The Nation Newspaper

Tag: china

  • Malaysia, China to meet over flight MH370

    Malaysia, China to meet over flight MH370

    Malaysian, Chinese and Australian ministers are to meet this week to discuss the next steps in the missing Malaysia Airlines flight MH370, an official said Monday.

    Malaysian Transport Minister, Liow Lai, said Australian Deputy Prime Minister Warren Truss and Chinese Transport Minister Chuantang would to travel to Kuala Lumpur Thursday to continue discussions on the missing flight.

    “They would review the search efforts to date and collectively decide on next steps based on advice by the experts from the search strategy working group,” Liow said.

    Thursday’s meeting would come just over a year since the Boeing 777 vanished from radar on March 8, 2014 en route to Beijing from Kuala Lumpur.

    On board were 227 passengers of which two-thirds were from China with 12 Malaysian crew members.

    Malaysia faced criticism in January for declaring all those on board officially dead as relatives of the missing Chinese demonstrated against the possible calling off of search efforts.

  • Oil falls as Iran, China discuss more supply

    Brent crude oil fell below 58 dollars a barrel on Tuesday on signs showed that the Iranian nuclear talks could lead to the lifting of sanctions.

    The positive outcome of the talks came as Iranian officials visited Beijing to seek more oil sales, leading to speculations that there could be further oil glut.

    China is Iran’s largest trade partner and had bought roughly half of its crude exports since 2012, when sanctions against the Islamic Republic were tightened.

    Oil markets were also pressured by a Goldman Sachs report saying prices needed to remain low for months to slow U.S. oil output growth.

    Brent LCOc1 was down 50 cents at 57.62 dollars a barrel while U.S. crude CLc1 was down 60 cents at 51.54 dollars a barrel.

    Global oil markets already face a supply glut with producers pumping over 1.5 million barrels per day (bpd) more than demand in the first half of this year, analysts say.

    “There is a massive oversupply, stocks are rising and now we have the prospect of more Iranian oil coming onto the market,” said Carsten Fritsch, analyst at Commerzbank in Frankfurt.

    Goldman said in a research note it expected U.S. crude inventories to top out in April and subsequently draw down at 350,000 bpd during May-September, when demand for fuel would be high.

  • China Automotive Systems profit increases

    China Automotive Systems’ net sales for last year were high by 56.47 per cent to 11.82m US dollar compared with 7.56m in 2013.

    The company’s operating income for the period was up 21.01 per cent to 44.43m US dollar from 36.72m. The income before income tax expenses and equity in earnings of affiliated companies last year increased 20.50 per cent to 46.08m US dollar from $38.24m in 2013.

    Its net income for the period rose from  19.75 per cent to 39.59m from 33.07m.

  • UK support for China-backed Asia bank prompts US concern

    UK support for China-backed Asia bank prompts US concern

    The United States has expressed concern over Britain’s effort to become a founding member of a Chinese-backed bank that could rival the likes of the World Bank.

    The UK is the first big Western economy to apply for membership of the Asian Infrastructure Investment Bank (AIIB).

    The AIIB will fund Asian energy, transport and infrastructure projects.

    However, the US has raised questions over the bank’s commitment to international standards on governance.

    In a statement, UK Chancellor George Osborne said the UK had “actively promoted closer political and economic engagement with the Asia-Pacific region” and that joining the AIIB at the founding stage would create “an unrivalled opportunity for the UK and Asia to invest and grow together”.

    The hope is that investment in the bank will give British companies an opportunity to invest in the world’s fastest growing markets.

    But the US sees the Chinese effort as a ploy to dilute US control of the banking system, and has persuaded regional allies such as Australia, South Korea and Japan to stay out of the bank.

    In response to the move, US National Security Council spokesman Patrick Ventrell said: “We believe any new multilateral institution should incorporate the high standards of the World Bank and the regional development banks.”

    “Based on many discussions, we have concerns about whether the AIIB will meet these high standards, particularly related to governance, and environmental and social safeguards,” he added.

    Osborne Joining the AIIB would help the UK and Asia invest and grow together, UK Chancellor George Osborne said.

    Some 21 nations came together last year to sign a memorandum for the bank’s establishment, including Singapore, India and Thailand.

    But in November, last year, Australia’s Prime Minister Tony Abbott offered lukewarm support to the AIIB and said its actions must be transparent.

  • European shares dip from seven-year highs, China rate cut lifts Asia

    European shares have slipped from seven-year highs, weighed down by merger activity in the telecoms sector, while Asian stocks edged up after China cut interest rates at the weekend.

    The dollar hit an 11-year high against a basket of currencies on growing prospects of a rise in United States (US) interest rates from the US Federal Reserve, before giving up the gains as economic data lifted the euro.

    US stocks looked to be headed for a steady open, according to index futures SPc1.

    The pan-European FTSEurofirst 300 stocks index .FTEU3 edged up at the open but lost steam and was last down 0.4 percent.

    French media group Vivendi (VIV.PA) said on Friday it had agreed to sell its remaining stake in the telecoms company Numericable-SFR (NUME.PA) to Altice (ATCE.AS), whose shares were up 6.5 percent.

    But falls of five percent in Vivendi and seven percent in Greek banks .FTATBNK pressured the market and outweighed any beneficial impact of broadly upbeat euro zone data.

    German manufacturing activity expanded further in February as new orders rose, according to Markit’s final purchasing managers’ index (PMI) for the month. Italy’s Markit/ADACI PMI showed the first expansion in activity for five months, but French activity slowed further in February.

    However, the numbers buoyed up the euro, which reversed early losses to trade up 0.3 percent at $1.1288.

    “This could well be coming from the data this morning, but any rebounds at this point will be quite limited,” said Ian Stannard, head of European FX strategy with Morgan Stanley in London.

    Against a basket of currencies, the dollar hit a peak not seen since September 2003 .DXY before retreating. It was last down 0.2 percent on the day. The dollar was up 0.2 percent at 119.72 yen.

    China, which posted its slowest growth in decades in 2014, cut its benchmark lending and deposit rates.

    A survey showed China’s HSBC/Markit PMI had climbed to 50.7 in February – its strongest since July – from 49.7 in January. An official survey released on Sunday showed the factory sector had contracted for a second straight month in February.

    The rate cut helped push Australian shares .AXJO 0.5 percent higher as shares in resources companies, which have prospered on the back of Chinese demand, rose. The Shanghai Composite Index. SSEC closed up 0.8 percent

    The impact in the rest of Asia was muted. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.2 percent. Tokyo’s Nikkei .N225 closed up 0.2 percent as the yen lost ground against the dollar.

  • Igboun focused despite failed move to China

    Igboun focused despite failed move to China

    Sylvester Igboun has put aside his botched move to the Chinese Super League in the January transfer window, and is fully focused on helping FC Midtjylland win the Danish Superliga this term.

    A Chinese club enticed with an economically extremely attractive offer, but FCM said no, because they do not have time to find a replacement for the Nigerian forward.

    “It was a crazy winter with everything that happened in the transfer window. I would like to have been there, but I did not go, and then the only option in my opinion was to look forward and be focused.

    “I was disappointed at the moment, but time has passed and I have tried to be strong as a man and just focus on the future.

    “I do now. I bear no grudge.  I’ve moved on now and I am looking forward to showing people that it does not affect my game, and I still have a smile,” Sylvester Igboun said to bold.dk.

    The 25 – year – old was named in the provisional squad for yesterday’s game against OB Odense.

    In 11 outings for FCM against the opponents, he has found the back of the net seven times.

    “It was an amazing performance,” Henry said on Super Sunday. “It wasn’t the step overs and nutmegs but he showed maturity in a game like that at an early age, it’s his maturity to understand the game.

    “The way he was tucking in to show he can cover his back and the midfielders, he never gave up, he worked hard for his team-mates and that’s how you gain the respect of team-mates. That is why he is playing for Liverpool.”

    Former Liverpool defender Carragher was also full of praise for Ibe, who has spent most of his young career in a more attacking role.

    “His understanding of the game for such a young player is brilliant to see. “The players Liverpool have brought in have shown promise but a big thing for Brendan Rodgers and Liverpool’s academy is bringing young players through and it looks like Liverpool have another one with Ibe,”said Carragher.

     

  • China’s Xiaomi raises $1.1b from investors

    China’s Xiaomi Inc, one of the world’s fastest-growing smartphone makers, has raised $1.1 billion in a round of funding that cements its status as one of the world’s most valuable private technology companies at a valuation of $45 billion.

    Investors include private equity funds All-Stars Investment, DST Global, Hopu Investment Management, and Yunfeng Capital, as well as Singapore sovereign wealth fund GIC, Chief Executive Lei Jun said Monday on Weibo, confirming earlier media reports.

    The deal is one of the first high-profile scores for All-Stars, a recently established fund headed by former Morgan Stanley tech analyst Richard Ji. It also strengthens ties between Lei and fellow tech magnate Jack Ma, the Alibaba Group Holding Ltd executive chairman who invests privately through his Yunfeng Capital fund.

    Reuters reported that industry sales data from recent quarters show Xiaomi has risen in just three years to become the world’s No. 3 smartphone maker – behind only Samsung Electronics Co Ltd and Apple Inc – and the latest round of investment enforces its standing as one of the world’s most valuable private companies.

    At $45 billion, Xiaomi is now worth nearly three times the market capitalization of Lenovo Group Ltd, the world’s No. 1 PC maker, and more than quadruple the $10 billion valuation it garnered during its last financing round in 2013.

    Xiaomi’s skyrocketing valuation reflects investors’ belief that it will grow into a global powerhouse despite signs it is encountering intellectual property challenges outside China. This month sales in India were temporarily halted after Swedish telecommunciations firm Ericsson filed a patent complaint.

    Xiaomi brands itself as an Internet company that eschews traditional marketing and sells hardware at low prices as a distribution channel for its real money maker – software and services.

    It has been investing heavily in other manufacturers with the aim of building an ecosystem of Internet-connected devices and appliances to extend its reach beyond smartphones.

    Other Xiaomi backers include Singapore sovereign wealth fund Temasek Holdings Pte, Qiming Venture Partners, Morningside Venture Capital and DST, the Russian tech fund that has also taken pre-IPO stakes in Alibaba Group Holding Ltd, Indian e-commerce giant Flipkart and Facebook Inc.

     

  • China to build seven million low-cost homes in 2015

    China will begin the construction of seven million homes under the affordable housing program in 2015.

    China will increase the supply of land for homes and spend more on affordable housing projects, President Xi Jinping said last year.

    China’s Ministry of Housing and Urban-Rural Development announced that the government will target completion of building 4.8 million of these low-cost homes next year.

    Housing Minister Chen Zhenggao revealed the target at a national conference on housing and urban-rural development in Beijing.

    The affordable housing program is aimed at providing cheap homes for eligible low-income earners.

    China began the construction of over seven million homes and completed 4.8 million in 2014.

    Chen said China will also continue to push forward the shanty town renovation program extensively as “it can not only improve people’s livelihood but also spur economic growth”.

    The issue of inadequate housing is particularly grim in emerging countries like China and India, which are poverty-ridden in pockets.

    India needs about 19 million low-cost homes – roughly defined as costing a million rupees ($16,700) and below – to shelter an urban population expected to nearly double to 600 million by 2030 from 2011.

    Indian Prime Minister Narendra Modi has also vowed to adopt a low-cost housing policy that would ensure every family in Asia’s third-largest economy has a home by 2022.

    A new McKinsey report says the affordable-housing gap now stands at about $650 billion a year, or 1 per cent of global gross domestic product.

  • China deploys 700 troops to join S. Sudan

    China has said 700 troops are ready to be deployed to South Sudan to bolster a UN force in the country, China’s official Xinhua news agency reports.

    It will be the first peacekeeping battalion to be deployed, it says.

    On Sunday, a Chinese firm said it had signed a deal with South Sudan to increase its oil production.

    It fell by about a third after conflict broke out a year ago, raising concern in China as it is heavily dependent on oil from the East African state.

    Xinhua reported that 180 troops would fly to South Sudan next month followed by the rest of the battalion in March.

    A rally was held on Monday in the city of Laiyang in Shandong Province for the battalion, which would be equipped with drones, armoured infantry carriers, anti-tank missiles, mortars and other weapons for self-defence purposes, it said.

    Meanwhile, the state-owned China National Petroleum Corporation (CNPC) said, in a statement, that it would use heavy oil recovery technologies in “stabilising and increasing crude output” following the deal signed with South Sudan’s government.

    Oil accounts for more than 90% of South Sudan’s foreign revenues.

    Its oil-producing regions have seen some of the worst fighting since President Salva Kiiir accused his sacked deputy, Riek Machar, of plotting a coup last December.

    Mr Machar denied the allegation but then marshalled a rebel force to fight Mr Kiir’s government.

    International mediation efforts to end the conflict have failed.

    The UN has more than 11,000 peacekeepers in South Sudan, which became independent in 2011 after breaking away from Sudan.

  • China trade data below expectations

    Trade data from the world’s second largest economy, China, came in well below expectations on Monday, heightening fears of a sharper slowdown.

    China’s exports rose 4.7% in November from a year ago, compared to market forecasts of a 8.2% jump.

    Imports fell 6.7% in the same period against predictions of a 3.9% rise.

    The surprise slump in imports led the trade surplus to hit a record $54.5bn (£35bn), the highest in 14 years.

    While the trade surplus, which is up 61% compared to last year, will add to economic growth in the fourth quarter, it does suggest the government needs to step in to stimulate growth, said Dariusz Kowalczyk, economist at Credit Agricole.

    “[Imports fall] is partly a reflection of lower commodity prices and base effects, but these two factors cannot fully explain the weak import number and we have to assume that poor domestic demand has played a part,” he said.

    “We expect a reserve requirement ratio cut in December, introduction of reverse repos this week, and another rate cut in the first quarter.”

    In October, exports grew by 11.6%, while imports were higher at 4.6%.

    China’s economic growth had slowed to 7.3% in the third quarter, marking its weakest quarter since the global financial crisis as a cooling property market and tighter credit conditions weighed on growth.

    Economists had been calling for stimulus measures from the government and the central bank did unexpectedly cut interest rates for the first time in over two years last month to spur activity.