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Base metals output increases quickly

China's base metals output rose quickly in the first two months of this year, government data showed on Thursday, as the country's smelters ramped up production driven by rising prices. Aluminium output posted a significant year-on-year growth of 15.6 percent to 5.49 million metric tons for January-February, data from the National Bureau of Statistics showed. Copper output rose 6.7 percent to 1.37 million tons for January-February. Zinc output rose 4.4 percent to 982,000 tons, and lead output rose 7.4 percent to 837,000 tons. Production of the steelmaking raw material iron ore surged 15.3 percent in the first two months to 184.16 million tons from a year ago as steelmakers in the world's top producer of the metal raised output.

Global giants invest in Sichuan

Several Fortune 500 multinational companies reached agreements on Thursday with Sichuan province on 20 investment projects worth 21.8 billion yuan ($3.16 billion). The projects include a commercial center by France's second-largest retailer Auchan Group, a biomass material production base by US science and engineering major DuPont, and a research program on rubber resources led by the Royal Dutch Shell Group - Europe's largest oil group, according to Sichuan Provincial Investment Promotion Bureau.

Yuan strengthens after Fed decision

The central parity rate of the renminbi, or the yuan, strengthened 253 basis points to 6.8862 against the US dollar on Thursday, according to the China Foreign Exchange Trade System. In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Huawei Spain to move head office

Huawei Spain on Wednesday confirmed the company would be moving its head office in order to deal with an expected 50 percent increase in its workforce over the next five years. The company will move to a new headquarters in Madrid's Castellana Norte business park in the second half of this year. The change comes as the result of the continued growth of the company in the European country. Huawei Spain currently has a workforce of over 1,000 and the company estimates it has indirectly created a further 2,000 jobs.

Tesla to raise funds for new electric car

Tesla Motors Inc said on Wednesday it plans to offer $250 million worth of common stock and $750 million in convertible notes due in 2022, to help finance its production of upcoming Model 3 electric car. Elon Musk, chief executive officer of the automaker headquartered in Palo Alto, Northern California, will purchase $25 million of common stock. In announcing the move, Tesla acknowledged in a news release that the offerings totaling more than $1 billion are intended to "strengthen its balance sheet and further reduce any risks associated with the rapid scaling of its business due to the launch of Model 3".

IMF: Global outlook looks more positive

The International Monetary Fund said on Tuesday that the global economy is showing more positive momentum, but warned that inward-looking policies and sharp tightening in global financial conditions could threaten the growth momentum. "Near-term global growth is expected to pick up, reflecting a firming-up of activity in advanced economies, an anticipated shift in the macroeconomic policy mix in the United States, and stabilization in stressed emerging economies," said the IMF in its G20 surveillance note released ahead of the G20 finance ministers' and central bank governors' meetings in Germany on Friday and Saturday. The outlook has improved in advanced economies, although their growth prospects remain subdued in the medium-term. They will continue to suffer from global financial crisis legacies, such as high corporate debts and low productivity growth, said the IMF.

Car sales in Europe edge up in February

European car sales grew 2.2 percent in February to over 1 million vehicles, close to the level in 2008, just before the economic crisis slid the industry into a prolonged downturn. Data released on Thursday by the European car makers' association, ACEA, showed that the three top markets, France, German and Britain, all suffered modest declines, but demand increased in Italy by 6.2 percent and Spain by 0.2 percent. Sales were down by 3 percent at France's PSA Group as it buys the General Motors European company Opel, which posted a 2 percent dip in registrations.

Moroccan-Malagasy forum opens

The second Morocco-Madagascar Economic Forum opened in the Moroccan city of Casablanca with the aim of strengthening economic ties between the two countries. Organized by Moroccan employers' association CGEM, in partnership with Madagascar Business Group, the program of this event includes presentations on the economic sectors, business-to-business meetings, and workshops on agriculture, fishing and real estate.

Unemployment rate rises in Australia

The unemployment rate in Australia has increased to 5.9 percent, according to official figures released on Thursday. Australian Bureau of Statistics data indicated a 0.2 percent rise in unemployment, which was widely expected among analysts to remain stable. Kate Hickie, economist at Capital Economics, said the rise shows there is plenty of "slack" in the labor market. "As such, the labor market is unlikely to generate much inflationary pressure for the foreseeable future," Hickie said. Across the board, 6,400 jobs were lost in February, with part-time employment numbers down by 33,500, but full-time employment was on the increase with 27,100 jobs created over the past month.

South Korea posts trade surplus

South Korea's economy posted a trade surplus for 61 months through February due to robust export growth, customs data showed on Wednesday. Revised figure for the February trade surplus reached $7.1 billion, staying in the black since February 2012, according to the Korea Customs Service. The longest surplus came as exports jumped 20.2 percent year-on-year to $43.2 billion. Imports advanced 23.9 percent to $36.1 billion. Semiconductor exports surged 56.7 percent in February from a year ago.

Jobless rate at seven-year high

South Korea's jobless rate hit a seven-year high last month as manufacturers cut jobs amid the ongoing restructuring in the shipbuilding and shipping industries, a government report showed on Wednesday. The unemployment rate was 5 percent in February, up 0.1 percentage point from a year earlier, Statistics Korea data showed, the highest since January 2010. The jobless rate among those aged 15-29 touched 12.3 percent, the second-highest since the statistical agency began compiling the data in 1999. The number of those unemployed stood at 1.35 million in February, the largest in February since the related data began to be compiled in 1999.

Vietnam PM calls for rice reforms

Vietnamese Prime Minister Nguyen Xuan Phuc has called for comprehensive reform of rice production, a staple foodstuff in the Southeast Asian nation. The prime minister chaired a conference on Wednesday in southern An Giang province to seek ways to develop the Vietnam's rice sector sustainably in the Mekong Delta, the nation's rice hub, Vietnam News Agency reported. He said the nation's rice farmers should embark on comprehensive reform through innovation in terms of policies and development models.

Ban on plastic bags slammed in Kenya

Kenya Association of Manufacturers on Thursday decried the ban on plastic bags that will be effected after August 28 saying it could undermine industrial growth and job creation in the country. A statement from the lobby said the plastic ban flouted constitutional principles on consensus building and could also put a brake on investments in the manufacturing sector. "Currently, we have over 176 plastic manufacturing companies in Kenya that employ 2.89 percent of all Kenyan employees and indirectly employ over 60,000 people. These jobs and livelihoods will be negatively affected by this ban," read the statement from KAM.

China Daily-Agencies

(China Daily USA 03/17/2017 page19)