China’s largest steel maker is being created
January 1, 2009
Three Chinese steel companies — Tangshan Iron and Steel Co, Handan Iron and Steel Group and Chengde Xinin Vanadium and Titanium Co — agreed on Tuesday to merge, creating the biggest listed steel maker in China.
The three Hebei-based companies were all listed companies under Hebei Iron and Steel Group. The new entity will be the only listed company of the group after the merger.
Annual production of raw steel will be about 32 million tonnes, which will be more than Baosteel’s 30 million tonnes.
Tangshan will merge with the two smaller firms through share swaps. One Handan share will be swapped for 0.775 Tangshan share and one Chengdu share for 1.089 Tangshang shares, according to the agreement.
Handan and Chengde would cease to exist as separate legal entities and their assets, debts, businesses and staff would go to Tangshan, analysts said.
Tangshan said the new company would be the only target of any asset injection by the parent company and thus the only beneficiary.
Hu Yanping, steel analyst with Umetal.com, said the merger would not increase the new company’s profitability in the short term, although its production capacity would be the largest in China.
“The move will enhance steel industry restructuring, which will cushion the blow [against the industry] as the financial crisis has hurt economic growth.”
The plan still needs shareholder and regulatory approval.
Shares of the three companies had been suspended since August 28. Trading resumed on Tuesday.
Tangshan fell by the daily limit of 10 percent to 4.10 yuan (about 58 US cents) from the previous trading day. Handan fell 8.78 percent to 3.43 yuan and Chengde fell by the daily limit to 4.95 yuan.
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China to decide soon whether tolling is okay
December 30, 2008
CHINA is the world’s biggest metals consumer. Here is the news important for buying products directly or indirectly related with copper:
(XINHUA) : CHINA, the world’s biggest metals consumer, is close to deciding whether to allow tax-free imports of copper concentrate and primary aluminum for processing into export-bound products to boost industrial production.
The government should make a decision soon on whether to allow the practice, known as tolling, Wen Xianjun, vice president of China Nonferrous Metals Industry Association, said yesterday.
China has been restoring tax benefits for overseas metals sales to encourage exports, which fell for the first time in seven years last month, and to boost industrial production that grew at the weakest pace in almost a decade.
“This is to help Chinese metal processors maximize capacity at a time when the global slowdown has reduced demand,” Wen told Bloomberg News. China ended tolling for some metal raw materials last year in an effort to curb expansion in the energy-intensive and polluting sector.
Raw material imports under tolling trade would be exempt from export duties and value-added tax, Wang Qinhua, head of the markets and trade department of the association, said. Exports of finished goods, which for the pending decision means refined copper and aluminum products, would still be subject to both taxes, Wang said. “Metal processors want the practice back, feeling such production isn’t energy-consuming and is often labor-intensive, which helps employment at this difficult time,” she said.
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Export tax rebates increased for machinery products
December 29, 2008
 Just today we have underlined totally 3-phase the tax rebate hikes put into effect phase by phase. Very same day, the forth phase of tax rebate increases has been published.
The new 4th phase adjustments covering machinery products. Here is the news: BEIJING, Dec. 29 (Xinhua) — China will increase the export tax rebates for some machinery products as of Jan. 1, 2009, in a bid to alleviate cost burdens on exporters, the country’s taxation watchdogs said Monday. The rebate hikes will involve 553 types of high-tech and high value-added mechanical and electrical products, the Ministry of Finance (MOF) and the State Administration of Taxation announced. Export tax rebate rates for industrial robots and inertial navigation systems for aviation use will be increased to 17 percent, from 13 percent and 14 percent respectively. The rebate rates for exported motorcycles and sewing machines will rise to 14 percent. Their current rebate rates stand at 11 percent and 13 percent respectively. “The move will help ease the sufferings of Chinese exporters and boost the country’s confidence in fighting the financial crisis,” the MOF said in a statement. It was China’s fourth rebate hike on exported products this year, and one of several government’s measures to counter the global economic downturn that has dampened foreign demand. The most recent increase took effect on Dec.1, covering 3,770 items of labor-intensive, mechanical and electrical products, or 27.9 percent of the country’s total exports. The previous two rebates were made in August and November. Official data showed China’s November exports declined year-on-year by 2.2 percent to 115 billion U.S. dollars, the first monthly decline since June 2001. Before that, export growth slowed from 21.5 percent in September to 19.2 percent in October. China levies value-added tax on most products, but refunds varying amounts of that tax on goods that are exported. The government usually adjusts the size of export tax rebates for different types of goods when it is trying to encourage or discourage growth in particular industries. |
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Attention to VAT Rebate Changes!
December 29, 2008
We want to redraw attention to the newly adjusted VAT rabates again. Because a total of 3,770 items, in the third export tax rebate increase this year, is put into affect in December.
The items involved include labor-intensive, mechanical and electrical products.
So those buying from China is better to learn whether there is a change for their products. Buyers can decrease their buying prices if there is are tax rebate increase on their items. Because, an export rebate increase means a decrease in the manufacturer’s total costs.
Rises in tax rebate rates varied among different items. For example, the rate on tires was raised from 5 to 9 percent while glassware was up 5 to 11 percent. Rates on labor-intensive products such as luggage, shoes and umbrellas were elevated from 11 to 13 percent.
The 3,770 items accounted for 27.9 percent of the country’s total exports.
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Safer Parking award from the British Parking Association
December 28, 2008
Westfield London, the capitals newest shopping centre, has been awarded a Safer Parking award from the British Parking Association (BPA) within its first six weeks of opening. Europes biggest inner city shopping and leisure destination received Park Mark status at a recent ceremony for providing a safe parking facility with 4,500 spaces.
| Car park manager, Gary Lee was presented with the Park Mark Award from Sector Inspector Paul Banbro of Hammersmith & Fulham Metropolitan Police Borough. PC David Hinton was also at the presentation. The team is directly responsible for the Policing of the Westfield London Shopping Centre.
The Safer Parking Scheme (SPS), run by the BPA for the Association of Chief Police Officers, was developed to provide a benchmark standard for all parking areas across the UK, to create safer parking both for the public and their vehicles. The Park Mark Safer Parking Award is granted to parking areas that have achieved the requirements of a risk assessment conducted by the Police. These requirements mean the parking operator has put in place measures that help to deter criminal activity and anti-social behaviour, thereby doing everything they can to prevent crime and reduce the fear of crime in their parking area. |
| Gary Lee said: We are delighted to receive Park Mark status in the opening weeks of the new centre. We are committed to the highest level of customer service, and with Christmas due to be our busiest time, it was vital to provide all our shoppers with a safe and reliable parking facility while they enjoy the new centre.
The shopping centre in Shepherds Bush has a vehicle management system to indicate parking availability and also offers a valet parking service for the convenience of its customers. Kelvin Reynolds, head of SPS at the British Parking Association, said: With the number of Park Mark awards on the increase - we now have over 3,700 members - it proves that the scheme is an invaluable tool in helping to make parking environments safe and increasing public reassurance in these areas. When drivers leave their cars in Park Mark award facilities they will find them exactly as they left them on their return.
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The European Union has initiated a pilot project whose aim is to build secure parking areas
December 28, 2008
The number of attacks on LGVs, in which not only the load is stolen, but also the driver is threatened with a weapon or even injured is steadily increasing. Apart from the long term mental damage to the driver, every year this results in losses of around 8.5 billion Euros, with the trend increasing. The European Union has therefore initiated a pilot project whose aim is to build secure parking areas.
One such automated secure parking area is currently being developed in Germany at the Wörnitz Truck Stop on Exit 109 of the A7 Autobahn, north of the A6/A7 interchange. Wörnitz Truck Stop commissioned DESIGNA and Würzburger Stadtverkehrs GmbH to build a fully automated secure LGV parking area in compliance with the highest security standards.
From December 2008 there will be 25 fully automated secure parking spaces available for LGVs with at risk freight. A special feature of the new secure parking area, which is, of course, fully fenced in and under video surveillance, is automatic photographic logging of the
- vehicle licence plate
- driver
- vehicle from the top left hand side
- and the vehicle from the top right hand side.
This implementation of innovations developed by DESIGNA in the tried and tested PM ABACUS system enables the operation to be fully automated without the operator needing to employ a large number of staff, explained DESIGNAs sales manager, Marten Jentsch, summarising the advantages of the companys system.
Source:Nadine Lübbe http://www.designa.com
From: DESIGNA Verkehrsleittechnik GmbH
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Trade Payment Rules Eased (Update1)
December 24, 2008
Companies in China previously allowed to collect %10 of prepayments on exports in foreign currency. Starting from today, now State Administration of Foreign Exchange increased prepayments to %25 on exports in foreign currency.Here is the news from Bloomberg by Li Yanping:
Dec. 23 (Bloomberg) — China will loosen regulations on the prepayments companies can receive when exporting goods to help their cashflow as the global financial crisis hits overseas sales, the State Administration of Foreign Exchange said today.
Companies will be allowed to collect 25 percent of prepayments on exports in foreign currency, up from 10 percent, starting from today, the regulator said on its Web site. The rules are being changed to “tackle the negative impact of the global financial crisis and to promote stable and relatively fast economic growth,” the statement said.
Expansion in the world’s fourth-largest economy is slowing as recessions in the U.S. and Europe stem demand for goods from the Asian nation. China’s exports fell for the first time in seven years in November and imports plunged. Two thirds of the country’s smaller toymakers closed in the first nine months on faltering demand, according to customs bureau data.
Importers will be allowed to make delayed foreign-exchange payments on shipments amounting to 25 percent of the value of the goods, up from 10 percent, today’s statement said.
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