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
AMSTERDAM, Oct. 23, 2024 /PRNewswire/ — The 2024 edition of the Atradius Payment Practices Barometer survey reveals that companies across Asia are concerned over the outlook for insolvencies in the coming months, adversely affecting prospects for B2B trade on credit.
A rising level of insolvency risk has emerged as a major concern looking ahead for half of companies surveyed by Atradius across Asia, with widespread worries it could negatively impact B2B trade on credit. Businesses are preparing for ripple effects and payment risks, adding to further anxiety about future profitability.
At the heart of the concern is the current uncertain economic landscape, largely driven by the slowdown in China’s growth. Notably, however, the survey reveals Chinese companies show least anxiety about future insolvency risk.
This is the key finding of the 2024 Atradius Payment Practices Barometer survey across Asia (China, Hong Kong, India, Indonesia, Japan, Singapore, Taiwan and Vietnam).
India, Indonesia, Japan and Singapore are the markets most preoccupied about future insolvency risk but worry right across Asia reflects the view outlined by Atradius economists in the latest Insolvency report which forecasts an increase in insolvencies across Asia in 2024.
Anxiety is compounded by an already challenging credit risk environment, with late payments affecting an average 46% of B2B credit sales and bad debts standing at 4% of B2B sales invoices issued by Asian companies. Concern around business profitability thus continues to weigh heavily.
“The global economy is set to grow by 2.7% this year, but weak demand and tight credit conditions are straining businesses,” says Andreas Tesch, Chief Market Officer of Atradius.
“We expect global insolvencies to increase by 23% in 2024, and China’s current economic slowdown is raising concern about rising insolvencies among many Asian companies. This could lead to deteriorating credit quality and B2B payment behaviour in several economies across Asia.”
The complete report highlighting the findings of the 2024 edition of the Atradius Payment Practices Barometer for Asia can be found in the Publications section of Atradius.com website.
About Atradius
Atradius is a global provider of credit insurance, bond and surety, collections and information services, with a strategic presence in over 50 countries. The products offered by Atradius protect companies around the world against the default risks associated with selling goods and services on credit. Atradius is a member of GCO, one of the leading companies in the Spanish insurance sector and one of the largest credit insurers in the world. You can find more information online at https://group.atradius.com
Connect with Atradius on Social Media
Website: https://group.atradius.com
LinkedIn: https://www.linkedin.com/company/atradius
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View original content:https://www.prnewswire.co.uk/news-releases/asia-expects-insolvency-rise-as-chinas-economy-slows-atradius-survey-reveals-302280473.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
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