Manufacturing maintains growth arc
July 2, 2009
Related Posts:
Contract Damages
June 20, 2009
Chinese contract law is far more flexible with respect to remedies than the common law since it is based on civil law. China makes no distinction between law and equity. As a result, in addition to money damages, Chinese law provides for specific performance, contract liquidated damages, deposit, loss of bargain damages and incidental damages. Most importantly, the use of one remedy does not exclude the application of another remedy. For example, if contract damages are not sufficient to compensate for a party’s actual damages, Article 114 of the Contract Law provides that the injured party can request that the court order payment of an amount sufficient to allow for complete relief. However, to prevent abuse, the reverse is also true. Contract Law Article 114 provides that where stipulated contract damages are “excessively higher than actual damages”, the defendant may request a reduction in the amount. Explanation 29 provides that an amount 130% higher than actual damages will generally be considered “excessively high.” However, the burden of proof in establishing the amount of actual damages is on the defendant. In the absence of clear proof, there is a strong tendency for Chinese courts to accept the stipulated contract damage amount.
Tags: chinese law, loss, ContractRelated Posts:
NIGHTMARE parking problems
February 1, 2009
NIGHTMARE parking problems could come to an end as plans are put forward to build a commuter car park.
People living in Theydon Bois have not been able to park outside their own front door because of restrictions introduced to prevent commuters leaving cars in the area.
And commuters have been forced to drive into work rather than use the tube because there is nowhere to park their cars.
But a man from Epping could solve all of their problems with his plans to construct up to 280 spaces next to Theydon Bois tube station.
George Dilloway owns the former Old Forester Club land off Abridge road and decided the area would be ideal for a car park.
He said: “The council haven’t provided any options for car parking in the area and at the moment about 60 people are already dumping their cars there illegally everyday because there is nowhere else for them to go with all the double yellow lines. It’s a major problem.”
Mr Dilloway is hoping that Transport for London will agree to open up the entrance to the tube station to make the car park even more accessible for commuters.
He added: “If they expanded the entrance it could be on the same side of the road as the car park.
“It would also help ease the commuter problem in other areas like Epping where parking is also a nightmare. If you’re not there by 6.30am there’s no spaces left.”
The plans were welcomed by residents.
Clive Cooper from Theydon Park Road is unable to park his car outside his home because of yellow line restrictions introduced to stop commuter parking.
He said: “The restrictions prevent us from parking on our road between 10am and 11am. But that means I can’t leave my car there during the day because I can’t very well come home and move it during that time.
“If the car park solves the problem and means that these restrictions can be lifted then it’s a good thing.
“I can’t get the train to work at the moment and have to take the car, it’s nonsense. It’s affecting everyone and has caused so much disruption. Something definitely needs to be done.”
Alison Harvey from Cloverly Road in Ongar used to park in Theydon Bois before the restrictions were put in place.
But she was forced to use a friend’s driveway in Epping to get to work when the yellow lines were introduced.
She said: “I’m on maternity leave now but before I left I couldn’t find anywhere to park and had to use my friend’s drive. I didn’t want to do that forever and I was looking into somewhere else to park when I go back to work.
“It will be great if they do make a car park and will certainly put my mind at rest.”
But not everyone welcomed the plans.
A spokeswoman from Theydon Bois Action Group (TBAG) said: “The business plan for the car park is unsustainable, the car park would be of no benefit to local people, it is too far from the station and it will cause traffic problems on a dangerous stretch of the Abridge Road.
“It will not alleviate parking problems in the village as commuters will continue to park for free on our roads.
“It would have to be lit and the access road stretching uphill will cause a significant loss of openness on the Green Belt.”
People have until January 20 to submit an opinion on the car park application.
Tags: car parking, US, autoRelated Posts:
Weak Economy Cuts China’s Ansteel 2008 Net Profit 55%
January 31, 2009
China’s Angang Steel Co. Ltd. (Ansteel) said Wednesday net profit fell 55 percent last year to an estimated 3.42 billion yuan (about US$500 million) Ansteel prices plunged.
Ansteel, one of the country’s top three steel producers, issued the estimate in an unaudited statement to the Shenzhen Stock Exchange, where it is listed.
The final figure indicates a loss of 4.83 billion yuan in the fourth quarter, as previous company data show net profits in the first three quarters totaled 8.25 billion yuan.
The decline reflected steep falls in steel prices and slow inventory movement starting in the second half, said the northeast-based company.
Steel prices in China plummeted in the second half as the deepening world economic slowdown weakened industrial growth and steel demand in the country.
The price of 6.5 mm carbon steel wire rods, a major steel product, was down more than 40 percent since June, Jia Yinsong, a Ministry of Industry and Information Technology official, told a forum earlier in January. Market data show the product was sold at about 3,400 yuan per ton.
The company also attributed the weak performance to the costs of buying raw materials and fuel at high prices earlier in 2008.
World crude oil prices are down more than 70 percent since peaking at 147 U.S. dollars per barrel in July. Earnings per share were estimated at 0.47 yuan in 2008, down 58 percent from in 2007, Ansteel said.
The company didn’t give a date for the release of its audited results, which under Chinese rules must be done within six months.
Source: Xinhua News Agency
Tags: raw material, Yuan, raw materialsRelated Posts:
48 Major Steel Mills in The Red
January 2, 2009
About two thirds of China’s major steel mills were in the red in November, suffering from high prices in raw materials and the decreasing prices of steel products.
Forty-eight out of 71 large and medium-sized domestic steelmakers saw a loss in November (six more than in October), with total losses for the month in the neighborhood of 12.77 billion yuan, China Securities Journal reported yesterday citing anonymous sources.
Analysts largely contributed the loss to high iron ore prices and dropping steel prices, and they remained pessimistic for the mills’ performance in December.
Chinese steelmakers agreed to pay a record of $92 per ton for iron ore in the 2008 long-term contract, and steel prices have dropped about 40 percent since June as a result of the global financial crisis.
Authorities are considering measures including buying some steel products for reserves to help the industry through the rough time, Minister of Industry and Information Technology Li Yizhong recently said in Beijing.
Reports said the government would likely spend 10-15 billion yuan to establish a reserve of 3-5 million tons.
Some major steelmakers have increased steel prices on the news.
Angang Steel will raise the price of hot rolling steel by 350 yuan per ton from January; Shougang Group will rise by 300 yuan per ton and China’s largest steelmaker Baosteel will also raise product prices by 6 to 10 percent from February.
Analysts said building up stocks may provide some support to prices in the short term, but the policy could also mean producers take longer to emerge from the current slump in demand with a U-shaped recovery rather than a V-shaped bounce, since the government stocks may return to the market as prices recover.
The government could also increase export tax rebates on high-end steel products and will encourage industry reshuffling as well as innovation.
Source: China Steel Net.com
Tags: china steel, raw materials, ironRelated Posts:
