#AceFinanceNews – RUSSIA/CHINA – May 19 – Russia and China are set to sign a long-awaited 30-year gas contract during a two-day meeting, when Russian President Vladimir Putin visits Shanghai on May 20-21.
Gazprom, Russia’s largest natural gas producer, and China National Petroleum Corporation (CNPC) are set to sign a gas deal that will send 38 billion cubic meters of natural gas a year eastward to China’s burgeoning economy, starting in 2018.
The timing is almost flawless as Russia is looking to shield itself from Western sanctions by pivoting towards Asia, and China desperately needs to switch from dirty coal to more environmentally friendly natural gas.
“The arrangements on export of Russian natural gas to China have nearly been finalized. Their implementation will help Russia to diversify pipeline routes for natural gas supply, and our Chinese partners to alleviate the concerns related to energy deficit and environmental security through the use of ‘clean’ fuel,” President Vladimir Putin said.
The deal has been on the table for over 10 years, as Moscow and Beijing have negotiated back and forth over price, the gas pipeline route, and possible Chinese stakes in Russian projects. The gas price is expected to be agreed at between $350-400 per thousand cubic meters.
The deal has been on the table for over 10 years, as Moscow and Beijing have negotiated back and forth over price, the gas pipeline route, and possible Chinese stakes in Russian projects.
The gas price is expected to be agreed at between $350-400 per thousand cubic meters.
” Of course Russia wants to sell gas and resources at the highest possible prices. But because of the sanctions from European partners, we need to find a partner that can buy our gas long-term, which is why at the moment China looks very attractive to us,” Aleksandr Prosviryakov, a partner at Lakeshore International, a Moscow-based asset management firm, told RT at a Confederation of Asia Pacific Chambers of Commerce and Industry (CACCI) in Moscow ahead of the big meeting on Tuesday.
On Sunday, Gazprom chief Aleksey Miller sat down with his CNPC counterpart, Zhou Jiping, in Beijing to discuss final details, including price formulas.
But the sticking point is how to finish the pipeline from Russia to China.
Currently there is one complete gas pipeline that runs throughout Russia to the Chinese border, “Siberian Power” which Gazprom broke ground on in 2007, three years after Gazprom and CNPC signed a strategic cooperation agreement in 2004.
The pipeline stretches across Russia’s Far East and after extension to China, it will deliver gas to the country’s populous north, near Beijing.
“Now is the time for Russia to compromise a little bit so that they can lessen their dependence on Western Europe as a buyer of Russian gas. Diversification is a strategy for Russia to have good long-term business relationships with both Europe and China,” Benedicto Yujuico, president of the Confederation of Asia-Pacific Chambers of Commerce and Industry, told RT at an Asian business gathering in Moscow on Wednesday.
A record amount of agreements are expected to be signed at the working meeting between Russia and China. Already 30 out of the 43 prepared agreements are expected to be inked, according to presidential aide Yury Ushakov, as reported by RIA Novosti.
#AceFinanceNews – BEIJING – May 05 – Authorities in the Chinese capital fined 652 industrial facilities for breaching environmental regulations in the first four months of the year as it stepped up efforts to fight pollution.
Beijing’s air quality has come under intense scrutiny since January last year, when heavy smog settled over the city to the alarm of its residents.
Premier Li Keqiang in March promised a “war on pollution” as the Chinese government seeks to address environmental issues that sparked complaints across the nation.
Beijing’s Environmental Protection Bureau handed out fines totalling 14.5 million yuan ($2.3 million) over the first four months of the year.
The Beijing Yueju Heating Company received the biggest fine of 200,000 yuan for manipulating emissions data for one of its coal-fired boilers.
The measures were taken after heavy smog settled over the city in January last year. Premier Li Keqiang in March promised a “war on pollution.”
Reuters – China cn – RT
#AceFinanceNews – BEIJING – April 24 – A Chinese court released a seized Japanese freight ship Thursday after owner Mitsui OSK Lines agreed to pay about $39 million in a dispute dating back more than seven decades.
Including interest payments, Mitsui O.S.K. agreed to pay 4 billion yen ($39 million), the Kyodo News Service and other Japanese media said.
Chinese authorities seized the container vessel on Saturday, as ordered by the court, after Mitsui failed to pay compensation as ruled in an earlier lawsuit.
The Shanghai court said it levied the judgement against Mitsui based on the lease costs, operating loss and damage to the two Chinese vessels, which sank while in the hands of Mitsui’s predecessor Daido Kaiun.
The seizure and release of the boat came at a time when the relations between Beijing and Tokyo are tense over sovereignty claims over a chain of uninhabited islets in the East China Sea.
The Shanghai Maritime Court said that it freed Mitsui’s Baosteel Emotion after the company paid more than $28 million in compensation for two leased Chinese ships it lost in 1938 and 1944 and also court costs, AP reported.
Japanese government spokesman Yoshihide Suga downplayed the possibility that the settlement might encourage similar lawsuits by Chinese companies.
#AceFinanceNews – BEIJING – March 27 – Chinese insurance companies have begun to offer payouts to the relatives of the missing Boeing 777-200, news agency Xinhua reported on Thursday.
The firms begun offering insurance payments after Malaysian Prime Minister Najib Razak announced that the plane had probably fallen into sea with no survivors.
On Monday, the prime minister held a press-conference, where he said that the flight has been last registered on satellite images to the west of the Australian city of Perth in the Indian Ocean.
Najib added that the plane was too far from the place where it could land, so the most probable version was that it had crashed in the ocean.
As of today, China’s largest insurance firm China Life has already paid more than 4 million yuan ($666,000) to the relatives of 7 out of 32 passengers of the missing Boeing, who were clients of the company.
All insurance payments will stand at 9 million yuan ($1.46 million).
On Wednesday, China Pacific Insurance, registered in Shanghai, made the first insurance payment of 525,000 yuan ($87,500). The relatives of 9 passengers, clients of China Life Insurance Co, will receive up to 1 million yuan ($166,000).
Chinese and Malaysian News
#AceFinanceNews – BEIJING – March 25 – China’s private O-bay Aircraft Company, based in the Henan province, intends to buy 100 Russia Sukhoi Superjet-100 (SSJ-100) planes from Sukhoi company to the total worth of 3.5 billion US dollars, the Beijing-based China Daily reported, noting that the corresponding agreement had been signed on Saturday.
The report says that the Russian company will provide assistance to the Chinese side in setting up an assembly plant in Zhengzhou (administrative centre of Henan). Several other Chinese companies have also displayed an interest in this project.
The newspaper reports that Russia’s Sukhoi company is well known in China thanks to its military planes. The Sukhoi civilian assembly line is to be put into operation in 2016 and reach full capacity in 2018.
The project is yet to be approved by the Chinese State Council, according to China Daily.
It notes that the Russian plane will become direct competitor to the regional ARJ-21 plane that is being created by China’s aircraft building corporation.
Chinese Finance News
#AceFinanceNews – BEIJING – March 23 – China’s yuan (renminbi) may become a third reserve currency in the world in the future, Managing Director and Chief Economist of investment company Sberbank CIB Yevgeny Gavrilenkov said at the 15th governmental Chinese economic development forum in the Chinese capital on Sunday.
“This forecast can be made on figures of domestic economic growth. Probably the country will keep high GDP growth rate and the GDP volume will increase to around 14-16 trillion U.S. dollars for a brief period of time, the indicators comparable to the European Union and the United States.
Meanwhile, Chinese securities are more attractable for the countries that have a surplus in economy, particularly the Middle East states, and China will obviously follow the path of securing the country’s assets,” the expert noted.
On January 23, 2012, Sberbank and Troika Dialog announced the closure of the deal for Sberbank’s acquisition of 100% of Troika Dialog’s equity capital.
As a result of the subsequent integration, the Corporate & Investment Business was created, which has been operating under the Sberbank CIB brand since October 8, 2012.
Sberbank CIB’s key areas of business are corporate financing, securities and derivatives trading, structured products, private equity investments, mergers and acquisition consulting, debt and equity capital procurement, as well as market research.
Ace Related News
1. March 1 – 12.15 GMT – Extract – #AceFinanceNews says that `Chinese Yuan can become dominant world reserve currency according to the latest surveyhttp://wp.me/pzTwj-2sn
#AceFinanceNews says that the trade between China and Russia in February of the current year was 5.9 billion dollars, where the growth is 3.2 percent year-on year, Zheng Yuesheng of China’s customs authority said on Saturday.
In February, the export to Russia grew by three percent to 2.4 billion dollars, and the import to China grew by 3.3 percent to 3.5 billion dollars, he said.
China’s foreign trade in February made 251.18 billion dollars – 4.8-percent decline year-on-year.
The export reduced by 18.1 percent to 114.1 billion dollars, and the import grew by 10.1 percent to 137.08 billion dollars.
China’s foreign trade deficit in February was 22.98 billion dollars against the surplus of 14.8 billion dollars in February 2013.
“The deficit in China’s foreign trade in February is due to the celebration of the Chinese New Year – the Spring Festival,” he continued.
“We registered similar situations in February 2012 and in March 2013.”
China’s trade with the EU in February grew by 9.2 percent to 34.5 billion dollars, and with the US – by 7.8 percent to 32.74 billion dollars.
March 08, /ITAR-TASS/.
CNR net Beijing on September 10 message, according to Voice of China “News” reported that “the Chinese government’s response to hefty fines, GSK may withdraw from China.”
Media reports said the British pharmaceutical company GlaxoSmithKline executives said GSK executives in China are involved in economic crime investigation, the company faces a hefty fine of up to 20 billion yuan and an increasingly difficult business in China, Gülen Su GSK is considering to withdraw from China. But this morning the British media also reported that GSK denied previous reports.
Aspect Comment: left, 20 billion fine captive; away, a huge asset difficult discarded. True to exit or create a gimmick, GlaxoSmithKline snake oil medicine has long been exposed. Market never believe in tears, a crying two busy three hanging unworkable before the law, foreign companies have no privileges. We advise one, illegality must be punished, truly repentant to re-start.
Technical disruptions at China’s largest state-owned lender caused temporary panic among customers at the weekend, with some expressing fears of a hacking or deliberately engineered credit squeeze.
Various banking services at ICBC – including internet, mobile and phone banking as well as automated teller machine services – were “paralysed” on Sunday morning for nearly one hour.
Unable to withdraw cash from ATMs or get through to the customer help hotline, some customers believed the outage was longer, but state broadcaster CCTV reported it was 45 minutes.
Cities said to be affected by the problems included Shanghai, Beijing, Wuhan, Chengdu and Xiamen, the Shanghai Daily newspaper reported.
The bank issued a statement via Sina Weibo on Sunday, reassuring customers that electronic channels were undergoing “system upgrades” since 10.38am and that certain services would be affected. The bank said it had restored all systems by 11.23am.
The glitch at the bank – one of China’s “big four” state lenders and largest in the world in terms of profit and market value – sparked concerns of a national credit crunch as it came just days after interbank lending rates had hit new record highs.
Others fanned worries that China’s financial system had been compromised by cyberattacks or hacking. The outage came just weeks after fugitive intelligence-leaker Edward Snowden told the South China Morning Post that the US National Security Agency had been hacking mainland Chinese and Hong Kong networks for years.
Online rumours circulating among financial insiders on forums such as Zhihu, China’s version of Quora, suggested that it was a deliberate show of force by the bank in response to Premier Li Keqiang’s bid to encourage private capital via “non-government affiliated banks” and a general overhaul of the financial system.
Courtesy of SCMP – More at:http://www.scmp.com/news/china/article/1267756/mysterious-icbc-banking-glitch-sparks-panic-frustration-among-customers