Space Industry and Business News  
TRADE WARS
Chinese group bids $11.6 bn for warehouse firm GLP
 by Staff Writers
 Singapore (AFP) July 14, 2017


China wants free trade deal with Canada
Washington (UPI) Jul 13, 2017 - China, a country with one of the largest appetites for oil in the world, wants to start talks with Canada about a free-trade deal, the country's president said.

Chinese President Xi Jinping met in Beijing with David Johnston, the representative of the Canadian monarchy, to discuss an evolving partnership. The official Xinhua News Agency reported that the Chinese president called for the "launch negotiations on a free trade agreement at an early date."

China is the second largest economy in the world, behind the United States. Economists at the Organization of Petroleum Exporting Countries said Chinese demand is robust, in large part because of demand from the transportation and industrial sectors.

Total Chinese oil demand should increase 2.6 percent from last year, compared with 0.7 percent growth from the United States.

"China will continue to grow at a slightly lower rate of 6.2 percent in 2018, compared with 6.6 percent in 2017," OPEC economists wrote in their monthly report for July. "This still represents a considerable level of expansion, as the country continues to shift its growth drivers from exports and investments to domestic consumption.

Imports to China in May increased nearly 15 percent from last year.

Canada, meanwhile, has reached out to Asian economies in an effort to diversify an economy that depends heavily on trade with the United States. In May, the Canadian government issued a public call to weigh in on the possibilities of reaching a free-trade agreement with China as the Central Bank of Canada warned that some of the protectionist policies from U.S. President Donald Trump left many economists and corporations guessing.

Canada is largely landlocked and relies almost entirely on the United States as its export destination for oil, a primary export commodity.

A Chinese consortium on Friday offered more than $11 billion for Singapore's Global Logistic Properties Ltd, which provides warehouses for the likes of Amazon China and WalMart, as e-commerce drives demand for logistics space.

In filings with the Singapore Exchange, both firms said they were "pleased to announce the proposed acquisition" after GLP selected Nesta Investment Holdings as its preferred bidder.

Under the deal, Nesta would buy GLP shares at Sg$3.38 apiece, valuing the company at around Sg$16 billion ($11.6 billion).

Data compiled by Bloomberg showed the deal will be the biggest private equity buyout of an Asian company by enterprise value.

It would be the second-largest logistics deal this year after China Investment Corp agreed to acquire Blackstone Group LP's European logistics business for 12.25 billion euros ($13.8 billion) in June, Bloomberg said.

GLP -- of which Singapore sovereign wealth fund GIC is the biggest shareholder with an almost 37 percent stake -- owns and manages a portfolio of modern logistics facilities in China, Japan, the United States and Brazil. It counts Amazon China, WalMart, Adidas, FedEx and DHL among its clients.

It is also one of the world's largest real estate fund managers with assets under management of around $39 billion, filings with the Singapore stock exchange said.

The growth of websites such as Amazon and Alibaba means customers can buy anything from mobile phones to sports equipment online and send them straight to loved ones, driving growth in e-commerce.

This has also fuelled demand for state-of-the-art warehouse space worldwide to facilitate such shipments, analysts said.

US-based research firm eMarketer has said online sales are expected to reach $1.9 trillion this year and top $4.0 trillion by 2020.

Nesta is comprised of five Chinese companies, including private equity investment firm HOPU Logistics Investment Management and Bank of China Group Investment.

The deal is expected to be completed on or before April 14 next year, subject to shareholders' approval.

GIC has assured Nesta it will vote in favour of the buyout. GLP shares closed nearly 22 percent higher Friday after the deal was announced.

mba/mtp

THE BLACKSTONE GROUP

Alibaba

AMAZON.COM

BANK OF CHINA

TRADE WARS
Things to know about Bitcoin
 Tokyo (AFP) July 11, 2017
 Mark Karpeles, the former CEO of collapsed Bitcoin exchange MtGox, went on trial in Tokyo on charges stemming from the disappearance of hundreds of millions of dollars worth of the virtual currency from its digital vaults. Here are some key facts about the world's most widely used crypto currency: What is Bitcoin? Bitcoin is a virtual currency created from computer code. Unlike a r ... read more
Related Links
 Global Trade News

Thanks for being here;
 We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once

credit card or paypal
 		SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only


Comment using your Disqus, Facebook, Google or Twitter login.
Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
Sorting complicated knots

 Engineers find way to evaluate green roofs

 Nature-inspired material uses liquid reinforcement

 Feel the heat, one touch a time
TRADE WARS
First UAVs, Now Ships - Connectivity for the next generation of remote naval operations

 DISA extends Comtech satellite services to Marines

 Harris Corp. awarded Special Forces radio contract

 Airbus provides German troops with support communications at 15 sites worldwide
TRADE WARS
TRADE WARS
India Plans to Roll Out National GPS Next Year

 Orbital Alliance Techsystems receives contract for GPS artillery

 Europe's Galileo satnav identifies problems behind failing clocks

 New orbiters for Europe's Galileo satnav system
TRADE WARS
Flying cars and no more pilots in flight revolution: Airbus

 Sikorsky awarded $3.8 billion contract for Saudi Arabian black hawks

 Boeing announces Rolls-Royce engine contract

 Boeing receives contract for Dutch, Turkish CH-47 Chinook parts
TRADE WARS
Harnessing hopping hydrogens for high-efficiency OLEDs

 High-precision control of printed electronics

 Molecular electronics scientists shatter 'impossible' record

 Three-dimensional chip combines computing and data storage
TRADE WARS
Can satellites be used as an early warning system for landslides

 Study finds Earth's magnetic field 'simpler than we thought'

 See our seasons change from space

 Sea spray losing its sparkle?
TRADE WARS
Human activities worsen air quality in Dunhuang, a desert basin in China

 Herbicide boost for tadpoles: study

 Scientists probe role of sunscreen in accelerating coral reef decline

 Risky gold rush: Indonesia tackles illegal mining boom








The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.