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Report on EU trade defence – effective protection against unfair trade

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The EU shields 320,000 direct jobs across Europe from unfair foreign competition through its trade defence measures, according to a report out today.

The Juncker Commission has strengthened Europe’s trade defence toolbox through two major reforms. Since 2014, it has also applied 95 measures to ensure that European companies and workers can compete on fair terms. Two-thirds of all the 135 measures in place concern imports from China.

In 2018 the EU completed the biggest overhaul of its anti-dumping and anti-subsidy legislation since 1994. The reform strengthened the EU’s defences against dumped and subsidised imports. Against this background, the EU continued its intense activity and finalised a high number of investigations resulting in new protection measures, in particular in the steel sector. The year 2018 was also notable in that the EU imposed three safeguard measures, the first since 2002.

President of the European Commission Jean-Claude Juncker said: “We are open traders, but we cannot afford to be naïve. Not all of our trade partners want to play by the same rules that we do – we must not be taken advantage of and must protect the EU, its companies and its workers against unfair trading practices. Our intense work in this field in the past few years bears fruit: we have now in place tools that are better-suited for today’s global economy and we will continue working to ensure our companies and workers are shielded from any unfair practices.”

Commissioner for Trade Cecilia Malmström said: “Open economies need effective tools to enforce fair competition, especially at a time where some countries don’t want to play by the rules. This report shows that our trade defence team is working harder than ever to safeguard jobs and protect the EU from unfair trade practices around the world. Thanks to our recent reforms, we are able to act quicker and our tools are more suited to the current global economic challenges.”

According to today’s report, since the beginning of the mandate of the Juncker Commission in November 2014 until December 2018, the Commission has imposed 95 trade defence measures. At the end of 2018, the EU had 93 definitive anti-dumping measures and 12 anti-subsidy measures in place. Almost 44% of them were measures applying to imported steel products. Of all the measures in force, over two-thirds (68%) concern products imported from China.

EU trade defence measures provide welcome relief to European companies. In some cases, the duties resulted in a decrease of unfairly priced imports of up to 99%. At the same time, the duties are set at a level that is sufficient to restore competitive conditions on the EU market, without overburdening EU consumer and industries that rely on imports.

The main highlights of 2018:

  • Major overhaul of TDI legislation: The EU reformed its anti-dumping and anti-subsidy legislation in 2018 to react more effectively to unfair trade practices that harm EU producers. The changes have made investigations faster and more transparent, with an additional focus on helping smaller companies. These new rules, which started applying for new investigations in 2018, include the possibility to impose higher duty levels in cases where there are more serious market distortions.
  • Continued high EU trade defence activity: In 2018, the EU initiated 10 new investigations, of which four concerned imported steel products. There were 14 decisions taken regarding new measures. The EU also initiated 17 investigations to review existing measures, with seven decisions taken to keep measures in place. Furthermore, the Commission initiated three safeguard investigations, one in the steel sector and two bilateral ones on rice with Cambodia and Myanmar.
  • Resolute action to safeguard EU steel producers: Following the imposition of measures by the US on steel and aluminium, the EU took action to address the disruptive effects of the measures on the EU steel sector. This was necessary to avoid global trade diversion towards the EU that threatened to damage EU steel producers.
  • Strong and continuous defence of EU exporters targeted in foreign investigations: the Commission intervened in around 70 foreign trade defence investigations targeting EU exporters in cases of unwarranted or abusive use of trade defence instruments. This lead to the successful removal or non-imposition of duties in many cases. The number of trade defence measures targeting EU exporters now stands at 174, as compared to 162 in 2017. This upward trend is expected to continue over the next years.

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CICC Upgrades Wealth Management Strategy and Officially Launches “CICC Wealth Management” Brand

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Photo source: unsplash.com

 

China International Capital Corporation Limited (CICC and “the Company”, 3908.HK) has just held the CICC Wealth Management Strategy Upgrade Conference 2019 in Shenzhen today under the theme of “Building Our Future through Partnerships, Achieving Life Goals to the Fullest” and announced the official launch of its wealth management brand “CICC Wealth Management”. More than 700 guests were invited, including government officials, regulatory authorities, customer representatives, shareholder representatives and employee representatives.

The Unified Brand “CICC Wealth Management” Officially Launched

Providing wealth management service for individuals is one of the important strategies of CICC. In 2007, CICC took the lead in providing wealth management services under the international standards. In 2016, CICC announced the restructuring with China Investment Securities Company Limited (CISC), which became an important starting point for the transformation and upgrading of CICC’s wealth management business. This restructuring has resulted in the further upgrade of CICC’s wealth management and retail brokerage business platform. By merging CISC’s extensive customer base and nationwide branch network, CICC’s strength in brand, research, products and prime brokerage business have been brought into full play.

This time, CICC has integrated the former “CICC Wealth Management” brand, with CISC’s wealth management and brokerage sub-brands, such as “CISC Gold” and “CISC Mobile” to launch the new unified brand “CICC Wealth Management”. It marks the comprehensive integration of the two platforms, and it is another milestone of the strategic transformation of CICC’s wealth management business.

Strategy Upgrade

With 12 years experience, CICC Wealth Management has become a leading wealth management institution in domestic market and has obtained many prizes from media. By taking advantage of the reform in Shenzhen and the restructuring of China Southern Securities, CISC has accumulated abundant experiences in the retail brokerage industry through more than 20 years, and has acquired strong industry position and impact.

After the brand integration, with its high-quality and professional wealth advisor team, its ability to provide solutions under international standards, its close interaction with other business divisions such as Investment Banking, Asset Management, Research and its strong technological platforms, CICC Wealth Management will provide its clients with a full-chain, one-stop and multidimensional platform, which offers more efficient, globalized and integrated trading, investment management, financing services, as well as a set of comprehensive solutions with the cooperation between wealth management and other business segments of CICC such as Investment Banking.

CICC Wealth Management will adhere to its faith of always putting its clients as priorities, persist on the model of wealth management from the buy-side perspective and dedicate itself to thoroughly understanding its clients’ needs and wants, helping its clients with professional investment advices, executing and keeping track of those investment plans religiously and trying to establish long-term trusting relationships with its clients. During this strategy upgrade conference, CICC launched “CICC Wealth Planning”, “CICC Wealth Management China Top 50 Private Account Service” and “CICC Global Family Office” which are close to advanced international market solutions. With leading professional standards, profound understanding of market policies and global visions, CICC provides life-long wealth planning for its clients, as well as asset allocation products and solutions.

Besides, CICC Wealth Management has been actively embracing the digital transformation and has made it step into the FinTech industry. Recently, CICC announced that the Company entered into a shareholders’ agreement with Tencent Digital (Shenzhen) Limited, an indirect wholly-owned subsidiary of Tencent Holdings Limited, pursuant to which the parties agreed to establish a technological joint venture. The technological joint venture is proposed to, through providing technological platform development and digitalized operational support services, facilitate the company’s wealth management, retail brokerage and other businesses to provide more convenient, intelligent and differentiated wealth management solutions, enhance the service efficiency of investment advisor, optimize precision marketing and strengthen compliance and risk control. The technological joint venture is expected to drive the accelerated transformation and scalable development of the Company’s wealth management business with digital and FinTech capabilities.

With sufficient experience in the Chinese market and always evaluating itself with global standards, CICC Wealth Management aims to build up a platform to satisfy its clients’ needs in their businesses, families and personal development comprehensively. By launching its official brand “CICC Wealth management”, imposing on its strategy upgrade and getting involved in the FinTech industry, CICC has implemented its best practices within the recent couple years to strengthen its wealth management service.

Looking into the Future

In the future, as the unified platform of CICC’s wealth management and retail brokerage business, CICC Wealth Management will continue to follow its core values of “Clients First”, “Integrity as Foundation” and “Chinese Roots and International Reach.” Adhering to our buy-side thinking and putting our clients’ interests as our priorities, we will keep on providing professional wealth management solutions to our clients under global standards and with the high quality resources from CICC’s investment banking, private equity, asset management, research and other business.

 

SOURCE China International Capital Corporation Limited

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IWFCIM & IBVM – championing efforts to incorporate sustainable business practices among entrepreneurs and promoting blockchain tech for supply chains

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Panelist for the segment Growing Local Industry Through Sustainable Fashion. From Left Ambika Sangaran, Managing Partner from Biji-biji, Dr Cordelia Mason, President from Yayasan UniKL Masrina Abdullah,Founder from Masrina Abdullah Empire Ventures Studio, Kristina Teow, President from Lean In Youth, Cris D Tran, Regional Head from Infinity Blockchain Ventures and Alejandro Kikuchi, Head International Growth, Wokana.

 

International Women’s Federation of Commerce and Industry Malaysia (IWFCIM) and Infinity Blockchain Ventures (IBV) has jointly organised the Blockchain and Fashion (BCF): Growing Local Industry Through Sustainable Fashion at the Black Box, Publika on October 15th, 2019 in conjunction with the Malaysia Fashion Week.

With the theme of Growing Local Industry Through Sustainable Fashion, BCF brings together iconic people from the sustainable fashion market and technology providers to showcase how blockchain’s transparency and traceability functions.

Dato’ Elaine Teh, President, IWFCIM, expressed her excitement on the opportunities available for entrepreneurs today: “The advent of technology enables companies to seamlessly integrate complex capabilities that can trace the whole journey of their products from farm to garment. That represents a whole new meaning to sustainability as consumers can now make smart choices on their purchases based on the information available.”

Biji-biji, one of the leading sustainable fashion players, showcased its product, the Merak Banner tote bag. Using the solution from WowTrace, it enables consumers to check and validate the origin of the product, what it is made of, when it is made — at every stage of the supply chain.

Malaysia’s leading technology visionary, Datuk Yasmin Mahmood, CEO, FutureReady Consulting Sdn Bhd says that, “The ABCD technology is embedded in our social fabric today. Specifically, with blockchain, we have arrived at an exciting time, where two-pronged goals are met. Firstly, we can have local industries and communities thrive as their artisan work, culture, heritage and rights can be protected. Secondly, it helps industries and SMEs immensely in integrating the Sustainable Development Goal as part of their strategic focus.”

“Sustainability is crucial in order to preserve the future. Through new technologies like blockchain, it can further enhance product traceability and can bring a whole new meaning to the term ethically sourced“, cite Cris D. Tran, Regional Head, Infinity Blockchain Ventures.

IBV has a full suite of blockchain solution offerings to support the local entrepreneurs by providing opportunities to learn more about blockchain technology. IBV believes that Malaysia has the potential of having successful blockchain technology implementations due to its diverse market and strong infrastructure. They are also currently working with local players to train more Malaysian blockchain developers to further support the growth of blockchain technology within the market.

 

SOURCE Infinity Blockchain Ventures

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Kakao’s Klaytn Welcomes 8 New Blockchain Application Partners

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Klaytn Welcomes 8 New Blockchain Partners

Klaytn, the leading blockchain project led by the South Korean Internet giant Kakao, today announced that 8 new blockchain projects have joined Klaytn as service partners to further developments in bringing mass blockchain adoption globally.

Dedicated to building readily usable blockchain-powered services, Klaytn is partnering with promising blockchain projects in various industry domains with massive global user base. More than a dozen of its partners that earlier joined Klaytn have already launched blockchain services, while others are set to open until early next year.

Operated by Korea’s art promotion initiative ‘ARTWA Platform,’ ‘STARTnet’ is a social commerce-based art platform committed to fostering new artists and innovating the art industry. It seeks to create a transparent art market by equipping the artists with the right to protect their own artworks. It also provides friendly art services and curations that anybody can enjoy.

Developed by Korea’s big data-based social media platform ‘0.8L,’ ‘LITER’ will also be operated through Klaytn. By applying the blockchain-powered incentive mechanism to its over 600,000 existing global users, LITER will offer fair rewards for reviews of the products and services.

‘GoodMorning’ is a marketing and data distribution platform that adds commercial value and creates trust index to various information and social networks owned by individual users.

A blockchain-based logistics service, ‘Dkargo’ has also released its plan to collaborate with Klaytn. By incorporating new mobility services beyond the existing freight transport, Dkargo seeks to create an efficient network and expand the entire logistics industry.

Other notable industry partners include ‘LOON,’ the blockchain-based healthcare service focused on women’s physiological health; ‘Monopoly,’ the platform that provides investment information for collectibles market including art, wine, and jewelry; ‘Spl.yt,’ the decentralized e-commerce protocol for global inventory and affiliate marketing system across marketplaces; and, ‘TUNE Token,’ the smart contract design service for the U.S.-based award winning music platform ‘Cre8tor.app,’ which rewards all stakeholders in the creation and distribution of music while providing a transparent royalty system.

“Klaytn is partnering with successful firms that have developed and operated services accruing millions of users, and the collaboration will contribute to building a user-friendly blockchain service,” said Jason Han, the CEO of Ground X, heading the development and operation of Klaytn. He added, “Together with service partners, Klaytn will take the blockchain industry to the next level by focusing on creating meaningful real use-cases, which stands as the next key challenge in our industry.”

 

SOURCE Klaytn

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