Subscribe free to our newsletters via your
. Energy News .




TRADE WARS
China 'optimistic' about FTA talks with Japan, S. Korea
by Staff Writers
Phnom Penh (AFP) Nov 18, 2012


HSBC in talks to sell stake in Chinese insurer
Hong Kong (AFP) Nov 19, 2012 - Banking giant HSBC said Monday it was in talks to sell its stake in China's Ping An Insurance Group, the country's second-largest life insurer by premiums.

The British-based but Asia-focused lender said in a statement it was "in discussions which may or may not lead" to the sale of its 15.57 percent stake, which the bank bought in 2002 before Ping An's listing in Hong Kong.

HSBC is the single-biggest shareholder in Ping An, which has a market capitalisation of HK$186 billion ($24 billion).

It did not reveal the party it was in talks with but Hong Kong Economic Journal newspaper cited sources saying Thai businessman Dhanin Chearavanont, owner of the Charoen Pokphand group, might be interested.

The Hong Kong-listed shares of Ping An fell 2.69 percent to HK$58.0 at the lunch break. The benchmark Hang Seng Index was 0.65 percent higher.

HSBC has been selling non-core assets as part of a broad restructuring plan designed to boost profitability.

The London-listed bank is also setting aside hundreds of millions of dollars as provision for fines related to possible criminal charges over money laundering allegations in the United States.

Net profits tumbled by more than half to $2.498 billion in the three months to September, compared with a year earlier.

China, Japan, and South Korea are expected to agree on the launch of three-way free trade talks at a summit in the Cambodian capital this week, Beijing's foreign ministry spokesman said Sunday.

"I am optimistic the three parties can reach a consensus to commence the negotiations," Qin Gang told reporters in Phnom Penh where leaders of the three nations will attend an East Asia Summit from Monday.

Qin said trade ministers were likely to hold a trilateral meeting on the matter on the sidelines of the gathering despite a recent spike in tensions between Tokyo and its neighbours over two separate maritime rows.

"Hopefully we will have a positive announcement," Qin said. "But I don't have a timetable to offer for when the three countries complete the negotiations."

While ministers may be able to set aside maritime disputes to talk about trade, a Japanese diplomat said on Wednesday there are no plans for a customary Japan-China-South Korea leaders' meeting during the summit.

Beijing and Tokyo are squabbling over the sovereignty of an archipelago in the East China Sea, while Japan and South Korea are in dispute over who owns a pair of islets in waters between the two countries.

The leaders of the three East Asian giants have held the three-way talks almost every year since 1999 on the sidelines of the regional get-together.

Qin said for Sino-Japanese ties to improve, the "Japanese government has to take a right policy about China."

"Particularly on those important issues relating to territorial sovereignty of China. Only by having by good policies and handling these sensitive issues properly can we have better prospects of China-Japan relations," he added.

Japan, China and South Korea depend on each other for about 20-30 percent of their external trade, according to the business daily Nikkei.

If the trilateral FTA is concluded with the easing of tariffs on manufactured and other goods, Japan's exports are expected to increase by $60 billion, Nikkei said.

.


Related Links
Global Trade News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








TRADE WARS
French minister hails EU duties on Chinese ceramics
Limoges, France (AFP) Nov 16, 2012
French Industrial Renewal Minister Arnaud Montebourg hailed on Friday temporary European Union (EU) measures against Chinese ceramic imports, using a visit to this iconic city to warn EU partners against being "naive" on trade issues. "I welcome that the European Commission, in the case of ceramics, has taken a decision on customs duties on imports of certain products, notably from China," M ... read more


TRADE WARS
High Risk Investing - The New Trend in Energy

EC seeks to 'backload' emission allowances

US power grid vulnerable to terrorist attack: study

Bulgaria and Europe depend on Russian energy exports

TRADE WARS
United ASEAN urges talks with China over sea rows

Shale energy production spike revolutionising energy sector

Bulgaria to get price cut in Gazprom deal

Panda Power Funds breaks ground on Texas power plant

TRADE WARS
AREVA deploys its industrial plan to produce a 100 percent French wind power technology

Gannets could be affected by offshore energy developments

Scotland approves 85MW Highlands wind farm

China backs suit against Obama over wind farm deal

TRADE WARS
Romania to produce more solar than nuclear power in 2016

Midwestern Solar Icon Moves into Solar

Eclipsall Solar PV Panels Featured on Three Municipal Buildings

Hawaii Tax Proposal Would Slam the Brakes on Solar Energy and Jobs

TRADE WARS
Myanmar to sign new nuclear safeguards: govt

Westinghouse to Provide Passive Safety Systems to Slovenian Nuclear Plant

Warning of fault danger to reactors given

Uranium exposure linked to increased lupus rate

TRADE WARS
14,000 Jobs Possible from Military Biofuels Initiative

Airbus, EADS and ENN make a push for new generation aviation fuels

A Better Route to Xylan

More Bang for the Biofuel Buck

TRADE WARS
Mr Xi in Space

China plans manned space launch in 2013: state media

China to launch manned spacecraft

Tiangong 1 Parked And Waiting As Shenzhou 10 Mission Prep Continues

TRADE WARS
World Bank fears devastating 4.0 degree warming

Obama vows climate push for 'future generations'

Climate change: drought benchmark is flawed - study

Cultural dimensions of climate change are underestimated, overlooked and misunderstood




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement