Xi Jinping is to take the reins of China’s all-powerful Communist Party in a leadership transition that will put him in charge of the world’s number-two economy for the next decade. Xi, the current vice president and successor to President Hu Jintao, assumes power at an uncertain time with the party facing urgent calls to clean its ranks of corruption and overhaul …
Read More »China
Xi Jinping in firm control of China – will tackle corruption
New Chinese leader Xi Jinping has acknowledged the Communist party faces problems including “corruption, taking bribes, being out of touch with the people.” Xi today secured the Communist Party’s top spot as general secretary and consolidated his power base by also being appointed head of the commission that oversees the military (PLA). Xi’s elevation to the two top Chinese roles …
Read More »CIC, Dairy Giant Fonterra in Fund Investment Talks – WSJ
China Investment Corp – is in talks with New Zealand dairy giant Fonterra Co-Operative Group about investing in its shareholder fund – according to the Wall St Journal. The WSJ reported today that CIC, which manages a chunk of China’s massive foreign-exchange reserves, is considering investing in the Fonterra non-voting units later this month with its initial investment expected to …
Read More »Eye on China’s next military leader
China’s vice president, Xi Jinping, is widely expected to take over from President Hu Jintao at the Communist Party congress under way in Beijing. The gathering ushers in a once-in-a-decade leadership change in the country. However, whether Hu will stay on as China’s military leader is still unclear. Al Jazeera’s Mike Hanna reports from Beijing.
Read More »RMB maturing as cross-border usage broadens – HSBC
An HSBC survey has revealed widespread confidence in the future of RMB as a major global trade and investment currency amongst mainland Chinese corporates. The vast majority (77%) of Chinese corporates surveyed expect one-third of all Chinese trade (US$2 trillion) to be conducted in RMB by 2015 (versus 10% in the year to date and 30% plan to use RMB for investment-related …
Read More »Rakon shifts more work to China – Labour gets hyperbolic
On the day Fisher and Paykel was sold overseas Rakon outsourced high-paying jobs to Asia, marking a dark day for Kiwi high-tech manufacturing, says Labour’s Economic Development spokesperson David Cunliffe. “Today New Zealand technology manufacturing lost an icon and 60 good jobs overseas. It’s a dark day for high-tech manufacturing and exports in New Zealand. “New Zealand has lost an …
Read More »John Key’s China Anniversary Party delayed
John Key will take the political temperature of the administration in 2013. Prime Minister John Key will now have to wait until 2013 to take the political temperature of the new Chinese Administration. The Key Government this week finally postponed plans to celebrate the 40th anniversary of diplomatic relations between New Zealand and China until next year. This is no …
Read More »Haier takeover in the bag – proceeds to mopup outstanding F&P shares
Haier has got over the 90 per cent threshold to take full control of Fisher & Paykel Appliances. It will now compulsorily acquire remaining shares and delist the company. Haier New Zealand Investment’s offer for all the shares in Fisher & Payel Appliances went unconditional last week. NZ Inc earlier reported Haier received the Overseas Investment Office ‘s consent to proceed with …
Read More »NDRC approves Haier takeover for Fisher & Paykel Appliances
Haier New Zealand Investment Company Ltd (Haier) has received necessary approvals from China’s National Development and Reform Commission (NDRC) to proceed with its offer to acquire all the shares in Fisher & Paykel Appliances Holdings Ltd. The offer remains subject to other regulatory approvals, including from the New Zealand Overseas Investment Office. About Haier Group Haier Group is a global …
Read More »A2 Corporation appoints Chinese SOE as its mainland distributor
China’s $US6 billion a year nutritional powders market will have a new competitor next year with the launch a2 branded ‘natural milk’ powders. To further its entry into the Chinese market which is growing around 12 per cent a year, A2 Corporation has appointed China State Farms (Shanghai) as its distributor. The powders will be produced in New Zealand by …
Read More »