Glencore and Xstrata have extended the deadline for closing their long-awaited, USD 80 billions tie-up to form one of the world’s top natural resources groups, scrapping March 15 as a target due to continuing discussion with Chinese authorities. The world’s largest commodities trading house and the mining company updated the market about a new target on March 5, when they released their annual results. Observers say the discussions with Beijing could take at least another one to two months based on the experience of previous big takeovers.
ABB, the leading power and automation technology group, is poised to start the New Year with a bang following the order of 2,400 robots by BMW Group. Over the next three years the robots will be installed at factories in Regensburg and Leipzig, Germany, as well as in Tiexi, China. The ABB robots will mainly be used for material handling tasks, as well as gluing and spot welding processes. BMW’s choice of ABB for the blanket supply of so many robots is telling. This is not the first such order BMW has made with ABB and is evidence of a strongly renewed relationship between the two companies.
SGS-CSTC successfully held an execution and quality risk seminar for three guarantees law of auto industry in Zhongshan city. The seminar aims to help auto manufacturers strengthen risk control ability and understand the latest domestic and foreign OEMs suppliers quality management skills, as well as improvement measures, so to provide the best solution, raise management skills and decrease risk loss for clients.
The China Legal Briefing n° 229 published by Wenfei Ltd. is now online. The contents focuses on the Amendments of the Labor Contract Law regarding Labor Dispatch; The Supreme People’s Court Interpretation (I) regarding the application of the “Law on the Application of Laws to Foreign-Related Civil Relations; The “Administrative Measures for the collection of Enterprise Income Tax of Enterprises operating Cross-Regional Business and paying Tax on a Consolidated Basis”.
Gerald Beroud’s connection with China began in 1972, when the then 15-year-old gave a class presentation in his native Switzerland about then US president Richard Nixon’s first visit to the country. More than 40 years later, he is one of his homeland’s foremost experts on China and makes a living helping outsiders understand the country. Mr. Beroud runs SinOptic, a company offering information and services focused on relations between Switzerland and China. When he launched the company in 1998, it was the only one of its kind in Switzerland.
Swisscom will provide 80% of all the households in Switzerland with ultra-high-speed Internet access by no later than 2020. While fibre-optic cables are being rolled out directly to homes and businesses in many towns and larger municipalities, Swisscom is focusing on Fibre to the Street (FTTS) in areas away from major urban centres. Swisscom has now selected Huawei as its strategic partner and supplier for its FTTS expansion.
According to a recent survey by the non-profit organization Swiss Center Shanghai (SCS), China Integrated and the China Europe International Business School (CEIBS), Swiss companies in the Far East are significantly more confident about their business prospects than their EU or US counterparts. “71% of Swiss companies expect a better business than last year with only 9% expecting a cool down. Swiss companies also have stronger confidence for the long term than for 2013”, explains SCS Managing Director Nicolas Musy. “Interestingly, Swiss firms are more confident than EU companies on average, of which only 60% expect better business in 2013.”
On 5th February, Credit Suisse Group Inc. said that it is bullish on Chinese equities this year, favoring small-capitalization stocks that stand to benefit from improving economic fundamentals. The Hang Seng Index, which dropped 2.27% on 5th February to 23’148.53 points, will finish the year almost 10% higher at 25’500 points, said Kenny Lau, a Credit Suisse research analyst based in Hong Kong.
Chinese Vice-Premier Hui Liangyu on Monday met Swiss President Ueli Maurer, Vice-President and Foreign Minister Didier Burkhalter and Economy Minister Johann Schneider-Ammann. Hui said China and Switzerland had made fruitful achievements in finance, culture and education, science and technology, tourism, and personnel training. He added the nations have been keeping good communication and coordination in international affairs.
Last year more tourists came to Switzerland from China than from traditional visitor countries such as Italy, the Netherlands or Japan. “We are looking at 830’000-840’000 overnight stays by Chinese guests in 2012,” Daniela Bär from Switzerland Tourism told the NZZ am Sonntag newspaper. In total, 600’000 Chinese tourists came to Switzerland, an increase of 25% on the previous year.