There’s plenty of good news and bad news in this post. The good news is that Chinese officials are taking global warming seriously. The bad news is they might be fighting a losing battle as more Chinese consumers gobble up more and more energy.
Author: Staff (Page 12 of 15)
After months of subtle pressure from the United States and other nations, China has signaled a willingness to adjust its currency policies.
China’s central bank announced on Saturday evening that it would allow greater flexibility in the value of the country’s currency, in the clearest sign yet that China will allow the renminbi to appreciate gradually against the dollar.
The People’s Bank of China said that the Chinese economy was strengthening after the global financial crisis and that it was “desirable to proceed further with reform” of the currency, known as the renminbi or yuan. The announcement comes a week before world leaders gather in Canada for the Group of 20 and Group of 8 summit meetings. A growing number of countries have been calling for China to let the renminbi appreciate, including not just the United States and European nations, but India, Brazil and Singapore in recent weeks.
This is big news. For years China has kept its currency artificially low vs the dollar. Now we might see an adjustment that let’s the market have more of an impact on the value of the currency, which can help with the China/US trade deficit.
The market for men’s grooming products is growing around the world. It’s been a big trend in the United States, and now we see evidence that it is growing in Taiwan as well.
The largest Online shopping site in Taiwan officially launched a men’s care section to satisfy growing demand in the men’s grooming market in Taiwan, an official from Yahoo!Shopping Mall said in a press conference Monday.
Men’s cosmetics sales in Taiwan grew 73 percent in the first quarter of 2010 compared to the same period of last year, according to sales performance statistics released by the online shopping company.
Sales of facial mask products showed fast growth, while other ranges, such as skin care and anti-acne creams, have also seen sales increase significantly in the first quarter of 2010, said Hsu Chen-fei, the company’s product director.
Men’s grooming products are selling well in China as well.
It will be interesting to see if the trends overseas also extend to the barbershop resurgence we’re seeing in the U.S.
One of the more stylish and funky cars I’ve seen in awhile. Would you believe it was a Citroen? Yeah, a Citroen. I’m not sure what more evidence the world needs that the Chinese market is the automotive frontier. The car was designed in Shanghai and you can bet it will turn heads when it debuts over there.
From theTruthAboutCars.com:
That’s right, it’s a Citroen. Inspired by the success of German brands in China’s luxury segment (and possibly problems with its taller offerings), this Metropolis Concept was designed in Shanghai as a vision for a French entry in that burgeoning market segment. It also seems more than a little inspired by Jaguar’s stunning new XJ, just as its sister brand’s recent Five By Peugeot Concept seemed to take some cues from Jaguar’s XF. Could Ian Callum be in danger of being wooed away by the French?
BusinessWeek has a great article explaining China’s investment in the oil fields of Iraq.
BP is the largest partner in the venture, but only by a dipstick: It has a 38% stake, while the Chinese hold 37% (the rest is owned by an Iraqi company). The media focus has been on BP’s decision to take up the Rumaila challenge for a low fee of only $2 for every barrel the venture produces. But the more important story could be China’s role. “CNPC’s involvement brings together the country with the most rapid growth in energy demand in history with the country that plans the greatest buildup of production capacity ever,” says Alex Munton, an Iraq specialist at Edinburgh-based oil consultants Wood Mackenzie.
There’s also some interesting information about China’s commitment to training workers who can work in the oil industry.
China is the low-cost provider in the industry. “As a general rule of thumb, Chinese management and labor costs are about one-third if not one-fourth of Western costs,” says Gao, the ex-CNOOC executive. Nine colleges and universities focus exclusively on oil studies in China: “The Chinese treat the industry as a life-and-death issue,” says Gao. The Western oil industry’s workforce is aging rapidly. “Analysts always mention that the oil majors face personnel shortages,” says Xu Xiaojie, an independent oil and gas adviser in Beijing. “In China we have a surplus.”
The Iraq ventures still face formidable obstacles—sectarian strife, corruption, and government instability, among them. The Iraqis also may not welcome large numbers of Chinese to their fields. “Yes, bringing in low-cost engineers is China’s advantage,” says Trevor Houser, a partner at the Rhodium Group, a New York-based research firm that studies India and China. “But that has created tensions [elsewhere]. Look at Zambia, where an election was pretty much fought over China.”
It will be interesting to see this play out.
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