Skip to main content

Posts

Showing posts from October 14, 2018

Japanese Shipbuilder Mitsui E&S Gains China Foothold

BY MAREX 2018-10-14 01:27:03China's Yangzijiang Shipbuilding has entered into a shipbuilding joint venture with Japan's Mitsui E&S Shipbuilding and and Mitsui & Co.The new company will aim to build a globally competitive shipbuilding business by combining Yangzijiang's high production capacity, Mitsui & Co.'s sales capabilities and Mitsui E&S' advanced technology. The new venture will be located in Jiangsu, China, and is expected to commence operation in April 2019. The joint venture will launch with $99 million in capital. Yangzijiang will hold a 51 percent stake and the rest will be divided between Mitsui E&S and trading house Mitsui & Co. The move is a long-sought overseas foothold for Mitsui E&S, reports the Nikkei Asian Review, noting that competitor Kawasiki Heavy Industries has already formed a Chinese joint venture with positive results. Mitsui E&S also entered into a joint venture with Tsunesishi Shipbuilding in May. Tsuneis…

US pushes closer ties to Vietnam

WASHINGTON (AP) — By making a rare second trip this year to Vietnam, Defense Secretary Jim Mattis is signaling how intensively the Trump administration is trying to counter China's military assertiveness by cozying up to smaller nations in the region that share American wariness about Chinese intentions.The visit beginning Tuesday also shows how far U.S.-Vietnamese relations have advanced since the tumultuous years of the Vietnam War.Mattis, a retired general who entered the Marine Corps during Vietnam but did not serve there, visited Hanoi in January. By coincidence, that stop came just days before the 50th anniversary of the Tet Offensive in 1968. Tet was a turning point when North Vietnamese fighters attacked an array of key objectives in the South, surprising Washington and feeding anti-war sentiment even though the North's offensive turned out to be a tactical military failure.Three months after the Mattis visit, an U.S. Navy aircraft carrier, the USS Carl Vinson, made a …

Trap of the Century?~I

Govind Bhattacharjee | October 14, 2018 12:24 amThe Belt and Road initiative (BRI) ~ “project of the century” as proclaimed by the President Xi Jinping and “the path of Xi Jinping”, as decreed by the State-controlled Chinese media, was first proposed in 2013. But its complete blueprint was released only in 2015 and it was integrated into the government’s 13th Five-Year Plan. By mid-2016, 57 countries had become active participants in the BRI, and 30 had formally signed the BRI cooperation contracts. With China claiming to have established 75 overseas economic cooperation zones in 35 BRI countries, and the China Development Bank “tracking” more than 900 projects worth $ 900 billion in 60 countries, China’s National Development and Reform Commission (NDRC) defined the BRI as a “systematic project” that “aims to promote the connectivity of Asian, European, and African continents and their adjacent seas” through “all-dimensional, multi-tiered and composite connectivity networks” to realis…

China nudges Japan on joining up in ‘Belt and Road’ initiative at 14th Annual Tokyo-Beijing Forum

BY REIJI YOSHIDASTAFF WRITEROCT 14, 2018
Senior government officials from Japan and China met at a two-day symposium that kicked off Sunday in Tokyo, in yet another sign of an apparent thaw in relations between the two Asian powerhouses.During the 14th Annual Tokyo-Beijing Forum at a hotel in the capital, Wei Jianguo, vice chairman at the China Center for International Economic Exchanges, revealed that about 1,000 people will attend a signing ceremony for more than 60 joint projects involving Japanese and Chinese firms when Prime Minister Shinzo Abe visits Beijing later this month.Those projects are all designed to jointly develop “third-country” markets in countries outside of China and Japan.The joint projects include the construction of a petroleum refinement plant in Kazakhstan and a solar power generation facility in the United Arab Emirates, which will be one of the world’s largest, Wei said through a Japanese translator.During the symposium, Chinese officials repeatedly urged Ja…

CPEC investment to help Saudi Arabia cut dependence on oil

By APPPublished: October 14, 2018

PHOTO: ReutersBEIJING: There have been solid indications that Saudi Arabia is interested in investing in the port city of Gwadar and other projects under the China-Pakistan Economic Corridor (CPEC).It is quite beneficial for Saudi Arabia to participate in the mega-project as it helps link its economy with China’s and facilitates the successful implementation of Crown Prince Mohammad bin Salman’s Vision 2030, according to an article published by China.org.cn the other day.As part of a holistic plan, one of its main objectives is to increase diversity in the Saudi economy, providing jobs for the kingdom’s young population and modernising the country.Launching power plants and energy projects in Gwadar could help diversify the Saudi economy and reduce its dependence on oil. In addition, Saudi Arabia can benefit from the global trade traffic at the port and widen its business opportunities.In the meantime, the United Arab Emirates has also been helping in …

Pakistan ready to share details of CPEC debts with IMF for bailout package: FM Umar

By PTI | Oct 14, 2018, 03.53 PM IST
Umar acknowledged that the IMF programme would impact the lower and middle-income groups in Pakistan.Pakistan is ready to share details of the debt related to the China-Pakistan Economic Corridor (CPEC) with the IMF, Finance Minister Asad Umar has said while rejecting the US' view that China-funded projects were to blame for the cash-strapped country's current economic woes.Speaking to the media here on his return from Indonesia where he requested International Monetary Fund's Managing Director Christine Lagarde for a bailout package for Pakistan, Umar said the decision to approach the global lender was taken after consultations with friendly countries.The IMF team, Umar said, was scheduled to arrive in Pakistan on November 7 to negotiate the programme, likely to span over a three-year period. He said Pakistan's current year debt repayments were about USD 9 billion but obviously it would not entirely be available from the IMF.ADVERTIS…

EU’s rival infrastructure fund could lead to better deals for Asia but China's belt and road still leads the way

The European Union is set to join the US, Japan and Asean in competing with China’s Belt and Road InitiativeKeegan ElmerUPDATED : Saturday, 13 Oct 2018, 11:39PM 42The European Union is poised to become a stronger player in Asia with the unveiling next week of its alternative to China’s belt and road investment strategy.The Euro-Asian connectivity strategy is expected to be agreed by the member states on Monday and formally unveiled at Thursday’s Asia-Europe Meeting in Brussels.In addition to the strategy, the EU is also working on plans to boost investment in India and Central Asia.Observers said the moves would increase competition for badly needed infrastructure and investment across Asia.The EU says it intends to engage with other strategies, including the Belt and Road Initiative, the Free and Open Indo-Pacific strategies of Japan and the US, as well as Asean’s Connectivity 2025.EU’s bold move to rival China’s belt and road in AsiaAsia needs more than US$1.7 trillion in infrastruc…