1.Shortage of Feed Grains in Communist China
Due to dietary changes in the past few decades, the annual meat consumption per capita in China has increased from 10 kg in 1980 to nearly 70 kg at present. However, the domestic production of pork cannot keep up with the demand, leading to increases in imports every year. Since 2020, the rising prices of major feeds, especially corn and soybeans, drove up the meat price. In addition, China has been highly reliant on soybean imports; corn imports in 2020 also hit a record high. Huang Jikun, director of the China Center for Agricultural Policy at Peking University, pointed out that in the medium to long term, the fundamental problem of China’s food security is the shortage of feed grain.
2.Some Large Banks Suspended Monthly Interest-Bearing Deposit Products
According to National Business Daily, the Bank of Communications recently suspended all monthly interest-bearing deposit products, including large deposit certificates (monthly interest bearing) and preferential deposit products. In addition, all branches were asked to stop marketing such products. A sub-branch of ICBC in Shanghai was asked to prepare for the suspension of large monthly interest-bearing certificates of deposit. However, it was reported that other banks are still offering these products.
3.JP Morgan Banker Nicolas Aguzin Appointed CEO of HKEX
Hong Kong Exchanges and Clearing Limited announced on Feb. 9 the appointment of Alejandro Nicolas Aguzin as the Chief Executive Officer of HKEX, effective on May 24 for a term of three years until May 23, 2024, subject to the approval of the Securities and Futures Commission. Aguzin, subject to such approval, will also become an ex-officio member of the HKEX Board of Directors. Aguzin is currently the CEO of J.P. Morgan’s International Private Bank and a member of the Operating Committee for the firm’s Asset & Wealth Management business. He served as Chairman and CEO for the Asia Pacific Region from 2012 to 2020 and was responsible for leading the bank’s business in Communist China and Asia Pacific.
4.Higher Prices of Rapeseed Oil
The average price for rapeseed oil in 2020 was 10,626.36 yuan/ton, which was 2,517.59 yuan/ton higher than the average price in 2019. Up to now, the national average price of rapeseed oil is 10,625 yuan/ton, which is 2,505 yuan higher than the average price of 8120 yuan/ton in the same period last year. The year-over-year increase is 30.85%.
According to data from the General Administration of Customs, vegetable oil imports in December 2020 were 154,700 tons, an increase of 7,700 tons from 147,000 tons in December 2019 and a 5.24% year-over-year increase. In 2020, imported rapeseed oil totaled 1.8561 million tons, an increase of 14.93% year-over-year.
5.Semiconductor Manufacturers Increasing Product Prices
Semiconductor device manufacturer Unisoc recently announced that due to rising raw material prices and its limited supply capacity, the prices of consumer electronics products would be increased by 10%-20%. This wave of price increases for chip manufacturers started late last year. Since the beginning of this year, MCU manufacturer Holtek Semiconductor has also announced that starting from April 1st, prices of all chip products would increase by 15%. In addition, Shanghai Guoxing recently decided to increase product prices by 10%-20% starting from January 5, 2021 due to the increase in production and procurement costs.
6.Global Chip Shortage Forced GM to Extend Production Cuts
Detroit (Reuters) – On Tuesday, GM announced it was extending production cuts in three North American factories, which are located in Kansas, Ontario, and San Luis Potosí respectively, to at least mid-March. In addition, vehicles at two other factories would only be partially built. The company would focus on producing the most profitable vehicles including full-size pickup trucks and SUVs. The global chip shortage has affected many automakers such as Toyota, Volkswagen, and Stalantis. AutoForecast Solutions on Tuesday estimated that the global auto industry could lose nearly 1.3 million vehicles and GM may lose 111,450 vehicles.
7.EU Intends to Make Big Tech Pay for News
According to Financial Times on Tuesday, following a similar move by Australia, EU lawmakers overseeing Europe’s new digital regulations want to make big tech firms to pay for news. Members of the European Parliament formulating the European Digital Services Act (DSA) and the Digital Market Act (DMA) told the Financial Times the laws may include binding arbitration for licensing agreements and requiring tech companies to notify publishers about changes to how news stories are ranked on their sites. However, members of the European Parliament have not agreed on how to best introduce such reforms and whether they should wait for the impact of EU’s copyright overhaul to become clear.
By 【Financial Team】
News Collection: Wendy 、文罡、Kate
Translation & Writer: Kate
Disclaimer: This article only represents the author’s view. Gnews is not responsible for any legal risks.