Fintech PR
CGTN: China’s northeast region to advance revitalization via tech innovation
BEIJING, Sept. 8, 2023 /PRNewswire/ — “We have full confidence in and expectation for the comprehensive revitalization of the northeast in the new era,” said Chinese President Xi Jinping during an inspection tour in China’s northeast region in August last year.
Since the 18th National Congress of the Communist Party of China (CPC), Xi has made multiple visits to the northeast region and hosted several symposiums deliberating the comprehensive revitalization of the region, illustrating the importance the Chinese president has attached to the area.
The northeast region, encompassing Liaoning, Jilin and Heilongjiang provinces, has made great strides towards economic revitalization, an achievement Xi approved of on Friday during another tour in Heilongjiang Province. He also stressed the need to further advance technological innovation, which is key to promoting important industries in the region.
Building upon the region’s existing industrial foundation, it must diligently advance the high-quality development of advanced manufacturing, expedite the upgrading of traditional industries and harness the augmentative power of technological innovation, which involves a continuous optimization of the economic and industrial structure, Xi said.
The region boasts a cluster of strategic industries that hold paramount importance for both the national economy and security. It offers substantial room for development and harbors immense potential, actively contributing to the expeditious establishment of a contemporary industrial ecosystem.
A rising share of high-tech industries within the region’s internal economic framework has marked promising signs of resurgence in the region. In the first half of this year, the value-added output of high-tech manufacturing in Heilongjiang’s industrial sector increased by 18 percent year-on-year, surpassing the national average by 16.3 percentage points. Meanwhile, the pharmaceutical manufacturing sector saw a 15.7 percent year-on-year growth in value-added output, while the aerospace and equipment manufacturing sector recorded a remarkable 24.2 percent increase.
This trend signifies that the industrial transformation is entering a phase of accelerated growth with the capacity to engender a multitude of fresh catalysts for advancement. In the meantime, the commencement of a slew of new projects in the three provinces has signaled a positive response to the government’s expansion of market access, which corresponds to Xi’s remarks on Friday.
“We should better coordinate trade, investment, transportation, and platform construction, boldly explore and pioneer in aspects such as market access, factor mobility, and institutional openness, and create a comprehensive new pattern of opening-up to the outside world,” Xi said.
In Shenyang, the capital of Liaoning, over 730 projects worth more than 100 million yuan ($13.6 million) were launched in the first half of this year, marking a year-on-year increase of 14.5 percent. Notably, international and domestic giants such as BMW and EVE Energy intensified their presence in the industrial city, focusing on the electric vehicle sector and expanding their investments. The total investment from these companies reached tens of billions of yuan.
In Jilin, the construction progress of several “mega-projects” focusing on new energy and ecological restoration is also accelerating. From January to July, the province attracted 233 projects worth more than 1 billion yuan, representing a growth in investment of 23.7 percent.
The northeast region is also known for being an agricultural hub in China, which Xi said should be the bedrock for guaranteeing the country’s food security.
The region needs to give greater prominence to the development of agricultural technology while simultaneously promoting technology-driven agriculture, environmentally friendly agriculture, quality agriculture and branded agriculture, he said.
In Lishu County, which was once visited by Xi, an exemplar of the region’s development of technology-driven agriculture has been on full display. Located in Jilin, a major commodity grain base, the county has transformed traditional tillage into a process that exhaustively conserves black soil, which is key to the province’s grain production. Over the past three years, the tillage areas under “the Lishu model” have been doubled to 3 million mu (200,000 hectares), contributing to an agricultural output of 81.6 billion jin (40 million tonnes) in Jilin in 2022, a record high.
https://news.cgtn.com/news/2023-09-08/China-s-northeast-region-to-advance-revitalization-via-tech-innovation-1mVZp8F42jK/index.html
View original content:https://www.prnewswire.co.uk/news-releases/cgtn-chinas-northeast-region-to-advance-revitalization-via-tech-innovation-301922188.html
Fintech PR
Davidson Kempner completes landmark $1 billion+ debt restructuring of UAE-based plastic manufacturer
NEW YORK and MANAMA, Bahrain, Oct. 23, 2024 /PRNewswire/ — Davidson Kempner Capital Management LP (“Davidson Kempner“), a global investment management firm, has completed the restructuring of more than $1 billion of debt in the JBF Group (“JBF”), a business with industrial plants in the United Arab Emirates (“UAE”), Belgium and Bahrain, which manufactures and supplies high-quality polyester resins and films used in the packaging industry.
The transaction is believed to be the first significant debt-for-equity transaction of this kind executed under the UAE’s onshore bankruptcy law, setting a precedent for foreign investors in supporting businesses in the region with restructurings.
The transaction will see Davidson Kempner hold a significant majority equity stake in JBF Belgium and JBF Bahrain, with local and international investors holding the remainder.
The arrangement positions JBF Belgium and JBF Bahrain to prosper under the ownership of supportive and well-capitalized institutions who are committed to the long-term success of the business, allowing management to focus on innovation and growth, while preserving jobs at JBF’s three plants in the Gulf region and Europe.
For media enquiries:
Davidson Kempner Capital Management
[email protected]
Notes for Editors
About Davidson Kempner Capital Management
Davidson Kempner Capital Management LP is a global investment management firm with over 40 years of experience and a focus on fundamental investing with a multi-strategy approach. Davidson Kempner has more than $37 billion in assets under management and over 500 employees across seven offices: New York, Philadelphia, London, Dublin, Hong Kong, Shenzhen and Mumbai. Additional information is available at: www.davidsonkempner.com.
View original content:https://www.prnewswire.co.uk/news-releases/davidson-kempner-completes-landmark-1-billion-debt-restructuring-of-uae-based-plastic-manufacturer-302283777.html
Fintech PR
IDB Invest Launches Landmark $1 Billion Securitization in Latin America and the Caribbean
WASHINGTON, Oct. 23, 2024 /PRNewswire/ — IDB Invest announced a $1 billion securitization transaction, the first of its kind for private investors to buy multilateral development bank (MDB) assets from Latin America and the Caribbean. This innovative financial structure seeks to create a new MDB asset class for international investors. IDB Invest partnered with Santander and Clifford Chance as key advisors.
The securitization will be unveiled today during the launch event On the Road to Originate to Share, in Washington, D.C., featuring remarks by Ilan Goldfajn, IDB President; James Scriven, CEO of IDB Invest; Ana Botín, CEO of Santander; and Alexia Latortue, U.S. Treasury Assistant Secretary for International Trade and Development.
The transaction – Scaling4Impact – consists of securitizing $1 billion of IDB Invest’s portfolio, creating a tranched structure with an $870 million senior tranche; a $100 million mezzanine tranche, a portion being sold to international investor Newmarket Capital and the remainder insured by AXIS and AXA; and a $30 million junior tranche retained by IDB Invest.
The securitized portfolio includes assets from 20 countries and 10 sectors, such as corporates, infrastructure, energy and financial institutions. The transaction will free up capital, creating up to half a billion in additional lending capacity for new projects.
“With our new originate to share business model, our strong ties with governments and the deep synergies between our private and public sector work, we’re uniquely positioned to attract private capital,” said IDB President, Ilan Goldfajn. “Through this landmark transaction, we are connecting development assets with global investors to scale impact in Latin America and the Caribbean.”
“This initiative marks a major step in IDB Invest’s transition to our new originate-to-share business model, aimed at mobilizing capital and scaling impact through the private sector,” said James Scriven, IDB Invest CEO. “We are building a new MDB asset class to crowd-in investors seeking unique impactful investment opportunities in emerging markets.”
About IDB Invest
IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable projects to achieve financial results and maximize economic, social, and environmental development. With a $21 billion portfolio in development-related assets under management, 394 clients in 25 countries, IDB Invest provides financial solutions and advisory that meet its clients’ needs.
Media Contact:
Ana Escudero
[email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/idb-invest-launches-landmark-1-billion-securitization-in-latin-america-and-the-caribbean-302284116.html
BEIJING, Oct. 23, 2024 /PRNewswire/ — Leaders of the BRICS countries are having their first face-to-face gathering in the Russian city of Kazan after the group’s historic expansion from five members to 10 in January.
Chinese President Xi Jinping arrived in Kazan on Tuesday for the 16th BRICS Summit. Xi will exchange views with other leaders on practical cooperation and the development of the BRICS mechanism for emerging economies, among other topics, during the summit.
China has consistently been a staunch supporter and participant in the BRICS cooperation mechanism, seeking win-win cooperation with other members and following the spirit of openness and inclusiveness.
Win-win cooperation
Since its founding, BRICS has sought win-win cooperation, with the Shanghai-headquartered New Development Bank (NDB) being a flagship project of BRICS cooperation.
As the first multilateral development bank established by emerging economies, the NDB provides financing support for infrastructure development, clean energy, environmental protection, and building cyberinfrastructure across BRICS countries. By the end of 2023, it had approved 105 projects in all member countries for approximately $35 billion.
The NDB serves as a significant platform for international cooperation that transcends the territorial boundaries, which not only amplifies the voices of BRICS countries but also represents the shared aspirations of other nations, Dilma Rousseff, president of the NDB, told media recently.
China has been committed to deepening mutually beneficial cooperation with BRICS partners. In the first quarter of this year, trade between China and BRICS countries reached 1.49 trillion yuan (about $209.7 billion), an increase of 11.3 percent year on year, according to customs authorities.
Ronnie Lins, executive director of the Brazil-China Research and Business Center, said China plays a crucial role in building consensus among BRICS countries, promoting coordination and cooperation, and advancing a common agenda.
‘Not a closed club’
Openness and inclusiveness have remained BRICS members’ abiding commitment since the mechanism’s inception. Xi has repeatedly emphasized that BRICS countries do not gather in a closed club or an exclusive circle.
At a gathering in Xiamen in 2017, the Chinese leader put forward the “BRICS Plus” program, encouraging more emerging markets and developing nations’ participation.
On January 1, 2024, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates became BRICS members, joining Brazil, Russia, India, China and South Africa, marking the official beginning of greater BRICS cooperation.
More than 30 nations have either formally applied for or expressed interest in its membership, and many other developing countries are seeking deeper cooperation with the group.
Speaking about the Kazan summit, Lin Jian, a Chinese Foreign Ministry spokesperson, said that BRICS has become a positive and stable force for good in international affairs.
He said China stands ready to work with other parties to strive for the steady and sustained development of greater BRICS cooperation, open a new era for the Global South to seek strength through solidarity and jointly promote world peace and development.
View original content:https://www.prnewswire.co.uk/news-releases/cgtn-how-china-contributes-to-greater-brics-cooperation-302284004.html
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