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News from China
Greenland aims to continue CIIE success
14th November 2018

 Greenland Holdings has unveiled an exhibition and trading platform to connect traders and exhibitors that are interested in the import goods displayed at the First China International Import Expo.

The Greenland Global Commodity Trading Hub, located in the Hongqiao World Center, which is to the south of the National Convention and Exhibition Center, is comprised of a 110,000-square-meter exhibition hall, hosting 112 companies and organizations from 41 countries. 
Greenland signed an agreement during the CIIE with 12 countries to purchase US$1.5 billion worth of import products, and it seeks to continue to work with suppliers, retailers and supply chains across the country to increase the effect of the CIIE. 
The products currently on display at the Greenland trading hub include a wide range of categories such as food, electronics, cosmetics, and automobiles, with trade organizations including the Hispanic-China Chamber of Commerce, the Belgian Beer Institute, and the Canada Beef International Institute.
Another 20 overseas trade organizations are expected to join the trading hub in the next three months.
Greenland has 50 physical retail outlets nationwide and hopes to double that number within three years. 
Trade visitors can make a reservation through the trading hub’s official website by providing their contact information and purchasing intent. 
“We hope to connect with upstream and downstream players and create new import channels by building a permanent trading platform," said Zhang Yuliang, Chairman and President of Greenland Group. 
Greenland will also host trade events in key cities including Tianjin, Xi’an, Wuhan, and Zhengzhou to connect sellers and buyers in the near future.  
Greenland hopes to keep magnifying the CIIE's effects and contribute to serving the national strategy of introducing more imported products that benefit consumers’ livelihoods, Zhang said.
Source: Shanghai Daily, November 14, 2018
Wall Street dives into the red while oil prices continue to slide
13th November 2018

 Wall Street crumbled Monday as fears for demand in the tech sector turned into a broader retreat from stocks while oil prices slid to an 11th straight day of losses despite a Saudi offer to limit output.

European equities also closed lower with Frankfurt and Paris weighed down in part by lingering concerns over Italy's high debt and Tuesday's EU-deadline for Rome to revise its 2019 budget.
Trading got off to a bad start in New York, with Apple shares declining after a key parts supplier said a client had cut orders significantly, stoking fears of waning demand for iPhones.
"The ecosystem of the supply chain around Apple is starting to feel the slide of demand," Matt Miskin of John Hancock told AFP, noting that he still expected robust holiday season performance in the tech sector.
"With a weaker global growth, tech companies are starting to get repriced lower."
But a general rout ensued for stocks. Investment bank Goldman Sachs also fell 7.5 percent, weighing on the financial sector, while embattled engineering giant General Electric had its lowest close in nearly a decade.
The Dow and S&P 500 both lost two percent or more while the tech-heavy Nasdaq dropped 2.8 percent. Shares in Apple closed down more than five percent.
Treasury bond markets closed for a public holiday.
By mid-afternoon, the broad-based slide prompted President Donald Trump to point the finger, while citing no evidence, at congressional Democrats, who won control of the House of Representatives in last week's elections.
"The prospect of Presidential Harassment by the Dems is causing the Stock Market big headaches!" he wrote on Twitter. Markets had rallied the day after the vote.
Meanwhile, Bloomberg reported Monday afternoon that Trump was considering unveiling fresh auto tariffs, erasing gains by General Motors and helping push markets even lower.
Earlier in the eurozone, the Frankfurt and Paris stock markets had dropped as well, weighed down in part by lingering concerns over Italy's high debt and Tuesday's EU deadline for Rome to revise its 2019 budget.
The dollar continued to strengthen against its major rivals, meanwhile, hitting its highest levels since the first half of 2017.
The European Union's chief Brexit negotiator warned ministers from the other 27 member states on Monday that no deal has been sealed on Britain's departure from the bloc.
Elsewhere, Saudi Arabia's energy minister called for a global output cut of a million barrels per day to re-balance the market, as Riyadh unveiled plans to trim its own production by 500,000 barrels per day from December.
Khalid al-Falih's comments follow a meeting in Abu Dhabi at the weekend, where the OPEC group and its allies had already started laying the groundwork to reduce supply in 2019.
Benchmark crude prices still finished lower in New York and London. Oil prices have shed about one fifth of their value over the past month on oversupplies and signs of a softer-than-expected impact from US sanctions on Iranian crude exports.
Last week, higher US energy stockpiles drove WTI crude to its longest losing streak in more than 30 years, while Brent dropped below US$70 a barrel for the first time since April.
Tobacco stocks also suffered following media reports that US health regulators expect to announce plans as soon as this week to seek a ban on menthol cigarettes and to limit sales of e-cigarettes.
British American Tobacco shedding 10.62 percent to 29.96 pounds (US$35.52) and Imperial Tobacco losing almost 2.2 percent on reports of a planned US ban on menthol cigarettes, which researchers have said pose a greater health risk than traditional ones.
American tobacco producers likewise headed south on the news.
Source: Shanghai Daily, November 13, 2018
Six killed in factory warehouse explosion
12th November 2018

 Six people were killed and five others were injured on Monday as an explosion ripped through a factory warehouse in east China's Shandong Province, local authorities said.

The explosion took place at about 10am at Huifeng Carbon Plant in Kongcun Township of Pingyin County, the county government said.
An investigation into the cause of the accident is under way.
Source: Shanghai Daily, November 12, 2018
China's family businesses report higher sentiment: PwC
9th November 2018

 Family businesses in China reported a higher and better business sentiment compared to their counterparts around the globe, a latest PwC study shows. 

The bi-annual survey covers 2,953 family businesses from 53 countries and regions including 52 from China's mainland and 56 in Hong Kong. 
As many as 75 percent of family businesses on China's mainland and 55 percent from Hong Kong have seen sales growth over the past 12 months compared to the global average of 69 percent, according to PwC’s Global Family Business Survey. 
The report also shows that 21 percent of mainland family businesses have a succession plan in place, down from 35 percent in the previous survey in 2016, which is also lower than the global average of 49 percent.
"It's important for family businesses to involve the next generation in the business not only to ensure succession but also as a means to tackle digital disruption," said Rebecca Wang, PwC China Central Private Client Services Leading Partner. 
As many as 48 percent of mainland family business owners intend to sell their goods or services in new markets in the next two years, compared to the global average of 38 percent. 
Among China's mainland family business owners, 77 percent stated that the need to innovate is a key challenge. Economic environment and the lack of professionalization of the business are also listed as their concerns. 
China’s government has been adding further support to the development of private businesses, with a series of policies to help solve current challenges that private businesses are facing, including easing companies’ tax burdens, removing obstacles to borrowing money and building a fairer environment for competition. 
Source: Shanghai Daily, November 9, 2018

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