The Star Online: Business
The Star Online: Business |
- China to relax rules for currency derivatives
- Chin Well shares up on positive prospects, RM10mil capex to boost production
- China faced the most scrutiny in 2012 over US investments
| China to relax rules for currency derivatives Posted: 19 Dec 2013 02:06 AM PST BEIJING: China is set to simplify and tweak its rules for currency swaps and options to encourage investors to manage their currency risks, the country's regulator said on Thursday. As China relaxes its grip over the yuan's value, the authorities want domestic investors and companies to learn to deal with currency risks to minimise financial losses that may threaten the health of the world's No 2 economy. From Jan 1, financial institutions that already offer currency forwards to clients can also start providing currency and foreign exchange swaps without needing further approvals, the State Administration of Foreign Exchange said in a statement. Banks can also offer net payments of foreign exchange and currency swaps under the new rules, the regulator said, a step that brings China in line with international practices. The revised rules will also allow banks and counterparties to pick the exchange rates they would like to use as reference rates when settling currency options – Reuters |
| Chin Well shares up on positive prospects, RM10mil capex to boost production Posted: 19 Dec 2013 06:57 PM PST KUALA LUMPUR: Shares of Chin Well Holdings Bhd rose at midmorning on Friday after the group said it would invest RM10mil to enhance its production facilities. At 10.51am, it rose four sen to RM1.36 with some 1.41 million shares done between RM1.33 and RM1.37. The FBM KLCI fell 6.04 points to 1,849.14. Turnover was 263.99 million valued at RM239.76mil. There were 182 gainers, 279 decliners and 268 counters unchanged. StarBiz reported the group would spend RM10mil in capital expenditure next year, which would be generated by internal funding, to expand its production capacity and range of products. The group had also received maximum orders for fasteners for the first quarter of 2014, which corresponds to the group's 2014 fiscal year third quarter, and is now taking orders for the second quarter. Group managing director Tsai Yung Chuan said the orders from Europe and the United States would improve the group's revenue and bottom-line. "With this uptrend likely to continue, we intend to upgrade our production capacity for our fastener products at our manufacturing facilities in Penang and Vietnam," he said. |
| China faced the most scrutiny in 2012 over US investments Posted: 19 Dec 2013 06:49 PM PST WASHINGTON: Chinese companies faced the most scrutiny over their US acquisitions last year, eclipsing British firms for the first time, according to a report issued on Thursday. Chinese corporations filed 23 notices with US regulators in 2012, up from 10 in 2011 and nearly quadruple the number in 2010, according to the Committee on Foreign Investment in the United States, or CFIUS. This compared with 17 notices from companies from the United Kingdom last year, the report said. CFIUS, an interagency group chaired by the Treasury Secretary, reviews transactions that would bring US businesses under foreign ownership for national security concerns. Most of its reviews stay secret unless companies choose to disclose them, but once a year the group must file a report to Congress about general trends. Speaking about the latest report, a senior Treasury official said the higher number of Chinese deals under review was consistent with growing Chinese investment in the United States. There was US$11.5bil's worth of deals by Chinese companies in the US in 2012, which was a significantly higher figure than in any year other than 2007, according to Thomson Reuters data. US politicians are eager to attract Chinese investment as a source of new jobs and economic growth. And Chinese companies have also become more comfortable with US deals, despite the 2005 rejection of China National Offshore Oil Corp's US$18.5bil attempt to buy US energy company Unocal. CNOOC's bid was thwarted by fierce political opposition because of national security concerns. CFIUS also recommended that US President Barack Obama block a Chinese firm's acquisition of wind farms close to a US naval training site. But CFIUS cleared Chinese plans this year to buy Smithfield Foods, the world's largest pork producer, despite concerns among some US lawmakers about food safety. In its report, CFIUS also said it no longer sees that some foreign governments have a coordinated strategy to acquire valuable US technology by buying U.S. firms, as it saw for 2011 – Reuters. |
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