Posts belonging to Category China



EU has serious concerns about Trump 3 tax plans

Top EU economic powers warn US 

The European Union’s top five economies are warning the United States that its massive tax overhaul could violate some of its international obligations and risks having “a major distortive impact” on trade.

In a letter to U.S. Secretary of the Treasury Steven Mnuchin, the finance ministers of Germany, France, Britain, Italy and Spain wrote they had “significant concerns” about three tax initiatives in particular.

In the letter, seen by The Associated Press, the five wrote that “it is important that the U.S. government’s rights over domestic tax policy be exercised in a way that adheres with international obligations to which it has signed-up.”

EU nations have been warily eyeing President Trump’s domestic tax proposals as they made their way through congress and have long expressed fears they might hurt world trade and EU companies in particular.

http://www.washingtonpost.com… Tue., 12  December 2017

India’s economy has bounced back

A year-long slowdown

India’s economy has bounced back from a year-long slowdown, but not enough to regain the global growth crown from China.
Gross domestic product grew by 6.3% in the three months through Sept. 30, up from 5.7% in the previous quarter. That compares with China’s growth rate of 6.8% in the same period.

Still, the numbers will be music to the ears of Indian Prime Minister Narendra Modi, whose two biggest policy decisions of the past year have been widely blamed for a slump that cut growth to its slowest pace in three years. India was the world’s fastest growing major economy at the end of 2016, with GDP expanding by 7%. But the sudden ban last November of India’s two most valuable rupee notes at the time — accounting for 86% of the country’s cash — stunned industry and brought activity in some sectors of the economy to a screeching halt.

http://www.cnn.com… Fri., 01  December 2017

Tencent: China’s social media giant is worth more than Facebook

Tencent is Now Worth $500 Billion and More Than Facebook

Tencent (TCTZF) has become the first Chinese tech firm valued over $500 billion. Shares of the 19-year-old company, listed on the Hong Kong Stock Exchange, hit record numbers on Tuesday, rallying to close at HK$430 to give it a market capitalization of some $522 billion—about $3 billion above Facebook’s closing valuation of $519 billion Monday. According to CNBC, Alibaba (BABA), Asia’s second-highest-valued firm and the closest rival to Tencent, comes in at a valuation of $474 billion, making the tech company the first from China to reach the landmark valuation.

Until now, membership in the half-a-trillion-dollar club belonged exclusively to American tech giants–Apple, Alphabet, Facebook, Microsoft and Amazon. Entry to the club for the company that’s little known in the West comes a week after it posted a profit of 18 billion RMB ($2.7 billion) on revenue of 65.2 billion RMB ($9.8 billion) for Q3 2017.

http://www.fortune.com…  Thu., 23  November 2017

Volkswagen invests $11.8 billion to build China electric cars

15 all-electric and plug-in hybrid vehicles over the next 2 years

Volkswagen Group said on Thursday it plans to spend 10 billion euros ($11.8 billion) by 2025 to develop and manufacture all-electric and plug-in hybrid vehicles as it seeks to comply with upcoming stringent rules in China.

The group, which includes Volkswagen AG (VOWG_p.DE) and Audi AG (NSUG.DE), intends to launch 15 of the so-called new energy vehicles (NEV) models over the next two to three years, and an additional 25 after 2025, China chief Jochem Heizmann told Reuters on Thursday. China’s NEV production and sales quotas, which must be met by 2019, have prompted a flurry of electric car deals and new launches as automakers in China race to ensure they do not fall short. Automakers that do fall short will be required to buy credits.

Trump Team Plans $250 Billion in Deals From China Visit

Energy sector expected to reap benefits from U.S.-China talks

The White House expects to announce upwards of $250 billion in business deals in China this week, an administration official said — exactly the sort of U.S. jobs-based diplomacy that President Donald Trump likes to deliver when traveling abroad. Commerce Secretary Wilbur Ross boasted of that number in a meeting with chief executives in China on Wednesday, but offered few details, according to two people who attended the meeting. A U.S. official confirmed the amount.

http://www.bloomberg.com…  Thu.,  09  November 2017

Tesla wants to produce cars in China

Tesla reaffirms effort to build cars in China; mum on deal report

Electric car maker Tesla Inc (TSLA.O) reaffirmed on Sunday it is talking with the Shanghai municipal government to set up a factory in the region and expects to agree on a plan by the end of the year, but declined to comment on a report that a deal has been reached.

http://www.reuters.com…  Mon  23  October 2017

Chinese Fintech Qudian listed at Wall Street

Chinese online small consumer credit provider Qudian debuts on NYSE

Chinese online small consumer credit provider Qudian Inc. made its debut on the New York Stock Exchange (NYSE) on Wednesday, trading under the ticker symbol of “QD”. Qudian priced its initial public offering of 37,500,000 American depositary shares (ADSs) at 24.00 U.S. dollars per ADS for a total offering size of approximately 900.00 million dollars, assuming the underwriters do not exercise their option to purchase additional ADSs. Each ADS represents one Class A ordinary share. Of the total 37,500,000 ADSs offered, 35,625,000 ADSs are being offered by the Company and 1,875,000 ADSs are being offered by selling shareholders.

http://www.xinhuanet.com…  Thu.,  19  October 2017

Asia stocks reach 10-year peak

Federal Reserve showed a more guarded view towards inflation

Asian stocks reached a 10-year high on Thursday, riding the bull run in global equity markets, while the dollar sagged after the Federal Reserve showed a more guarded view towards inflation. Spreadbetters expected a mixed start for European stocks, forecasting Britain’s FTSE to open down 0.05 percent, Germany’s DAX to start 0.03 percent higher France’s CAC to open flat. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.55 percent and at its highest since December 2007.

Japan’s Nikkei was up 0.4 percent after brushing 20,994.40, its highest since November 1996. South Korea’s KOSPI added 0.55 percent to mark a fresh record peak and Hong Kong’s Hang Seng scaled a decade-high. Asia took cues from Wall Street, where major indexes rose to yet another set of record closing highs overnight following a report that a market-friendly candidate was being pushed as successor to Janet Yellen at the helm of the Fed.

http://www.reuters.com…  Thu.,  12  October 2017

Raising trade tensions between Europe and China

Complaint against dumping of e-bikes by Chinese companies

European producers of electronic bikes (e-bikes) have filed a complaint with the European Commission against cheap Chinese e-bike imports, saying that they are sold in the bloc at excessively low prices with the help of unfair subsidies. The European Bicycle Manufacturers Association (EBMA) lodged the complaint alleging dumping of e-bikes by Chinese companies which they say are flooding the market at prices sometimes below the cost of production. The Commission has until late October to determine whether to start an investigation.

The EBMA is also preparing a related complaint alleging illegal subsidies and asking for registration of Chinese e-bike imports, which could allow eventual duties to be backdated. Such an investigation would be the latest in a string of probes into Chinese exports ranging from solar panels to steel and could raise trade tensions with Beijing, particularly with a subsidy inquiry into the support provided by the Chinese state.

http://www.reuters.com…  Mon.,  02  October 2017

Apple shares flirt with correction territory

Suppliers asked to scale back shipments of parts for upcoming iPhone X

Shares of Apple Inc dipped on Monday and flirted with correction territory following a report that the company had told suppliers to scale back shipments of parts for its upcoming iPhone X.

Digitimes, citing unnamed sources, reported that Apple suppliers were shipping just 40 percent of the components originally ordered for the premium phone, which goes on sale in early November.

That added to concerns on Wall Street about demand for Apple’s new devices after the launch on Friday of the iPhone 8, a less expensive model than the iPhone X, drew smaller crowds than previous launches.

http://www.reuters.comTue.,  26  September 2017