Posts tagged ‘New York City’

03/02/2016

China’s new wind power capacity hits record high – Xinhua | English.news.cn

China‘s newly installed wind power capacity reached a record high in 2015 amid increasing efforts from the government to boost clean energy.

The new wind power capacity jumped to 32.97 gigawatts last year, more than 60 percent higher than 2014, the National Energy Administration (NEA) said on Tuesday.

Wind power generated 186.3 terawatt hour of electricity in 2015, or 3.3 percent of the country’s total electric energy production, data showed.  (Editor’s note: worldwide average is 4% – https://en.wikipedia.org/wiki/Wind_power)

Promoting non-fossil energy including wind power, China is in the middle of an energy revolution to power its economy in a cleaner and sustainable manner. The government aims to lift the proportion of non-fossil fuels in energy consumption to 20 percent by 2030 from present around 11 percent.

China’s energy mix is currently dominated by coal.

However, the NEA warned of the suspension of wind farms in Inner Mongolia, Xinjiang and Jilin. The phenomenon occurs in the early stage of wind power capacity construction due to the mismatching of new installation and local power grid.

Source: China’s new wind power capacity hits record high – Xinhua | English.news.cn

06/11/2015

India’s Consumers Are World’s Most Confident – India Real Time – WSJ

India might be facing a slow recovery, but consumers aren’t deterred, putting the country at the top of a confidence survey of major economies.

India came first for consumer confidence among 61 countries in the July-September period in the online survey conducted by New York-based research firm The Nielsen Company.

The country’s positive reading, which measures perceptions of local job prospects, personal finances and spending intentions, comes at a time when confidence declined in eight of the 14 countries in the Asia-Pacific region.

“Indian consumers continue to declare a resilient outlook in the face of uncertainty in the broader economy,” said Roosevelt D’Souza, senior vice president, Nielsen India Region.

Despite weak economic indicators, a poor monsoon and volatility in the job market, Indians’ belief in the fundamental prospects of the country’s economic future appear unshaken and the proportion of consumers who see brighter days ahead are growing, Mr. D’Souza said.

The Indian central bank’s softer interest rate regime and lower inflation are also likely to brighten the prospects of further improvement in consumer confidence, the survey shows.

This might be good news for the economy and consumer goods companies, who reported slow growth in their revenues for the past few quarters because of lower purchases by rural consumers.

China, India’s bigger neighbor and the world’s second-largest economy, ranked ninth in the survey, while the U.S. occupied second place.

The U.S. showed the biggest quarterly improvement of 18 points in the consumer confidence index, but China showed a decline of one point. Its economy has been racked in recent months by an unexpected slowdown and stock market rout.

Other Asian countries that found a place in the top 10 are the Philippines, Indonesia, Thailand.

Source: India’s Consumers Are World’s Most Confident – India Real Time – WSJ

12/08/2015

ChemChina, Camfin to launch tender offer for rest of Pirelli | Reuters

An investment vehicle controlled by China National Chemical Corp (ChemChina) said it will launch a mandatory tender offer for remaining shares in Pirelli (PECI.MI) after on Tuesday taking control of the Italian tyremaker through a deal struck in March.

A Pirelli's tyre is pictured at the headquater in Milan, March 26, 2015. REUTERS/Giorgio Perottino

ChemChina in March agreed to become the majority owner of the world’s fifth-largest tyre manufacturer as part of a 7.3 billion euro ($8 billion) deal.

On Tuesday, Marco Polo Industrial Holding, a company created to facilitate the Chinese takeover, concluded its acquisition of a stake in Pirelli from Italian holding company Camfin, triggering the mandatory takeover bid.

A Camfin spokeswoman said the tender offer was expected to be launched in September.

State-owned ChemChina holds a 65 percent stake in Marco Polo, with the remainder in the hands of Camfin investors, who include Pirelli boss Marco Tronchetti Provera, Italian banks UniCredit (CRDI.MI) and Intesa Sanpaolo (ISP.MI), and Russia’s Rosneft (ROSN.MM).

The tender offer will be launched at 15 euros per share with the goal to acquire all of Pirelli’s share capital and de-list the tyremaker from Milan’s stock exchange. Marco Polo also decided to launch a voluntary tender offer on Pirelli’s savings shares.

In a separate statement, Tronchetti Provera, who will remain Pirelli’s chief executive, said Camfin would invest more than 1 billion euros in the tender offer and will keep a central role in the tyremaker’s future shareholder structure, along with ChemChina.

He reiterated the Chinese investment would boost the company’s international growth, particularly in the industrial tyre sector.

“In this segment, the integration with ChemChina will allow immediate growth in volumes and market share that Pirelli alone would have taken years to achieve,” he said.

via ChemChina, Camfin to launch tender offer for rest of Pirelli | Reuters.

18/02/2015

Chinese insurer Anbang extends M&A drive with $1 billion South Korea buy | Reuters

China’s Anbang Insurance Group is paying $1 billion to buy a controlling stake in South Korea’s Tong Yang Life Insurance, extending a global acquisitions drive that has already seen it spend $10 billion in under four months.

Anbang agreed to buy a combined 63 percent stake in South Korea’s eighth-largest life insurer from three separate shareholders for 1.13 trillion won ($998 million), or 16,700 won per share, Tong Yang said in a regulatory filing on Tuesday.

This follows once-obscure Anbang’s deal announced just a day earlier to buy an insurance arm of Dutch bank and insurer SNS Reaal for at least 1.4 billion euros ($1.6 billion).

The privately-held insurer and asset manager, which according to a media report is considering an initial public offering this year, recently sealed a $1.95 billion purchase of New York’s landmark Waldorf Astoria hotel. It also bought the Belgian banking operations of Dutch insurer Delta Lloyd NV, for 219 million euros.

The flurry of deals shows Anbang’s global ambitions and comes as China’s financial firms are increasingly targeting assets outside of home for growth.

via Chinese insurer Anbang extends M&A drive with $1 billion South Korea buy | Reuters.

13/01/2015

In a Record Year for Skyscrapers, China is Miles Above Everyone Else – China Real Time Report – WSJ

In China, polluted skies aren’t the limit – at least for skyscrapers.

The world built a record 97 buildings that were 200 meters (656 feet) or taller in 2014, and for the seventh year in a row, the Middle Kingdom completed the greatest number of them, according to a new report (pdf) from the U.S.-based Council on Tall Buildings and Urban Habitat.

China’s output of 58 skyscrapers was a 61% increase from its previous record of 36 buildings in 2013, according to the report. Tianjin, the eastern sister city of Beijing, completed the most 200-meter-plus skyscrapers, totaling six. That’s more than all such skyscrapers built in the Philippines, the world’s No. 2 builder behind China with five.

Within China, there was a four-way tie for second place between Chongqing, Wuhan and Wuxi, all with four buildings each.

If you were to stack all of China’s new skyscrapers on top of each other, they would reach 13,548 meters (44,449 feet) into the sky — close to the upper altitude limit for most commercial airliners. The Philippines, meanwhile, built a total of 1,143 meters’ worth of skyscrapers.

While One World Trade Center in New York, at 541 meters tall (1,775 feet), earned the top spot as the tallest building completed in 2014, the southern Chinese city of Wuxi was home to three of the top-10 tallest buildings erected last year. The Wharf Times Square, a 339-meter tall mixed-use hotel and office complex in Wuxi was the tallest Chinese building completed last year. The city also finished a 328-meter tall hotel and office complex called Wuxi Suning Plaza and a 304-meter-tall Marriott hotel.

via In a Record Year for Skyscrapers, China is Miles Above Everyone Else – China Real Time Report – WSJ.

10/12/2014

Need Financing to Build U.S. Property? Try Chinese Visa Seekers – China Real Time Report – WSJ

The giant trucks pumping concrete in Hudson Yards, New York’s biggest real-estate project in a generation, are being financed by an unlikely source: about 1,200 Chinese families in search of U.S. visas. As the WSJ’s Eliot Brown reports:

Developer Related Cos. says it has raised roughly $600 million from the families to build the foundation for three skyscrapers at the West Side project, a 17-million-square-foot colossus of office, retail and residential space set to open over the next decade.

To finance the concrete-steel platform, Related tapped a little-known and at times controversial federal visa program known as EB-5, which offers green cards to foreign families who invest at least $500,000 in U.S. projects that create at least 10 jobs per investor.

The amount brought in so far, which privately held Related hasn’t previously disclosed, is a record for the cash-for-visa program.

Related’s success shows how the once-obscure federal program has grown in popularity among developers and foreign investors since the recession.

Chinese nationals are the biggest source of EB-5 funds, making up more than 85% of visas approved in the 12 months ended in September. Many are investing for their children rather than for themselves, said Kenneth Li, a Houston real-estate broker who has offered advice to Chinese investing in EB-5 projects.

“For many of them, it’s for the next generation,” he said.

via Need Financing to Build U.S. Property? Try Chinese Visa Seekers – China Real Time Report – WSJ.

25/11/2014

News Corp. invests in India real estate website – Businessweek

News Corp. says it has invested in a real estate website in India as it tries to grow its digital business.

The New York-based media company, which is controlled by Rupert Murdoch, owns the Wall Street Journal newspaper and HarperCollins book publisher and runs the real estate website realtor.com.

News Corp. said Monday that it paid $30 million for a 25 percent stake in Elara Technologies Pte Ltd., which owns the Indian website, PropTiger.com. A News Corp. executive will join Elara’s Singapore-based board.

Last year, News Corp. split its newspaper and publishing business from its more-

via News Corp. invests in India real estate website – Businessweek.

24/11/2014

China’s Bluestar to buy REC Solar for $640 million | Reuters

China National Bluestar has agreed to buy solar panel maker REC Solar (RECSOL.OL) for 4.34 billion Norwegian crowns ($640 million), planning to combine it with another Norwegian asset it picked up in 2011.

Embed from Getty Images

Bluestar said on Monday it would pay a 15.9 percent premium to the stock’s last close in a deal unanimously recommended by REC Solar’s board of directors and would combine it with its solar grade silicon maker Elkem.

The deal comes nearly a year and a half after REC (REC.OL) spun off its solar panel arm, moving its headquarters to Singapore from Norway and effectively putting the company up for sale.

via China’s Bluestar to buy REC Solar for $640 million | Reuters.

07/08/2014

After China Factory Explosion, Workers Petition for More Rights – China Real Time Report – WSJ

A deadly fire at a garment factory in New York City more than a century ago set the stage for widespread support a for labor movement in the U.S. that led to sweeping reforms of workplace-safety laws.

Now, some activists are hoping that a recent blast in eastern China that killed at least 75 workers and left 180 other injured can do the same here. Chinese labor-right activists are putting together a petition for the country’s legislators, which they say they hope might help to reshape the labor-rights landscape of the world’s largest manufacturing center.

The letter, circulating on Chinese social media, calls on unions to give workers the right to inspect work-safety conditions and to carry out collective bargaining with employers regarding labor-safety standards. It also calls for local governments to step up their supervision of work safety and for employers to respect workers’ rights.

The 1911 Triangle Shirtwaist fire, which claimed the lives of 146 mostly female immigrant garment workers in New York—a garment-manufacturing hub at the time— inspired the U.S. workers to defend their rights. After decades of suffering, Chinese workers’ rights are still neglected, said the letter, signed by 15 labor-rights institutions and nearly 1,600 workers as of Thursday morning.

“China does have work-safety laws, but local governments don’t implement them strictly so some companies don’t take the codes seriously,” Beijing-based labor-rights researcher Wang Jiangsong said.

Mr. Wang, a professor at the China Institute of Industrial Relations, has been promoting the petition on his personal Weibo account.

“Under the current system, workers have no means to voice their concerns. That’s the root problem.” Mr. Wang said by phone.

China’s unions are controlled by the government, and recent efforts by workers to establish independent worker unions have been foiled by local governments, workers and activists have said.

An official investigation showed the most recent incident, which happened at a company that supplies parts for cars from General Motors Co. and other auto makers in Kunshan, Jiangsu province, was caused by an excess of dust that exploded after exposure to a heat.

The town’s local fire department said there was a fire alert from the factory two months before the explosion, which they said the workers extinguished before the fire engine arrived, the Beijing News reported on Monday.

Xinhua News Agency on Monday cited China’s official work-safety agency as saying inadequate supervision by local authorities was partly responsible for the blast.

The local government in Suzhou, which governs Kunshan, has suspended operations at 214 factories to evaluate safety risks, Xinhua said on Wednesday.

The explosion in Kunshan, which caught nationwide attention, is the most deadly among a series of similar accidents in China in recent years.

In April, a blast also caused by excessive dusk levels in the neighboring city of Nantong, led to eight deaths. Two years ago, aluminum dust caused a blast at a factory in the export hub of Wenzhou, in Zhejiang province, claiming 13 workers’ lives and injuring 15, Xinhua reported.

“Excess levels of dusk is very common in Zhejiang, and it’s very dangerous for workers,” said Huang Caigen, founder of Zhejiang-based nonprofit Xiaoxiaoyu Labour Services, which provides work-safety training and legal assistance.

Mr. Huang said inspectors from local governments normally have close relationships with their town’s employers, meaning factories can often easily pass local work-safety inspections via their “public relations” efforts.

Although Mr. Huang admits that the most recent petition might bring about immediate change, he remains optimistic that persistence will eventually pay off.

“Maybe this time won’t result in anything, but if we keep on trying… I think we could make some difference.”

via After China Factory Explosion, Workers Petition for More Rights – China Real Time Report – WSJ.

01/07/2014

Samsung’s China Labor Problems Persist – China Real Time Report – WSJ

Samsung Electronics Co.’s latest sustainability report, published Monday, is a rare look inside the operations of the company. Among the takeaways: Samsung is still struggling with poor labor conditions at its Chinese suppliers.

A third-party audit of 100 of Samsung’s suppliers in China last year showed that 59 failed to provide sufficient safety equipment, like earplugs and protective goggles, or did not monitor workers to ensure they were using such equipment, according to the report.

The report lists a series of other problems found by the audit, including issues related to wages and benefits and emergency preparedness. The audit also found that a majority of the suppliers do not comply with China’s legally permitted overtime hours. Samsung said it has demanded its suppliers address all the violations found by the report.

The results follow a vow made by Samsung in 2012 that it would address unfair labor practices at its Chinese suppliers, including overwork and denial of basic labor rights. On multiple occasions, the company has been accused by New York-based non-profit organization China Labor Watch of malpractice at some factories that do work for Samsung.

In a separate statement on Tuesday, Samsung said: “We have adopted a multi-year, multifaceted supplier management plan since 2012 to address the findings of internal and independent audits of Samsung supplier companies in China.”

“If any suppliers are found to have not made progress, Samsung will constantly call for corrective actions to ensure the issue is resolved in the shortest time possible,” it said.

Maintaining a safe and fair working environment for its staff and those of its suppliers around the globe has been a growing challenge for the world’s largest maker of smartphones, TVs and memory-chips. The company has come under scrutiny over related issues not only in China but also in Brazil and at home in South Korea.

via Samsung’s China Labor Problems Persist – China Real Time Report – WSJ.

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