Reuters) – China’s aggressive quest for foreign oil has reached a new milestone, according to records reviewed by Reuters: near monopoly control of crude exports from an OPEC nation, Ecuador.
Last November, Marco Calvopiña, the general manager of Ecuador’s state oil company PetroEcuador, was dispatched to China to help secure $2 billion in financing for his government. Negotiations, which included committing to sell millions of barrels of Ecuador’s oil to Chinese state-run firms through 2020, dragged on for days. Calvopiña grew anxious and threatened to leave.
In an interview on November 20th, China’s Minister of Finance Lou Jiwei introduced the details of the fiscal and tax reforms that will be implemented after the Third Plenum. Lou explained that reforms will be achieved by fulfilling three objectives:
- Improving the budget control system;
- Consummating the tax system; and
- Building an administration system with an appropriate allocation of fiscal and governmental responsibility.
If there’s one thing worse than inflation, it’s deflation. Falling prices hammer profits for businesses, kill any chance of pay rises for workers and raise the real burden of debt – the mirror image of “inflating away” your liabilities.
This is something China’s manufacturers have been dealing with for a while. The producer price index, which represents the prices paid at the factory gate, has been in deflationary territory for almost two years, underlining the weakness in demand for Chinese goods at home and abroad.
Li, who previously worked for tax authorities in East China’s Jiangxi Province for over 10 years, found that 45 major listed property companies in the country had failed to pay 3.8 trillion yuan ($623.58 billion) in LAT between 2005 and 2012. Li said his calculations were based on official data.
Goldman Sachs Group Inc. recommended buying Chinese (SHCOMP) and Russian stocks as a pick up in growth in developed countries and government reforms boost prospects for the “least-expensive” emerging markets.
Goldman upgraded equities in the two countries to overweight, the equivalent of buy, from market weight, saying Chinese banks and Russian energy companies could experience “modest valuation expansion,” according to a report today. The New York-based bank kept Korea and Mexico at overweight.
China’s telecom, media and technology industry’s share of total private equity and venture capital investments has risen significantly, a report from accounting firm PwC showed on Monday.
Macroeconomic volatility led to a significant decline in both the volume and size of overall private equity and venture capital deals in China in the first six months of 2013.
However, while investment decreased as a whole, the telecommunications, media and technology industry’s share of total PEVC investments showed a significant rise. The average ratio for the first half of 2013 was 59 percent, compared to 46 percent for the same period of 2012, according to PwC’s new China MoneyTreeTM Report 2013.
“All official building projects that have not had inspections carried out according to regulations and where construction has started without permission must halt construction and be handed over for confiscation,” according to Xinhua, the state news agency.
“All official building projects that exceed (the regulated) size, violate standards, or are over budget should have the area that exceeds standards vacated and handed over within a limited time or be entirely confiscated and auctioned off,” the agency said, citing new regulations to control spending and combat waste in the Communist Party.
Taiwan’s financial regulator Wednesday gave Chinese companies the green light to issue yuan-denominated bonds, with Bank of Communications Co. and Agriculture Bank of China set to sell the first such bonds by mainland issuers on the island.
Taiwan is one of several offshore yuan centers around the world and this comes as the island seeks to expand its domestic yuan services.
The deal has been reportedly in the works for some time now, but to no avail. But a widely expected move from China Mobile next month has Apple observers once again thinking a deal could be coming soon.
PetroChina, which with its parent China National Petroleum Corp has been embroiled in a major corruption probe by Chinese authorities, is unaware of amounts related to the complaint, it said in a filing to the Hong Kong and Shanghai stock exchanges on Tuesday.
An overseas shareholder filed the complaint with the U.S. District Court for the Southern District of New York against PetroChina’s ex-Chairman Jiang Jiemin, current Chairman Zhou Jiping, former Chief Financial Officer Zhou Mingchun and current CFO Yu Yibo for violating U.S. securities regulations.
Chow Tai Fook Jewellery Group Ltd. (1929), the world’s largest listed jewelry chain, forecast “steady” growth for the rest of the fiscal year after first-half profit almost doubled on a surge in Chinese demand for gold.
Net income rose to HK$3.5 billion ($451.5 million) from HK$1.82 billion a year earlier for the six months ended Sept. 30, the company said in a stock-exchange statement yesterday. That was above the average estimate of HK$2.98 billion from five analysts compiled by Bloomberg.
Chinese messaging app WeChat is the fastest growing social app used by youths worldwide, according to a study by Global Web Index. The latest study was conducted based on the feedback from teenagers aged 16 to 19 globally, excluding China. WeChat saw a 1,021 percent increase in usage among youths between Q1 and Q3 2013. The second-fastest growing is Vine at a rate of 639 percent, followed by Flickr (254 percent).
(Beijing) – Five railroad workers were hit by a high-speed train in the northeastern city of Shenyang, a source close to China Railway Corp. (CRC) said on November 25.
Four people died in the November 22 incident. The fifth was injured.
Varin, the former CEO of Anglo-Dutch steelmaker Corus, joined Peugeot in 2009 and has steered the company through the worst of a six-year European car market slump.
But his support for a deeper tie-up with 7 percent shareholder General Motors or Dongfeng has led to bouts of tension with members of the founding Peugeot family, which would lose control of the company in the planned capital hike.
Qualcomm Inc. (QCOM), the largest maker of chips for smartphones, said China’s National Development and Reform Commission began an investigation related to an anti-monopoly law.
The NDRC has advised that specific details of the probe are confidential, San Diego-based Qualcomm said today in a statement. The company isn’t aware of any charge by the agency that it violated the anti-monopoly law.
BEIJING (Reuters) – Asia’s top oil refiner Sinopec has cut production for at least two of its refineries in China’s eastern Shandong province after the pipeline blast which killed 55 people on Friday, industry sources said.
The adjustments are part of a juggling of oil refining operations across its plants after the disaster, which has sparked a public backlash and an apology from Sinopec, saying it will conduct safety checks on all its more than 30,000 km of pipelines.
Hong Kong, November 25, 2013 — Moody’s Investors Service says that a pipeline accident which has tragically claimed 55 lives is credit negative for China Petroleum & Chemical Corporation (Sinopec Corp), but has no immediate impact for its Aa3 rating and stable outlook.
The accident — which occurred just outside the city of Qingdao on 22 November — also has no impact on parent China Petrochemical Corporation’s (Sinopec) Aa3 rating and stable outlook.
Posted from Diigo.