Tag Archives: China

Russia launches China UnionPay credit card

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“Forget Visa and MasterCard. After the two American credit system payment companies froze accounts without notice in March, Russia has been looking for an alternative in China UnionPay.  China UnionPay plans to have 2 million cards in Russia in the next three years.  Instead of seeing the small Visa and MasterCard logo on credits cards, ATMs, and retail outlets, Russians will start to see the three words ‘China. Union. Pay.’  China UnionPay first emerged in 2002 on the domestic Chinese market as an alternative to Visa and MasterCard, but quickly expanded internationally, and now is already number one in terms of quantity of cards in the world.”

http://rt.com/business/180696-china-russia-union-pay/

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‘How China’s official bank card is used to smuggle money’

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“Growing numbers of Chinese are using the country’s state-backed bankcards to illegally spirit billions of dollars abroad, a Reuters examination has found.  This underground money is flowing across the border into the gambling hub of Macau, a former Portuguese colony that like Hong Kong is an autonomous region of China. And the conduit for the cash is the Chinese government-supported payment card network, China UnionPay.  Hundreds of neon-lit jewellery, watch and pawn shops are doing a brisk business giving mainland Chinese customers cash by allowing them to use UnionPay cards to make fake purchases – a way of evading China’s strict currency-export controls.”

http://www.reuters.com/article/2014/03/12/us-china-unionpay-special-report-idUSBREA2B00820140312

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The World’s Next Oil Shipping Corridor: The Arctic Ocean

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“The so-called Northern Sea route connecting Europe to Asia via the northern coast of Russia has its advantages.  It’s a shorter and quicker route, and thus more energy efficient. And it avoids many of the geopolitical flash points that make shipping risky–instead of the Strait of Malacca, the Horn of Africa and Egypt’s Suez region, boats can hug the coat of Russia for a chilly but uneventful ride.  The route has been a viable shipping lane only in recent years, thanks to thinning Arctic ice cover. As the WSJ reported in mid-2013, energy companies have been keen to try out the prospect of a faster link between Russia’s giant oil and gas fields and the ports of China and Japan.”

http://blogs.wsj.com/corporate-intelligence/2014/07/09/the-worlds-next-oil-shipping-corridor-the-arctic-ocean/

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China-Russia gas deal creates Arctic winners and losers

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“China’s deal with Russia could put downward pressure on LNG prices in East Asia, where they are generally the highest in the world. Unlike oil, which is sold on a global market, the market for LNG is regional. The deal between Gazprom and CNPC is rumored to be between $10 to $10.50 per million Btu, which is almost 25% cheaper than the current $13 spot price in Asia. As Reuters suggests, the relative bargain that China won from Gazprom means that other countries like Japan and South Korea might not have to pay as high prices. This could spell bad news for Canada and the U.S., which are eager to capitalize on high Asian gas prices by exporting their surplus gas.”

http://cryopolitics.com/2014/06/25/china-russia-gas-deal-creates-arctic-winners-and-losers/

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Venezuela Seeks Buyer for Citgo Petroleum Refinery Unit

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“Petroleos de Venezuela SA is seeking a buyer for Citgo Petroleum Corp., its U.S. refining and marketing company, in a deal that may be worth as much as $15 billion.  The government of President Nicolas Maduro probably is looking to sell offshore refineries to boost hydrocarbons exports to China, raise cash and reduce the risk of having assets seized as part of PDVSA lawsuits abroad, GlobalSource Partners’ Ruth de Krivoy and Tamara Herrera said today in an e-mailed report to clients.  The sale of U.S. assets ‘would put PDVSA in a better position to negotiate settlements should adverse decisions be handed down in pending international arbitration cases,’ they wrote.”

http://www.bloomberg.com/news/2014-07-31/venezuela-seeks-buyer-for-citgo-petroleum-refinery-unit.html

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Thailand’s ruling junta approves China rail links worth $23bn

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“Thailand‘s ruling junta has approved a $23 billion (£13.6bn) transport project that will see two high-speed railways link up directly with China by 2021, in a move seen as a further consolidation of Chinese power in the region.  The National Council for Peace and Order (NCPO), headed by Gen Prayuth Chan-ocha – who took control of Thailand in a bloodless military coup in May – unveiled plans this week connecting the northern border town of Nong Khai with Map Ta Phut, located south-east of Bangkok. Chaing Khong, just south of the Laos capital Vientiane, will also be connected to Ban Phachi, in the central Ayutthaya regions.”

http://www.theguardian.com/world/2014/aug/01/thailand-junta-approve-china-rail-link-23bn

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Jim Rogers: I am still in wait-and-watch mode on India

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“The one thing that would make me probably invest in India is if the currency is made convertible and makes it legal and easy for foreigners to invest there. Right now, it is very difficult to invest in India because the currency is not convertible and because it is illegal for foreigners easily to invest there. This is absurd. If India claims where it wants to be – that it is a great economic power, which it could be some day – issues related to currency convertibility, high inflation, debt, ease of investing have to be addressed. You also need to cut bureaucracy. India has the worst bureaucracy in the world and I haven’t seen anything quite like it. If these things change, India could be a very exciting place for me.”

http://www.business-standard.com/article/markets/q-a-jim-rogers-chairman-of-rogers-holdings-and-author-of-street-smarts-114073000476_1.html

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Jim Rogers: Russian/Chinese/Brazil currency can battle dollar dominance

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“The presidents of Russia and Brazil have met ahead of the BRICS Summit. Vladimir Putin and Dewma WHO-sseff were present as some of the two countries’ largest corporations signed agreements to deepen the economic ties between the two.  Corporate investor Jim Rogers tells RT that the BRICS members are capable of challenging the United States’ financial dominance.”

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Jim Rogers: Forget U.S. markets, I’m buying Chinese and Russian stocks

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“Rogers says he is buying shares in China for the first time since 2008 given authorities’ desire to open the economy more, ‘especially in finance.’  He says he’s not buying much in China though, because of the country’s ‘big debt problem’ — his concerns stem from China’s shadow banking system, specifically.  When it comes to the main stock index  in Russia falling 10% in March and the ruble losing 9% against the dollar in the first three months of the year, Rogers says he bought more Russian stocks during the turmoil in Crimea and is interested in buying more.  Why?  You’re ‘supposed to buy when there is blood in the streets,’ he tells us. ‘In Rusia, figuratively there is blood in the streets.'”

http://finance.yahoo.com/blogs/daily-ticker/jim-rogers–i-m-buying-chinese-and-russians-stocks-112227696.html

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Jim Rogers: China to be most important country in 21st century

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“Sanction threats against Russia sent shock waves of panic across the world of investment. There’s still those who still believe in the prospects of the Russian economy, despite the political turmoil. So, what are these prospects? How are sanctions affecting the financial balance of power? And, finally, what does Moscow’s turn to Beijing mean for the future of the global economy? We ask these questions to a renowned investor and businessman – Jim Rogers.”

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