CX Daily: Chinese Nickel Miners in Indonesia Face Threat from Falling Prices
TOP STORIES
Nickel /
A nickel rush in Indonesia by Chinese mining companies over the last decade may come to a halt as falling prices for the metal used in steel production makes processing the material in the Southeast Asian country less attractive for China-based producers.
In September, China Baowu Steel Group, a giant state-owned producer, put on hold its plan to buy nickel assets in the Southeast Asia country from China’s privately owned Tsingshan Holding Group Co. in a deal that could be worth up to $4 billion. The two companies have been in negotiation for more than a year and the proposed deal has been under review by multiple ministries and regulators. Baowu sent its independent directors to inspect Tsingshan’s operations in Indonesia in late September, but hasn’t disclosed their findings. ?
China-EU /
President Xi Jinping will meet with the top European Union leaders in Beijing?Thursday, the Chinese foreign ministry confirmed, as the two sides gather for the first in-person China-EU Summit in four years.
The summit will be chaired by Premier Li Qiang, European Council President Charles Michel and European Commission President Ursula von der Leyen, the Chinese Ministry of Foreign Affairs said in a Monday statement. ?
FINANCE & ECONOMY
Obituary?/
Wang Jianxi, a pioneer who helped lay the foundation for China’s capital markets, has died at the age of 72 due to illness, Caixin has learned.
A trailblazer with a vision for China’s capital markets that was grounded in both international and local perspectives, Wang died recently in Beijing. Most significantly, Wang participated in the drafting of China’s Securities Law and the design of the stock exchanges in Shanghai and Shenzhen. ?
Banking?/
China Citic Bank Corp. Ltd. has been fined over 220 million yuan ($31 million) for 56 violations, the country’s top financial regulator announced Friday.
The penalty includes a 152.4 million yuan fine slapped on the head office of Citic Bank and 67.7 million yuan in fines that the bank’s branches have to pay, according to a statement from the national administration of financial regulation (NAFR).
The bank’s head office also has to hand over 4.6 million yuan of illegal gains, it said. ?
Quick hits?/
领英推荐
BUSINESS & TECH
Autos?/
The recent spate of attacks against Israel-linked vessels could force cargo ships to divert from the key Red Sea shipping route, significantly increasing the cost and time of Chinese car exports to Europe, a logistics expert told Caixin.
The Red Sea sits at the entrance to the Suez Canal, which forms the shortest shipping route between Asia and Europe, making it crucial for trade between the two regions. Multiple commercial ships have been attacked or targeted in or around the Indian Ocean inlet since mid-November, including at least three Israel-linked ships, among which was the Galaxy Leader, a vehicle carrier seized by Yemeni rebels. ?
SAIC?/
SAIC Motor Corp., China’s largest state-owned automaker, has agreed to offer 35% of its India business to the local partner JSW Group, as the Chinese company ventures into the world’s third-largest auto market.
Shanghai-traded SAIC said it has signed a strategic partnership agreement with JSW Group in London. Under the agreement, the Indian steelmaker will acquire a 35% stake in MG Motor India through a new share issuance, SAIC said in a Thursday filing, adding that the deal is pending approvals from the local government. ?
CATL?/
Contemporary Amperex Technology Co. Ltd. (CATL) stayed mum about the progress of a $6 billion Indonesian mining-to-batteries project announced last year, after local media reports said the firm may finalize a deal this month for part of the project that involves electric vehicle (EV) battery materials production.
The Tesla Inc. supplier is expected to sign a joint venture agreement this month with local state-owned nickel and gold miner PT Aneka Tambang, also known as Antam, to produce raw materials for EV batteries, the Jakarta Post and CNBC Indonesia reported last week. ?
Quick hit?/
Long Read?/
GALLERY
The 2023 COP28 climate summit, which kicked off Saturday in Dubai, is the largest United Nations climate change conference in history. The event will take place in the emirate’s Expo City, home to numerous country pavilions and events like panel discussions. The China Pavilion, with its panda theme, attracted large numbers of visitors. The summit will also feature exhibitions on climate innovations and cutting-edge technology.