Aisa Net Fri, 11 Jun 2021 20:43:47 +0000 en-US hourly 1 Aisa Net 32 32 FinCEN Files survey named Pulitzer Prize finalist Fri, 11 Jun 2021 18:19:45 +0000

The FinCEN Files survey was recognized as a finalist for the 2021 Pulitzer Prize for International Reporting, bringing more praise to the groundbreaking project from the International Consortium of Investigative Journalists, BuzzFeed News and over 100 other media partners across the world.

Columbia University Pulitzer Council recognized the FinCEN Files reporting team on Friday for completing a “massive reporting project” that produced “sweeping revelations” about the “role of some of the world’s largest banks in facilitating international money laundering and trafficking in goods and people, corruption that continues to frustrate regulators around the world.

More than 400 journalists from 88 countries participated in the survey.

“This latest honor is a tribute to the hard work of ICIJ staff and partner journalists around the world,” said ICIJ Director Gerard Ryle. “It is also a tribute to the power of collaborative journalism which is at the heart of the ICIJ model. We are delighted to share this honor with BuzzFeed, who made this partnership possible by sharing an explosive treasure trove of secret U.S. government documents with the ICIJ and other partners.

BuzzFeed News Won the Pulitzer Prize for International Reporting for his innovative series of stories about the mass detention of Muslims in China. Along with the FinCEN Files collaboration, other finalists in the International Reporting category were the Wall Street Journal and the New York Times.

The ICIJ and its partners won the Pulitzer Prize for explanatory report in 2017 for another investigation into financial corruption, the Panama Papers.

Earlier this year, three Norwegian lawmakers nominated the ICIJ for a Nobel Peace Prize for nearly a decade of investigations – including the Panama Papers and FinCEN files – which revealed how politicians, mega groups -riches and criminals have used “offshore” financial resources. system to dodge taxes and launder dirty money.

FinCEN Files won several other journalism accolades this year, including Tom Renner Award for Investigative Journalists and Editors to “cover up organized crime or other criminal acts”.

The FinCEN Files investigation found that five global banks – JPMorgan Chase, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon – continued to profit from suspicious transactions even after paying fines to US authorities for previous misconduct. and in some cases signed deferred prosecution agreements.

In hundreds of stories that began appearing in September 2020, the ICIJ, BuzzFeed News and other partners discussed how laws designed to end financial crime have instead allowed it to thrive – and how banks that move dirty money can protect themselves by filing “suspicious activity reports” that authorities are unlikely to read, let alone act.

The investigation began when a blower provided BuzzFeed News reporter Jason Leopold with a remarkable collection of highly confidential documents filed with the US Treasury Department’s Financial Crimes Enforcement Network, known for short as FinCEN. Natalie Mayflower Sours Edwards, the U.S. Treasury official who leaked the financial intelligence documents to BuzzFeed News, was sentenced last week to six months in prison.

In one opinion piece published Thursday, BuzzFeed News editor-in-chief Mark Schoofs called Edward’s conviction and conviction “unjust and unjust.” Our criminal justice system must recognize that much of what we know about financial corruption, government surveillance and corporate crime does not come from journalists working in isolation, but from journalists working with people at risk. their freedom and their livelihood to make sure the truth comes out.

The documents included more than 2,100 suspicious activity reports, which banks and other financial institutions are required to submit to FinCEN when they see characteristics of illegal activity.

Turning these dense reports into groundbreaking journalism required an enormous feat of sifting and analyzing data, as well as a coordinated global reporting effort. Journalists spread across the world, contacting thousands of sources: presidential advisers, bankers, cops, even gangsters and arms traffickers. Along the way, the ICIJ and its partners obtained more than 17,600 additional documents, including audit reports and other documents, from dozens of countries.

Journalists gathered in Hamburg for a FinCEN Files meeting. Image: Scilla Alecci / HERE

“It took a global team effort to uncover the flow and destructive evil of dirty money around the world,” said Ryle, Director of ICIJ. “Our efforts have attracted much criticism of weak international defenses against some kind of criminal activity that can lead to inequality and destabilize nations.”

The FinCEN Files survey has been credited with sparking new efforts by governments around the world to fight money laundering.

After the ICIJ, BuzzFeed News and other partners approached the Treasury Department with the findings of the investigation, the Department ad a plan to “respond to the evolving threats of illicit financing”. New York’s main banking regulator, which plays an important role in overseeing global banks, admitted that dirty money had metastasized “into the bowels of financial institutions.”

Key members of Congress credited Disclosures of the FinCEN files contributed to the final impetus that led to the passage of the Corporate Transparency Act, the largest revision of US anti-money laundering policy in a generation.

The UK’s powerful Treasury committee has said it will continue an investigation into the effectiveness of the country’s anti-money laundering regime. Authorities in Liberia, Seychelles and Thailand have launched investigations and European Parliament lawmakers have demanded a more aggressive approach to combating money laundering.

“The FinCEN files have taken financial reporting to new heights,” Schoofs, editor-in-chief of BuzzFeed News, said Friday in response to the Pulitzer board announcement. The confidential documents Edwards provided, he said, led to a “monumental reporting effort” which “exposed how the big banks took advantage of the dirty money that went through their accounts, while the government American monitored but rarely took action “.

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China’s Yunnan Province did not order minors to shut down, despite reports Fri, 11 Jun 2021 18:16:18 +0000

China’s Yunnan province does not appear to be closing bitcoins minors.

Earlier Friday, CoinDesk reported that China’s Yunnan Province is preparing to shut down crypto mining sites, citing and Forkast News, which referred to a screenshot of a document believed to be from the Yunnan Energy Bureau .

However, Zhuoer Jiang, CEO of, a China-based mining company, denied that his company said Yunnan banned crypto mining. He also said he could not verify the authenticity of the document in the screenshot.

Related: Hut 8 Mining Underwriters Agree To Buy $ 82 Million In Shares Before Nasdaq Listing

“One of our employees spoke to a reporter from Forkast and the employee said that there is a possibility that Yunnan could shut down mining operations in the province,” Jiang said. “But we didn’t say it would happen for sure, and we have no idea if the Yunnan government will have a regulatory policy on this and how strictly the government will enforce it.”

Several sources told CoinDesk that the official screenshot document is likely to be fake. The incident highlights challenges in communicating information about China’s bitcoin mining as officials ramp up pressure on the industry.

“As far as I know, miners in Yunnan have not received such notice,” said Yushan Zheng, partner of Waterdrip Capital, a crypto investment firm that is involved in mining crypto in China.

The screenshot appears to have circulated among WeChat crypto groups, but no one has been able to identify its exact source, Zheng said.

Related: New York Crypto Mining Bill Dies in Assembly After Passing State Senate

There are at least three notable differences between the Yunnan crackdown document and other similar opinions from Chinese authorities. The stamp on the document is located in the upper third of the text, whereas it is usually found at the bottom of these government documents.

The style and size of the title of the document appear to be different from other official documents. Most government notices are assigned to a particular file number, but there is no such number on the document in the screenshot. Zheng confirmed that the document is likely to be fake due to its unusual title and the location of the stamp.

The Yunnan Energy Bureau, which appears to be the issuer of the document in the screenshot, did not respond to calls and email interview requests until press time.

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WIMI Hologram Cloud Expands Semiconductor Business In An Orderly Way, As Europe, Japan And South Korea Have Seized Semiconductor Market One After Another Fri, 11 Jun 2021 18:00:00 +0000

HONG KONG, Jun 11, 2021 (GLOBE NEWSWIRE) – MobiusTrend, the fintech market research organization, recently released a research report “WIMI Hologram Cloud Expands Semiconductor Business in an Orderly Way, While Europe, Japan and South Korea have entered the semiconductor market one after another “. China’s emerging semiconductor industry is accelerating its development with strong support from national policies, abundant capital reserves and large-scale business investment. It can be said that semiconductors have become an important industry supported by the country over the past two years.

What exactly is a semiconductor? According to some data from the search engine, all objects in life can be roughly divided into three categories based on their conductivity: conductors, semiconductors, and insulators. That is, the objects are either conductive or non-conductive. A semiconductor is a little conductive, and the conductivity of a semiconductor is between a conductor and an insulator. Semiconductors are used in many fields such as integrated circuits, consumer electronics, communication systems, photovoltaic power generation, lighting applications, and high power power conversion. The importance of the semiconductor industry is obvious. It is the basis for the use of various advanced technologies and is spread across various advanced technological fields. China is a big consumer of semiconductors, and its annual consumption is one-third of world consumption, and its imports amount to $ 300 billion, which is even much higher than China’s imports of crude oil.

Although the Chinese semiconductor industry started relatively late, it has experienced some development over the past ten years. It cannot be ignored that domestic demand continues to grow, while the productivity of semiconductor manufacturing equipment in China has always hovered at a relatively low level. According to official data, China’s productivity was only 8-11% in the past five years, and its global market share has grown from just 1% in 2016 to 2% this year. In addition, the development of China’s semiconductor industry is not only subject to domestic pressures, but also to global threats. Following a series of chip export bans initiated by the United States, countries have become increasingly “ambitious” in the field of semiconductors, vying for a place in the field of chips. top of the line. The European Union, South Korea and Japan have joined successively.

The European Union launched the “Semiconductor Alliance Program” in November last year. In addition to the participation of its 22 member states, the European Union is also planning to invite semiconductor leaders from various countries and regions to set up factories in Europe. The European Union is also planning to cooperate with TSMC, Samsung and Intel. On May 13, South Korea released its strategic plan for a semiconductor power plant, and South Korea set its sights on semiconductor equipment driven by lithography machines. It is reported that South Korea has set up a special fund of 1,000 billion won (equivalent to 5.7 billion yuan) for investments in semiconductor equipment, which will provide capital preparation for participating companies. investments in equipment, will encourage companies to actively participate in semiconductor equipment research and development and benefit from tax breaks and benefits.

On May 19, the Japanese government also released a draft semiconductor growth strategy. In the latter plan, Japan intends to allocate 200 billion yen (equivalent to 11.8 billion yuan) of funds, all used in semiconductor companies in the country to increase production, and also plans allow companies to increase local production of batteries to ensure future security of supply. In terms of funding, Japan will support the technological research and development of related companies and help develop more high-end chips. In addition, Japan also intends to invite the United States to join this program to strengthen cross-border cooperation in the supply of chips between the United States and Japan.

Faced with actions from traditional semiconductor powers such as Europe, Japan and South Korea, China has also argued vigorously for support for the semiconductor industry. As of 2015, several industries, including semiconductors, were planned as key industries in the “Made in China 2025” plan to provide vigorous support. The “National Program for the Promotion of the Development of the Integrated Circuit Industry” stipulates that by 2030, the main links in the chain of the integrated circuit industry must reach the international advanced level, and support and form a group of companies to enter the first international level.

According to online reports, WIMI Hologram Cloud was established in 2015. As the first holographic AR action, it was listed on the Nasdaq Global Edition. WIMI’s business scope includes the development of AR holographic information technology, software engineering production, cloud and big data, and Internet information services, to provide customers with holographic products and services based on AR. WIMI has always provided augmented reality based holographic products and services to meet customer needs, focusing on providing customers and end users with innovative and immersive interactive holographic augmented reality experiences. It is just one link in the WIMI Hologram industrial chain. According to the investigation, WIMI also established a joint venture “Lixin Technology Co., Ltd.” with a registered capital of 200 million yuan. As of July 2020, WIMI started to expand its semiconductor business and provide business customers with complete solutions for computer chip products, central processing algorithms and related services, as well as software and semiconductor business. -conductors. In 2020, WIMI’s holographic and semiconductor AR business generated approximately 44% and approximately 56% of revenue, respectively. What is unexpected is that the company has had little success in the holographic semiconductor market in less than a year.

Why is the semiconductor industry developed? According to market research, on the one hand, the establishment of a semiconductor company corresponds to the rapidly growing application requirements in the semiconductor industry in the field of holographic computer vision. At present, the field is developing rapidly and the market space is vast. Establishing a business will help expand the semiconductor industry and quickly integrate market resources. On the other hand, the company has never forgotten to practice its corporate social responsibility. With the strategic focus of the strong combination of holographic computer vision software solutions, WIMI uses its strength to expand the enterprise’s holographic computer vision field of view from the application layer to the chip realm.

In the future, Lixin Technology will also cooperate with Hainan Province in all regions to benefit from tax incentives and government support in the field of rapidly developing semiconductor industry, industrial technologies and development. automation, and applications of intelligent vision and holographic vision. WIMI hopes its joint venture will combine photovoltaic power generation and communication design companies with a wide range of its own technologies to help grow the amorphous silicon semiconductor business. Lixin Technology will enhance its innovation, design and technology capabilities, and make investments and implementation that meet the company’s requirements for optimizing supply chain management, reducing costs. costs and improved competitiveness. The official also revealed that Lixin Technology will make efforts in the upstream activities of the smart products market in China and in R&D and sales of semiconductor chips to further cultivate the core strength of the company. The parent company will also grant Lixin Technology the relevant patents and copyrights to oversee the development of semiconductor products and sell these products to customers in the larger holographic ecosystem.

Whether it is from the point of view of technology or economic development, the importance of semiconductors is very important. The basic units of most electronic products, such as computers, cell phones, or digital recorders, are closely related to semiconductors. Overall, semiconductor projects in the European Union, South Korea, and Japan all want to gain their own advantages in the semiconductor industry.

What’s worth mentioning is that the United States is also trying to form a semiconductor alliance with Japan and South Korea. With the combination of traditional semiconductor powers such as the United States, Europe, Japan and South Korea, China’s semiconductor industry is constantly breaking new ground. What will happen to the global semiconductor industry in the future? It is hoped that other excellent semiconductor companies can avoid the impetuosity, seek the truth of the facts, and move forward.

About MobiusTrend

MobiusTrend Group is a leading market research organization in Hong Kong. They built one of the first proprietary research platforms in the financial market, with a focus on emerging growth companies and paradigm-shifting companies. The MobiusTrend team are professional at reporting market research, industry insight, and analyzing funding trends. For more information, please visit

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Japanese stocks end lower as cyclical stocks lag; Toshiba slips Fri, 11 Jun 2021 07:08:40 +0000

TOKYO, June 11 (Reuters) – Japanese stocks ended slightly lower on Friday, with losses in cyclical stocks, as well as banks and real estate companies, offsetting gains from heavy tech companies.

The Nikkei stock average closed 0.03% lower at 28,948.73, while the broad Topix slipped 0.14% to 1,954.02. For the week, the Nikkei traded in a narrow range, posting a marginal gain of 0.02%.

Toshiba Corp lost 1.59% after an explosive survey released Thursday found that the company and government agreed to rely on foreign investors to comply with management’s wishes.

“Japanese tech stocks are being bought as the Nasdaq gain and lower US interest rates have boosted investor sentiment,” said Jun Morita, chief executive of the research department at Chibagin Asset Management.

“But the market was plagued with uncertainties. It is difficult for investors to decide whether to buy or sell when the Nikkei is hovering around 29,000 because they are not necessarily optimistic about the outlook for the Japanese market.”

Some market participants doubt that the Japanese economy will recover as quickly as that of the United States and other advanced countries, as the country grapples with a fourth wave of the pandemic.

Recruiting agency Recruit Holdings fell 2.53%, the biggest drag on the Nikkei, while machine makers Kubota and Komatsu fell 4.49% and 3.24%, respectively.

Banks and real estate companies fell the most among the industry’s 33 sub-indexes.

Tech companies advanced, with M3 Inc medical platform up 3.12%, Advantest 0.61% and Tokyo Electron 0.65%.

Drugmaker Eisai jumped 7.0% after falling sharply in the previous session amid volatile trade this week following U.S. regulators’ approval of a drug developed by the company and Biogen for Alzheimer’s disease. (Reporting by Junko Fujita; Editing by Ramakrishnan M.)

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G-7 tax deal ripples through Singapore and beyond: what you need to know Fri, 11 Jun 2021 04:03:00 +0000

SINGAPORE – Last week, the Group of Seven Advanced Economies pledged to set a global corporate tax rate of “at least 15%” – a major step in promoting fairer taxation in the world. era of globalization and digitization.

While the G-7’s proposal will be discussed further in the coming weeks in broader international frameworks, such as the Group of 20, Asian countries and multinationals are already assessing the impact if a minimum tax materializes.

Some may benefit from a level playing field. Others could lose their luster as investment destinations, especially given the lingering pressure to impose corporate taxes above the proposed minimum of 15%. Either way, policymakers and business leaders are likely to have strategic adjustments to make.

Here are some of the implications for Asia.

Will Singapore and Hong Kong become less attractive to investors?

Some countries and territories in Asia have encouraged multinational companies to set up operations with low tax rates. Singapore’s corporate tax is set at 17%, while Hong Kong’s is 16.5%, lower than most other Asian economies. They also offer benefits that can further reduce the effective tax rate. It is still unclear how the proposed minimum rate rule would deal with such incentives.

Chester Wee, who heads EY’s international corporate tax advisory business for ASEAN, told Nikkei Asia that the two cities “should review their corporate tax regimes to ensure their relevance in the new tax world.” . Still, he added that they would likely continue to attract investment even if the tax floor was set at 15%.

The authorities have clearly taken note.

Singaporean Finance Minister Lawrence Wong said “it was too early to say” what the impact would be, in a Facebook post on Tuesday. But he said that once a global consensus is reached, Singapore “will make all necessary changes to our corporate tax system, in close consultation with businesses and tax professionals.”

Wong stressed that “the new rules should not inadvertently weaken the incentives for companies to invest and innovate. Otherwise, countries will all be worse off, fighting for our share of a shrinking pie.”

Hong Kong Finance Secretary Paul Chan told the legislature on Monday that the proposed tax regime could affect some of the city’s tax benefits for various industries, according to a Bloomberg report. “We would like to use low tax rates to promote the development of certain sectors,” Chan said, “so we could be limited [from] using a low tax rate regime as a competitive method.

Other Asian jurisdictions that have relatively low corporate tax rates include Macau, at 12 percent, and Brunei, at 18.5 percent, according to data from the Organization for Economic Co-operation and Development.

How have Asian multinationals reacted?

So far, few Asian business leaders have revealed their views on the G-7 proposal. The scheme could be a bigger problem for Western multinationals like Google and Facebook, whose tax avoidance strategies have drawn strong criticism. But Asian businesses could also be affected.

Global Times, a Chinese state-owned media outlet, reported on Sunday an expert’s opinion that the minimum tax rule would discourage the country’s tech giants from avoiding taxes by setting up accounts in other country, giving Beijing more control. “Like their US and European counterparts, many large tech companies in China also have divisions in tax havens such as the Cayman Islands, including Tencent and Alibaba,” the report said.

Masakazu Tokura, head of Japan’s largest trade lobby Keidanren, as well as chairman of Sumitomo Chemical, told reporters that the minimum tax would help prevent a “race to the bottom” in global tax rates and help prevent domestic industries to contract. He added that the new regime should not complicate administrative procedures.

Many in Japan, however, are still scratching their heads. Finance Minister Taro Aso said on Tuesday he had no idea of ​​the impact of the new tax regime on Japanese businesses.

What are the Asian members of the G-20 saying about the proposal?

Apart from Japan – the only Asian member of the G-7 – Australia, China, India, Indonesia and South Korea are all part of the G-20. A key question is whether countries outside the G-7 will adopt the new tax regime.

“We support the search for a consensus on a solution by mid-2021 in the multilateral framework, in accordance with the mandate of the G-20,” Chinese Foreign Ministry spokesman Wang Wenbin said on Tuesday. “China believes that all countries, including the G-20 [members], should contribute pragmatically and constructively, properly handle the main concerns of all parties and be inclusive in the design of the solution, ”he said.

Chinese Foreign Ministry spokesman Wang Wenbin said Beijing supports seeking consensus on a tax solution by mid-2021. © Reuters

Australian Treasurer Josh Frydenberg said: “Australia welcomes the commitment of the G-7 countries to agree on a globally coherent approach to the fiscal challenges posed by the digitization of the economy”, according to the local media.

South Korea’s finance ministry said tax rules could have a mixed impact on the country as businesses face a financial blow, but the government could see more tax revenue. “Companies with subsidiaries in tax havens will face heavier tax burdens,” said a ministry director who asked not to be named. “For the government, it is a plus for collecting tax revenue.”

Indonesian Finance Minister Sri Mulyani Indrawati supported the minimum tax proposal in a Washington Post opinion piece, which she co-wrote with four counterparts. Indian officials have yet to publicly react to the G-7 deal.

The Economist Intelligence Unit noted on Wednesday that members of the G-20 outside the G-7 are “seen as broadly in favor of reform, although outside of China their governments and businesses are unlikely to are significant beneficiaries or payers of net taxes “.

How did other emerging Asian economies react?

Thai Prime Minister Prayuth Chan-ocha has tasked his economic departments to study the impact of the G-7 deal, according to a local report. Prayuth said the move could be both a boost and a bane to Thailand’s efforts to attract foreign investment, including into the Eastern Economic Corridor, according to The Nation. “Thailand needs to monitor, adjust and improve regulations to increase skills in the face of upcoming changes,” a government spokesperson said in the report.

Like Thailand, many jurisdictions in emerging Asia offer tax incentives that result in lower effective rates to attract investors.

Where does the discussion go from here?

The G-7 communiqué only briefly mentioned that the group would “commit to an overall minimum tax of at least 15% country by country”, leaving details for future discussions in broader forums such as the G-20 and the OECD.

“At least 15%” implies that some countries can still push for a higher threshold. The US Treasury Department, which proposed the minimum rate of 15%, said last month that “15% is a floor and discussions should continue to be ambitious and push this rate up.”

Some low-tax economies like Ireland, which has a corporate interest rate of only 12.5%, should resist.

Fair tax groups say 15% is too low. “This deal should be the starting point for a future deal that includes a higher minimum tax rate, and which also works for low-income countries,” said Tax Justice UK executive director Robert Palmer, in a press release.

Gabriela Bucher, executive director of Oxfam International, a charity, said the 15% minimum “will do little to end the race to level corporate taxes to the bottom and limit the ‘widespread use of tax havens “.

For now, the lack of certainty poses a risk. EY’s Wee warned that in the short term, “the investment climate may be slowed due to the uncertainty created by these global tax changes.”

Additional reporting by Kim Jaewon in Seoul.

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Why China needs Australian iron ore for years to come Fri, 11 Jun 2021 02:43:57 +0000

China is looking to buy iron ore outside of Australia. But how is it really going to play out? (Source: Getty)

  • Former Treasurer Wayne Swan and Antipodes Partners Portfolio Manager Sunny Bangia will discuss China’s growth and investment opportunities at , 10:00 am AEST. Submit your questions .

A “winter period”.

This is what should happen to the Australian economy “when” China stops or reduces its imports of Australian iron ore, , director of the Center for Australian Studies at East China Normal University.

Despite the frosty relationship between China and Australia that led to trade restrictions imposed on several key Australian exports like lobster, beef and wheat, the iron ore has remained relatively intact.

China continues to buy huge amounts of Australian iron ore, and in the first five months of the year recovered 444.9 million tonnes. In 2020, China bought 81% of all Australian iron ore shipped overseas.

Export brings in about $ 136 billion to the Australian economy per year and is by far Australia’s largest and most valuable export.

But Beijing said it was growing increasingly irritated over its reliance on Australia’s product of US $ 211.91 per tonne – which is more than double the price of a year ago.

Iron ore prices have set and reset all-time highs in recent weeks, hitting a high of US $ 229.50 per tonne, sparking frustration with Chinese officials who said it would severely punish “excessive speculation, price hikes. prices and other violations ”.

China seeks to reduce dependence on Australian iron ore

By volume per month, however, China has imported less iron ore lately: 89.8 million tonnes in May, compared to $ 98.6 million bought in April and $ 102.1 million in March. Australia’s total imports to China in May amounted to US $ 13.6 billion.

China is also speeding up the recycling of scrap metal. Just over a fifth (22%) of its crude steel produced in China is based on recycled scrap – but China’s five-year “Made in China 2025” plan will raise that figure to 30% by 2025.

“For every ton of steel made from scrap, you save 1.6 tons of iron ore,” said the CEO of Scholz Recycling Group. Rafael Suchan told China World time.

“By 2025, if China’s plan to make steel from scrap metal goes according to plan, the country will save 480 million tonnes of iron ore imports each year. By 2030, imports will decline by 660 million tonnes per year.

Additionally, China has sought to source raw materials from Brazil or Africa, although experts have said alternative markets cannot compare to the quality and volume Australia can currently supply.

So all the signs are there that Beijing will stop buying this resource when it can find a solid alternative.

But will it really happen? If so, how soon and what will happen to the Australian economy as a result?

From trust to suspicion: a rupture in progress

With relations so strained, the two countries seek to diversify from each other – China seeks other sources, while Australia seeks other export markets.

“Either way, this is rational behavior,” said Hans Hendrischke, Chinese business professor at the University of Sydney.

“The strong mutual interdependence was only justifiable as long as the two countries were on good terms and there was mutual trust.

“This basis of mutual trust gives way to mutual suspicion that either country might suddenly stop trade.”

Although Hendrischke believes that we are not in an outright trade war, nor in a hard halt to trade, there is a risk of “gradual reduction in volumes and diversification on both sides”.

But even a gradual decline would hit Australia hard in terms of overall export volumes as well as Australian jobs, the professor warned.

“Western Australia would be particularly affected by the loss of hundreds of thousands of mining-related jobs. Australia would lose its international trade surplus and experience a decline in its standard of living.

Australia’s economy has received a big boost thanks to China’s appetite for iron ore, independent economist.

“There are several reasons why the Australian economy has performed relatively well since the 2020 recession.

“One of these important reasons is the trade link with China which has been vital in helping the economy recover.”

“Many years” before China properly diversified

In the short term, China will not buy iron ore elsewhere in the same volume as it buys it in Australia, according to Shane Oliver, chief economist of AMP Capital.

“It is very difficult for China to move away from Australian iron ore without hurting its own economy because there is simply not enough supply in the world,” he said. Yahoo finance. After all, Australia produces over 50% of the world’s iron ore exports.

“If all the iron ore produced in the rest of the world went to China, it would still only cover 80% of its imports – but of course that would leave none for the rest of the world. “

But in the longer term, China’s desire to diversify will be more of a problem – but even then, it’s not clear that there is enough to stop buying the product from Australia altogether. .

Meanwhile, if the change is gradual, Australia will eventually find other markets for its iron ore, as is currently the case with rising copper exports to India, Oliver added.

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G7 finds new goal as G20 takes a step back Thu, 10 Jun 2021 15:27:24 +0000

From June 11 to 13, G7 leaders meet in Cornwall, UK. The rally highlights the renewed vigor and influence of the G7, with a British Presidency engaged in action, the first public international outing of multilateralist President Joe Biden and growing concerns from the United States and Europe over the Chinese and Russian behavior.

In the meantime, we hear little about the G20.

It wasn’t meant to be that way. In the midst of the 2008 financial crisis, G7 leaders and finance ministers realized they no longer had the clout to run the global economy on their own. Emerging markets, symbolized by the BRICS countries (Brazil, Russia, India, China and South Africa), had become a force on their own. The G20 summit in Pittsburgh in September 2009 declared the G20 to be “the premier forum for international economic cooperation”. The G7 was in turn to become an informal body.

What happened?

  • The years between the 2008 financial crisis and the pandemic have been tough for the G7 economies but harder for emerging markets, with the exception of China. The heady outlook for emerging markets, especially Brazil and Russia, has been shattered.
  • The West’s relationship with China has fundamentally changed. As the creation of the G20 neared, the West has focused heavily on engagement with Beijing, seeking to manage China’s rapidly accelerating global footprint. But engagement has been replaced by strategic competition. President Xi Jinping has pushed the Chinese economy in a state-run direction, and China’s actions in Hong Kong, the South China Sea and Xinjiang, in addition to Xi’s efforts to become “president for life,” have had an impact. adverse impact on the western view of China and its rise. Meanwhile, Russia has been kicked out of the G8 following President Vladimir Putin’s invasion of Crimea and authoritarian and aggressive behavior.
  • The G20 is big and bulky. While there may be logic in the G20 as an economic / financial grouping, the political argument is less convincing. In addition to wishing for a greater role in global governance, it is not clear what the BRICS have in common.
  • The last decade has seen the advent of major cybercrimes and growing threats to national security from technology as key issues. China and Russia are seen as evil forces on these fronts in the United States and Europe, undermining G20 cooperation.

At the height of the G7 before the 2008 financial crisis, economic and financial cooperation was strong – within limits. In the face of a synchronized economic and financial crisis, countries can coordinate their policies. But under normal circumstances, the scope of macroeconomic coordination is limited. Cyclic conditions vary.

A US president cannot credibly embark on a fiscal path when Congress is in control of the fiscal purse. Germany’s macroeconomic culture is different from that of the United States, and emerging markets face their own challenges. The big central banks are independent – their mandates apply at home. In addition, Europe and the United States have different personal interests and priorities, especially after the Donald Trump administration sowed considerable mistrust.

But in other areas, the cohesion of the G7 was and remains strong. Nations often work collectively to alleviate the debt of heavily indebted poor countries, such as through the Multilateral Debt Relief Initiative, and to manage international financial institutions in indebted countries. Most of the major globally interconnected financial institutions are located in the G7 countries and cooperate in financial markets. They have collectively fought against terrorist financing and money laundering and have common interests in the fight against cybercrime. Their cohesion has just been underlined in the recent global tax agreement of the G7 finance ministers.

When the G7 countries are united, they can provide a powerful platform to advance progress within the G20. If the other G20 countries don’t agree, they can block the G7. But a united G7 is more easily able to push forward a global agenda.

The G7 countries represent democracy, believe in multilateralism and a rules-based international order. China’s growing authoritarianism and Russian belligerence have underscored this reality, bolstering the G7 goal. Trump challenged this view, but Biden clearly returned to it – a critical point that will be well underlined in Cornwall.

This does not mean that the G20 is irrelevant. Emerging markets represent a growing part of the global economic and financial system. Global goals – greening the environment, overcoming the pandemic – require close work between developed and emerging markets. The G20 can be a useful forum for discussion, for leaders and ministers to meet with their counterparts, and for advancing collective challenges, even if it remains onerous.

Where does that leave global economic management as the G7 meets in Cornwall? As before, in motion. The G7 has found new legs and new goals, although its members have their own internal differences. But emerging markets have yet to be involved in managing the global economy. Regardless of the G7 or the 20, the United States and China have yet to find ways to engage, even though they are strategic competitors. To strengthen the democratic cohesion of the G7, new actors can be brought in ad hoc in the discussions of the leaders – like Australia, India and South Korea, which will participate in the G7 summit in Cornwall.

Whether through the G7, the G20 or bilaterally, there is room for maneuver for changing coalitions on any given topic. Architecture today is neither orderly nor solid, but it is not rudderless. The role of the G7 is experiencing a renewal, supported by its collective democratic and multilateral roots. Hopefully Cornwall will be a success.

Mark Sobel is the US President of OMFIF.

Image credit: WPA Pool/Swimming pool, Getty Images Europe

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4 climate hurdles Biden faces at the G-7 Thu, 10 Jun 2021 15:00:00 +0000

There should be “no exemptions” or “wished” to the extent of the ban, said Han Chen, director of the international energy policy program at the Natural Resources Defense Council. “Some [Japanese] departments interpret it as saying you can have factories with lower emissions. “

Whether Germany can commit to a phase-out of domestic coal sooner will also be revealing, said Steve Herz, senior lawyer and international climate adviser at the Sierra Club. In recent years, Germany has spent a lot of political capital in a painstaking effort by civil society groups, labor unions, power companies and local governments to negotiate an exit from coal by 2038. But the goals climate change from the European Commission and the April ruling by the German Constitutional Court that the country’s climate targets insufficiently protect future generations bring forward this deadline for coal, he said.

The trade winds

Tariffs on the carbon intensity of imported products will likely surface at the top even if they are not on the official agenda, especially after the draft text of the carbon border adjustment mechanism was leaked last week. of the EU.

Carbon tariffs are an emerging international front in the climate space given the measures taken by the EU to put its manufacturers on a par with foreign competitors who wish to ship goods there but have no rules emission reductions in their home country – and don’t. t having to pay for increasingly expensive credits on the EU carbon market.

Biden also addressed the issue, calling for a border carbon tax during last year’s campaign. But his special presidential climate envoy, John Kerry, warned the EU against this approach, which the United States would struggle to follow given the high chances of getting Congress to adopt a carbon price that align with the European system.

“This is a delicate point between the United States and Europe,” said Samantha Gross, director of the energy security and climate initiative at the Brookings Institution.

Japan’s Ministry of Economy, Trade and Industry has started exploring what a carbon tariff would mean for its manufacturers, said Jane Nakano, senior researcher in the Energy Security and Climate Change program at the Center for Strategic and International Studies.

Kerry also said the United States was examining the implications of a carbon tariff. A draft EU declaration for a summit next week with the United States that was secured by POLITICO noted a shared desire to “tackle the risk of carbon leakage”, when high-emitting industries collapse. relocate to areas with more permissive climate regulations.

While there has been a better understanding between the EU and the US of their differing carbon pricing political realities since the early days of the Biden administration, this is still a solution with little to no doubt. easy solutions, said Nakano.

“My reading is that the Biden team doesn’t necessarily rush to start this set of issues – the set of climate-related trade issues. It’s another heavy load, ”she said.


The G-7 also offers a chance for countries to align their climate messages before turning to the meeting of G-20 finance ministers next month, where China’s role in issues such as finance overseas coal, its continued domestic coal development and allegations of forced labor in the solar panel supply chain will feature prominently.

“China is not very responsive to pressure from (…) developed countries, but it does care what the developing world thinks,” Peter Betts, former senior climate negotiator for the UK and the United Kingdom. ‘UE, who is now an associate researcher at Chatham House, said in a media appeal. “And it’s quite difficult to ask the developing world to put pressure on China.”

The G-7 countries are already drawing the battle lines on coal financing, Herz said. The recent announcements by South Korea and Japan – if they live up to the spirit of the ministerial statement – would isolate China as the public lender of last resort for coal, jeopardizing the country’s reputation. China to claim climate leadership.

“A whole constellation of questions around a strong China will obviously be on the agenda,” Herz said. “But on the issue of climate, [the G-7 nations] will take the opportunity to push [China]. “

Jacopo Barigazzi contributed to this report.

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Global Ceramic Sanitary Ware Market (2020 to 2026) Thu, 10 Jun 2021 08:53:00 +0000

Dublin, June 10, 2021 (GLOBE NEWSWIRE) – The “Ceramic Sanitary Ware Market Research Report by Technology, Application, Region – Global Forecast to 2026 – Cumulative Impact of COVID-19” report was added to offer.

The global ceramic sanitary ware market size was estimated at USD 45.27 billion in 2020 and is expected to reach USD 48.94 billion in 2021, at a compound annual growth rate (CAGR) of 8.43% from 2020 to 2026 to reach $ 73.61 billion by 2026.

Market Statistics:

The report provides market size and forecast in five major currencies – USD, EUR GBP, JPY and AUD. It helps organizational leaders make better decisions when currency data is readily available. In this report, the years 2018 and 2019 are considered as historical years, 2020 as the base year, 2021 as the estimated year and the years 2022 to 2026 are considered as the forecast period.

Market segmentation and coverage:

This research report categorizes Ceramic Sanitary Products to forecast revenue and analyze trends in each of the following submarkets:

  • On the basis of technology, the ceramic sanitary ware market has been examined in isostatic casting, die casting, slip casting and sliver casting.

  • Based on type, the ceramic sanitary ware market has been examined for bidgets, cisterns, sinks / toilets, urinals, and wash basins. Bidgets are discussed in more detail through the Rim Supply Bidget and the Rim Supply Bidget. Tanks are further explored in closer coupled tanks, high level tanks and low level tanks. The sinks / toilets are studied in more detail in the European toilets (Ewc), one room, two rooms and wall cupboards. The sink is further explored in corners, counters, pedestals, table tops and wall hangers.

  • Based on the application, the Ceramic Sanitary Ware market has been examined in the commercial and residential sectors. Commercial is further explored in the hospitality, industrial, institutional and retail, and office sectors.

  • On the basis of geography, the ceramic sanitary ware market has been examined in America, Asia-Pacific and Europe, Middle East and Africa. The Americas are further explored in Argentina, Brazil, Canada, Mexico, and the United States. Asia-Pacific is further explored in China, India, Indonesia, Japan, Malaysia, Philippines, South Korea and Thailand. Europe, Middle East and Africa are also studied in France, Germany, Italy, Netherlands, Qatar, Russia, Saudi Arabia, South Africa, Spain, Arab Emirates United and the United Kingdom.

Competitive strategic window:

The Competitive Strategy Window analyzes the competitive landscape in terms of markets, applications and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for suppliers to adopt successive strategies of merger and acquisition, geographic expansion, research and development, and new product introduction strategies to continue the expansion and growth of the business during a forecast period.

FPNV positioning matrix:

The FPNV Positioning Matrix assesses and ranks suppliers in the ceramic sanitary ware market based on business strategy (company growth, industry coverage, financial viability and channel support) and product satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that helps businesses make better decisions and better understand the competitive landscape.

Market share analysis:

The market share analysis offers the analysis of the suppliers considering their contribution to the overall market. It provides the idea of ​​its revenue generation in the overall market compared to other space providers. It provides insight into the performance of vendors in terms of revenue generation and customer base compared to others. Knowing the market share gives an idea of ​​the size and competitiveness of the suppliers for the base year. It reveals the characteristics of the market in terms of traits of accumulation, fragmentation, dominance and fusion.

Company usability profiles:

The report explores in depth the recent significant developments of leading suppliers and innovation profiles in the global ceramic sanitary ware market including Duratex SA, Duravit Ag, Eczacibasi, Geberit Group, Hsil, Ideal Standard International SA, Kohler Co., Lecico Bathrooms, Lixil Corporation, Rak Ceramics, Roca Group, Toto and Villeroy & Boch.

The report provides information on the following pointers:
1. Market penetration: provides comprehensive information on the market offered by the major players
2. Market Development: Provides detailed information on lucrative emerging markets and analyzes penetration into mature market segments.
3. Market diversification: provides detailed information on new product launches, untapped geographies, recent developments and investments
4. Competitive Assessment and Intelligence: Provides a comprehensive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape and manufacturing capabilities of key players
5. Product Development and Innovation: Provides intelligent information on future technologies, R&D activities and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast for the global Sanitary Ceramics market?
2. What are the inhibitory factors and impact of COVID-19 shaping the global Sanitary Ceramics Market during the forecast period?
3. What are the products / segments / applications / areas to invest in during the forecast period in the global ceramic sanitary ware market?
4. What is the strategic competitive window for opportunities in the global Ceramic Sanitary Products market?
5. What are the technological trends and regulatory frameworks in the global ceramic sanitary ware market?
6. What is the market share of the major suppliers in the global ceramic sanitary ware market?
7. What strategic fashions and movements are considered appropriate for entering the global ceramic sanitary ware market?

Main topics covered:

1. Preface

2. Research methodology

3. Executive summary

4. Market overview

5. Market overview
5.1. Market dynamics
5.1.1. Conductors Growing development on infrastructure projects Shifting consumers to luxury sanitary ware in developing countries A growing real estate industry attributed to rapid urbanization
5.1.2. Constraints High cost of raw materials
5.1.3. Opportunities Innovation and progress of ceramic sanitary ware with aesthetic appeal Increase investments in the ceramics sector
5.1.4. Challenges Change in demand for housing
5.2. Cumulative impact of COVID-19
5.3. Porters Five Forces Analysis
5.3.1. The threat of new participants
5.3.2. The threat of substitutes
5.3.3. Bargaining power of clients
5.3.4. Bargaining power of suppliers
5.3.5. Industry rivalry

6. Ceramic Sanitary Ware Market, By Technology
6.1. introduction
6.2. Isostatic casting
6.3. Die casting
6.4. Slip casting
6.5. Tape casting

7. Ceramic Sanitary Ware Market, by Type
7.1. introduction
7.2. Bidgets
7.2.1. Rim supply bidget
7.2.2. Rim Supply Bidget
7.3. Cisterns
7.3.1. Tightly coupled tank
7.3.2. High level cistern
7.3.3. Low level cistern
7.4. Washbasins / WC
7.4.1. European WC (Ewc)
7.4.2. A piece
7.4.3. Two pieces
7.4.4. Hanging cupboards
7.5. Urinals
7.6. Bathroom sink
7.6.1. Corner
7.6.2. Counter
7.6.3. Pedestal
7.6.4. Table top
7.6.5. Hanging on the wall

8. Ceramic Sanitary Ware Market, By Application
8.1. introduction
8.2. Commercial
8.2.1. Hospitality
8.2.2. Industrial
8.2.3. Institutional and Retail
8.2.4. Office
8.3. Residential

9. Americas Ceramic Sanitary Ware Market
9.1. introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States
9.6.1. California
9.6.2. Florida
9.6.3. Illinois
9.6.4. new York
9.6.5. Ohio
9.6.6. Pennsylvania
9.6.7. Texas

10. Asia-Pacific Ceramic Sanitary Ware Market
10.1. introduction
10.2. China
10.3. India
10.4. Indonesia
10.5. Japan
10.6. Malaysia
10.7. Philippines
10.8. South Korea
10.9. Thailand

11. Europe, Middle East and Africa ceramic sanitary ware market
11.1. introduction
11.2. France
11.3. Germany
11.4. Italy
11.5. Netherlands
11.6. Qatar
11.7. Russia
11.8. Saudi Arabia
11.9. South Africa
11.10. Spain
11.11. United Arab Emirates
11.12. UK

12. Competitive landscape
12.1. FPNV positioning matrix
12.1.1. Quadrants
12.1.2. Business strategy
12.1.3. Product satisfaction
12.2. Market ranking analysis
12.3. Market share analysis
12.4. Competitive scenario
12.4.1. Merger & Acquisition
12.4.2. Agreement, collaboration and partnership
12.4.3. Launch and improvement of new products
12.4.4. Investment and financing
12.4.5. Awards, recognition and expansion

13. Company usability profiles
13.1. Duratex SA
13.2. Duravit Ag
13.3. Eczacibasi
13.4. Geberit Group
13.5. Hsil
13.6. Ideal Standard International SA
13.7. Kohler Co.
13.8. Lecico bathrooms
13.9. Lixil Corporation
13.10. Rak ceramic
13.11. Roca Group
13.12. Toto
13.13. Villeroy & Boch

14. Annex

For more information on this report, visit

CONTACT: CONTACT: Laura Wood, Senior Press Manager For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

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UPDATE 1-Foreign currency deposits in China swell to $ 1.01 trillion in May Thu, 10 Jun 2021 08:46:03 +0000

(Add details and background)

SHANGHAI, June 10 (Reuters) – China’s foreign currency deposits hit a record high of $ 1.01 trillion in late May, from $ 1 trillion a month earlier, the central bank said Thursday.

Foreign currency deposits have grown steadily since last year, boosted by China’s huge trade surplus and continued inflows of capital into Chinese stocks and bonds. Foreign holdings of Chinese bonds hit a record high last month.

The People’s Bank of China (PBOC) said overseas cash deposits increased 35.7 percent year-on-year and $ 9.4 billion from the previous month.

A mountain of dollars on deposit in China has become so large that banks are struggling to lend change. Traders say this poses a risk to official efforts to control a surging yuan.

The yuan has gained about 12% against the dollar since May 2020, hitting its highest levels in more than three years.

The rapid appreciation prompted policymakers to recently announce a series of measures to curb the recovery.

Many policymakers have warned market participants against betting on unilateral currency moves, and the PBOC has increased the ratio of required reserves to foreign currency deposits for the first time in 14 years, with the aim of tighten foreign currency liquidity.

Earlier on Thursday, the currency regulator said two-way volatility in the yuan’s exchange rate would become normal and called on companies to hedge their currency risks.

(Reporting by Winni Zhou and Andrew Galbraith Editing by Peter Graff and Kim Coghill)

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