DT e-Paper, Friday, Decdember 2, 2016

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14 FRIDAY, DECEMBER 2, 2016 DT Business UK may pay for EU single market access • AFP, London Britain would consider paying for continued access to the European single market after it leaves the EU, a senior minister said yesterday , boosting investors’ hopes of a “soft Brexit”. The minister for exiting the EU, David Davis, was asked in parliament whether the government would consider making “any contribution in any shape or form for access to the single market” after it withdraws from the bloc. Davis replied: “There is a distinction between picking off an individual policy and setting out a major criteria, and the major criteria here is that we get the best possible access for goods and services to the European market. “If that is included in what you are talking about then of course we would consider it.” Davis and other top Brexit supporters campaigned to stop payments to the EU during the campaign ahead of the June referendum, making it into a top slogan. • A worker cuts steel plates inside the China Steel Corporation factory in Kaohsiung REUTERS China factory activity growth accelerates • AFP, Beijing China’s factory activity grew at its fastest rate in more than two years in November, official data showed yesterday, as cheap credit and improving demand helped revive industry in the world’s second-largest economy. The better-than-expected pick-up in the closely watched purchasing managers’ index (PMI) will provide fresh hope for stability after a long-running slowdown in economic growth. The official PMI, which gauges conditions at factories and mines, came in at 51.7 in November, its highest since July 2014, the National Bureau of Statistics (NBS) said. That beat October’s 51.2 and was much better than the median forecast of 51 in a Bloomberg News survey of economists. Anything above 50 signals expanding activity while anything below suggests contraction. The expansion in factory activity was driven by an uptick in market demand, with production of consumer goods and high-tech equipment both accelerating, NBS analyst Zhao Qinghe said in a statement. But production “still has some difficulties” with raw materials and transportation costs rising for many companies, and sharp fluctuations in the yuan exchange rate making imports more costly, Zhao added. China’s weakening currency helped lift new export orders, Zhao Yang of Nomura said in a note, adding that he expects the depreciation to continue, which “bodes well” for exports next year. • Putin demands economic reforms after 2018 polls • AFP, Moscow Russia needs to introduce economic and tax reforms to end its stagnation, President Vladimir Putin said yesterday, urging the government to plan for 2019 and beyond, after the 2018 presidential polls. “If we don’t resolve basic problems of the Russian economy, if we don’t fully launch new factors for growth, then we could hover around zero for years, pushing us to constantly shrink, economise and delay our development,” he said in an annual state of the union speech.. “We can’t afford this,” he said. “I order the government... to work out a substantial plan of action for the period up to 2025 that would allow us to reach an economic growth rate that is faster than the global average from the end of 2019 or beginning of 2020,” he said. “We must focus our tax system so that it works toward the main goal: stimulating business activity, economic growth and investment,” he said, adding the government must pass tax reforms in 2018 so that they can be implemented in 2019. The Russian economy has been stagnating for years, and is forecast to contract by 0.6% this year. The government looking into deep spending cuts to reduce the budget deficit. •
Business 15 DT FRIDAY, DECEMBER 2, 2016 China merges steelmakers to forge new national leader • AFP, Shanghai China officially established a new national steelmaking leader - the world’s second-largest manufacturer – yesterday by merging two giant mills, as Beijing pushes consolidation in the industry to combat overcapacity. Shanghai-based Baosteel Group and Wuhan Iron and Steel Group, in the central province of Hubei, were combined to create China Baowu Steel Group, second only to Paris-listed ArcelorMittal. Its birth was marked with a ceremony in Shanghai attended by top national government and company officials. The combined new entity will have total assets of 730bn yuan ($105.9bn) and 228,000 employees, a Baowu statement said. The two firms’ combined steel topped 60 million tonnes last year, according to data from the World Steel Association, exceeding that of previous national leader Hesteel. Baosteel, which had been China’s No 2 steelmaker, has issued new stock to existing shareholders of Wuhan Iron and Steel to absorb the company. • CORPORATE NEWS Southeast Bank Limited has recently signed an agreement with Bangladesh Bank for participation in Green Transformation Fund, said a press release. Deputy governor of central bank, SK Sur Chowdhury and Shahid Hossain, MD of Southeast Bank Limited have signed the agreement MJL Bangladesh Limited has recently held its 18th annual general meeting, said a press release. The company’s chairperson, Nazimuddin Chowdhury presided over the meeting ICAB has recently awarded IDLC Finance Limited the first position under Integrated reporting category and for having the best presented annual report in 2015 among financial service sector companies, said a press release. The company’s MD, Arif Khan received the award from Commerce Minister Tofail Ahmed
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