China

Iron Ore Rockets To $160 A Ton And China Cries Foul

Like all trade wars the David v Goliath fight between China and Australia is morphing into a lose/lose game of point scoring with China trying to humiliate its smaller target only to see Australia skip away unscathed, so far.

What started with China banning the import of Australia barley and other farm products has been ratcheted up with the imposition of punitive tariffs on wine and a formal ban on Australian thermal, or electricity-producing, coal.

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The net result of China’s tariff attack and import bans has been totally negated by a sharp rise in the price of Australian iron ore, causing the Chinese Iron and Steel Association (CISA) to cry foul and call for government intervention.

The problem for CISA is

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Scott Morrison lashes China over reported ban on Australian coal imports

Scott Morrison has accused China of breaching international trade rules and its agreement with Australia through its reported ban on Australian coal imports.



Scott Morrison wearing a suit and tie: Photograph: Sam Mooy/Getty Images


© Provided by The Guardian
Photograph: Sam Mooy/Getty Images

On Tuesday the prime minister and the trade minister, Simon Birmingham, responded to a report in the Global Times confirming that China was restricting imports of coal only from Australia and prioritising imports from Mongolia, Indonesia and Russia.



Scott Morrison wearing a suit and tie: Prime minister Scott Morrison has accused China of breaching World Trade Organization rules over the reported ban on coal from Australia.


© Photograph: Sam Mooy/Getty Images
Prime minister Scott Morrison has accused China of breaching World Trade Organization rules over the reported ban on coal from Australia.

The Global Times report triggered a plunge in shares of Australian coalminers on Tuesday morning, with Whitehaven Coal down 8.36% about 11.15am and Yancoal down 10.44%.

Since China’s ambassador announced a consumer boycott in April, Australian producers have been hit by tariffs on goods and disruptions in agricultural and resource exports.

From Tasmania Morrison

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China formalises cut to Australia’s coal imports, state media reports

China has formalised import restrictions targeting Australia’s $14bn coal exports, Chinese state media has reported.

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The National Development and Reform Commission met 10 major power companies on the weekend and granted approval for them to import coal without clearance restrictions, except for Australia, according to the Global Times.

The report suggested China will prioritise imports from Mongolia, Indonesia and Russia, and power companies will share inventory to ensure prices do not exceed 640 yuan ($97.8) per tonne.

China’s import restrictions have left hundreds of millions of tonnes of Australian coal anchored off the Chinese coast in a deepening trade dispute with Beijing.

Related: China tariffs offset by rising Australian iron ore prices due to ‘fear tax’

In November, with at least 60 bulk carriers holding Australian coal stranded off the coast, Guardian Australia reported that China was likely to exclude Australian coal from plans to boost imports by

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China Moly buys 95% of DRC copper-cobalt mine from Freeport for $550 mln

Repeats story filed earlier on Dec. 13 with no changes to text

Dec 13 (Reuters)China Molybdenum Co 603993.SS, 3993.HK said on Sunday it had acquired a 95% stake in the Kisanfu copper-cobalt mine in the Democratic Republic of Congo (DRC) from U.S.-based Freeport-McMoRan Inc FCX.N for $550 million.

The Chinese company’s takeover of the undeveloped Kisanfu project – discussed as early as 2016 – boosts its reserves in the DRC, the world’s top producer of battery metal cobalt, where China Moly already operates the giant Tenke Fungurume mine.

The acquisition, by China Moly unit Natural Resource Elite Investment Ltd, was approved by the Luoyang-based company’s investment committee on Dec. 1 and was completed on Friday U.S. time, a filing to the Shanghai Stock Exchange said.

Kisanfu, which is around 33 km (20.5 miles) southwest of Tenke Fungurume, holds an estimated 6.28 million tonnes of copper and

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China tariffs offset by rising Australian iron ore prices due to ‘fear tax’

Australia’s losses from trade tensions with China are being offset by rising iron ore prices, according to new analysis, which also predicts the Morrison government will announce a smaller budget deficit than originally forecast.

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Deloitte Access Economics said Chinese government moves against wine, beef, barley, lobsters and thermal coal have cost Australia money “but we’ve more than made that up in overall terms thanks to iron ore – and the taxman will be a considerable beneficiary of that”.

Chris Richardson, a Deloitte partner and leading economist, said spot prices had risen by US$18 a tonne since 30 November amid fears that China may consider taking some action against Australian iron ore, resulting in markets “nervously bidding up prices”.

Related: A comfortable fit: Nationals push for trade portfolio in looming Morrison cabinet reshuffle

“This ‘fear tax’ isn’t the only thing driving up prices – markets are also worried that

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Livestream shopping is a $125 billion market in China. Now, retailers like JCPenney are banking on it blowing up in the US.

JCPenney is hosting livestreamed shopping shows with influencers.
  • Livestream shopping, a $125 billion market in China, is beginning to take off in the US.
  • JCPenney recently launched JCP Live, a livestream shopping show, in time for the holiday shopping season. 
  • Other retailers are hopping on the trend, and tech companies have created platforms that make it easier for even small businesses to try. 
  • Visit Business Insider’s homepage for more stories.

During a recent JCP Live stream, the influencer who goes by Taryn Truly gestured toward a Sharper Image S’mores Maker.

“We’re starting off with my very favorite thing, because I’m keeping this for myself,” she said.

The kitchen gadget was on a special sale on JCPenney’s website that day, for $29.98, “which is a steal of a deal,” Taryn said.

With JCP Live, an initiative the department store launched at the beginning of the holiday shopping season, bloggers

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Yum China Donates Modern Kitchen Equipment to Rural Schools in Hubei Province

Yum China has provided modern kitchen equipment to 1,200 schools across China, benefitting nearly 400,000 students

SHANGHAI, Dec. 11, 2020 /PRNewswire/ — Yum China Holdings, Inc. (the “Company” or “Yum China“, NYSE: YUMC and HKEX: 9987) announced that in partnership with the China Foundation for Poverty Alleviation (CFPA), the Company has donated modern kitchen equipment to 70 schools in rural areas of Hubei, as part of the Company’s efforts to support the region’s post-COVID-19 economic recovery.

To mark the donation, Joey Wat, CEO of Yum China, and other representatives of Yum China’s senior management team, visited Qingshan School in Hubei, one of the schools sponsored by the program, and donated winter clothing to the students there.

“As society continues to tackle the challenges of COVID-19, it is especially important to ensure that children have access to safe and nutritious food. As the largest

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