Medical and Hospital News  
TRADE WARS
New BRICS-supported bank approves first set of loans
by Staff Writers
Shanghai (AFP) April 16, 2016


China steel output rises despite reduction pledges
Beijing (AFP) April 15, 2016 - Chinese steel output rose in March, official data showed Friday, despite repeated pledges by the world's top producer to cut capacity as the worldwide industry languishes under a global glut.

Production increased 2.9 percent last month from a year ago to 70.65 million tonnes, figures provided by the National Bureau of Statistics (NBS) showed.

The figure marked the highest monthly output ever, Bloomberg News reported, citing Beijing Antaike Information Development Co., a state-owned researcher. The rise was the first since December 2014, NBS data showed.

China has come under political pressure to cut production with Tata Steel putting its loss-making British operation up for sale, leaving thousands of jobs at risk

European steel manufacturers have called for protection from cheap imports from lower-cost producers in China, although the EU has moved more slowly than the United States in imposing tariffs.

Chinese steelmakers are similarly plagued by severe overcapacity and huge losses, with many domestic steel plants reducing production or suspending operations in 2015, when annual output declined 2.3 percent on-year.

The State Council, China's cabinet, in January set a target to further cut output by up to 150 million tonnes. Previous Chinese media reports said the reduction is expected to be done over the next three years.

The government has also said it will shed 500,000 steel jobs in coming years.

Production cuts at the end of last year have lifted world steel values, and iron ore prices have risen 36 percent this year, according to the Bloomberg report.

But the price recovery will be short-lived as output increases and traders end a flurry of restocking, it said, citing HSBC analysts.

A new multilateral lender set up by the BRICS nations has approved its first set of loans valued at $811 million for renewable energy projects in four of its member countries, according to the bank.

The New Development Bank (NDB), which formally launched full operations in February, is backed by the BRICS countries of Brazil, Russia, India, China and South Africa.

The bank has been viewed as a challenge to other international institutions such as the World Bank.

The first group of projects approved by the bank's board are in the area of "green" and renewable energy, according to a statement dated Friday.

A bank official told AFP on Saturday that the first batch includes four projects, one each in Brazil, India, China and South Africa.

"There are many more new projects in the pipeline including projects from Russia. They are at various stages of consideration or appraisal," the NDB spokesperson said in an email, but gave no further details.

China pushed for the establishment of the NDB, which is headquartered in its commercial hub of Shanghai, in what analysts say is part of government efforts to re-engineer the world's financial institutions.

The NDB has authorised capital of $100 billion, with initial subscriptions set at $50 billion, according to its website. It is led by president K.V. Kamath, a former private banker from India.

Another new multilateral lender backed by China, the Asian Infrastructure Investment Bank (AIIB), started business from its Beijing headquarters in January.

The AIIB includes several European countries among its members, including Britain, but the United States and Japan declined to join.

The AIIB and the World Bank on Wednesday joined hands with an agreement to co-finance projects, they said, easing some of the worries that the two might be rivals.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
Global Trade News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
TRADE WARS
China exports rise for first time in nine months
Beijing (AFP) April 13, 2016
Chinese exports surged in March, the first gain in nine months and the latest positive data out of the world's number two economy, but analysts warned Wednesday's headline figure masked ongoing weakness in overseas demand. Official figures showing a better-than-expected jump in shipments abroad come just days after another strong inflation reading and last week's surprise jump in an index of ... read more


TRADE WARS
Crane collapse kills 18 in southern China: state media

Pakistan ends search for 23 people trapped by landslide

Czechs scrap programme to resettle Iraqi Christians

Five charged over deadly Taiwan quake building collapse

TRADE WARS
Satellite touchdown in run up to Galileo launch

Russian Glonass Satellite Scheduled for Launch on May 21

Glonass navigation system's ground infrastructure successfully completed

China launches 22nd BeiDou navigation satellite

TRADE WARS
Headdress study highlights ancient hunter-gatherer rituals

The pyrophilic primate

Humans likely delivered diseases to Neanderthals

Primate evolution in the fast lane

TRADE WARS
Wealth of unsuspected new microbes expands tree of life

Selection pressures push plants over adaption cliff

Royal couple feed baby rhinos, elephants on India safari

New way to smell a rat means end for rodents

TRADE WARS
Human genetic research with Chinese characteristics

Co-evolving antivirals aim to keep ahead of fast-changing viruses

Scientists build trap for Zika-transmitting mosquitos

Ancient DNA shows European wipe-out of early Americans

TRADE WARS
Missing Hong Kong bookseller case unfortunate: China official

Hong Kong pro-democracy protester stands trial

China jails activist who supported Hong Kong protests

Outrage over on-camera abduction attempt in China

TRADE WARS
Pirates abduct six Turkish crew off Nigeria: navy

US, Hong Kong bust huge smuggling operation

10 gang suspects killed in northern Mexico

TRADE WARS
China GDP growth slows to 6.7% in first quarter: govt

Dark economic cloud over IMF-World Bank meeting

Panama Papers reveal Hong Kong's murky financial underbelly

IMF sees $1.3 trillion in 'at-risk' Chinese company debt









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.