Tag Archives: China

China to ditch US consulting firms over suspected espionage

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“State-owned Chinese companies will cease to work with US consulting companies like McKinsey and Boston Consulting Group over fears they are spying on behalf of the US government.  US consulting companies McKinsey, BCG, Bain & Company, and Strategy&, formerly Booz & Co., will all be snubbed by state-owned Chinese companies.  The dictate follows the US Justice Department’s indictment of five Chinese military officers it suspects of committing cyber crimes against a number of major US companies.  The US-China fallout came after revelations by Edward Snowden that the US uses economic cyber espionage to spy on international competitors, including China.”

http://rt.com/business/161476-us-spying-china-ban/

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First Chinese military officials charged with stealing US companies’ data

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“The US Justice Department indicted five Chinese military officers with stealing data from six US companies and unions on Monday, inaugurating a major escalation of tensions with China over economic spycraft.  Attorney general Eric Holder announced that the US for the first time would seek to bring officials of a foreign government to the US to face charges of infiltrating American computer networks to steal data beneficial to US trade competitors. The Justice Department even went as far as printing ‘wanted’ posters.  The charges come as revelations about the scale of NSA surveillance indicate that at least some US surveillance carries an economic benefit.”

http://www.theguardian.com/technology/2014/may/19/us-chinese-military-officials-cyber-espionage

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China National Nuclear to Raise $2.6 Billion in IPO

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“China National Nuclear Power Co. plans to raise up to 16.25 billion yuan ($2.6 billion) in an initial public offering to fund nuclear-power projects, as Beijing pushes nuclear energy and renewables to combat greenhouse-gas emissions and pollution.  The state-owned company, one of the country’s biggest nuclear-power operators by capacity, proposed to sell up to 3.65 billion new shares, or 25% of its enlarged capital, ahead of a listing on the Shanghai Stock Exchange, according to a draft of its IPO plan released Sunday on the China Securities Regulatory Commission website.  The proceeds from the IPO will help finance four nuclear-power projects in Fujian, Zhejiang, Hainan and Jiangsu provinces.”

http://online.wsj.com/news/articles/SB10001424052702303417104579542661246563596

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Coal to Fill China’s Nuclear Gap

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“China aims to raise its nuclear capacity to 200 gigawatts by 2030, from only 14.6 gigawatts last year. But it probably won’t reach that goal, energy consultancy Wood Mackenzie forecast —which will offer opportunities for coal mining companies to make up the power shortfall.  Technology constraints, inadequate infrastructure for uranium-fuel fabrication and disposal, public opposition to inland nuclear plants, and shortages of qualified personnel all mean a more realistic nuclear capacity in 2030 will be 175 gigawatts.  One shorter-term clean-energy target—increasing natural gas to 10% of the power mix by 2020, from about 5% last year—might be achievable.”

http://online.wsj.com/news/articles/SB10001424052702304163604579529142484282038

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China Plans Ban on Imports of Coal With High Ash, High Sulfur

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“China plans to ban imports of coal with high-ash and high-sulfur content as the nation seeks to limit the dirtiest fuels to fight pollution.  The world’s largest coal consumer will encourage imports of higher-quality supplies, according to Ren Lixin, the head of the coal division at the National Energy Administration. The NEA has drafted different versions of plans since last May. A previous draft proposed limiting imports of lignite with a heating value lower than 4,540 kilocalories per kilogram, more than 1 percent sulfur and ash higher than 25 percent. China imported a record 330 million metric tons of coal last year. Overseas purchases may fall this year as the nation tries to meet energy-saving targets.”

http://www.bloomberg.com/news/2014-04-10/china-plans-ban-on-imports-of-coal-with-high-ash-high-sulfur.html

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Marc Faber: I Will Never Sell My Gold

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“Marc Faber, managing director and founder of Marc Faber Ltd., and Ian Bremmer, president of Eurasia Group, discuss the state of the Chinese economy and the outlook for the U.S. stock market with Trish Regan on Bloomberg Television’s ‘Street Smart.'”

http://www.businessweek.com/videos/2014-05-22/marc-faber-i-will-never-sell-my-gold

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Russia And China Sign Historic $400 Billion “Holy Grail” Gas Deal

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“Russia’s Gazprom and China’s CNPC announced, that after a decade of negotiations, the two nations signed a 30 year gas contract amounting to around $400 billion. And with the west doing all it can to alienate Russia and to force it into China’s embrace, this is merely the beginning of what will be a far closer commercial (and political) relationship between China and Russia.  So far there have been no public pricing details on the deal which accrording to Gazprom CEO Aleksey Miller is a ‘commercial secret’, and which is believed to involve Russia supplying 38 billion cubic metres of gas per year to China via a new eastern pipeline linking the countries.”

http://www.zerohedge.com/news/2014-05-21/russia-and-china-finally-sign-400-billion-holy-grail-gas-deal

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China reverts to credit as property slump threatens economy

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“New housing starts fell by 15pc in April from a year earlier, with effects rippling through the steel and cement industries. Land sales fell by 20pc, eating into government income.
The Chinese central bank has ordered 15 commercial banks to boost loans to first-time buyers and ‘expedite the approval and disbursement of mortgage loans’, the latest sign that it is backing away from monetary tightening. The authorities are now in an analogous position to Western central banks following years of stimulus: reliant on an asset boom to keep growth going. Each attempt to rein in China’s $25 trillion credit bubble seems to trigger wider tremors, and soon has to be reversed.”

http://www.telegraph.co.uk/finance/china-business/10828912/China-reverts-to-credit-as-property-slump-threatens-to-drag-down-economy.html

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China responds to NSA tampering with network gear vetting process

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“The US government used security concerns to essentially drive Chinese companies out of the American networking marketplace. Now China is doing the same thing, as the Chinese government is planning to require all products sold in the country to pass a ‘cyber security vetting process,’ the state-controlled Xinhua News Agency reported.  Jiang Jun, a spokesman for the State Internet Information Office, told Xinhua that the move was to counter large-scale spying, saying that the networks of Chinese government agencies, universities, businesses and telecommunications providers have ‘suffered extensive invasion and wiretapping,’ the news service reported.”

http://arstechnica.com/information-technology/2014/05/china-responds-to-nsa-tampering-with-network-gear-with-vetting-process/

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

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“International investor and author Jim Rogers tells Daily Ticker anchor Lauren Lyster where he’s investing now.”

http://finance.yahoo.com/video/jim-rogers-buying-stocks-china-211406088.html

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