervention funds to support tile producers, to reduce importation gap.

    Dr Kayode Fayemi, Minister of Mines and Steel Development, disclosed this during a tour to CIBI Nigeria Limited quarry in Buruku, Kaduna State.

    Fayemi said part of the fund would be drawn from the World Bank single digit loan and the N30 billion Mining Intervention Fund approved by the Federal Government last year, among others.

    According to him, the ministry is in partnership with the Bank of Industry (BOI) to offer loan facility from the intervention funds to ”serious minded people” already producing tiles.

    “We are working with the BOI to disburse the loans as soon as the intervention funds are released to serious tile producers across the country,” he said.

    He said the CIBI would have been able to produce more than 200,000 square metres being made annually from dimension stones, if adequate resources, including finance, equipment and others were in its reach.

    Fayemi said that Nigeria needed four million square metres of tiles annually, adding that all the local tile producers could only produce less than a million annually.

    “The bulk of tiles we use in Nigeria are imported from Italy, China and India, among others; we need to support them because we envisaged this in our roadmap.

    “We are endowed with lots of mineral resources; we have dimension stones everywhere but not exploited; there is no stone we don’t have in Nigeria,” he said.

    Alhaji Nuhu Wya, Chairman of CIBI, urged government to support its project, as there were more demands for tiles but it lacked sufficient capital to expand the business.

    Wya said the company usually received market orders from its customers two months before production.

    ”Our company needs long-term loans to run the business to increase tiles production that could reduce importation gap.

    “If investment put in oil industry is replicated in solid minerals, Nigeria does not need to depend on oil as its mainstay because we are blessed with mineral stones abundantly,’’ he said.

    The ministry’s roadmap to contribute to the nation’s GDP is to reduce importation of tiles and concentrate on the production.

    The minister, on March 13, commenced tour of mine fields across the country.

     

  • China bird flu death toll rises to 161

    China bird flu death toll rises to 161

    China reported 61 fatalities and 160 cases of human infection from H7N9 bird flu in February, the government said on Monday.

    The figure is much higher than in previous years and brings the death toll in this winter’s outbreaks to 161 since October.

    While the total for last month was lower than January’s 79, it was the highest number for the month of February since the deadly strain was first identified in 2013, according to data from the National Health and Family Planning Commission.

    The death toll from bird flu infections tends to drop towards the end of the winter.

    The data highlights the scale of the spread of the virus among humans, even after Chinese disease control experts have warned the public to stay on alert.

    South Korea and Japan are also battling their own major outbreaks and have culled millions of chickens.

    The H7N9 strain shows little or no symptoms in poultry, a factor which has limited the number of birds culled in the world’s third-largest producer of broiler chickens and the second-biggest consumer of poultry.

    The total of 140 for first two months of 2017 alone already surpasses the annual totals for avian flu in China in recent years.

    In 2010, 147 people died of the H1N1 strain of the virus.

  • Nigeria records increase of 6.5 per cent external trade in 2016 – NBS

    Nigeria records increase of 6.5 per cent external trade in 2016 – NBS

    The National Bureau of Statistics (NBS) said the value of the total trade at the end of 2016 was N17. 35 billion.

    The NBS said that the figure was 6.5 per cent higher than the value recorded in 2015.

    The bureau announced this in a report on“Merchandise Trade Intensity Index/Re-exports for fourth quarter’’, released in Abuja.

    The report, however, stated that Nigeria’s external trade in the fourth quarter of 2016 was valued at N5.28 billion.

    “The export component stood at N2.98 billion while the import component stood at N2.31 billion leading to a trade surplus of N671 billion.

    “Trade by sector showed that crude oil exports had the largest share of the total trade, accounting for N2.43 billion or 45.9 per cent trade in fourth quarter.

    “The second major contributor to total trade by sector was manufactured goods with N1.17 billion or 22.1 per cent of total trade,’’ it stated.

    The report stated that manufactured goods were followed by the non-crude oil products, which was also a major contributor to total trade in the quarter under review.

    “The non-crude oil products stood at N1.15 billion or 21.8 per cent while Agricultural goods accounted for N212.7 billion or 4 per cent.

    “Raw material goods accounted for N309 billion or 5.9 per cent and Solid mineral goods stood at N13.1billion or 0.3 per cent of total trade in the quarter.’’

    The report stated that Nigeria’s export intensity in the months of October, November and December 2016 was the highest for South Africa with export intensities of 8.9, 7.3 and 4.1, respectively.

    It stated that export intensity in the fourth quarter was also intense with India with export intensities of 5.8, 5.8 and 1.7 for the last three months of 2016.

    “ Spain and Netherlands also had high export intensities with export intensities of 4.8, 2.9 and 2.0 for Spain and 2.2, 1.5 and 2.2 for the Netherlands.

    “Although United States was one of Nigeria’s major trading partners, its export intensity was low with 0.6, 0.6 and 0.2 for the last three months of 2016.’’

    Meanwhile, the report stated that Nigeria imported mainly from China with total imports of N404.1billion or 17.5 per cent of total imports.

    It stated that China was followed by Belgium with N356.46 billion or 15 per cent while import trade with Netherlands which was the third highest was valued at N230 billion or 10 per cent.

    “ The remaining trading partners contributed relatively lower proportion of the total import trade.

    “United States accounted for N205.6 billion or 8.9 per cent while India accounted for N113.9 billion or 4.9 per cent,’’ the report stated. (NAN)

  • President Barrow endorses ‘one China’ policy

    President Barrow endorses ‘one China’ policy

    President Adama Barrow of Gambia has endorsed the “one China” policy and said it would not establish any official relations or contacts with Taiwan, continuing a policy adopted in March 2016 by the government of former leader Yahya Jammeh.

    The policy affirms the Chinese position that there is only one China and Taiwan is part of it.

    Senior Gambian government official said in a statement that Taiwan made informal contacts with the new government in an attempt to secure a change of policy.

    Senior Chinese officials attended new president Barrow’s swearing-in ceremony.

    It added that for years, China and Taiwan have tried to poach each other’s allies, often dangling generous aid packages in front of leaders of developing nations.

    The statement quoted the officials as saying: “the government shall remain resolute in upholding the one China policy and fully support all efforts by the Chinese government to unify its rightful territory.”

    Barrow defeated Jammeh in an election in December. Jammeh had held power for 22 years and only stepped down in January as thousands of West African troops who had entered the country were poised to enter the capital.

    China resumed ties with former Taiwan ally Gambia in March last year. São Tomé and Príncipe followed and switched recognition to Beijing in December.

    In Africa, only Burkina Faso and Swaziland now recognise Taiwan, viewed by China as a wayward province to be recovered by force if necessary.

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  • Catfish consumption is safe, says association

    Catfish consumption is safe, says association

    Mr Tayo Akingbolagun, former President, Catfish Farmers’ Association of Nigeria, says consumption of catfish is safe and healthy to the human body.
    He allayed the fears in some quarters that catfish was harmful to the body, and described it as handwork of some mischief makers.

    Akingbolagun dispelled the rumour in an interview with the News Agency of Nigeria in Benin on Sunday

    According to Akingbolagun, some unpatriotic Nigerians had sponsored publications to say that catfish contained bad cholesterol and was not fit for human consumption.

    “For their information, the Food and Drug Administration of the United States of America recently confirmed that cholesterol is a non issue in human health.

    “America produces channel catfish, while China produces her own specie of catfish and these are consumed by their citizens.

    “We therefore cannot understand the reason why some unpatriotic Nigerians decide to destroy their own product,” he said.

    According to him, the association will soon make public research findings by renowned nutritionists to confirm that catfish is safe and healthy for human consumption.

    Akingbolagun, however, appealed to the Federal Government to reconsider the implementation of the Growth Enhancement Support (GES) scheme, adding that it would ensure increased production of catfish.

    “The scheme encouraged new farmers and was a good catalyst for the aquaculture sub-sector. It should not be allowed to die prematurely,” he pleaded. (NAN)

  • Fed Govt eyes $2.3b from World Bank, China

    Fed Govt eyes $2.3b from World Bank, China

    The Federal Government wants to borrow at least $1 billion from the World Bank and to sign within months for a $1.3 billion loan from China to fund railway projects, Finance Minister Kemi Adeosun said yesterday.

    The economy needs to plug a gap in its record N7.3 trillion ($23.17 billion) 2017 budget, which boosts capital expenditures by a quarter to end its first recession in 25 years due to low oil prices.

    The government has been in talks with the World Bank for a year and wants to finalise this month a reform proposal necessary for a loan application, according to officials.

    “We expected to borrow at least $1 bln dollars. There is also some possibility of doing sector specific intervention in the power sector, they are working very closely with us on power,” Adeosun told CNBC when asked about the talks with the Washington-based bank.

    Nigeria had initially promised to submit an economic plan to the World Bank by the end of December but did not do so, sources told Reuters last month.

    Adeosun also said Nigeria had been offered by China’s state Export-Import Bank (Exim) a $1.3 billion loan to fund railway projects.

    Nigeria will also present a reform proposal to the African Development Bank (AfDB) to release a second loan tranche worth $400 million, officials have said.

    The bank had paid out a first tranche of $600 million but has held back the rest pending reforms. Its president has criticized hard currency curbs hitting investment.

  • Fed Govt, China in talks over N900b loan

    Fed Govt, China in talks over N900b loan

    The Federal Government and the Peoples Republic of China have commenced talks on a N900 billion ($4.5b) loan to facilitate the production of agricultural machineries for large scale farming in selected states across the country.

    The Minister of Agriculture and Rural Development, Chief Audu Ogbeh during a meeting with representative of China-Africa Machinery Corporation (CAMACO), in Abuja said the loan will also ensure some of the machineries are assembled in Nigeria rather than being directly imported from China.

    Ogbeh explained that the China Development Bank (CDB) and China Export and Import Bank (EXIMBank) are to fund CAMACO, in accordance with agreed terms with interested state governments, adding that the development was part of proceeds of President Muhammadu Buhari last visit to China.

    According to Ogbeh, the agriculture machineries will accelerate agricultural and agri-business development in the country with a loan repayment of 20 years.

    During the inauguration of the Project Management Committee at the minister’s office, about four state governors from Zamfara, Ebonyi, Kebbi and Jigawa discussed on modalities of repayment with the investors.

    The minister discussed with the investors on possibilities of exporting agricultural produce to China as part of repayment method.

    Ogbeh said: “The Chinese will give us a loan. We need things from them; we need to be clear on what we want; we need the right quality and quantity. So we are negotiating the interest rate and we are telling them you must assemble here with a view to producing these machines here when our steel industry when our steel industry comes alive.

    “You don’t just sign agreements and begin implementation. We both have interests and some of their equipment may not be suitable to our weather. We are taking all these into account before we commit ourselves to a loan of $4.5 billion.”

    The technical committee is expected to establish a joint working group whose responsibilities shall include among others daily monitoring and tracking of activities at project sites and reporting same to the committee.

    Ogbeh further said there will be thorough assessment of any equipment or machineries that would be purchased with the fund to ensure that no sub-standard machine are imported into the nation.

    The governors, speaking through the Chairman of the Governors Forum, Alhaji Abdulaziz Yari, identified the need to dispatch the nation’s quality control team to supervise the production.

    He requested for prices of the equipment to enable them determine what machinery to import.

    “Eight-man committee should be set up as technical committee for standard; we are looking at the submission given to us so far and to make sure that the qualities are not compromised. In the event that they don’t have the equipment that we are requesting for, they have promised that they would liaise with their sister companies and we want to see their brochures also to see if it is to the best of the quality we wanted.” Yari said.

     

  • China commends Trump for ‘constructive relationship’ message

    China commends Trump for ‘constructive relationship’ message

    China has commended U.S. President Donald Trump for a letter he has sent President Xi Jinping anticipating a “constructive relationship” between the two countries, China’s Foreign Ministry spokesman said Thursday.

    The leaders of the two largest economies in the world haven’t spoken on phone since Trump’s inauguration, though the US president has spoken to several other world leaders since then.

    The White House announced Wednesday that Trump had sent Xi a letter thanking the Chinese president for his congratulations on Trump’s inauguration.

    Trump also belatedly wished the Chinese people a “happy Lantern Festival and a prosperous Year of the Rooster.”

    China has received Trump’s letter and commends him for it, said Foreign Ministry spokesman Lu Kang.

    Lu said: “we attach great importance to close high-level interactions between China and the US,”

    “Since the inauguration of President Trump we have been having such kind of communication.”

    When asked about Trump failing to send Chinese New Year’s greetings, Lu said journalists should not read too much into that.

    He said the Lantern Festival is also important.

    Earlier this month, Chinese social media users and state media noticed that Trump did not offer timely official New Year’s greetings to the Chinese people, as was customary for his predecessors Barack Obama and George W Bush.

    The state-owned publication Global Times wrote that “Trump’s failure to send Lunar New Year greetings prompts worries about Sino-US ties.”

    “Some Chinese [internet] users felt Trump was being disrespectful by not sending a greeting,” the newspaper wrote.

    Trump’s daughter Ivanka and her daughter, Arabella Kushner, attended a Chinese New Year’s celebration at the Chinese embassy in Washington.

    Later, Ivanka posted online a video of Arabella singing New Year’s greetings, which was spread widely China.

    Trump has had a tense relationship with China since taking office in January.

    The U.S. president has accused China of trying to manipulate its currency and has threatened to impose tariffs on Chinese imports.

  • Honda raises profit forecast due to robust sales

    Honda raises profit forecast due to robust sales

    Honda Motor revised up its net profit outlook for the current financial year by 31.3 percent on Friday thanks to cost-cutting measures and strong sales in China and the U.S.

    Honda Motor Co., Ltd. is a Japanese public multinational conglomerate corporation primarily known as a manufacturer of automobiles, aircraft, motorcycles, and power equipment.

    The company has raised its net profit forecast to 545 billion yen (4.8 billion dollars) for the year through March from 415 billion yen estimated in October.

    Japan’s third-largest car maker also predicted an operating profit of 785 billion yen for the year, up 20.1 percent from 650 billion yen forecast three months ago, while sales are estimated at 13.8 trillion yen, up from 13.4 trillion yen.

    For the October to December period, Honda posted a net profit of 168.8 billion yen, up 35.9 percent from the same period in 2015, while its operating profit grew 27.4 percent to 207.7 billion yen.

    The car sales were down from 3.2 percent to 3.5 trillion yen.

    “Global vehicle sales in the quarter rose 6.8 percent from a year earlier to 1.31 million units,’’ the company said.

  • We are searching for missing Chinese billionaire -Hong Kong police

    We are searching for missing Chinese billionaire -Hong Kong police

    Hong Kong police on Wednesday confirmed that they are investigating the disappearance of a Chinese billionaire Xiao Jianhua, in spite of a request from his family not to do so.

    Authorities told newsmen that Xiao, founder of the Beijing-based Tomorrow Group, crossed onto the Chinese mainland on Friday.

    The Tomorrow Group is a holding company for a vast business empire with stakes in Chinese state-dominated industries including banking, insurance, property, coal, cement and rare-earth minerals

    A source close to the Chinese billionaire also told newsmen that Xiao was in China.

    Xiao Jianhua
                                                                                   Xiao Jianhua

    The anonymous source, who did not want to be named because of the sensitivity of the matter, said Xiao can only communicate with family members.

    However, Wednesday’s police statement and media reports were the latest twists in events surrounding Xiao’s apparent disappearance.

    A front page newspaper advertisement in Hong Kong on Wednesday stated that Xiao was seeking treatment abroad.

    The report said the Tomorrow Group has also released two statements, via Chinese messaging app WeChat, saying Xiao was overseas and would appear “very soon after the treatment”.

    The two WeChat statements have since been removed.