M&As by China in countries part of BRI soar, despite capital crack down
The Dollar Business Bureau Mergers and acquisitions (M&As) by Chinese firms in nations which are part of the Belt and Road Initiative (BRI) are rising, even as the Government cracks down on acquisitive conglomerates of China to limit capital outflows. The acquisitions by Chinese firms in 68 countries that are officially linked to the foreign policy of President Xi Jinping totaled around $33 billion till August 14, exceeding the $31 billion total count for the entire 2016, as per the data by Reuters. The BRI project, unveiled in 2013, is aimed at creating a modern-day ‘Silk Road’, which connect China by sea and land to Pakistan, Southeast Asia and Central Asia, and further to the Europe, Africa and Middle East. President Xi has ...
Australia to potentially benefit from China's OBOR initiative
The Dollar Business Bureau Chinese Premier Li Keqiang's upcoming visit to Australia is likely to see the already flourishing economic cooperation between the two countries make further progress. Officials anticipate new opportunities for strengthening of bilateral cooperation in China's pet modern Silk Road project, comprising of the 21st Century Maritime Silk Road and the Silk Road Economic Belt. China, as is the case with most countries, is also the largest trading partner of Australia. In 2015-16, China accounted for 26.5% of Australia's total merchandise trade. While exports to China made up 30% of its total exports, imports from China stood at 22.6% of total imports, a share greater than any other country. Last year, their bilateral trade reached $108 billion. China-Australia Free Trade Agreement (ChAFTA), a landmark trade facilitation agreement between the ...
India to give $3 mn grant, $81 mn credit to Rwanda
PTI India on Tuesday announced a grant of $3 million for medicines and purchase of medical equipment as well as a Line of Credit of $81 million for a road project in Rwanda as the two countries decided to collaborate closely to counter terrorism while stressing the need to isolate countries which support cross-border terrorism. After wide-ranging talks, Prime Minister Narendra Modi and Rwandan President Paul Kagame declared elevation of bilateral ties to "strategic partnership" while noting India's increasing engagements as a development partner of Africa. Terming terrorism as the single biggest global threat and recognising the need to isolate countries which support cross-border terrorism, the two sides also decided to collaborate closely on counter-terrorism including blocking financing of terrorist activities, removing ...
Essel Highways gets loan of $85 mn from Goldman Sachs
The Dollar Business Bureau Essel Highways Ltd (EIL) on Friday said that it has secured a loan of $85 million from the investment banker Goldman Sachs for funding the new projects and planned acquisitions. “Essel Highways, a subsidiary of Essel Infraprojects Ltd, has secured the $85 million loan from the investment banker, which will be used to finance new projects and strategic acquisitions,” EIL said in a statement. The fresh funds will enhance the Essel’s ability to grow its portfolio of road projects and allow for additional planned acquisitions, said Ashok Agarwal, CEO and Whole Time Director, EIL. “The debentures subscription from a globally renowned institution such as Goldman Sachs will further enhance our position in the market and support us in our endeavour ...
China dismisses India's apprehensions on Silk Road projects
Source: PTI China on Tuesday dismissed any apprehensions in India on its ambitious multi-billion dollar Silk Road projects stretching across continents to build infrastructure and improve connectivity with the avowed aim of expansion of trade and development. It also sought to assure India that there are benefits for countries joining the projects envisaged under the One Belt and One Road (OBOR) unveiled by President Xi Jinping two years ago. “There are some media which say China is in an expansion mode and damaging the world. The key objective of OBOR is to share benefits with all countries involved with China, the second largest economy in the world,” Liu Yunshan, the fifth ranking member of the powerful Standing Committee of the ruling Communist ...
China failed to gain Indias backing on Silk Road projects
The Dollar Business Bureau Various Memorandum of Understandings and agreements signed between India and China during the Prime Minister of India’s recent visit to China have drawn global attention. However, a state-run Chinese think-tank said, "China has missed securing India's backing for the Silk Road Economic Belt project and 21st Century Maritime Silk Road (MSR)," while mentioning that Prime Minister Narendra Modi’s visit to China as a significant step towards building mutual trust and further strengthen bilateral co-operation between India and China. The projects that are termed under the name Silk Road projects include project enabling road connectivity between China and Europe through Central Asia, the Bangladesh, China, India, Myanmar (BCIM) Corridor project, USD $ 46 billion- worth China-Pakistan Economic Corridor (CPEC) ...
