Share to Twitter Share to Linkedin A fall in the price of solar glass and rising costs for raw materials have contributed to a warning of a drop in first-half profit at Xinyi Solar, one of the world’s largest suppliers of glass to the solar power industry. Profit is likely to drop by 33% to 43% from HK$3.07 billion a year earlier, based on preliminary five-month data, the company said in a statement Friday evening, Xinyi Solar, controlled by Chinese billionaire Lee Yin Yee, fell 3.5% in trading at the Hong Kong Stock Exchange to HK$12.66 at approximately 10 a.m. on Monday after the announcement; its shares have lost more than a fifth of their value in the past 12 months. The drop in profit is “primarily due to the decrease in the profitability of the solar glass business” owing to “around 10-20% decreases in the average market prices of solar glass products” along with “significant increases in the costs of raw materials and energy, such as soda … [Read more...] about China Billionaire Trio’s Xinyi Solar, Xinyi Glass Warn Of Profit Drop; Stocks Slide
China trade news today
LATEST NEWS: First Omicron case detected in Thailand
The Thai Ministry of Public Health announced earlier today that the first covid variant ‘Omicron’ has been detected in the country. The person is a 36 year old American tourist who from Spain, via Dubai, on the Test and Go scheme (for travellers who have been fully vaccinated). It’s been revealed that he was living in Spain for 12 months. He tested negative in Spain on November 28 before flying to Thailand, via Dubai on November 29.. He spent some 9 hours in transit in Dubai.. Arriving on November 30, he trailed to his room where he underwent the mandatory PCR test. His result came back positive. It’s been reported that he has no underlying conditions and no symptoms. It’s also been revelled that the man was vaccinated with the Johnson & Johnson vaccine in June this year. 17 close contacts have been detected atthe man’s SHA+ hotel, along with 2 airport staff. At this stage the Thai government has banned travellers from 8 southern African countries. Given the man’s … [Read more...] about LATEST NEWS: First Omicron case detected in Thailand
PH, China sign MOU on oil and gas development, 28 other deals
Update The Philippines and China on Tuesday signed a memorandum of understanding (MOU) for oil and gas development cooperation. But the location of the oil and gas development was not immediately disclosed. President Rodrigo Duterte and Chines President Xi Jinping witnessed the exchange of MOU on gas and oil development in Malacañan Palace. Foreign Affairs Secretary Teodoro Locsin Jr. and Minister of Foreign Affairs Wang Yi signed the MOU. Energy Secretary Alfonso Cusi said the MOU was “just a cooperation to explore solutions” on “how we can enjoy the resources” in the South China Sea. Twenty-eight other agreements on trade, infrastructure, and education, among others, were also signed in Malacañang. The agreements signed between the Philippines and China were: 1. Exchange of MOU between the Phl and China on cooperation on the Belt and Road initiative 2. Exchange of MOU on cooperation on oil and gas development between the Philippines and China 3. MOU … [Read more...] about PH, China sign MOU on oil and gas development, 28 other deals
US to raise $200 billion for G7 vs China’s Belt and Road
US President Joe Biden attends a working lunch with other G7 leaders to discuss shaping the global economy at the Yoga Pavilion, Schloss Elmau in Kuren, Germany, June 26, 2022. (Kenny Holston/Pool via REUTERS) WASHINGTON — The United States aims to raise $200 billion in private and public funds over five years to fund needed infrastructure in developing countries under a G7 initiative aimed at countering China’s multitrillion-dollar Belt and Road project, the White House said on Sunday. US President Joe Biden will unveil the plans, flanked by other Group of Seven leaders, some of whom have already unveiled their own separate initiatives, at their annual gathering being held this year at Schloss Elmau in southern Germany. Increasingly worried about China, G7 leaders first floated plans for the project last year, and are formally launching it now under a fresh title, “Partnership for Global Infrastructure and Investment” while dropping the moniker “Build Back Better World” … [Read more...] about US to raise $200 billion for G7 vs China’s Belt and Road
London copper gains as China’s easing Covid-19 curbs lift demand hopes
- A + A BENGALURU (June 27): London copper prices gained on Monday (June 27) as the easing of Covid-19 restrictions in top metals consumer China raised hopes of a revival in demand, although fears of a global economic slowdown due to rapid interest rate hikes limited gains. Three-month copper on the London Metal Exchange (LME) was up 0.5% at US$8,420 (about RM37,098.52) a tonne as of 0441 GMT after dropping to its lowest since February 2021 at US$8,122.50 in the previous session. The most-traded August copper contract in Shanghai fell 0.6% to 64,040 yuan (US$9,579.37 or about RM42,188.03) a tonne by the midday trade. Beijing on Saturday said it would allow primary and secondary schools to resume in-person classes and Shanghai's top party boss declared victory over Covid-19 after the city reported zero new local cases for the first time in two months. The commercial hub of 25 million will gradually resume dining-in at restaurants from June 29 in low-risk areas and … [Read more...] about London copper gains as China’s easing Covid-19 curbs lift demand hopes
Old Solar Panels Causing An Environmental Crisis In China
Thousands of ageing solar panels sited throughout China could trigger an environmental crisis over the next two decades, according to industry experts. China has more solar power plants than any other country, operating roughly twice as many solar panels as the U.S. with no plans on how to dispose of the old panels that break down. “It will explode with full force in two or three decades and wreck the environment, if the estimate is correct,” Tian Min, general manager of a Chinese recycling company, told The South China Morning Post . “This is a huge amount of waste and they are not easy to recycle.” There could be 20 million metric tons of solar panel waste, or 2,000 times the weight of the Eiffel Tower, by 2050 according to Lu Fang, the secretary general of solar power at the China Renewable Energy Society. Solar panels use hazardous materials, like sulfuric acid and phosphine gas, in the manufacturing process that makes them hard to recycle. Solar panels also have … [Read more...] about Old Solar Panels Causing An Environmental Crisis In China
Feature: “East Meets West” concert featuring Chinese, Italian compositions held in Rome
ROME, June 26 (Xinhua) -- A special one-off "East Meets West" classical music concert was held Saturday evening at Rome's iconic opera house, with Chinese and Italian musicians enthralling the audience with an impressive performance. At the Rome Opera House, the most important music hall in the Italian capital, the 1,600-seat venue was mostly full, and several of the pieces performed attracted extended rounds of applause. The program is a centerpiece of the China-Italy Year of Culture and Tourism, featuring seven performances from both Italian and Chinese composers and focusing on young musicians. The event was part of the first full season of the opera house in its home facility since it closed for the coronavirus pandemic. Other performances since 2020 had been held in outdoor venues. The nearly two-hour selection, conducted by Qian Junping, got underway with a performance of "Jasmine Flower" from Italian composer Giacomo Puccini's opera Turandot. "Nessun dorma" (None shall … [Read more...] about Feature: “East Meets West” concert featuring Chinese, Italian compositions held in Rome
Reveal plan for subsidy removal or resign, Pakatan tells ministers
PETALING JAYA: The government has been urged to reveal its plans for targeted subsidies and tackling the rising cost of living within the next 24 hours. Pakatan Harapan said that failure to do so should lead to the resignation of the ministers in charge of these matters. "The government had announced that the ceiling prices of chicken and eggs would be removed along with subsidies for cooking oil, but no mechanism was put in place to counter the removal. "It is less than a week before the removal of subsidies and ceiling price controls and there is insufficient time for the looming rise in cost of living, which would increase prices drastically," said its presidential council in a Facebook post on Wednesday (June 22). It said Opposition leader Datuk Seri Anwar Ibrahim had repeatedly raised the issue of the delay by the National Action Council to counter the cost of living in Parliament. "Pakatan will take several proactive actions including mobilising a mass movement of the … [Read more...] about Reveal plan for subsidy removal or resign, Pakatan tells ministers
Landed properties worth RM500mil left abandoned
GEORGE TOWN: Landed properties valued at more than RM500mil are rotting in space-scarce Penang island, where residential and commercial buildings fetch lucrative prices. Penang Island City Council (MBPP) councillor Wong Yuee Harng ( pic ) said that while more than RM300mil worth of heritage and pre-war buildings (commercial and residential) were left unoccupied, several buildings put up later were in a similar predicament due to the Covid-19 pandemic. ALSO READ: Udini House, oldest abandoned mansion, worth RM30mil Wong says the council’s building department has the right to hoard up the buildings or even charge the owners. The abandoned post-war buildings in the city were valued at some RM200mil, according to a property valuation consultant. These post-war buildings are all over the island with many having turned into a breeding ground for mosquitoes and snakes, and turning into dumpsites. Wong said MBPP was able to get some of these property owners to clean … [Read more...] about Landed properties worth RM500mil left abandoned
G-7 Leaders Launch $600 Billion Infrastructure Push To Rival Chinese Influence
Share to Twitter Share to Linkedin Topline The leaders of the Group of Seven industrialized nations have vowed to raise $600 billion within the next five years to fund infrastructure projects in developing countries, an effort designed to compete for influence in the developing world with the similar Belt and Road program launched by China in 2013. Key Facts The Partnership for Global Infrastructure and Investment will help create “ quality, sustainable infrastructure ” that will strengthen the world’s supply chains, result in economic opportunities for American workers and advance U.S. national security interests, according to the Biden administration. The U.S. alone will contribute $200 billion to the effort through grants, federal financing, and leveraging private sector investments, the White House said. Officials said the program will focus on four priorities: creating sustainable infrastructure that is resilient to climate … [Read more...] about G-7 Leaders Launch $600 Billion Infrastructure Push To Rival Chinese Influence