Market Trade

China Overtakes South Korea As World’s Top Spot for “Shipbuilding Competitiveness”

China Overtakes South Korea As World’s Top Spot for “Shipbuilding Competitiveness”

pgnewser May 16, 2024

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Excerpt from english.hani.co.kr

One of Korea’s top three shipyards, located in Geoje, South Gyeongsang Province. (Yonhap)

Reports have shown that China’s competitiveness in the shipbuilding sector has, for the first time, surpassed that of South Korea. While Korea’s shipbuilding industry is booming thanks to a string of orders for liquefied natural gas (LNG) carriers, alarm bells are ringing over China’s rising competitiveness. The alarms also serve as a warning: Measuring competitiveness by total orders or specific orders of vessels alone may be misleading.

In a report released Monday, the Korea Institute for Industrial Economics and Trade (KIET) said that South Korea had “ceded its top spot in the shipbuilding industry’s value chain competitiveness to China in 2023.”

The report concerned the lagging competitiveness of South Korea’s shipbuilding value chain and explored possible directions for South Korea’s maritime strategy going forward.

Growing Africa’s share of global trade– www.businessdailyafrica.com

Growing Africa’s share of global trade– www.businessdailyafrica.com

pgnewser May 9, 2024

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Excerpt from www.businessdailyafrica.com

 

The World Trade Organization (WTO) celebrated its 30th anniversary last month. In addition to commemoration, the globe reached a critical turning point in its efforts to promote international trade and economic growth. Above all, it illustrated how globalisation has increased the interdependence of the world’s economies.

Most economies worldwide now rely heavily on international trade. The results of the 2023 World Trade Report, which emphasises the need for re-globalisation to tackle critical global concerns through improved cooperation, inclusivity, and sustainability, serve as evidence of this.

The report investigated the concept of re-globalisation, argued for the integration of more individual economies, and addressed critical concerns in global commerce. It assesses how re-globalisation can address global concerns while also considering the hazards of trade fragmentation.

US overtakes China as Germany’s top trading partner– www.deccanherald.com

US overtakes China as Germany’s top trading partner– www.deccanherald.com

pgnewser May 9, 2024

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Excerpt from www.deccanherald.com

Berlin: The United States overtook China as Germany’s most important trading partner in the first quarter of this year, according to Reuters’ calculations based on official data from the German statistics office.

Germany’s trade with the United States – exports and imports combined – totalled €63 billion ($68 billion) from January to March, while the figure for China was just under 60 billion euros, the data showed.

In 2023, China was Germany’s top trading partner for the eighth year in a row, with volumes reaching 253 billion euros, although that was only a few hundred million ahead of the US.

“German exports to the US have now risen further due to the robust economy there, while both exports to and imports from China have fallen,” said Commerzbank economist Vincent Stamer, explaining the first quarter shift.

Vietnam’s China ties loom large in U.S. hearing on market economy upgrade– www.japantimes.co.jp

Vietnam’s China ties loom large in U.S. hearing on market economy upgrade– www.japantimes.co.jp

pgnewser May 9, 2024

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Excerpt from www.japantimes.co.jp

U.S. President Joe Biden’s bid to draw Vietnam closer as a strategic ally clashed with his desire for union workers’ votes on Wednesday as trade lawyers sparred over whether the Commerce Department should upgrade the communist-ruled country to market economy status.

The move, opposed by U.S. steelmakers, Gulf Coast shrimpers and American honey farmers, but backed by retailers and some other business groups, would reduce the punitive anti-dumping duties set on Vietnamese imports because of its current status as a non-market economy marked by heavy state influence.

Vietnam’s deepening economic ties to China loomed large in arguments on both sides of the issue at a virtual public hearing hosted by the Commerce Department as part of a review. A decision is due on July 26.

Argentina will start printing 10,000 peso notes, amid inflation– www.ctvnews.ca

Argentina will start printing 10,000 peso notes, amid inflation– www.ctvnews.ca

pgnewser May 9, 2024

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Excerpt from www.ctvnews.ca

Prices in Argentina have surged so dramatically in recent months that the government has multiplied the size of its biggest bank note in circulation by five — to 10,000 pesos, worth about US$10.

The central bank announcement Tuesday promised to lighten the load for many Argentines who must carry around giant bags — occasionally, suitcases — stuffed with cash for simple transactions. Argentina’s annual inflation rate reached 287 per cent in March, among the highest in the world.

The new denomination note — five times the value of the previous biggest bill — is expected to hit the streets next month in a bid to “facilitate transactions between users,” the central bank said. The 10,000 peso note is worth US$11 at the country’s official exchange rate and US$9 at the black market exchange rate.

 

More Banks on the Verge of Failure as Bidenomics Buffets Nation– lidblog.com

More Banks on the Verge of Failure as Bidenomics Buffets Nation– lidblog.com

pgnewser May 8, 2024

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Excerpt from lidblog.com

 

The massive failures of Bidenomics is pushing more banks to the verge of insolvency, a report finds.

Inflation, sky-high interest rates, and crashing economic growth is sending many smaller banks past the breaking point.

Worries of a possible new wave of bank failures comes on the heels of bank regulators seizing Republic First Bancorp to set up its sale to Fulton Bank.

Per Just the News::

The bank reportedly had a total of $6 billion in total assets and $4 billion in total deposits, according to Yahoo Finance. The Federal Deposit Insurance Corp estimated the cost of the failure to its fund would be about $667 million.

Republic Bank has 32 branches in New Jersey, Pennsylvania and New York that are reopening as branches of Fulton Bank by this Monday.

Just the News added, “According to recent reports, hundreds of banks face the potential of failing just like Republic First Bancorp.”

Consulting firm Klaros Group analyzed roughly 4,000 U.S. banks and found that the banks face a threat of losses due to “secular changes in social patterns accelerated by the COVID pandemic (such as work-from-home, which has materially impacted demand for office space) and to the impacts of higher interest rates and related inflation.”

Argentina reinforces desire to deepen ties with ‘natural partner’ EU– www.batimes.com.ar

Argentina reinforces desire to deepen ties with ‘natural partner’ EU– www.batimes.com.ar

pgnewser May 7, 2024

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Excerpt from www.batimes.com.ar

Foreign Minister Diana Mondino has told the European Union’s top diplomat that she wants to deepen Argentina’s “strategic relationship” with its “natural partner.”

Mondino, 65, made the remarks during a high-level meeting in Brussels on Monday with EU diplomat Josep Borrell, according to sources from the delegation.

Borrel, the EU’s High Representative for Foreign Affairs and Security Policy, shared a working lunch with Mondino that focused on Argentina’s interest in “deepening the strategic relationship with the EU and its member countries,” said the sources.

According to Argentine diplomatic sources, at the meeting Mondino assured Borrell that Buenos Aires considers the EU to be its “natural partner.”

Italian PM Meloni Signs Cooperation Deals In Libya Visit– en.wenews.pk

Italian PM Meloni Signs Cooperation Deals In Libya Visit– en.wenews.pk

pgnewser May 7, 2024

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Excerpt from en.wenews.pk

TRIPOLI: Italian Prime Minister Giorgia Meloni visited Libya on Tuesday to sign cooperation agreements with leaders from both administrations in the North African country.

Accompanied by a ministerial delegation, Meloni held discussions with leaders from both administrations in Libya, focusing on bolstering cooperation in various sectors.

During her second visit to Libya since assuming office in October 2022, Meloni met with the head of the Tripoli-based government, Abdelhamid Dbeibah, to finalize several “declarations of intent” aimed at enhancing collaboration. According to Libyan officials, these agreements encompass areas such as health, education, research, youth, and sports.