2/22/2021 Financial News: 12 Japanese Firms Will Kill Business Deals With China; CCP Relaxed Rare Earth Output Quotas

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1.12 Japanese Firms will Kill Business Deals Involving Uyghur Forced Labor

(KYODO) Twelve major Japanese companies have established a policy of ceasing business deals with Communist Chinese companies and found that they benefited from forced labor by Muslim Uyghur minorities in the Xinjiang region of the far west of Communist China, Kyodo News reported on Sunday. The 12 companies include Fast Retailing Co., the operator of Uniqlo’s casual apparel brand, Toshiba Corp., Sony Corp. and Hitachi.

2.Communist China Relaxed First Batch of Rare Earth Output Quotas

On Feb.19, the Communist Party China’s Ministry of Industry and Information Technology (MIIT) website shows that the rare earth mining output quota for the first half of 2021 will be shared among the six major producers, has been set at 84,000 tons, a joint statement from MIIT and the Ministry of Natural Resources said. That is up 27.27% from the same period last year. The total quota for rare earth smelting and separation – or processing of ore into materials used by manufacturers – has been set at 81,000 tons, up to 27.56% from the first half of 2020.

3.11 Stocks from Communist China’s STAR Market Included in Global Benchmarks

On Feb. 19, Index provider FTSE Russell announced the semi-annual index review result, which added a total of 129 A-share stocks, including 11 stocks from Communist China’s STAR Market to its global benchmarks. The move marks the first time shares from Shanghai’s Nasdaq-style STAR Market for stocks in Communist China have been included in a global index. The change will officially take effect after the close of business on March 19 (before the business opens on March 22).

4.CCP Studies the Feasibility of Individual Investment in Overseas Financial Assets

Communist China is studying the feasibility of allowing individual investors to buy overseas financial assets, according to officials from foreign exchange regulators. Individuals can spend up to US$50,000 per year on foreign currency purchases under current rules, but there are restrictions on buying overseas securities.

5.CCP Encourages Innovation and Promote GMOs

On Feb. 18, the Ministry of Agriculture and Rural Affairs issued a notice on encouraging the original innovation in agricultural genetically modified organisms (GMOs) and regulating the transfer of biological materials for trans-breeding. The notice clearly states to support new genes, new traits, new technologies, new products and other innovative agricultural GMO research and development activities.

Opinion: The logic behind this may be related to the increasing food shortages.

6.Britain to Raise Business Tax to Pay for CCP Virus Support

(Reuters) – British finance minister Rishi Sunak is set to increase a tax on business to pay for an extension to CCP Virus support schemes in the budget next month. Sunak, in his speech on March 3, will announce he is increasing corporation tax from 19 pence in the pound and will outline a pathway where it rises to 23 pence in the pound by the time of the next general election, the report said. The move will raise an expected 12 billion pounds ($16.8 billion) a year, the report added. According to the report, at least 1 pence is set to be added to the bill for business from this autumn, at a cost to business of 3 billion pounds, with further rises in subsequent years.

7.Canadian Banks Set for Earnings Decline but Investors Optimistic about Recovery

(Reuters) – Canadian banks are set to post their fourth straight year-on-year quarterly profit drop when they report results next week, the longest decline streak since the financial crisis, on margin compression and declining commercial lending, but flattening loan loss provisions signal a turning point, investors said.

By 【Financial Team – Rosy Cloud】

News Collection: Totoro 、文罡、Lingken、Rosy Cloud

Proofreading: Tracy

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