China

An HSBC survey has revealed widespread confidence in the future of RMB as a major global trade and investment currency amongst mainland Chinese corporates. The vast majority (77%) of Chinese corporates surveyed expect one-third of all Chinese trade (US$2 trillion) to be conducted in RMB by 2015 (versus 10% in the year to date and 30% plan to use RMB for investment-related …

Updated  On the day Fisher and Paykel was sold overseas Rakon outsourced high-paying jobs to Asia, marking a dark day for Kiwi high-tech manufacturing, says Labour’s Economic Development spokesperson David Cunliffe. “Today New Zealand technology manufacturing lost an icon and 60 good jobs overseas. It’s a dark day for high-tech manufacturing and exports in New Zealand. “New Zealand has lost …

Comment  John Key will take the political temperature of the administration in 2013. Prime Minister John Key will now have to wait until 2013 to take the political temperature of the new Chinese Administration. The Key Government this week finally postponed plans to celebrate the 40th anniversary of diplomatic relations between New Zealand and China until next year. This is …

Updated  Haier has got over the 90 per cent threshold to take full control of Fisher & Paykel Appliances. It will now compulsorily acquire remaining shares and delist the company. Haier New Zealand Investment’s offer for all the shares in Fisher & Payel Appliances went unconditional last week. NZ Inc earlier reported Haier  received the Overseas Investment Office ‘s consent to proceed …

Haier New Zealand Investment Company Ltd (Haier) has received necessary approvals from China’s National Development and Reform Commission (NDRC) to proceed with its offer to acquire all the shares in Fisher & Paykel Appliances Holdings Ltd. The offer remains subject to other regulatory approvals, including from the New Zealand Overseas Investment Office. About Haier Group Haier Group is a global …

China’s $US6 billion a year nutritional powders market will have a new competitor  next year with the launch a2 branded ‘natural milk’ powders. To further its entry into the Chinese market which is growing around 12 per cent a year, A2 Corporation has appointed China State Farms (Shanghai) as its distributor. The powders will be produced in New Zealand by …

Chinese women dominate latest Hurun Report, half of the 22 self-made female entrepreneurs worth over US$1 billion are from China. The number of women making the cut this year fell from 28 in 2011 to 22. Of the top ten women on the list, seven are from China. The average wealth is 13.7 billion yuan, a decrease of 6.8 percent compared …

China Business Summit 2012 China offers huge opportunities for New Zealand businesses, but too few are taking the plunge and entering the market, says Auckland Chamber of Commerce chief executive Michael Barnett. The Auckland Chamber of Commerce, in partnership with NZ INC Ltd, held the inaugural China Business Summit in Auckland on October 3 –  aimed to galvanise businesses into …

BusinessDesk  Chinese whiteware maker Haier has pushed its bid Fisher & Paykel Appliances to $1.28 a share, the bottom end of the independent valuation range, gaining crucial support from institutional investors to meet its 50 percent minimum acceptance threshold. Haier raised its bid 8 cents a share, bringing it within the independent valuation of between $1.28 and $1.57, it said …

The Supreme Court has rejected a bid by two North Island iwis to overturn Shanghai Pengxin’s successful bid for the Crafar farms. The court’s decision to reject the iwi’s appeal against the recent Court of Appeal’s judgment upholding Shanghai Pengxin as having the requisite business acumen and experience to run the dairy farm business is good news for all other …