TheNewsGuru

Tag: China

  • North korea leader makes second visit to China

    North korea leader makes second visit to China

    North Korean leader Kim Jong Un paid a second visit to China to hold talks with President Xi Jinping. The meeting comes ahead of the planned summit between Kim and Donald Trump.

    North Korean leader Kim Jong Un and China’s Xi Jinping have held a two-day meeting this week in the northeastern Chinese city of Dalian, official state media from both countries reported on Tuesday.

    It marks the second meeting between the two leaders in recent weeks, following Kim’s first official visit to Beijing in March, his first since taking power in 2011.

    According to China’s official Xinhua news agency, Xi and Kim discussed bilateral issues, with the Chinese president expressing his support of a historic planned meeting between Kim and US President Donald Trump.

    Chinese state media broadcast pictures of Xi and Kim meeting outdoors and walking together along Dalian’s waterfront.

    North Korea has been very cautious over coverage of Kim’s summits, choosing to only feature them a day or two after they are over and he was returned back to Pyongyang.

    -Trump welcomes warming relations-

    Shortly after details of the meeting, Trump said that he himself would be holding talks with Xi later on Tuesday. Trump tweeted that they would discuss trade, an area where “good things are happening,” as well as North Korea, “where relationships and trust are building.”

    Trump scheduled summit with Kim is expected to take place late May or early June, according to the White House, although the date and time have yet to be announced.

    -North Korea’s denuclearization pledge-

    A series of fast developments has seen North Korea go from belligerent nuclear power, to pledging to shut down its nuclear weapons facilities.

    China is North Korea’s only major ally, but relations between the two sides plummeted earlier this year as Pyongyang continued to conduct a series of nuclear missile tests. In response, Beijing enforced United Nations economic sanctions that crippled large parts of the North Korean economy.

    Kim has since taken his country in a historic new direction by pledging to rebuild relations with the North’s regional neighbors, including South Korea.

    Xinhua reports Kim was quoted as telling Xi he hoped that all parties involved in the denuclearization efforts would take “phased” and “synchronized” measures to ensure lasting peace on the Korean peninsula.

    “So long as relevant parties eliminate hostile policies and security threats toward North Korea, North Korea has no need for nuclear (capacity), and denuclearization can be realized,” Chinese media cited Kim as saying.

    Last month saw the leaders of North and South Korea hold a historic summit their shared border, where they vowed to negotiate a peace treaty to replace the shaky truce agreement that has left the peninsula divided since the Korean War.

     

  • China, Nigeria ink currency swap deal

    China, Nigeria ink currency swap deal

    China’s central bank said Thursday that it has inked a currency swap agreement with its counterpart in Nigeria.

    The agreement will allow the two sides to swap a total of 15 billion Chinese yuan (2.35 billion dollars) for 720 billion Nigerian naira, or vice versa, in the next three years, the People’s Bank of China (PBOC) said on its website.

    The move is aimed at facilitating bilateral trade and investment and promoting the financial stability of both sides, the PBOC said. The deal can be extended by mutual consent.

    A currency swap deal allows two institutions to exchange payments in one currency for equivalent amounts in the other to facilitate bilateral trade settlements and provide liquidity support to financial markets.

    In 2014, the CBN’s deputy governor, Kingsley Moghalu, said the bank was looking to increase the percentage of Yuan foreign reserves in its possession from two per cent to seven per cent.

    According to him, 85 per cent of its foreign reserves were in dollars and it needed to have more in Chinese Yuan, as the country was taking a more important place in global trade.

    “It was clear to us that the future of international economics and trade will shift in large part to business with and by China. Ultimately the renminbi (Yuan) is likely to become a global convertible currency,” Moghalu said.

    Since 2014, the world market has recognised the Yuan as a likely global reserve currency, a replacement for the dollar, which has led countries like Ghana, South Africa and Zimbabwe to integrate the renminbi (Yuan) into their financial markets.

    As a result of this, trade (however imbalanced) has increased between certain countries on the continent and China, as well as providing a fertile ground for demand for the currency on the continent.

     

  • China to roll out new negative lists for foreign investors

    China is making new negative lists to expand market access for foreign investors, the country’s top economic planner, the National Development and Reform Commission (NDRC), said on Tuesday.

    According to NDRC, there will be two new negative lists, one that applies to the free trade zones and another for the rest of the country.

    “The list for the FTZs includes bolder opening-up policies,’’ the NDRC said.

    China started to pilot a negative list approach in the Shanghai FTZ in 2013.

    All sectors are open to foreign investors except for those outlined in the negative list.

    In addition to the financial and automobile sectors, a string of opening-up policies will cover industries including energy, resources, infrastructure, transportation, logistics and professional services.

    According to the NDRC, the new negative lists will be rolled out in the first half of this year and cover opening-up measures effective in 2018 and the next few years.

  • US places trade embargo on Chinese telecom equipment maker

    The US Department of Commerce is placing trade embargo on Chinese telecom equipment maker, ZTE for seven years for violating terms of sanctions violation case.

    US officials made this known on Monday banning American companies from selling components to the Chinese telecom equipment maker.

    TheNewsGuru reports the Chinese company pleaded guilty last year in federal court in Texas for conspiring to violate US sanctions by illegally shipping US goods and technology to Iran.

    It paid $890 million in fines and penalties, with an additional penalty of $300 million that could be imposed.

    As part of the agreement, Shenzhen-based ZTE Corp promised to dismiss four senior employees and discipline 35 others by either reducing their bonuses or reprimanding them, senior Commerce Department officials told Reuters.

    But the Chinese company admitted in March that while it had fired the four senior employees, it had not disciplined or reduced bonuses to the 35 others.

    Chinese telecoms equipment group ZTE Corp hit back in February against concerns from US lawmakers that it is a vehicle for Chinese espionage, saying it was a trusted partner of its US customers.

    China is trying to gain access to sensitive US technologies and intellectual properties through telecommunications companies, academia and joint business ventures, US senators and spy chiefs had warned.

    Republican Senator Richard Burr, chairman of the Senate Intelligence Committee, said he was concerned about the ties to the Chinese government of Chinese telecoms companies like Huawei Technologies Co and ZTE.

     

  • Nigeria seals N720bn currency swap deal with China

    Nigeria seals N720bn currency swap deal with China

    The Central Bank of Nigeria (CBN) and Peoples Bank of China (PBoC) have begun the execution of a $2.5 billion (Renminbi 16 billion) bilateral currency swap agreement entered into over two years ago.

    CBN Governor Godwin Emefiele led some CBN officials to the signing ceremony in Beijing, China. His PBoC counterpart Yi Gang headed the Chinese team. The pact was the result of over two years negotiations between both banks.

    The transaction is aimed at providing adequate local currency liquidity for Nigerian and Chinese industrialists and other businesses in order to reduce their difficulties in the search for a third currency.

    In a statement, CBN Acting Director, Corporate Communications Isaac Okorafor explained that Chinese businesses would get naira liquidity and Nigerian businesses, RMB liquidity under the agreement.

    This, he said, would improve the speed, convenience and volume of transactions between both countries. It will also assist both countries in their foreign exchange reserves management, enhance financial stability and promote broader economic cooperation between them.

    It will also be easier for Nigerian manufacturers, especially small and medium enterprises (SMEs) and cottage industries to import raw materials, spare-parts and machines. To facilitate their imports, they can get RMB facility from Nigerian banks without being exposed to the difficulties of seeking other scarce foreign currencies.

    The deal, which is purely an exchange of currencies, will also make it easier for Chinese manufacturers seeking to buy raw materials from Nigeria to obtain naira from Chinese banks to pay for their imports.

    The pact will protect Nigerian businesses from the harsh effects of third currency fluctuations.

    Nigeria is the third African country to have this kind of agreement with the PBoC. Nigerian and Chinese officials expressed delight at the signing of the agreement and expressed hope that it would boost mutually beneficial business transactions between their countries.

    The agreement will allow both sides to swap a total of 15 billion Chinese yuan ($2.35 billion) for N720 billion, or vice versa, in the next three years, PBoC said on its website.

    The move is aimed at facilitating bilateral trade and investment and promoting the financial stability of both countries, the PBoC said. The deal can be extended by mutual consent.

    A currency swap deal allows two institutions to exchange payments in one currency for equivalent amounts in order to facilitate bilateral trade settlements and provide liquidity support to financial markets.

    In 2014, then CBN deputy governor, Kingsley Moghalu, said the bank was looking into increasing the percentage of Yuan foreign reserves in its possession from two to seven per cent.

    According to him, 85 per cent of the CBN’s foreign reserves were in dollars and it needed to have more in Chinese Yuan, as the country was taking a more important place in global trade.

    “It was clear to us that the future of international economics and trade will shift in large part to business with and by China. Ultimately the renminbi (Yuan) is likely to become a global convertible currency,” Moghalu said.

    Since 2014, the world market has recognised the Yuan as a likely global reserve currency, a replacement for the dollar, which has led countries like Ghana, South Africa and Zimbabwe to integrate the renminbi (Yuan) into their financial markets.

    Consequently, trade (however imbalanced) has increased between certain countries on the continent and China.

  • Do you think Gov. Okowa has achieved his investment priorities for Delta?

    Do you think Gov. Okowa has achieved his investment priorities for Delta?

    At the first Nigeria-China Governors Business Forum (NCGBF) held in Guangzhou, China between April 13th and 14th 2017, Delta State Governor Ifeanyi Okowa presented four investment priorities for the State.

    The four investment priorities presented by Governor Okowa at the business forum are hinged upon agro-industrial parks initiative, smart city development, airport development, and gas-based industrial park.

    The Governor, who said the vision is to make the state a pacesetter in the Nigerian federation, said his administration will leverage on the comparative advantage of the state, promising prosperity for all Deltans based on his SMART, 5-point agenda.

    The comparative advantage, of which, are: the State as a leading producer of oil and gas; the nonoperational 4 seaports, rich vegetation and fertile soil suitable for agriculture; strategic location of the State, and the young, educated and active population.

    Based on the SMART agenda, Okowa promised strategic wealth creation and jobs for all Deltans; meaningful peacebuilding platforms aimed at political and social harmony; agricultural reforms and accelerated industrialization; relevant health and education policies, and transformed environment through urban renewal.

    Three years into the Okowa’s administration, and approaching the election year 2019, it becomes sacrosanct to ask the imperative question: Has Governor Okowa achieved his investment priorities for Delta state?

    The Governor also promised establishment of Delta Micro, Small and Medium Enterprises Development Agency and Job Creation Office. These have resulted in the offspring of programmes such as the YAGEP, STEP, PPSP, GEEP and the tractorization microcredit scheme.

    So far, the State government has spent billions of Naira on these offshoot programmes. However, it is yet to be known whether the resultant SMEs are sustainable or they will go the way other empowerment programmes of past administrations have gone.

    Governor Okowa also promised diversification of the State’s economy through cassava, rice, tomato, oil palm and aqua-culture agro-businesses. He said the development of road, energy, housing, and water infrastructures would be a priority, and that the State will rely heavily on private sector partnership hinged upon foreign direct investment (FDI) and local investors.

    One of Okowa’s private sector partnership projects is the Asaba multi-million Naira mechanic village. So far Governor Okowa has spent billions on the Asaba multi-million Naira mechanic village.

    At a quarterly media interaction held in Asaba on the 21st March 2018, Okowa said, to curtail the perennial flooding in the State’s Capital alone, the State will spend a whopping sum of N11 billion. He said his administration was committed to fulfilling his campaign promises, including ending the ordeal Asaba residents have to encounter during the rainy season due to flooding.

    The governor disclosed that N720 million was spent in conducting the January 6 Local Government election in the state, including the runoff in some parts of the 25 council areas. He also said that government had set aside N2 billion for the Ministry of Basic and Primary Education to renovate and furnish over 1,600 public primary schools across the state.

    He said the state government was supporting some local governments to build rural markets to grow commerce. The Governor added that it had completed the Oghara Market and approved the building of Ozoro and Burutu Markets.

    On security, he said that government had inaugurated various peace-building committees which had ensured the sustainability of existing peace in the state. The state government also approved an undisclosed amount for the completion of the Stephen Keshi Stadium, Asaba. The Asaba International Airport project has gulped a total of N27.2 billion after 10 years of work on the project. The runway and taxiway alone cost N3 billion.

    All these, others not captured here, the Governor has done with the view to realizing his investment priorities for Delta state. While most of the projects are concentrated in the Capital, a handful of others are scattered across the State.

    Aside from empowerment through the YAGEP, STEP, PPSP, GEEP schemes and political appointments, the State has not provided key employment opportunities for Deltans under the Okowa administration; not even resurrect the scam recruitment exercise of former Governor Emmanuel Uduaghan. Even, EduMarshals lost their jobs.

    ICT hubs; factories; ports; stable electricity; proper waste/environment management system; proper drainage system to avoid flooding and erosions across the State; clean pipe bore water, good schools, good hospitals, not photoshopped ones, etc; are still far from achieved in Delta state.

    If Delta state must achieve the status of a smart city as captured in the Governor Okowa’s Delta state investment priorities paper, then he must push for robust telecoms infrastructure just as the way his counterpart in Edo state is doing. A state cannot be said to be smart when there is no broadband penetration.

    It is worthy to note that no government in Delta state, not even the Okowa’s, has dared ventured into projects akin to what is obtainable in states like Lagos state, given comparative allocations the State has accrued in the past three years.

    While Governor Okowa has done novel in certain areas, there are key areas his administration is yet to meet up so far, and only Deltans can actually judge if Governor Okowa has done novel.

    So, we ask, has Gov. Okowa achieved Delta state investment priorities?

    Leave your comment below.

     

  • Former England manager Fabio Capello leaves Chinese club Jiangsu Suning

    Former England manager Fabio Capello has left his role with Chinese club Jiangsu Suning by mutual agreement, according to Sky in Italy.

    Capello had been in charge of the Chinese Super League side since June 2017, and will be replaced by Romanian Cosmin Olaroiu who has agreed a three-year contract.

    The Italian leaves Jiangsu Suning following a poor start to the season with club languishing 12th in the league after picking up just three points in their first three games.

    The recent 4-1 loss to Chongqing Dangdai prompted owner Lifan Zhang Jindong, who also has a major stake with Inter Milan, to take action and replace Capello with Olaroiut.Capello’s departure from management in China could put the former England boss in line for a return to international football with Italy, who are currently looking for a replacement for Gian Piero Ventura.

    Other names linked with the Italy job are Zenit St Petersburg coach Roberto Mancini, Chelsea boss Antonio Conte, former Leicester coach Claudio Ranieri, now in charge of French club Nantes, and Carlo Ancelotti, who is available after being sacked by Bayern Munich.

    Sky Sports

  • WeChat officially crosses one billion monthly active users

    WeChat officially crosses one billion monthly active users

    Chief Executive Offer (CEO) Pony Ma of Tencent, parent company of WeChat on Monday has said accounts on the all-in-one WeChat app have crossed the one billion mark.

    Pony Ma revealed the figure on the sidelines of China’s parliamentary session underway in Beijing enthusing “WeChat’s worldwide monthly active users have surpassed the critical one billion mark”.

    The all-in-one app is a daily necessity for most users, bringing together messaging, social media, mobile payment, games, news and other services.

    “In the future we hope to use technological innovation to push forward the next developmental step of reform and opening,” Ma said.

    Although Ma said WeChat’s monthly active users had crossed the one billion thresholds, a company spokesman told AFP he was referring to its total number of accounts.

    Still, the one billion figure indicates the huge user base which Tencent has built up both inside and outside China for its all-in-one app.

    It compares with 2.1 billion monthly active users on Facebook and 1.5 billion on its messaging app WhatsApp.

    The popularity of WeChat, and profits from its addictive mobile games, have pushed Tencent’s earnings and share price sharply upwards.

    The company surpassed Facebook in market value last year and the 47-year-old Ma has rocketed to near the apex of China’s rich list.

     

  • Chinese FM calls for international cooperation instead of “muscle show”

    Chinese FM calls for international cooperation instead of “muscle show”

    Countries all around the world should boost cooperation in the face of common threats instead of engaging in a show of force, Chinese Foreign Minister Wang Yi said Friday.

    “In 2018, we look forward to a world of more cooperation and less friction. In this age of globalization, the world is in fact a global village.

    “Instead of showing off power by flexing muscles, countries should embrace cooperation to face common challenges and make the pie of shared interests larger,” Wang said in his op-ed article in the China Daily newspaper.

    The minister said China will expand the global network of partnerships and build a framework for stable relations between major powers to ensure balanced development.

    The Chinese minister also urged other countries to trust each other.

    “To navigate the complicated international landscape, countries need to have more mutual trust and less suspicion.

    “Efforts must be made to find political solutions to long-running hotspots and thorny issues and bring about outcomes that are in the interest of all parties,” Wang noted.

    The minister added that China, as a partner that all parties can count on, will continue to treat all countries equally, regardless of their size, strength and well-being, and will advocate for dialogue and consultations as the only approach to resolving disputes and contradictions.

     

  • No employment opportunities in China for Nigerians – Envoy

    Mr Wale Oloko, the Consul-General of the Federal Republic of Nigeria in Guangzhou, China, on Monday admonished young Nigerians aspiring to travel to China for employment purposes to look elsewhere.

    Oloko told the News Agency of Nigeria (NAN) in Lagos that it had been and would continue to be difficult for unskilled Nigerians to secure even menial jobs in China.

    The consul-general, however, said that it was only “exceptionally skilled’’ Nigerians in artificial intelligence, Information Technology and other areas that could be considered for employment in China.

    “Nigerians wanting to travel to travel to China for employment must appreciate the fact that China currently has a population of about 1.4 billion people.

    “And the Chinese government has to first be able to provide employment for the Chinese.

    “And besides that, there is the language barrier for Nigerians wanting to get employment in China to contend with.

    “Let me, therefore, say that there are not many employment opportunities for Nigerians or other foreigners who want to travel to any part of China to do menial jobs,’’ he said.

    The consul-general said that it was only those Nigerians who were ‘’exceptionally good’’ in some areas yet to be explored by the Chinese that were likely to be offered employment in China.

    Oloko, who was visiting Nigeria so as to strengthen China and Nigeria relations, said that China was currently favourable to Nigerians who would be visiting for studies, tourism and business purposes.

    He said that the over 70, 000 Nigerians that travelled to the Guangdong Province in 2016, had visited the Chinese province for business, tourism, education and healthcare issues.

    The bilateral relations between the Federal Republic of Nigeria and the People’s Republic of China have expanded on growing bilateral trade and strategic cooperation.

    China is considered one of Nigeria’s closest allies and partners.

    China is also one of Nigeria’s important trading and export partners, with trade relations hitting the 2.7 billion dollar mark in 2017.