Tag Archives: China’s

China’s Sinopec constructing filling station in disputed South China Sea

BEIJING Chinese oil main Sinopec is building a filling station on an island in the South China Sea, as China continues to expand its civilian infrastructure in the disputed waterway, entrenching its reach in the maritime heart of Southeast Asia.

The filling station and accompanying storage tank on Woody Island in the Paracels will take a year to total, the company, whose listed flagship is Sinopec Corp, said on its microblog on Monday.

Woody Island has a population of roughly 1,000 and Chinese travel agents started supplying five-day cruises to the Paracels, a cluster of close to 40 islets, outcrops and reefs in 2013.

The filling station and storage tank will satisfy fuel demands in Chinese-controlled islands and reefs in the South China Sea over the next handful of years, the post said.

“Nouveaux riches, go fishing in Sansha city, and bear in mind to bring your filling card,” it quipped, referring to an outpost in the South China Sea centered about Woody Island.

China took full handle of the Paracels in 1974 following a naval showdown with the South Vietnamese, and there have been incidents ever because. Taiwan also claims the Paracels.

China claims practically all of the energy-rich waters of the South China Sea, via which much more than $ 5 trillion of maritime trade passes every single year. The Philippines, Brunei, Vietnam, Malaysia and Taiwan have overlapping claims.

The United States has criticized Beijing’s building of artificial islands in the disputed Spratly archipelago, south of the Paracels, and has conducted sea and air patrols close to them.

China’s navy has in recent days carried out a lot more workout routines in the disputed waterway, the country’s defense ministry mentioned on Sunday, calling them routine drills.

(Reporting By Adam Rose Editing by Michael Perry)

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China’s Tibet party boss urges senior monk to shun Dalai Lama

BEIJING China’s Communist Party boss in Tibet has urged the Panchen Lama, the second-highest figure in Tibetan Buddhism, to reject the Himalayan region’s exiled spiritual leader, the Dalai Lama, state media mentioned on Tuesday.

Controversy surrounds the position of the Panchen Lama given that the boy the Dalai Lama named as the reincarnation of the leader disappeared when he was six years old.

The fate of the missing Panchen Lama, one of China’s most zealously guarded state secrets, is just a single region of contention among China and the Dalai Lama more than Tibet, and continues to worry numerous Tibetans.

Tibetan Buddhism holds that the soul of a senior lama is reincarnated in the body of a kid on his death.

The Dalai Lama and China’s officially atheist Communist Celebration have repeatedly tussled over who has final authority on the problem of reincarnation.

China’s Communist Celebration has extended maintained that the Dalai Lama’s selection, Gendun Choekyi Nyima, now 26, is not the genuine Panchen Lama, and in 1995, the government chosen Gyaltsen Norbu as the 11th Panchen Lama.

Chen Quanguo, the celebration secretary of Tibet, said he hoped Beijing’s Panchen Lama would “unswervingly walk with the party” and safeguard national unity, the official Tibet Everyday mentioned.

“Resolutely draw a clear line between the 14th Dalai Lama and firmly reject all subversive separatist activities,” Chen told the Panchen Lama in the Tibetan city of Shigatse throughout a meeting on Monday marking 20 years because the monk’s investiture.

“Tibetan Buddhism is at its ideal period of improvement in history and religious circles and believers enjoy complete religious freedom,” the paper quoted Beijing’s Panchen Lama as telling Chen.

Tibet’s exiled leadership in India stated Beijing’s bid to involve itself on the concern of reincarnation had no moral or legal standing.

“Beijing authorities or the atheist communist party of China have neither legitimacy nor credibility on this matter,” Lobsang Sangay, the political head of the government-in-exile, based in the northern hill town of Dharamsala, told Reuters.

The 80-year-old Dalai Lama fled to India right after a failed uprising against Chinese rule in 1959. Beijing says he is a violent separatist but the monk denies espousing violence and says he only wants genuine autonomy for Tibet.

The Chinese government sees the appointment of the next Dalai Lama as crucial to consolidating state control over Tibet, where separatist movements have flared because the 1950s.

Tibetans worry Beijing will use the problem of the Nobel peace laureate’s eventual death and succession to split Tibetan Buddhism, with one new Dalai Lama named by exiles and a single by the government.

Beijing insists it have to approve the subsequent Dalai Lama, although the title’s current holder has mentioned the function could end when he dies.

(Reporting by Michael Martina Added reporting by Abhishek Madhukar in DHARAMSALA Editing by Clarence Fernandez)

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China’s Luye agrees to get Australian hospital group for $688 mln

SYDNEY Dec 7 Luye Medical Group has agreed to get private equity-owned Australian hospital operator Healthe Care Pyt Ltd, the firms said, in the Chinese firm’s very first foray into the hospital sector.

The final cost was not disclosed but regional media had reported the deal was worth A$ 938 million ($ 688 million).

Luye Medical beat rival bids from Baring Private Equity and Bain Capital which banking sources mentioned were also in the running for Australia’s third-biggest privately owned hospital operator.

The sources declined to be named as they have been not authorised to speak about the transaction.

“I strongly think that Healthe Care will provide us with a platform upon which we can build a globe class and highly effective healthcare solutions business not only in Australia and China, but also in numerous other countries in Asia,” mentioned Luye chairman Luis Diane Bo.

The business, part of the privately owned Luye Group, was advised by Barclays.

Archer Capital had bought Healthe Care from CHAMP Private Equity in 2011 for A$ 230 million. Morgan Stanley and Luminis Partners advised Archer on the sale.

Healthe operates 17 private hospitals across five states with more than 1,800 hospital beds according to info on its website. ($ 1 = 1.3643 Australian dollars) (Reporting by Sharon Klyne of RLPC Editing by Miral Fahmy)

Business ally of China’s Bo Xilai dies in prison: media

BEIJING Xu Ming, a former company ally of disgraced Chinese politician Bo Xilai, has died in prison of illness, nearby media reported on Sunday. He was 44.

Xu Ming, founder of plastics-to-property conglomerate Dalian Shide Group, died on Dec. 4, according to the news internet sites of Tencent (0700.HK), China’s biggest social network, and Hong Kong’s Phoenix television.

Xu had heart troubles and died at a penitentiary in Wuhan in central Hubei province, the Tencent web site reported, quoting a former firm executive.

The trial of Xu, listed by Forbes as China’s eighth-richest individual in 2005, had been shrouded in secrecy. It was never made public when he was arrested, indicted and convicted. His prison term was unknown.

Xu was scheduled to be released from prison in September 2016, Phoenix tv said.

Xu’s connection with Bo became a focus a few years ago when the politician was probed for corruption.

Bo was ousted as Communist Celebration boss of the southwestern metropolis of Chongqing and from the party’s decision-generating Politburo in 2012. He was sentenced to life in prison in 2013 for corruption and abuse of energy.

For the duration of Bo’s trial in 2013, the court stated Bo was charged with getting about 21.eight million yuan ($ 3.41 million) in bribes from Xu.

During the trial of Bo’s wife, Gu Kailai, for murdering a British businessman, Gu mentioned she had asked Xu to spend for a villa in France.

Xu’s pals and relatives accompanied his coffin to his hometown in the northeastern port city of Dalian on Sunday, according to Phoenix.

Xu’s kin could not be instantly reached for comment.

($ 1 = 6.4008 Chinese yuan renminbi)

(Reporting by Meng Meng and Benjamin Kang Lim Editing by Ryan Woo)

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Soccer schools and boardroom offers: China’s play for World Cup glory

Markets | Sat Dec 5, 2015 10:09pm EST

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China’s AgBank president resigns for private reasons – Shanghai exchange

BEIJING Dec five The president of China’s third-most significant lender by assets, Agricultural Bank of China Ltd (AgBank) resigned for personal reasons, the Shanghai Stock Exchange stated in a statement on Friday.

Zhang Yun, who was each the president of the bank and the vice chairman, was taken away to assist with an investigation, Bloomberg reported in November, citing men and women familiar with the matter.

AgBank’s board authorized the bank’s current chairman Liu Shiyu to be the acting president, the exchange stated, in a separate statement on Friday.

Corruption investigations instigated by China’s President Xi Jinping have ensnared best politicans, state enterprise leaders and a cast of senior bankers, which includes AgBank’s former vice president, who was jailed for life for graft. (Reporting by Sue-Lin Wong and Huang Kai Editing by Richard Pullin)

China’s Xi pledges $60 billion for development in Africa

JOHANNESBURG China’s President Xi Jinping told African presidents on Friday at a summit that his country would offer $ 60 billion over three years to fund development on the continent.

Xi, who is co-chairing the Forum on China-Africa Cooperation exactly where a number of African heads of state had been attending, outlined a broad ten-point development strategy driven by the Asian financial giant, saying he wanted to build a relationship of equals.

“To make sure the successful implementation of these ten cooperation plans, China decides to supply a total of $ 60 billion of funding assistance,” Xi told the summit.

Despite its own slowing economy, Xi said China would step up investment in factories manufacturing goods for export in Africa, in addition to building roads, ports and railways on a continent extended noticed as a major commodities supply for China.

China would cancel existing debts with zero interest loans for least created countries that mature by end 2015, he stated.

China will strengthen its cooperation with Africa in the fight against violent extremism and would not interfere with the political options of nations in the continent, Xi said.

“China will implement ten cooperation plans with Africa in the subsequent three years,” Xi stated. “These plans (are) aimed at addressing 3 concerns holding back Africa’s improvement, namely inadequate infrastructure, lack of professional and skilled personnel and funding shortage.”

Africans broadly see China as a healthy counterbalance to Western influence though Western governments charge China of turning a blind eye to conflicts and rights abuses on the continent as they pursue trade and aid policies there.

(Reporting by Joe Brock, Stella Mapenzauswa Editing by James Macharia)

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Police chief who place away Zhou Yongkang to head probe of China’s securities sector: Bloomberg

SHANGHAI A former Beijing police chief who put away 1 of China’s prime Communist Celebration officials will head a corruption investigation into the securities sector, Bloomberg reported on Friday, citing an unidentified supply.

Fu Zhenghua, now a deputy minister for public security, previously supervised the case against former Politburo Standing Committee member Zhou Yongkang, 3 individuals familiar with the matter told Bloomberg.

The Ministry of Public Safety did not instantly respond to a request for comment.

Haitong Securities, Guosen Securities and CITIC Securities have been topic to probes by the China Securities Regulatory Commission (CSRC) for suspected violations of margin trading rules.

After China’s stock market slump in mid-June, Beijing started cracking down on insider trading and quick-selling, which it mentioned had been partly to blame for market place volatility.

(Reporting by Engen Tham Editing by Ryan Woo)

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China’s shadow banking risk shifts to booming bond industry

* Risky shadow banking borrowers moving into bond markets

* House, regional govt finance firms’ private placements up

* Leveraged bond investment goods selling briskly

* Bond leverage sharply up, yield spreads down

By Nathaniel Taplin and Engen Tham

SHANGHAI, Nov 29 A year following China’s economic regulators squared up to the systemic perils of “shadow banking”, the threat is shifting to a booming corporate bond marketplace, and risky borrowers’ debt is finding its way into merchandise aimed at retail investors.

An opaque network of trust organizations and non-bank lenders had grown their annual market place to a hefty two.9 trillion yuan ($ 450 billion) in loans before regulators stepped in, spooked by increasing defaults on wealth-management goods (WMPs) backed by such higher-interest shadow lending.

Now the high-danger borrowers who took those loans, such as unlisted genuine-estate firms struggling with a stagnant house industry and financing organizations backing shoddy neighborhood government investment, are discovering a new avenue of funding following regulators began allowing unlisted organizations to situation bonds on public exchanges.

New corporate bond issuance leaped to 914 billion yuan in the third quarter, accounting for 29 % of all new credit, up from 381 billion yuan and just eight % in the initial.

And the profile of new borrowers appears strikingly like the patrons of the shadow banking set.

Of the 57 firms posting bond listing announcements in Shanghai in October, 23 had been local-government-owned project or infrastructure investment firms.

Beijing engineered the freeing up of the bond markets as a transparent alternative funding route, and the credit crunch that followed its clampdown on shadow banking guaranteed a high take-up.

But wealth managers are now turning these bonds into leveraged high-yielding merchandise and promoting them to investors desperate for returns right after a true-estate slump and summer stock-industry crash.

Information from CN Advantage, a analysis firm tracking wealth management sales, shows that 60 % of new bank wealth-management products (WMPs) had been linked to debt and income market instruments in September, up from less than half in the very first quarter.


Demand is hot for these goods, and the higher the yield, the larger the risk, which is amplified if the fund’s assets are partly purchased on credit, or leveraged.

Colight Asset Management, a private fund offering bond-backed WMPs, raised far more than 40 million yuan in just four days in November from an eight.7 % yielding, 400 % leveraged bond-based item, according to buyer service staff member Chen Xun.

Significantly bigger companies such as Pacific Asset Management Co. and the Agricultural Bank of China also supply related high-yielding leveraged merchandise.

Investors, nonetheless, assume that items provided by huge names are reasonably secure.

“The danger of default is extremely slim,” mentioned a 45 year-old business manager in Shanghai surnamed Pan who invests in WMPs on an exchange backed by China’s second-biggest insurer, Ping An Group. “I’m sure such a massive organization as Ping An will make positive investors can get their money back.”

Inflows to bond mutual funds have also risen.

Standard of such funds is the Excellent Wall Extended Term Profit Gradated Debt Fund, whose leading 3 holdings are all sub-AAA-rated nearby government fundraising business bonds. The firm adds leverage by borrowing cheaply in the bond repurchase (repo) market, fund documents show.

“So for instance you can take two billion yuan of government debt as collateral and obtain 750 to 800 million of money, and use that to buy much more debt,” mentioned an underwriter at an international bank in Shanghai who asked not to be named.

About half the Excellent Wall fund’s 19 percent return given that late 2014 has accrued given that July, a period when repo transactions in Shanghai soared, and the spread of AA corporate debt yields more than Chinese treasuries fell 60 basis points to 4-year lows.

Analysts say the narrowing corporate threat premium combined with weakening profits is a red flag for speculative activity.

“Comparable to what happened in China’s stock market earlier this year, the rally of bonds is largely driven by liquidity situations and speculation that government will provide support when necessary,” said Zhou Hao, Senior Emerging Markets Economist at Commerzbank in Singapore.

Some industry professionals worry that these trends, enabled by regulatory reform, will create forces that regulators can not handle when industry sentiment turns, in an echo of the stock market place boom that preceded the summer season crash and a frantic series of heavy-handed interventions by Beijing.

“If, as seems likely, the government has succeeded in acquiring funding to greater danger sectors by relaxing bond approvals,” wrote Christopher Wood of brokerage CLSA in a current note, “it is all rather scary, given the regulatory failures exposed by the A share boom-bust cycle.”

(Further reporting by the Shanghai Newsroom and Samuel Shen Editing by Nachum Kaplan and Will Waterman)

China’s army to get a lot more prominent function in military reform

BEIJING China’s army will get a more prominent function beneath military reform proposals announced this week and there will also be more assist for those who shed their jobs as a outcome of the modifications, the Defense Ministry stated on Friday.

President Xi Jinping unveiled a broad-brush outline of the reforms this week, seeking additional modernization of the command structure of the world’s largest armed forces to greater allow it to win a contemporary war.

Xi is determined to modernize the military at the identical time as China becomes a lot more assertive in its territorial disputes in the East and South China Seas. China’s navy is investing in submarines and aircraft carriers, even though the air force is establishing stealth fighters.

His reforms incorporate establishing a joint operational command structure by 2020 and rejigging current military regions, as properly as cutting troop numbers by 300,000.

Spokesman Yang Yujun shed a small much more light on the reforms in a statement carried on the ministry’s site, saying an army leadership mechanism would be set up to centralize a command structure previously shared by 4 departments, like those responsible for logistics and politics.

“The army is an essential force in our military,” Yang stated. “The setting up of this army mechanism will benefit … raising management efficiency and accelerate military modernization.”

Yang mentioned the joint operational command structure was needed to guarantee the ability to win a modern war.

He gave no particulars on either move.

China has been moving rapidly to upgrade its military hardware, but operational integration of complicated and disparate systems across a regionalized command structure is a main challenge.

So-called paid for solutions are also going, meaning non-core activities such as military-run hospitals open to the public will be ditched. The military was banned from industrial activities in 1998.

Yang gave no details but stated the move would aid “clean up the military’s operate style”, a probably reference to anti-graft efforts. Xi has cracked down hard on corruption in the military.

It was not clear if the government would give more information about the reform strategy.

The troop cuts and broader reform system have currently established controversial, although, and the official People’s Liberation Army Everyday has published a series of commentaries in current weeks warning of opposition to the reforms.

China has previously faced protests from demobilized soldiers, who have complained about a lack of help obtaining new jobs or aid with economic problems.

In an apparent reference to such concerns, Yang mentioned more consideration would be paid to looking after these impacted by the military’s downsizing and “concern shown to resolve genuine troubles”.

(Reporting by Ben Blanchard Editing by Paul Tait)

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