Fintech PR
CGTN: Regional economic integration promotes China-ASEAN common prosperity
BEIJING, Sept. 8, 2023 /PRNewswire/ — Themed “ASEAN Matters: Epicentrum of Growth,” the 43rd Association of Southeast Asian Nations (ASEAN) Summit concluded on Friday in Jakarta, Indonesia, with a series of positive outcomes.
Deepening ASEAN-China cooperation would benefit people on both sides, said Secretary-General of ASEAN Kao Kim Hourn on Thursday.
Regional economic integration
Addressing the 26th China-ASEAN Summit on Wednesday, Chinese Premier Li Qiang urged China and the ASEAN countries to enhance connectivity, deepen cooperation on industrial and supply chains, strive to complete in 2024 the negotiations on the China-ASEAN Free Trade Agreement (ACFTA) 3.0 and steadily advance regional economic integration.
During the 26th ASEAN Plus Three Summit, Li noted that in June this year, the Regional Comprehensive Economic Partnership (RCEP) entered into full effect, which brought new opportunities for regional economic integration.
“We need to further bring out the potential of the agreement, boost the free flow of factors, and expand and upgrade our trade and investment. We need to advance our comprehensive, mutually beneficial and high-quality economic partnership, and move toward an integrated regional market that is more open and vibrant,” he said.
China has proposed to accelerate ASEAN-China Free Trade Area 3.0 Upgrade Negotiations and strives to conclude negotiations in 2024, according to a list of China’s cooperation initiatives for the ASEAN-related summits.
The Version-3.0 China-ASEAN FTA will bring tangible benefits to local residents, said Shi Zhongjun, secretary-general of the ASEAN-China Center, adding that the unilateralist, protectionist policies pursued by some countries outside the region have had certain impact on cooperation in the Asia-Pacific region, including that between China and ASEAN.
Belt and Road cooperation
During the 26th China-ASEAN Summit, a joint statement was issued on mutually beneficial cooperation between the Belt and Road Initiative (BRI) and the ASEAN Outlook on the Indo-Pacific.
China welcomes the active participation of ASEAN countries in the third Belt and Road Forum for International Cooperation, Li said on Wednesday.
Under the BRI cooperation framework, China and ASEAN have enhanced cooperation on infrastructure and regional cooperation.
The China–Laos railway had made a total of 20.09 million passenger trips as of April 16, with the section of the railway within China handling 17.09 million passenger trips and that outside China handling three million passenger trips since it went into operation in December 2021, according to data from China Railway.
The Sihanoukville Special Economic Zone, a BRI flagship project in Cambodia, has become the Southeast Asian country’s largest industrial zone, accommodating up to 175 factories so far.
Fruitful cooperation results
During the China-ASEAN Summit, a series of outcome documents were adopted, including a joint statement on deepening agricultural cooperation between China and ASEAN, an action plan on China-ASEAN green agricultural development (2023-2027), an initiative on enhancing bilateral e-commerce cooperation and an initiative on jointly implementing a China-ASEAN science and technology innovation enhancement program.
Data from China’s Ministry of Commerce showed that the trade volume between China and ASEAN reached $975.3 billion in 2022, up 11.2 percent year on year and surging by 120 percent from the level of 2013.
As of the end of July, the cumulative two-way investment exceeded $380 billion, and China had set up more than 6,500 enterprises with direct investment in ASEAN.
The past decade also saw ASEAN become China’s top trading partner in 2020, surpassing the European Union and the U.S.
“Looking ahead, I think ASEAN-China bilateral trade will increase three fold in the next 20 years, and the investment will increase accordingly,” said Djauhari Oratmangun, Indonesian ambassador to China.
View original content:https://www.prnewswire.co.uk/news-releases/cgtn-regional-economic-integration-promotes-china-asean-common-prosperity-301922209.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
YouTube https://www.youtube.com/user/atradiusgroup
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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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