The Nation Newspaper

Tag: chinese

  • Chinese regain freedom in Ebonyi

    Two Chinese, who were kidnapped last Wednesday in Ebonyi State, have regained freedom.

    Police spokesperson Loveth Odah told reporters yesterday in Abakaliki that they were rescued unhurt.

    She said their abductors were forced to abandon them at a forest near the location where they were kidnapped, following pressure mounted on them by the police, who were closing in on them.

    “They were rescued on Saturday at about 11am. The pressure was so much on the kidnappers that they abandoned the victims and fled. The Chinese were rescued in a thick forest around the area unhurt. They were not physically tortured, but they might have been psychologically tortured,” Odah said.

    She advised the foreigners to always partner the police and other security agencies so that they could be protected.

    “The police have invited the foreign nationals to a meeting to sensitise them on the need to liaise with the command to always provide them with security.”

    The two Chinese, Sun Zhixin and Wang Quing Hu, were abducted while working on a road project in Ohaozara Local Government by masked gunmen.

    They are workers of Tongyi Construction Company.

    It was gathered that the Chinese were in a ditch at a place called Ivo River when the gunmen invaded the place with arms, forced the workers out of the pit and took the Chinese to an unknown destination.

    The company is constructing the road which links Ohaozara community called Ogwu with Ivo Local Government and Okpanku community in Enugu State.

  • Why Chinese are making it in Nigeria — Don

    Prof. Muyiwa Falaiye, the Director of the Institute of African and Diaspora Studies (IADS), University of Lagos (UNILAG), on Tuesday said the Chinese had seen opportunities in factors that posed challenges to Nigerians.

    Falaiye told the News Agency of Nigeria (NAN) in Lagos that it was so because Nigerians at home and abroad had yet to realise the huge opportunities in their country due to perceived challenges.

    According to him, Chinese are smiling to their banks from the opportunities in Nigeria, while young Nigerians daily craved for travelling abroad because of their perceived challenges in the country.

    “What our nationals and young Nigerians wanting to travel to Europe and other countries do not know is that Nigeria, in terms of creativity and development, is a virgin land.

    “Nigeria, we must know is a virgin land. Nigeria is a country that is abundant in opportunities, but Nigerians are just not looking for opportunities around them.

    “We complain and give excuses too much. We complain of problems of insecurity, unstable power supply and all of those challenges, but here we have the Chinese making so much money from these challenges.

    READ ALSO: State woos Chinese government, business community

    “We concentrate too much on the negative things and always fail to see the positive things. Why the Chinese are seeing opportunities in what we see as challenges, they are making a lot money that we nationals should have been making,’’ he said.

    Falaiye said that Nigerians at home and abroad rather than support the governments in managing the nation’s challenges had continued to give excuses for their failures and inactions.

    The institute’s director, who decried the increasing rate of illegal migration by young Nigerians, added that it was imperative for them to know that those destination countries were developed by their nationals.

    Falaiye said that it was wrong for Nigerians abroad and young Nigerians planning to travel Europe and other countries to continue to think that nothing good could happen in Nigeria.

    The director enjoined the Federal Government to intensify its ongoing effort at creating the enabling environment for Nigerians to join foreigners in harnessing opportunities in their country.

    Falaiye also advised young Nigerians against the mindset that there were better opportunities for them abroad.

  • Dollar set for biggest weekly drop in three months

    The dollar slipped against its rivals on Friday and was set for its biggest weekly drop in more than three months before a U.S. Central Bank meeting next week.

    Policymakers will at the meeting shed more light on the outlook for interest rates.

    While no change in policy rates is expected next week after the Fed paused a multi-year rate hiking cycle in January, officials might strike a more cautious view on the outlook for the global economy after a volatile week in currency markets.

    “We are coming to the end of a very exhausting week in currency markets with the Brexit news and, investors are waiting to get more insights from the Fed,” said Esther Maria Reichelt, an FX strategist at Commerzbank.

    Against its rivals, the dollar fell 0.2 per cent to 96.61 in early London trading. For the week, it is set to weaken 0.7 per cent, its biggest drop since early December.

    READ ALSO: Naira stable at N360.5 to dollar at parallel market

    Antipodean currencies led by the Australian dollar and its New Zealand counterpart were the biggest gainers against the dollar after Beijing said it could use reserve requirements and interest rates to support growth.

    The outlook for both those currencies is heavily correlated with the outlook for the Chinese economy.

    The yen remained firm after the Bank of Japan kept monetary policy steady but tempered its optimism that robust exports and factory output will underpin growth, giving a boost to its perceived safe-haven status.

    Elsewhere, the pound paused for breath but stayed on course for its biggest weekly gain in seven weeks on growing expectations that Britain won’t crash out of the European Union without a deal on March 29.

    Sterling last traded at 1.3217 dollar, below Wednesday’s nine-month high of 1.3380 dollar, but up 1.8 per cent so far this week, the biggest such gain since late January after the UK parliament voted to seek a delay in Britain’s exit from the European Union, following a decision to avert a no-deal Brexit.

    The Chinese currency in the offshore market also remained firm against the dollar at 6.71 yuan per dollar.

    Reuters/NAN

  • Chinese insurance market to become new giant

    Experts unanimously agreed that China will be the world’s largest insurance market by 2028.

    Over the next decade, China will unseat the United States (US) in terms of premiums, a report by Atlas Magazine, has shown.

    With $1377 billion, or more than 28 per cent of the global turnover, the US is the largest insurance market.

    In 2017, life insurance turnover decreased in mature markets (-4per cent in the US, -0.7per cent in the United Kingdom (UK), -2.7per cent in France, -6.1per cent in Japan), regions that generate 45per cent of the global turnover.

    On the other hand, during the same period, emerging markets reported significant growth in life insurance (China +21per cent, India +17.4per cent, Indonesia +30.8per cent, Malaysia +8.3per cent, Thailand +8.7per cent, Philippines +4.4per cent). The Chinese market alone accounts for 72per cent of the overall premiums of all afore-mentioned markets.

    With current growth rates maintained in both life and non-life insurance, China is expected to take the lead in the coming years.

    This performance did not go unnoticed by its first economic rival, the US, which indulged in a commercial standoff with the middle empire. Regulatory changes and the ensuing political tensions will certainly impact an industry characterised by its universal nature.

     

    • Culled from Atlas Magazine

  • Loans, security and theTrojan Horse

    A statement  from a media aide in the Nigerian  presidency spelt out details of loans request  by the Nigerian president  to  the  Chinese president  for finance to develop  a power plant in Mambilla Plateau  in the North East  and for the resuscitation of the Chad Basin for  economic usage  and exploitation  that could limit the high level  of poverty  and social upheavals  that have characterized that environment  for sometime.  This development  and the tweet  of the US President Donald Trump  that  the Op Ed  article  in the New  York Times this week  purportedly written  by  a Trump Administration official  undermining the White  House  is  a  security  breach, form  the cornerstone of  today’s  discussion. Both  reflect  real and potential  changes  for good or bad in any democracy especially with regard  to future  control  of the  socio  -economic, security  and political    architecture  as  well  as the cultural  values  of  both the US  and indeed Western civilization.

    And in Nigeria’s  case  the development portends  genuine fears  about  a looming Chinese colonization  of not only Nigeria but the entire  continent  of Africa. Let  me assure  you  that  I am  not an alarmist  and I am not exaggerating  either, and, indeed,    to prove  that is my task on this page today.

    Let  me start  with  the Nigerian leader President  Muhammadu Buhari’s request  for  the loan  in the most  respectful  if not cap in hand manner. Which  shows  a desperation  which  confirms his identification  of the importance of this Chinese loan. Let me state that I do  not doubt  his judgement  as well  as his integrity  or its  pedigree  in asking  for  this Chinese loan.

    After all this was a former Nigerian military  ruler  who    before  he was overthrown,  wisely  rejected the IMF loan which  his successors accepted    and that  led  to  the  repayment  cost  of that  loan ruining our economy disastrously  with  the  adoption of  the infamous  IMF  conditionalities  that  has crippled  not only our economy  but  that of  all  nations in the developing world  that took  the loan. For  now according  to Chinese officials Nigeria is the biggest construction market  for China in Africa, its third biggest trading partner  and a vast  market  for Chinese investment in market.

    The  Chinese  are  noted  for being shrewd  business men but  no matter  how you praise  the quality of the Chinese rice they  do not give free  lunch. That  is their attitude  on  business  especially loans. They  know  repayment will  be a burden  now  and more so  in the future and they  are  bidding  their time. They  may  not ask for security  as conventional  bankers do  but  they  will  negotiate repayment  terms  and as with  sovereign nations on debts,  there could be loss of  independence and sovereignty  once repayment arrangements are not as envisaged or agreed  at  point  of disbursement  of the loans. There is the story of an Asian nation’s president who  got the Chinese to build  an  airport in  his hometown as election promise.  When  repayment  got awry  the Chinese  took over the airport  as a strategic transport location for    promotion of  Chinese  security interests in that environment.

    It    was part  of the Chinese  Belt  and  Silk  Road  Project  to link  China with  Europe  and Asia  but that  nation lost  part of its territory and sovereignty as well. If  that  is not another  form  of colonialism  I    wonder  what  it is.  Once  again  Nigeria should be cautious  with  Chinese  loans as the Chinese don’t give free lunch.

    In  addition  the Chinese are  atheists  and have no  respect  for religious freedom  and indeed  have literally incarcerated the minority  Muslim Urghurs in China  and have built  incarceration camps that  are  to disorient  this Muslim  minority  from  their religious  beliefs  and instill  communist  and state loyalty  and patriotism  in them.

    That  is the ideology  of Communist  China which  is a command democracy  that  is also  militaristic  and brooks no disputes  with  the Chinese government  controlled  in a one party state by the Chinese Communist  Party. Which  itself is a powerful minority  in China. The  saying that evil  communications corrupt good manners  is very apt  here  and we should be careful  with  the use  of Chinese loans to build  our strategic  infrastructure  for economic  development. The  cost  of repayment  may be colossal  or prohibitive in future.

    In  the case of the letter ripping  the US Administration of Donald Trump  apart  my  sympathy  is with the beleaguered  US  president. The  writer  of the article claimed  to be  working within the Cabinet or White  House to undermine  Trump  so he does not mislead America. The  writer is  said  to be anonymous  but  the US  president  has tweeted  that it is the duty of the New York Times to fish  him out and name him in  the security interest  of  the US.  That  to  me is a valid  point.  Or  is free  expression  above security  interest  of a state? I  doubt.  But  that  seems to be the norm  in the US.

    Indeed given  the names given the US president in media hostile to him, it is as if he was elected  to be disgraced and described  in the vilest  terms and that  cannot  be right even  in freedom drunk US  where anyway  it is  almost  a crime to  be black.

    It  is apparent  that  American  society in Trump Era is  a combative and hostile  divide between  those who  lost  the last Presidential  election narrowly  and those who  won. The  Democrats  who lost see nothing good in the new president  and the media on their  side  too see nothing good in the new American  president. They have questioned his election and legitimacy and are now on the highway  to see him  impeached. He  too has dug in and is using tweeter  to fight in an  unprecedented, one man  riot squad  manner. But  in  lodging an anonymous letter in his cabinet  in this manner, the New York Times in my view  violated the ethics of responsible journalism which  it can only  redeem by fishing out the Trojan Horse  in the

    Trump  cabinet  and those  who put  it  there. Trump  can  very well  be the worst  or most stupid president the US ever  had.

    That is no justification for publishing an anonymous letter that is aimed at destroying the government  of the US, which  the Trump  presidency is,  as the executive arm of government  in the US presidential system  based on separation  of powers. What  the New York  Times published on the Trump  Administration is a clear  lesson on sedition. Once  again  long live the Federal  Republic  of Nigeria.

     

     

  • Chinese seeks incentives in transport, energy

    A Chinese manufacturer has urged the government to back its investment drive tin backward integration with policy incentives. He said many producers were interested in the domestication of their production processes in the transportation and energy sectors.

    Speaking at the official opening of the China Homelife Fair Nigeria, Chief Operating Officer, Meorient Internationa, Binu Pillai, said more opportunities have started opening from the bilateral ties between Nigeria and China. More Chinese firms are embarking on export initiatives in local plants.

    He said: “We are particularly looking at the transportation and energy sector as priority sectors. Our manufacturers are looking forward to the incentives that the market can offer. It could be land, repatriation of profit in terms of if you bring any raw materials that are used for manufacturing can there be any tax exemptions? So basically how they can leverage.”

    Pillai believes with the $60 billion recently offered by the Chinese government in aid and loans for Africa, a higher scale of collaboration will be witnessed in business interactions of the two countries.

     

  • Asian shares gain on U.S.-Mexico trade optimism

    Asian shares advanced again on Tuesday while major currencies held on to gains as the U.S. and Mexico made a deal to overhaul the North American Free Trade Agreement.

    Oil prices were buoyant, with Brent up 25 cents to 76.46 dollars a barrel and U.S. crude rising 19 cents to 69.07 dollars.

    Investors expect Canada too would agree to the new terms to preserve a three-nation pact, ultimately dispelling the economic uncertainty caused by U.S. President Donald Trump’s repeated threats to ditch the 1994 NAFTA accord.

    MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.3 per cent for a second straight day of gains. Australian shares added 0.5 per cent while Japan’s Nikkei jumped 0.8 per cent.

    New York’s S&P 500 and Nasdaq indexes hit record highs and bond yields rose, while prices for copper, considered a barometer of global growth, climbed.

    Read Also: Asian LNG prices hit highest in over two months on tight supply

    Investors will keep an eye on U.S. economic data with consumer confidence figures due later in the day and the latest estimate for second-quarter gross domestic product expected on Wednesday.

    “The NAFTA agreement is clearly a positive to the extent that it reduces the risk of a generalized global trade war,” JPMorgan analysts said in a note.

    The dollar index paused near one-month lows against major currencies to be last at 94.762.

    Against the yen, the greenback held at 111.20.

    The euro held near a one-month top at 1.1680 dollars.

    The Australian dollar, which is often used as a liquid hedge for global growth, hovered around 0.7345 dollars to stay well above a trough of $0.7248.

    The Chinese yuan held near a four-week high to the dollar, a day after the country’s central bank took steps to support the currency.

    Commodity markets showed signs of optimism in global economic growth prospects. Copper, a favoured indicator of industrial momentum, held near a two-week high of 6,112.00 dollars a tonne.

    Gold too was firm too with spot prices at 1211.36 dollars an ounce.

  • Chinese media accuse U.S. of ‘mobster mentality

    Chinese state media on Thursday accused the U.S. of a “mobster mentality” in its move to implement additional tariffs on Chinese goods, and warned Beijing had all the necessary means to fight back.

    The comments mark a ratcheting up in tensions between the world’s two largest economies over a trade dispute.

    The trade dispute has already impacting industries ranging from steel to cars and causing unease over which products could be targeted next.

    Read Also: Standard Gauge: Work begins on Ebute-Meta modern train station

    Beijing had on Wednesday said it would slap additional tariffs of 25 per cent on 16 billion dollars worth of U.S. imports, in retaliation to news the U.S. plans to begin collecting 25 per cent extra in tariffs on 16 billion dollars of Chinese goods from Aug. 23.

    “The two countries’ trade conflict, which is merely push and shove at the moment, is likely to escalate into more than just a scuffle if the U.S. administration cannot marshal its mobster mentality.

    “China continues to do its utmost to avoid a trade war, but in the face of the U.S.’s ever greater demand for protection money, China has no choice but to fight back,” state newspaper China Daily said.

    So far, China has now either imposed or proposed tariffs on 110 billion dollars of U.S. goods, representing the vast majority of its annual imports of American products. Big-ticket U.S. items that are still not on any list are crude oil and large aircraft.

    “China has confidence in protecting its own interests, has many means,” state broadcaster CCTV said on its early morning news show.

    Another commentary, written by China Institute of International Studies research fellow Jia Xiudong said the U.S. was trying to “suppress China’s development”.

    “China should consider “unconventional methods” such as the stimulus plan used by Beijing during the global financial crisis if needed to sustain economic growth, the Global Times newspaper said in a commentary.

  • Chinese, European investors to invest $450m in industrial park

    SOME foreigners are planning to invest $450million in the Tomaro Industrial Park in Lagos, The Nation learnt at the weekend.

    The investors, mostly from Asia and Europe, are leveraging the trade between Nigeria and some countries.

    Sources said the investors were coming from the oil and gas, maritime and allied sectors.

    Integrated Oil and Gas Limited Chairman, Capt Emmanuel Ihenacho said the firm was looking for investors that understood the market dynamics and were  ready to achieve some growth.

    In a telephone interview, he confirmed the development, saying that a group of investors from the Diaspora had visited the Island to do business.

    He said:  ‘’Integrated Oil and Gas Limited is building two tank farms worth several millions of dollars on Lagos Island. These tanks would help in storing petroleum products and further aid distribution of the product in Nigeria.”

    Ihenacho said some companies’ executives from China and Europe had been making enquires about how they could be part of the project.

    He however said the company has not responded to the enquiries because it wanted to complete the preliminary works, adding that response would be given to those who requested for partnership, and this would be followed by a presentation to highlight areas for investment participation.

    He said the company intends to build what he called a ‘sleep way’ for ship building and repairs, stressing that the firms intend to start with the construction of between 6,000 and 10,000 dead weight flat bottom vessels that can sail through some of the shallow waterways, especially in the Escravos and Forcados areas of the Niger Delta where the draft is about 6.5 metres.

    He said the entire project will include the 20,000 capacity modular refinery, the ship building/ship repair yard, which also houses a fabrication facility, a helipad for helicopter services, accommodation facilities, strategic storage facility and others.

    For the modular refinery, he noted that the $116 million facility, with 15 and 18 months’ completion timeline, would produce diesel, kerosene and Naphtha for a start, but the other component for production of petrol could be added in the future.

  • Chinese envoy awards scholarships to 47 UNICAL students

    THE Chinese Ambassador to Nigeria, Dr. Zhou Pingjian has presented scholarships  worth N100,000 each to 47 students of the University of Calabar (UNICAL).

    Pingjian, who made the presentation at university’s International Conference Centre, also expressed his intention to enrol into the university’s Institute of African and Asian Studies as student.

    The Ambassador said being part of the university would give him opportunity to share with the students and staff members China’s success story while learning more about Africa.

    He said the event was aimed at commemorating the 47 years of Nigeria-China diplomatic relations.

    He said UNICAL was chosen because of it visibility and honest leadership and also as the leading second generation university in Nigeria.

    “The vice chancellor wants this programme to be annually, but as a Chinese Ambassador I want to give him and the management team one condition. I want to send application to be a member of the Institute of African and Asian studies of the university.

    “We have very good reasons to be here annually. From when this university started in the 70s, from the records I have, it was founded with only about 800 students, but today the number has grown to over 40,000. This is just one of the many achievements of this institution.

    “The vice chancellor knows so much about China and so we choose UNICAL to mark the 47 years of Nigeria-China relation because of the honesty of the leadership and its visibility. UNICAL is a leading second generation university in Nigeria. So, I’m impressed with the achievements so far.’’

    He expressed his country’s commitment to take their relationship with Nigeria and other African countries to a higher level.

    “We wish to take China-Nigeria relation to a higher level. This year marks China 40 years of reforms and openness. We have reached the level we are today because of three things: strong leadership, policies and hard work.

    “Nigeria is much better in natural resources than China, but Nigeria’s population is about one third of China’s population. So, the fear of the pressure to feed ourselves make us work very hard. If we have other alternatives, we will adopt it, but since we don’t, we have identified the three factors, which are very serious ingredients to our success.

    ‘’There are many similarities between my country and Nigeria. We became an independent country on first October just like Nigeria. We are the largest country in Asia while you’re the largest in Africa. So, we share many things in common”, he said.

    UNICAL’s Vice Chancellor, Prof. Zana Akpagu thanked the Chinese Ambassador for choosing the univesity for the event.

    He said the university would partner the Chinese Embassy for exchange programmes.

    “We are very grateful that our university has been chosen as the number one by the Chinese Embassy. This shows that our profile is rising and we will continue to work hard to be ranked the best in the country.

    “We have just instituted African and Asian Studies and we have been looking to meeting with you to see how we can partner. Thank God you are here today. We are thinking of you helping us to get lecturers from there, so that we can learn your languages. Our Engineering faculty will learn from your science and technology. We will also be sending our students and lecturers to China to learn modern technology,” Akpagu said.