China fines GM venture $29 million for monopolistic pricing: state TV

BEIJING China will fine U.S. automaker General Motors Co’s (GM.N) joint venture 201 million yuan ($29 million) for monopolistic pricing, state television reported on Friday, ending speculation after an official forewarned of penalties against a U.S. automaker. Shanghai’s pricing regulator said that it would fine GM’s venture with China’s largest automaker SAIC Motor Corp Ltd (600104.SS) for setting minimum prices on certain Cadillac, Chevy and Buick models, according to China Central Television. “GM fully respects local laws and regulations wherever we operate,” the U.S. automaker said in an emailed statement. “We will provide full support to our joint venture in China to ensure that all responsive and appropriate actions are […]

AIIB to fund Philippines projects

The Asian Infrastructure Investment Bank (AIIB) is to co-finance two infrastructure projects in the Philippines. The China-backed development bank is to contribute loans to a flood management project on the Manila metro system and a rapid transit bus system in the Filipino capital. The loan amounts are yet to be revealed, but the AIIB’s participation has been confirmed by the Filipino government. The metro project is running at a total cost of 23.46bn pesos (about US$470mn), while the bus network is to cost around 37.6bn pesos (approximately US$754mn). The Asian Development Bank (ADB) is to partner on the transit system, while the World Bank is to co-finance the flood management […]

China Launches Satellite To Monitor Global Carbon Dioxide Emissions

As part of its effort to monitor and curb greenhouse gas emissions, China on Thursday launched an atmospheric carbon dioxide monitoring satellite from the Jiuquan Satellite Launch Center in the Gobi Desert. The TanSat satellite, launched on board a Long March-2D rocket, was sent to a sun synchronous orbit roughly 435 miles from the surface of Earth. The 1,400-pound satellite will measure global carbon dioxide levels every 16 days over the next three years. China hopes doing so would help policy makers and scientists gather “independent” climate change data. “Since only the United States and Japan have carbon-monitoring satellites, it is hard for us to see first-hand data,” Xinhua quoted […]

Japan Approves Record $43.6 Billion Defense Budget Amid Rising Regional Tensions

Japan aims to ramp up defense spending as it was revealed that out of the record 97.5 trillion yen ( $830 billion) spending budget for fiscal 2017 approved Thursday, a record sum of over 5.13 trillion yen ($43.6 billion) is dedicated to the defense budget. While this budget will certainly test Prime Minister Shinzo Abe’s ambition to achieve a primary budget surplus by 2020 in a country with the world’s heaviest debt burden, it also grants some semblance of security amid rising tensions with China and North Korea, according to Reuters.  Fears of North Korea’s growing nuclear and missile capabilities also led to the approval of a separate 171 million […]

Dollar basks in yield glow, Nikkei at one-year peak

SYDNEY The U.S. dollar held near 14-year peaks on Wednesday as global yield spreads moved inexorably in its favor, while a falling yen lifted Japanese shares to a one-year top. The Nikkei .N225 added 0.3 percent in thin trade, while Australia’s main index climbed 0.6 percent to its highest in 17 months after Wall Street racked up more records. Japan’s government upgraded its overall assessment of the economy on Wednesday, echoing a more upbeat view from the Bank of Japan’s delivered the day before. The dollar reveled in its rapidly widening yield premium, with the Federal Reserve set on a tightening course even as its peers in Europe and Japan […]

Yen eases as BOJ keeps policy steady, Asia stocks mixed

SINGAPORE The Japanese yen edged down on Tuesday after the Bank of Japan held policy steady, shedding some gains made following deadly incidents in Germany and Turkey, while regional stocks were mixed after Federal Reserve Chair Janet Yellen’s upbeat comments. The BOJ maintained its pledge to guide short-term rates at minus 0.1 percent and the 10-year government bond yield around zero percent, while offering a more upbeat view of the economy than in its Nov. 1 assessment. Stating that the economy continues to recover moderately as a trend, the central bank signaled its conviction that a generally weak yen and a rebound in overseas demand will lift prospects for a […]

Chinese Yuan Headed For Biggest Annual Drop In 20 Years As Capital Outflows Accelerate

China’s capital outflow could accelerate further in coming months as the yuan depreciates and investors gain concerns about a strengthening dollar. The warning from Banny Lam, head of research at CEB International Investment Ltd. in Hong Kong, came Monday, just days after Goldman Sachs Group warned China’s capital outflows are accelerating, with $69.2 billion reported leaving the country in November, nearly 20 percent more than in preceding months. “Capital outflows and yuan depreciation will continue or even worsen by the end of this year and the first quarter of 2017, as investors are getting increasingly concerned about a stronger dollar and China’s economic conditions,” Lam told Bloomberg. Goldman said the […]

‘One China’ Policy And US-China Relations: Beijing Says Interference In Taiwan Matters Will Hamper Peace

Any interference with the “one China” policy would impact peace and stability in the Taiwan Strait and hamper Beijing’s relations with the U.S., China’s Taiwan Affairs Office said Wednesday. The comments were in response to President-elect Donald Trump who said Washington did not have to agree with the policy which has formed basis of diplomatic relations between the two nations since 1979. “Upholding the ‘one China’ principle is the political basis of developing China-U.S. relations, and is the cornerstone of peace and stability in the Taiwan Strait,” An Fengshan, a spokesman for China’s policy-making Taiwan Affairs Office, said. “If this basis is interfered with or damaged then the healthy, stable development […]