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Posts Tagged ‘deals’

China, Pakistan to formalise 10 billion dollar deals

In Uncategorized on December 18, 2010 at 9:56 am

China and Pakistan are set to conclude another 10 billion dollars’ worth of deals on Saturday, the latest signings on a trade-focused trip to South Asia by Chinese Premier Wen Jiabao.

Business leaders are scheduled to formalise the deals — adding to the 20 billion dollars’ worth of deals inked Friday — at Islamabad’s five-star Marriott Hotel, where a huge suicide truck bomb killed 60 people in 2008.

Boosting trade and investment have been the main focus of the first visit in five years by a Chinese premier to the nuclear-armed Muslim nation on the front line of the US-led war on Al-Qaeda.

Pakistan regards China as its closest ally and the deals are seen locally as incredibly important to a moribund economy, which was dealt a massive blow by catastrophic flooding this year and suffers from sluggish foreign investment.

The Islamabad city administration declared Saturday a public holiday, apparently for security reasons with the country on full-time alert for suicide attacks and bombings blamed on the Taliban and Al-Qaeda-linked extremists.

Wen inaugurated a cultural centre built as a monument to Pakistani-Chinese friendship, and was to hold talks with the country’s opposition leader Nawaz Sharif and senior figures in the military, which depends on China for hardware.

The 35-million-dollar Pakistan-China Friendship Centre offers the Pakistani capital a conference venue, theatre, cinema and space for multiple events.

Young Pakistani girls dressed traditionally and waving the flags of both countries danced for Wen and Pakistani Prime Minister Yousuf Raza Gilani, before Wen kissed one of them on the cheek and posed for photographs.

Wen said Chinese medics will provide 1,000 Pakistani patients with free cataract surgery next year to mark the 60th anniversary of diplomatic relations.

“China-Pakistan friendship will last forever,” he told a ceremony commemorating Chinese workers who died in the 1970s while building the Karakoram Highway, the main road to the Chinese border through the Himalayas.

After the business leaders’ meeting, President Asif Ali Zardari is to host a state banquet late Saturday. Wen addresses a special joint session of parliament early Sunday before leaving.

Pakistani Information Minister Qamar Zaman Kaira said the countries signed 13 agreements and memorandums of understanding on Friday in fields ranging from energy to railways, from reconstruction to agriculture and culture.

Kaira said China had promised to fund “all the energy projects of Pakistan,” which he termed a “major breakthrough”. Pakistan suffers from a debilitating energy crisis and produces only 80 percent of the electricity it needs.

“China will provide assistance in 36 projects in Pakistan to be completed in five years,” he said. “Basically this is a five-year development plan.”

Although not specifically mentioned, behind-the-scenes talks are expected on China building a one-gigawatt nuclear power plant as part of Pakistani plans to produce 8,000 megawatts of electricity by 2025 to make up its energy shortfall.

“The outcome of the visit is beyond our expectations. It is an historic day,” Pakistan’s ambassador to Beijing Masood Khan said Friday.

Pakistan depends on China’s financial and political clout to offset the perceived threat from rival India and rescue its economy from the doldrums of catastrophic flooding, a severe energy crisis and poor foreign investment.

Pakistan’s prime minister has expressed hope that trade will rise to between 15 and 18 billion dollars over the next five years.

China, meanwhile, has been concerned about the threat of Islamist militants infiltrating its territory from Pakistan.

Before arriving in Islamabad, Wen visited India, where he and his 400-strong delegation inked deals that will see bilateral trade double to 100 billion dollars a year by 2015.

Source: SGGP

US and China sign trade deals, Beijing seeks more

In Uncategorized on December 16, 2010 at 9:41 am

WASHINGTON, Dec 15, 2010 (AFP) – The United States and China agreed Wednesday to pursue free trade in areas from agriculture to technology, but Beijing insisted that Washington needed to loosen its own export controls.

Top officials from the world’s two largest economies met for two days in Washington to try to iron out persistent tensions — including over the value of China’s currency, which the United States says is artificially low.

AFP file – The United States and China agreed to pursue free trade in areas from agriculture to technology

President Barack Obama’s administration, which has been hit hard by economic worries, offered an upbeat take on the talks and highlighted China’s willingness to restart talks on resuming US beef imports.

The United States said China also pledged to remain “neutral” on the technological standards for third-generation telephones along with smart grids, so as to permit market access for American companies.

“We were able to make progress on significant issues in a number of areas, and on other issues we have established channels that will allow us to continue our robust engagement and pursue timely solutions,” Commerce Secretary Gary Locke said.

Vice Premier Wang Qishan, who headed the 100-strong Chinese delegation, said the two sides had a “candid exchange of views on China-US economic cooperation.”

“We’ve reached many agreements and produced positive outcomes,” he told reporters.

But the Chinese side also called for the United States to relax its export controls — turning the tables on the United States, which frequently presses Beijing to open its markets.

“In our efforts to increase our imports, we very much hope that those countries still having a trade deficit vis-a-vis China could lift or relax export controls towards China,” Chinese Commerce Minister Chen Deming said.

“Therefore if the United States could offer substantial export facilitation to China, and allow an increase of its exports to China, this would be a help against the high unemployment rate in the United States today,” he said.

The United States restricts a range of goods to China that are “dual-use” — meaning that the technology could be put to military use. US businesses have also long worried about counterfeiting of products in China.

US Trade Representative Ron Kirk said that China agreed to do more to crack down on theft of intellectual property theft.

“We expect to see concrete and measurable results, including increased purchase and use of legal software, steps to eradicate the piracy of electronic journals, more effective rules for addressing Internet piracy and a crackdown on landlords who rent space to counterfeiters in China,” Kirk said.

Agriculture Secretary Tom Vilsack pointed to “progress” over US beef, which was banned by China among other countries in 2003 over concerns about mad-cow disease.

“Technical talks will resume as soon as possible with the goal of reopening China’s market in early 2011,” Vilsack said.

US officials said that China also pledged to keep off the books rules on “indigenous innovation,” which state that high-tech goods must hold Chinese intellectual property rights. China rescinded such guidelines early this year after an international outcry.

Topping other concerns, US officials — and particularly members of Congress — have pressed China to let its currency appreciate, accusing Beijing of keeping its yuan low to pump out more exports.

Chen said China “has stated again and again its firm position” that it will reform its yuan “to improve the flexibility of the exchange rate regime and also to stabilize the value of the currency.”

But Chen questioned if the size of the US trade surplus had been overestimated, saying that China often exports back finished products made of components imported from the United States.

Such trade “is hardly affected by the fluctuations of currencies,” he said.

Many analysts believe that China is determined to move methodically on its currency rates, fearing that any sudden revaluation would jolt its manufacturing hubs and trigger social instability.

Source: SGGP

Australia, China sign billion dollar deals

In Uncategorized on June 21, 2010 at 12:30 pm

Australia and China signed new deals worth 10 billion dollars (8.8 billion US), mostly in resources and energy, Monday after talks between Prime Minister Kevin Rudd and visiting Vice President Xi Jinping.

Iron ore is loaded onto a train in Western Australia. China and Australia have signed new deals worth 10 billion dollars (8.8 billion US), mostly in resources and energy, following talks between Prime Minister Kevin Rudd and visiting Vice President Xi Jinping

Rudd said the 10 agreements reflected the strong and growing cooperation between Canberra and its top trading partner, a key consumer of Australian raw materials.

“This demonstrates the dynamic relations between the two countries in this sector, and the strong complementarity of the two economies,” Rudd said in a statement.

Source: SGGP

Medvedev to visit US, sign trade deals: Kremlin aide

In Uncategorized on June 9, 2010 at 12:08 pm

 President Dmitry Medvedev plans a visit to the United States to sign trade deals and possibly tour Silicon Valley in his drive to diversify Russia’s hydrocarbon-dependent economy, a top aide said Tuesday.

“This visit will have an innovative character and will be aimed at intensifying trade and economic cooperation between Russia and the United States, first and foremost in hi-tech areas,” Sergei Prikhodko, Medvedev’s seniormost foreign policy aide, told reporters.

President Dmitry Medvedev, pictured on June 5, plans a visit to the United States to sign trade deals and possibly tour Silicon Valley in his drive to diversify Russia’s hydrocarbon-dependent economy, a top aide said Tuesday.

The Kremlin aide declined to give the date of the visit or details of the contracts to be signed, saying only it will be a “solid set of documents” on economics, including high-tech and science, and several trade contracts.

His US tour may include a trip to Silicon Valley, Prikhodko said.

Medvedev is expected to travel to North America in late June when he’s set to take part in the Group of Eight and Group of 20 summits in Canada.

Medvedev is seeking to modernise the Russian economy and one of his most recent initiatives includes building a high-tech hub near Moscow.

Dubbed the Russian Silicon Valley, the project aims to entice leading Russian and foreign scientists to focus their energies on nuclear and bio-medical technologies, energy and telecommunications.

A large Russian business delegation will accompany Medvedev on the trip, which is expected to kick off several large projects, Prikhodko said, without elaborating.

“There are a lot of interesting ideas and proposals,” he added.

Russian-US ties are enjoying a renaissance after Medvedev and his US counterpart Barack Obama signed the long-awaited landmark Cold War-era nuclear disarmament treaty in Prague in April.

“There will certainly be talks on issues of strategic stability,” Prikhodko added, noting that the two nations had demonstrated political will by signing the new START arms control treaty.

“We are ready to continue these efforts,” he added.

Source: SGGP

Google, Bing deals make Twitter profitable: BusinessWeek

In Uncategorized on December 22, 2009 at 1:18 pm

Twitter has reached profitability after signing deals with Google and Microsoft to make the micro-blogging service searchable on the Internet, BusinessWeek magazine reported on Monday.

BusinessWeek, which was purchased in October by financial news agency Bloomberg, said Twitter had signed a 15-million-dollar data-mining deal with Google and a 10-million-dollar agreement with Microsoft.

“The deals were huge,” Bloomberg BusinessWeek quoted an unidentified person “familiar with the company’s finances” as saying. “With two scoops of the pen, a lot of revenue came in.”

The magazine said the agreements to make Twitter messages known as “tweets” searchable by Google and Microsoft’s new search engine Bing “carry sufficient value to help Twitter achieve a small profit for 2009.”

It said Twitter also achieved profitability by renegotiating deals with telecommunications companies to bring down costs.

Twitter has been working on ways to make money from its globally popular service, and revenue producing ideas mentioned to date include selling premium accounts that businesses could use for marketing or image building.

The San Francisco-based startup has won millions of users since the service that allows people to pepper one another with 140-character-or-less messages launched in August 2006.


Source: SGGP Bookmark & Share

Xerox, Abbott deals boost stocks; Dow gains 124

In World on September 29, 2009 at 6:54 am

 A burst of corporate dealmaking is giving investors a shot of confidence about the economy.

Stock indexes rose more than 1 percent in light trading Monday to break a three-day slide. The Dow Jones industrial average rose 124 points for its biggest gain in more than a month, recouping much of what it lost last week.

Large acquisitions from Abbott Laboratories and Xerox Corp. pushed shares of drugmakers and technology companies higher, and the buying spread to other parts of the market as investors hoped that the $6 billion-plus deals could be a sign that takeover activity is finally picking up.

A resumption of corporate takeovers would represent an important milepost in the recovery of the financial system. Mergers had slowed to a trickle since the peak of the financial crisis a year ago as companies became fearful of parting with cash. Even those that were willing to had trouble lining up financing in the ailing credit markets.

A willingness by big companies to wager stock and borrow money to bulk up their business also sets off a guessing game over what the next takeover targets might be. Just last week Dell Inc. said it would acquire technology company Perot Systems Corp. for $3.9 billion, and earlier this month Kraft Foods Inc. made an overture for candy maker Cadbury PLC for $16.7 billion.

In this July 8, 2009 file photo, the trading floor of the New York Stock Exchange is seen.

Stocks have surged since March as investors jockeyed to stay ahead of a strengthening in the economy, but the pace of those gains has some analysts worried that the advance is overdone. The willingness of companies to pursue big deals helped ease some of those worries, at least for now.

“It’s encouraging to all investors when you see companies buy because basically what that says is they’re in a more aggressive mode as opposed to being in the fetal position,” said Mark Coffelt, portfolio manager at Empiric Funds in Austin, Texas.

The Dow rose 124.17, or 1.3 percent, to 9,789.36, its biggest advance since Aug. 21. Last week, the Dow lost 155 points following lackluster reports on housing and manufacturing. The Dow’s latest gain puts it about 200 points from the psychological barrier of 10,000. The index fell below that level in October as markets plunged and hasn’t crossed back over it since.

The broader Standard & Poor’s 500 index rose 18.60, or 1.8 percent, to 1,062.98, and the Nasdaq composite index rose 39.82, or 1.9 percent, to 2,130.74.

Four stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to 3.8 billion shares compared with 4.6 billion Friday. It was the lightest day since July 10. Trading was thin as some market participants were out for Yom Kippur, the holiest day of the Jewish calendar. Lower trading volume can skew the market’s moves.

In corporate deal activity, Abbott Labs said Monday it would acquire the pharmaceutical business of Belgian chemicals maker Solvay for $6.6 billion, while Xerox Corp. agreed to buy Affiliated Computer Services for about $6.4 billion.

“It’s a sign of a return to normalcy,” said Thomas K.R. Wilson, managing director of Brinker Capital‘s institutional investment group in Berwyn, Pa., referring to the acquisitions.

Charlie Smith, chief investment officer at Fort Pitt Capital in Pittsburgh, said it’s a welcome sign that the credit markets are stronger when businesses like Xerox can put together a deal. “Xerox could not have done this deal back in March or April,” Smith said.

Some money managers are racing to catch up with the market’s advance before the third quarter ends on Wednesday. The Dow is up 16 percent for the quarter and is on pace for its best quarter since the fourth quarter of 1998, when it rose 17.1 percent.

Abbott Labs rose $1.25, or 2.6 percent, to $48.58. Abbott’s purchase of Brussels-based Solvay gives the company access to emerging markets in Eastern Europe and Asia along with new therapeutic areas such as the fast-growing market for vaccines.

Xerox’s deal for ACS set off a rally in other information-technology companies. Accenture PLC and Unisys Corp. climbed. Affiliated Computer jumped $6.61, or 14 percent, to $53.86, while Xerox fell $1.29, or 14.4 percent, to $7.68.

Tech shares got another boost from Cisco Systems Inc., which rose 99 cents, or 4.4 percent, to $23.61 after a Barclays Capital analyst raised his rating on the maker of networking equipment maker as he predicted improved demand from telecommunications companies would boost revenue.

Bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.28 percent from 3.32 percent late Friday.

The dollar was mixed against other currencies. Gold prices rose.

Source: SGGP

Vinaphone gets deals with Ericsson, Motorola to provide 3G services

In Vietnam Science on September 8, 2009 at 5:08 pm

Mobile phone operator Vinaphone has signed contracts with Ericsson and Motorola Inc. to provide 3G technology and equipment in order for Vinaphone to provide 3G services in Vietnam.

The contract Vinaphone signed with Ericsson last week includes installation and commissioning of the operator’s 3G network in the south of Vietnam.

Vinaphone deputy director Hoang Trung Hai (sitting, C) and Ericsson Vietnam’s vice president Denis Brunetti (L) sign their contract on Aug. 31, 2009

The network, based on the WCDMA/HSPA 2100 MHz standard, will enable Vinaphone to deliver compelling 3G services, such as Mobile Broadband, to customers at speeds of up to 14.4 MBPS.

Vinaphone says it is committed to launching 3G services in the Vietnam market this year.

At the contract signing ceremony with Ericsson, Vinaphone deputy director Hoang Trung Hai said, “With Ericsson’s world leading capability in developing and deploying 3G technology across many countries, coupled with their long-standing experience within the Vietnam market, I am confident that the partnership with Ericsson will help Vinaphone bring to mobile users in Vietnam a whole new experience driven by the best quality 3G network.”

On August 26, Vinaphone signed a contract with Motorola Inc to provide 3G services in northern Vietnam.

The contracts with Ericsson and Motorola are part of Vinaphone’s US$1-billion plan to provide the services throughout the country.

Source: SGGP

Singapore inks 20 deals with China

In Uncategorized on November 28, 2008 at 5:08 pm

Hanoi (VNA) – Singapore and eastern China’s Jiangsu province have signed 20 agreements worth about 2.03 billion USD, Xinhua news agency reported.

Among the 20 agreements signed on November 28 on the sidelines of the second Singapore-Jiangsu Cooperation Council meeting is a landmark Memorandum of Understanding (MoU) by both sides to support a commercially-driven project by a Singapore consortium to develop an eco high-tech city in Nanjing, the capital of Jiangsu province.

Both sides agreed to deepen bilateral economic cooperation in key areas of business process outsourcing, logistics and environmental services among others.

Singapore has invested 3,150 projects and a total paid-in capital of about 14 billion USD in Jiangsu.

This year, the trade between Singapore and Jiangsu will exceed 10 billion USD, according to Xinhua. –