Trade & Investment

This tag is associated with 19 posts

Philippines seeks new markets amid sea dispute with China

The Philippines needs to develop new overseas markets so that a maritime standoff with China, which has thrown relations into turmoil, does not take a toll on tourism and fruit exports, a senior official said on Thursday. China has tightened quality controls on Philippine fruit and cut the number of tourist visits to the Philippines, … Continue reading

East Asian powers agree on trade pact talks

Chinese Premier Wen Jiabao urged northeast Asian powers to cooperate more in the face of global economic headwinds, as China, Japan and South Korea agreed at a summit on Sunday to soon launch negotiations on a three-way free trade pact. The three nations are major traders, and together accounted for 19.6 percent of global gross … Continue reading

US pork rejected after tests by customs in China

The quarantine bureau has rejected a consignment of US pork after tests found traces of a banned drug in meat shipments totalling 103.5 tonnes, but there was no immediate threat of broader retaliatory measures. The March shipments of frozen pork meat and pig parts were found to contain ractopamine, which is banned in China, but … Continue reading

Guangdong free-trade zone plans criticised

The three experimental development zones in Guangdong have agreed to set up joint conferences to solve problems ranging from vicious competition among them to overlapping of industrial strategies, but some analysts are sceptical about the drive. Nansha in Guangzhou, Qianhai in Shenzhen and Hengqin in Zhuhai , which have been written into China’s 12th five-year … Continue reading

Canton Fair posts disappointing results

The Canton Fair, one of the country’s biggest trade fairs and a barometer of the health of the export sector, ended on a sombre note, with orders from overseas buyers down and traders reporting that most new contracts were kept short-term. Deals signed across the fair’s three weeks amounted to US$36.3 billion, down more than … Continue reading

Slower China economy a worry for Western firms

As China’s economy cools, some big U.S. and European companies are losing what had been one of their surest growth bets. Caterpillar Inc, 3M Co, United Technologies Corp and ABB Ltd  are among the manufacturers that have reported weak performances in China in the first quarter, as economic growth slowed to a near three-year-low. That … Continue reading

China buys Boeing 777s, delays Airbus deal

China Eastern Airlines is set to place a $6 billion order for up to 20 Boeing 777 jets, while simultaneously emerging at the centre of an aviation row between China and the European Union by stalling a recent Airbus deal, people familiar with the matter said. The order for wide-body 777s follows a fierce but discreet … Continue reading

Argentine move to seize YPF spoils Sinopec deal

Argentina’s move to nationalise local oil company YPF, controlled by Spain’s Repsol, has spoiled years of planning by China’s Sinopec Group to buy the South American company, sources said. Bankers said China’s second-largest oil company had held talks with Repsol to buy its controlling 57-percent stake in YPF. Chinese website Caixin.com cited a source as … Continue reading

Walmart International focusing on own business over deals

Wal-Mart Stores is emphasising improving results in international markets where it already operates, such as China, over entering new markets, its top international executive said on Thursday. “Our focus this year in particular has been on improving returns with our existing businesses,” said Doug McMillon, chief executive officer of Walmart International. The company is working … Continue reading

Slowing China economy may not yet have hit bottom

China is set to reveal its weakest quarter of annual growth in nearly three years on Friday, with investors fretting the economy could cool even further in coming months and further dampen global growth. Economists polled by Reuters expect China delivered a fifth successive quarter of slowing annual growth in the first three months of … Continue reading

Puda coal scam

The aggressive government mandated consolidation of the coal mining industry beginning in 2009 coincided with the darkest days of the world financial crisis. PUDA management either had to become a consolidator, requiring massive additional capital, or else dispose of its coal businesses. Management, lead by Chairman Ming Zhao, made the decision to pursue aggressive growth by becoming a consolidator. … Continue reading

Sino-forest wiping out all traces

Last year Muddy Waters (a firm which specialises in exposing Chinese stock fraud) announced coverage on Sino-Forest, a Chinese timber company with a strong sell and $1 price target-citing fraud. The newsworthy thing about this was that large trading institutions were fooled, not just retail investors. Paulson & Co., a New York based hedge fund … Continue reading

Longtop fraud willingly backed by Chinese banks

Longtop Financial, a popular Chinese software company, was exposed as a colossal fraud last year .The “cash balance” on Longtop’s balance sheet, it turned out, was fake;  a fiction created by the company’s managers and helpers. The Longtop fraud followed other China stock frauds that have made many of Wall Street’s best and brightest look … Continue reading

China establishes rare earth association

China on Sunday established a rare earth industry association in a bid to clean up an industry that has come under fire internationally for violating trade rules, Reuters reported, quoting state media. Su Bo, vice minister of industry and information technology, said the association aims to clean up the rare earth industry by kicking out … Continue reading

BRICS Countries Consider Central Bank

The fourth annual BRICS summit, to be held in New Delhi on Thursday, will cover a wide range of topics of interest to member countries Brazil, Russia, India, China and South Africa. One of the topics for discussion will be the idea of a multilateral bank funded by developing nations for the purpose of encouraging … Continue reading

Cyber attacks – China embraces piracy 2.0

Night Dragon. Operation Aurora. Operation Shady RAT. In the past several years, internet security company McAfee and various media groups have pinned a series of high-profile hacker attacks with names worthy of spy novels on China-based groups. Yet the attacks differed from the classic spy account in one notable respect: They were directed mainly at … Continue reading

Ernst & Young resigns as Sino-Forest auditor

Sino-Forest Corp. said Thursday that Ernst & Young had resigned as its auditor, The Wall Street Journal reported. The setback follows the Chinese timber company’s attainment of creditor protection last week, as it continues to sell off most of its assets. An Ernst & Young spokeswoman said the resignation came after Sino-Forest’s filing for creditor protection … Continue reading

Chinese insurer to stop covering tankers carrying Iranian oil

China P&I club, the nation’s key ship insurer, will stop indemnity coverage for tankers carrying Iranian oil starting in July in order to abide by tightened Western sanctions against Iran following similar action in Japan, The New York Times reported. It is the first Chinese maritime insurer to make the decision, and the first sign … Continue reading

PetroChina joins Shell, Hess for shale oil exploration

PetroChina is in talks with Royal Dutch Shell and Hess Corp (HES.NYSE) to explore shale oil in Xinjiang’s Santanghu Basin, Reuters reported, citing parent China National Petroleum Corp in a company-owned newspaper. PetroChina has already drilled 35 wells in the basin, but low oil reserve content and immature domestic technology continue to curb output, the … Continue reading

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