1. Yuan Longping boasts: Strive to demonstrate and promote 66,667 hectares of saltwater-tolerant rice in 2021
On Jan. 15, Yuan Longping, the so-called Father of Hybrid Rice and the Man who Puts an End to Hunger, boasted at the 5th International Seawater Rice Forum held in Sanya, Hainan that he would strive to demonstrate and promote 1 million mu (66,667 hectares) of saltwater-tolerant rice in 2021. Saltwater-tolerant rice is academically called “saline-alkali soil tolerant rice,” a type of rice that can grow on saline land with alkali concentration of 0.3% or more.
Opinion: Yuan’s announcement is similar to the pompous culture of the “Great Leap Forward” period: misrepresenting and exaggerating predication about food production for personal benefit, and making unrealistic boasts. In 2019, a plan to expand from 10,000 mu to nearly 20,000 mu of saltwater-tolerant rice was announced. A year later, Yuan Longping announced that the area for promotion of sea rice in China would reach 100,000 mu in 2020. And he just announced the goal of achieving a tenfold increase to 1 million mu within a year.
2. Loan repayment plan was changed by bank without authorization, the borrower found after 7 years of payments principal stayed the same
Recently, Mr. Pu from Nanjing reported that in October 2013, he signed a contract with Minsheng Bank for a 20-year fixed-rate mortgage of 1.17 million yuan ($180,347). But recently, Mr. Pu found that after making payments for 7 years, the principal amount is still 1.17 million yuan. The bank said that for some reason, the repayment method was changed to “repay interest first and principal later”. The staff who handled this business left the bank, and the matter is still under investigation.
3. Prices of three types of cooking oils have risen
Since last year, the price of domestic cooking oil has continued to rise. As the second largest segment of cooking oil market, Canola oil was as low as around $180 per box last year, and between $220 and $230 per box this year. Prices of Soybean oil and Palm oil have also gone up. Currently, the wholesale price of Soybean oil has increased by more than 20% from last year. Data show that as of January 14, 2021, domestic wholesale prices of Canola oil, Soybean oil and Palm oil have increased by 31%, 20% and 11% year-over-year. According to the reporter, the main reason for the continued rise in cooking oil prices is the decline in imports (60% of China’s canola oil comes from imports) as well as the rise of rapeseed cost.
4. The total capital increase for trust companies last year was nearly 30 billion yuan and may continue in 2021
According to the statistics released on the official website of the China Banking and Insurance Regulatory Commission, 10 trust companies were approved to change their registered capital in 2020, with a total capital increase of 29.248 billion yuan ($4.15 billion), with an average capital increase of about 2.92 billion yuan ($450 million) for each trust company. At the beginning of 2021, capital increases for trust companies are still ongoing. On January 13, Daye Trust announced the completion of a 950 million yuan ($146 million) capital increase. Its registered capital increased from 1 billion yuan ($150 million) to 1.485 billion yuan ($230 million), and its net assets exceeded 3 billion yuan ($460 million).
5. Oil drops 1% as rising coronavirus cases end supply-led rally
Reuters, Tokyo, January 18 – Due to the surge in new infections worldwide, the prospects for market recovery are uncertain. Oil prices fell on Monday. As of 0207 GMT, Brent crude fell by 45 cents, or nearly 1%, to $54.65 per barrel. U.S. oil was down by 43 cents, also nearly 1%, at $51.93 a barrel. In recent weeks, due to the launch of vaccination and Saudi Arabia’s production cut, oil prices have risen. However, U.S. drillers added further pressure by putting more oil and natural gas rigs to work for eight consecutive weeks.
6.Trump Administration halts Huawei Supplies by revoking and rejecting supply licenses
Reuters January 18 – The Trump administration notified Huawei suppliers, including Intel, that it is revoking certain licenses to sell to Huawei and intends to reject dozens more license applications. The Commerce Department said it continues to work with other agencies to implement licensing policies to protect “U.S. national security and foreign policy interests.” Before this announcement, about 150 licenses for $120 billion worth of goods and technology were pending. In addition, another $280 billion of license applications for Huawei are yet to be processed. According to the source, now they are more likely to be denied.
By 【Financial Team】