介绍:
Steel Industry Profit Decline
Anchor:
Global rating agency Moody's has downgraded its outlook for the Asian steel industry to "negative", based on continental steelmakers' declining profitability amid a growing supply glut.
The outlook had been "stable" since August last year, when it was changed from "negative".
Moody's says the outlook reflects its expectations for business conditions over the next 12 months.
In the first four months of this year, demand for Chinese steel, as measured by total output minus net exports, declined by 4 percent, versus a 2.5-percent drop in the whole of last year.
The agency predicts that steel demand from Southeast Asia and India will probably increase but will be insufficient to offset the decline in China.
On the other hand, steel production and capacity will remain stable as Chinese steel companies increase exports, especially given the price premiums for steel outside of China.
For more on the steel industry in China, CRI's Shane Bigham earlier spoke with Gao Shang, commodity analyst with Guantong Futures.
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Back anchor:
Gao Shang, commodity analyst with Guantong Futures, speaking with CRI's Shane Bigham.
China's new yuan loans pick up in H1
Official data shows China's new yuan-denominated loans reached about 6.5 trillion yuan or over one trillion U.S. dollars in the first half of this year.
The volume was about 537 billion yuan more than the same period of last year.
M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 11.8 percent year on year to some 133 trillion yuan at the end of June.
The growth was higher than 10.8 percent at the end of May, but was lower than 12.2 percent at the end of last year.
HSBC analyst Qu Hongbin says the rebound in M2 is largely related to the heavy increase in new loans and easing monetary policies in previous months.
Meanwhile, the narrow measure of money supply (M1), which covers cash in circulation plus demand deposits, expanded 4.3 percent year on year to about 35 trillion yuan at the end of last month.
The stockpile of foreign exchange reserves stood at 3.69 trillion U.S. dollars by the end of June.
Tsinghua Unigroup Offers to Buy Micron Technology for $23b: Report
It's being reported that state-backed Chinese private equity firm Tsinghua Unigroup is preparing to buy US memory chipmaker Micron Technology for 23 billion U.S. dollars.
Tsinghua is said to offer 21 U.S. dollars per share for Micron, which is at a 19.3 percent premium to the stock's close on Monday.
If it goes ahead, the deal would be the biggest ever Chinese takeover of a US company.
However, a Micron spokesman said the company had not received an offer.
Any foreign takeover of Micron would likely have to pass a review by the Committee on Foreign Investment in the United States.
The deal could also face scrutiny from China's National Development and Reform Commission.
The NDRC must approve outbound investments worth more than 2 billion U.S. dollars or those in sensitive industries.
China basically finishes drafting legislation of property tax
Economic Information Daily has reported that China has essentially finished drafting the law on property tax.
According to the report, property tax will likely be composed of tax on real estate and on urban land usage.
Analysts believe that drafting the legislation of property tax could be a strong push to China's drive towards a healthy fiscal and tax system.
The property tax reform is also expected to curb China's asset bubble risks and help local governments reduce their reliance on land sales income.
It could also help the country to stabilize the real estate market and its overall economic growth.
China Railway Group to Set up U.S. Firm
China Railway Group is planning to invest 1.9 million U.S. dollars to set up a company in the United States.
China Railway Eryuan Engineering Group, a partner of China Railway Group, is set to invest 5-hundred-thousand U.S. dollars in the venture.
The two companies will hold a combined 24 percent stake in the new company.
The remaining shareholders have not yet been identified.
China Starts Acrylic Fiber Anti-dumping Investigation
China's Ministry of Commerce has started looking into allegations of the dumping of acrylic fiber imported from Japan, South Korea and Turkey.
The ministry will try to determine whether the imports have damaged domestic producers' interests and if their interests have been affected.
Acrylic fibers are widely used in the clothing manufacturing sector.
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