Wednesday, November 14, 2018
By enhancing links with overseas markets, the service aims to accelerate the growth of the farming and carpet-making industries, reported Reuters.Up to 50 Afghan companies have partnered with Chinese firms to export pine nuts for the coming three months, said Afghanistan-China Business Council chairman Naseem Malekzai in Kabul."Soon we will be sending Afghan products to Beijing and Quanzhou," Mr Malekzai was quoted as saying.Afghanistan's economy is heavily reliant on imports. Imports from China in 2017 amounted to US$1.09 billion, according to the Commerce Ministry."Our aim is to change Afghanistan to an exporter country. Pine nuts will be exported to China and to other markets," President Ashraf Ghani said at the launch of the inaugural flight.The government has awarded subsidies of $2 million to exporters since Afghanistan opened air corridors with a number of countries, said a senior adviser to Mr Ghani, requesting anonymity."Afghan businessmen have achieved more than $10 million in profit by exporting their products through air corridors since 2017," he said. "China is a great market for our niche products."India is by far the biggest destination, taking 87 per cent of exports shipped by air to bypass its archrival Pakistan.
The WWE event is organised by the General Sports Authority and this year it will be held at King Saud University stadium in Riyadh with the participation of the best professional wrestlers in the world, reported Dubia's Logistics Middle East.Last April the airline transported WWE heavy equipment and machinery, including the parts of the wrestling ring, from JFK international airport to Jeddah, where the WWE event took place.The carrier boasts a state-of-the-art freighter fleet with large aircraft in addition to its cargo capacity available in the bellyhold of passenger aircraft.
FL Technics is a global provider of aircraft maintenance, repair and overhaul (MRO) services and operates more than 30 subsidiaries globally. It is a current B&H customer at London Heathrow and this new location in Asia will further extend the two companies working relationship, reports the American Journal of Transportation.Increasing demand for inventory in Asia has been a key driver for providing additional regional capacity within B&H's climate-controlled facility at the Free Trade Zone. The new store will be fully operational during Q4 2018.Singapore is B&H's strategic hub for its global operation and this additional FSL service will build upon the already established seamless integration & communication between B&H's OnTrack system and FL Technics own systems.Said B&H Worldwide CEO, Stuart Allen: "Singapore can provide a full range of specialised solutions for handling critical aircraft parts."
Given the floor, they again pushed the concept of a rigidly policed internet that has given rise to two of the world's 10 most valuable companies: Alibaba Group Holding and Tencent.That rapid ascendancy prompted former Google honcho Eric Schmidt to declare the internet will split down the middle within the next decade, as authoritarian governments adopt China's all-encompassing controls, reported Bloomberg News.It highlighted that on one side there is a cyberspace arena that espouses open communication while the other is a walled-off, thoroughly scrubbed world where many are eager to sign away their data in exchange for services."At China's most important tech industry conference, Mr Ma and a clutch of government officials stressed it's the country's destiny to become an internet power and called for more balanced governance of cyberspace.China's regulators have trumpeted its concept of "cyber-sovereignty" since the conference made its debut in 2014. However, the dichotomy between the American and Chinese tech industries has never attracted as much scrutiny as today when the world's two richest countries are butting heads in a conflict that may shape a new world order.As US giants like Google and Facebook come under fire for privacy violations and enabling hate speech, their Chinese counterparts are touting theirs as the superior model: one geared towards the interests of the state."The Chinese economy is a vast ocean. Storms cannot disrupt it," Mr Ma told delegates. "This ocean holds massive market potential and also great room for innovation. I believe this isn't just a development opportunity for the internet industry but for all sectors. It's not just an opportunity for China but for the entire world."Remarks from Chinese President Xi Jinping read out at the start of the conference called for "mutual respect" in cyberspace between the two nations. The current rift in their approaches has, however, profound implications and may bar the likes of Facebook Inc and Alphabet Inc from any meaningful presence in the world's largest internet and mobile arena.It's another manifestation of what former US Treasury Secretary Hank Paulson called an 'economic iron curtain' dividing the world if the two nations fail to resolve their strategic differences.Unlike the relatively hands-off American model, the Chinese approach is geared toward one over-arching imperative-propelling and safeguarding the ruling Communist Party. Anything deemed to undermine that objective, from pornography and addictive games to pockets of dissent, is rooted out when discovered. Critics of the model say players like Alibaba and Tencent thrive because Beijing dampens competition by making it nigh-impossible for global players such as Facebook to operate. They say the government's heavy hand and unpredictability is counter-productive.Regardless, China is playing the long game of selling its concept of a closely controlled internet to the developing world - alongside the technology needed to pull it off. Indeed, the Communist Party's vision of a web where governments pull the strings could wind up the model for the next billion users.
The agreement paves the way for the partners to explore areas of collaboration in optimisation and integration of warehousing and distribution, intelligent distribution solutions, data analytics and strategic marketing for customers at all Sasseur outlet malls.Under the MoU, YCH will offer its proprietary omnichannel platforms, including membership service, finance, big data technology and smart technology to collaborate with the Sasseur Group.Building on their complementary strengths, the companies will offer warehousing and distribution networks to the merchants in Sasseur Group's outlet malls, with the objective of building an intelligent distribution system leveraging big data."With our unique supply chain and data analytics capabilities, Sasseur Group will be able to create a seamless and rich customer experience across all active channels and touchpoints, whether the customers are in the physical retail store or browsing via their smartphones," said YCH Group executive chairman Dr Robert Yap."Our aim is to create a shopping experience that is unique, cohesive and enjoyable for our customers. Ultimately, this will attract more customers and better sales performance at our outlet malls," added Sasseur Group chairman Xu Rongcan.
Third quarter net revenue increased 10.4 per cent to $661 million, while operating income was up 8.7 per cent year on year to $203 million.Although volumes grew across all of the logistics services provider's operating segments, the bulk of the surge in net income was largely attributable to accounting changes, such as an effective tax rate of just 21.8 per cent in Q3, down from 36.7 per cent during the same quarter in 2017, reported Seattle's Cargo Facts.
October container traffic surpassed the port's previous record of 206,541 TEU handled in August. SCPA's fiscal year container volumes are up 10.3 per cent compared to the same period last year, with 797,396 TEU moved since July 1."We are getting increasing evidence that, in addition to a strong economy, some of this volume spike may be accounted for by customers advancing shipments to avoid pending tariffs slated to take effect in January," said SCPA president and CEO Jim Newsome.October was also the highest month in the Port's history for pier container volume, or total boxes moved. SCPA handled 124,627 pier containers last month, pushing fiscal year-to-date volumes to 454,423 containers moved across the docks.
Mr Trump has imposed tariffs on US$250 billion of Chinese goods to pressure Beijing to stop intellectual property theft and forced technology transfers, improve market access for US firms and cut its high-tech industrial subsidy programme - major shifts away from China's state-led economic model.Democrats, the traditional party of trade unions, largely support such moves, especially for their hoped-for effect on helping American workers.A senior fellow and trade expert at the Peterson Institute for International Economics, Gary Hufbauer said: "I think Trump has a free hand to pursue his aggressive approach. If anything, the Blue Wave (of Democrats) will be as hawkish, if not more hawkish, than Trump on China."Scott Kennedy, head of China studies at the Strategic and International Studies in Washington, said there is growing bipartisan concern in Washington about increasing state control of China's economy, military activity in the South China Sea and security issues surrounding Chinese technology companies."President Trump has paid no political price for taking a tough line on China," he said. "I still see the short term-political and long-term strategic signals on China still pointing in the same direction."House Democratic leader Nancy Pelosi, who made a pitch to return as speaker, has applauded Mr Trump's initial round of tariffs on China as a "leverage point" to negotiate fairer trade for US products in the country."The United States must take strong, smart and strategic action against China's brazenly unfair trade policies," Ms Pelosi said in March.Mr Trump has signalled in the past week that he believes a deal with Chinese President Xi Jinping is achievable. The two are due to meet on the sidelines of the G20 leaders' summit at the end of November.If things do not go well, he has threatened to impose tariffs on about $267 billion worth of remaining Chinese imports to the United States. Currently, 10 per cent tariffs on $200 billion of products are scheduled to rise to 25 per cent on January 1, 2019."House Democrats are the most protectionist group in Congress," said Derek Scissors, a China scholar at the American Enterprise Institute in Washington. If Trump makes a deal that fails to achieve significant changes to China's practices, they'll jump all over him," he said.The bipartisan unity is less secure when it comes to trade talks with allies, however, and the new Democrat majority could make it more difficult to win congressional approval for a revamp of the North American Free Trade Agreement with Canada and Mexico, reports Reuters.
OOCL said in a statement that the cancellations have been made "in response to the expected low demand during the upcoming Christmas and New Year period".The Gateway Express (GEX2) service has been affected. The westbound sailing from Southampton on December 25 in Week 52 has been cancelled. The eastbound sailing from Montreal on January 4, 2019 in Week 1, has also been withdrawn.
The welcoming of private entities is part of a greater overarching scheme put forwards by the Xi Jinping-led government in the face of the tariff war with the US, reported Singapore's Splash 247.China has already lifted foreign ownership restrictions in the shipowning, shipmanagement, shipping agency, cargo handling and shipbuilding sectors over the past few years.The Chinese government also recently approved the establishment of a new free trade zone in Hainan province, following the setup of FTZs in Shanghai, Tianjin, Guangdong, Fujian and planned FTZs for the inland provinces of Sichuan, Henan and Hubei and Shaanxi.
The plea came from KSA vice-chairman Kim Young-moo during an interview with Aju News and comes at a time when shareholder frustration with leadership of the loss-making carrier intensifies. HMM recently placed an order for 20 mega ships, comprising 12 ships of 23,000 TEU and eight of 15,000 TEU.The newbuilds are due to be delivered from the second quarter of 2020 and just when the shipping line's current vessel-sharing agreement with the 2M Alliance ends, reported IHS Media.Whether the partnership will be extended remains to be seen since HMM will likely need to demonstrate that it is a viable business, although it would by then have the mega ships required to join the 2M's Asia-Europe strings.Keeping one's head above water in the current container shipping market is tricky for any carrier given the rising bunker fuel costs, unprofitable freight rates and high level of excess capacity.According to IHS Markit, the global containership fleet is expected to expand by 6.2 per cent this year, surpassing a 4.8 per cent increase in global trade. In 2019, global capacity is forecast to grow by 2.6 per cent and volume by 5.5 per cent.State-owned Korea Development Bank (KDB), the primary lender and shareholder of HMM, is hardening its stance towards the financially strapped ocean liner. Bank chairman Lee Dong-gull has made it clear that non-performing staff of HMM will be made redundant."HMM has to provide a report on its performance every week and we will issue a warning if we don't see improvement after a month; three more months will be given to show improvement. If things don't get better, the staff concerned will have to leave," Mr Lee was quoted as saying.HMM has clocked up US$1.62 billion of cumulative losses for 13 quarters, including a first-half net loss this year of $155 million.Like its peers, the shipping line is struggling to raise freight rates to levels that compensate for rising fuel costs. The first-half loss was incurred despite a double-digit surge in volume in the second quarter as fuel prices during the period rose by 40 per cent year on year.The pressure to recoup higher bunker costs will only rise, as the January 1, 2020, implementation date for the International Maritime Organization's (IMO) new rule capping sulphur content in marine fuel at 0.5 per cent draws closer. Analysts estimate that using lower sulphur fuel will push up costs by at least 30 per cent, an extra burden that carriers may or may not be successful in passing on to customers.