Displaying items by tag: China

Brazil: The leaders of the rapidly growing BRIC economy countries, which include Brazil, Russia, India, China and now South Africa, will launch their own development bank at a summit in Brazil in 14-18 July 2014. The BRIC nations are also working on proposals to set up a 'mini International Monetary Fund (IMF),' according to the Russian finance minister Anton Siluanov.

The plan for Brazil, Russia, India, China and South Africa to set up a bank to finance infrastructure projects began in 2012 and the group agreed on the project's outline in 2013 after seeing investors divert money from emerging economies, hurting their currencies. Disagreements over funding, management and where to locate the headquarters of the new entity held up progress, but Siluanov said that the leaders themselves would decide whether it should be based in Shanghai or Delhi when they meet in Fortaleza, Brazil in 14-18 July 2014.

The New Development Bank will be able to start lending in 2016. It will focus chiefly on infrastructure projects and will be available to other members of the United Nations. The five nations will put up an initial US$2bn each in financing with a further US$40bn in guarantees. The financing will eventually build up to US$100bn. Siluanov added that the five leaders would also sign a blueprint agreement on the group's other signature project, a US$100bn fund to steady the currency markets.

"We have reached an agreement that, in the current conditions of capital volatility, it is important for our countries to have this buffer in addition to the IMF," said Siluanov. The mini IMF would act as an emergency fund for members facing currency devaluation or which were hit by sudden currency flight. China will contribute US$41bn, while Brazil, India and Russia will each give US$18bn and South Africa US$5bn.

China: Anhui Conch Cement Co Ltd expects net profit for the first half of 2014 to increase by 90%, up from US$493m during the same period of 2013. Anhui Conch attributes the upward trend in profit to increasing cement sales and prices.

China: China's state auditor said that it has found irregularities in the operations of China Resources, including the misuse of funds, the use of an improper bidding procedure and failure to seek government approval for a merger. The audit results came after the government started investigating the activities of several former executives of the group.

An audit of China Resources' 2012 financial statements showed that China Resources Power Holdings Co didn't conduct public bidding for 586 projects it awarded that were valued at US$1.9bn. Instead, it had invited specific bidders to decide on contractors and service providers, according to the National Audit Office. Moreover, five power-generating facilities of China Resources Power were allegedly constructed or put into operation in 2012 without government approval. The facilities had power sales of US$45.4m in 2012.

Similarly, a US$28.1m merger involving China Resources Cement Holdings was made in 2012 without government assessment or approval. The audit also found that US$209m raised by two trust products that was intended to boost liquidity at the trust company was instead invested in property development by the borrowers. In 2012, the group and its affiliated units allegedly spent US$338,863 playing golf.

Cambodia/China: Huaxin Cement has injected US$24m into Cambodia Cement Chakrey Ting Factory to acquire a 40% stake in the southeast Asia-based company on 17 June 2014. After the investment, the Cambodia cement producer's registered capital grew to US$60m from US$32m. The Hubei Province-based cement manufacturer said that the acquisition in Cambodia is the company's second overseas investment after establishing a subsidiary in Tajikistan in 2011.

China: With effect from 26 May 2014, Wong Ka Hang resigned from her office as Allied Cement's company secretary. With effect from 26 May 2014 Li Chun Fung has been appointed as her replacement.

China: Tangshan Jidong Cement plans to acquire about 108.48 million additional shares in Jilin Yatai Group for US$60.3m, at US$0.56/share. After that, Jidong Cement will hold less than a 5% stake in Jilin Yatai. Jidong Cement said that the capital source of the external investment was a self-owned one and that the deal would not affect its 2014 operations.

China: China intends to stop the production of Ordinary Portland Cement (OPC) 32.5 grade cement. Liu Ming, an official of the National Development and Reform Commission (NDRC), made the comment at a forum according to the Xinhua news agency.

Stopping production of OPC 32.5 grade cement would reduce the country's total cement output by 340Mt/yr, accounting for 11% of the total output. The large amount of OPC 32.5 grade cement had led the overcapacity of the cement industry.

Turkey: Göltaş Goller Bolgesi Cimento has contracted Chinese company Catic Beijing Co to set up a waste heat recovery power plant for a cost of Euro14m. The plant is expected to be installed in two years and should reduce electricity costs by 25% when operational, according to Göltaş. The company's integrated cement plant is located in Turkey's southwestern province of Isparta

China: According to local media, Chinese authorities have detained two senior executives at units of China Resources Holding as the chairman of the state-run conglomerate, Song Lin, is being investigated for corruption.

Wang Hongkun, an executive director of China Resources Land and Wu Ding, chief executive of China Resources Capital Holdings, were detained. China Resources Land said that Hongkun had resigned due to personal health reasons.

China's top anti-corruption body said it was investigating Lin for a 'Serious violation of discipline.' Song has denied the allegations.

China Resources Holdings said that it had appointed Fu Yuning, a former chairman of China Merchants Group, as its new chairman.

China: Guangdong Tapai Group plans to invest about US$570m towards building a new clinker production line in Meizhou City in Guangdong Province. The line will include two 10,000t/day rotary kiln clinker production lines and two 20MW low-temperature waste heat power generation system. The project will produce 6Mt/yr of clinker and is pending government approval.