作者： bankr

The Shenzhen-based firm aims to collect and process 30 per cent of China’s discarded electric vehicle batteries

The former university professor leading one of the companies most crucial to the future of transport has a warning for anyone eyeing his patch.

“I want to tell everyone who wants to enter this market: don’t do it, you are wasting your money,” said Xu Kaihua, chairman of Chinese battery metals maker GEM Co. “Only the top five will survive.”

The firm Xu founded in Shenzhen in 2001 has adopted an expansive business model that has made it central to supply chains stretching from the cobalt and nickel mines of Africa and Southeast Asia to the motors of Volkswagen and BMW cars. GEM’s diverse footprint includes a plant in Indonesia that will allow it to avoid that nation’s export ban on nickel, a key raw material. The company is already the world’s biggest recycler of metals from used batteries.

The strategy has established GEM in a small band of Chinese firms, including Zhejiang Huayou Cobalt Co and Jinchuan Group Co, whose relatively low profile belies their collective significance to the future of energy use. GEM makes the kind of high-purity chemicals derived from nickel, cobalt and lithium that will be required in massive quantities over the next decade as the world’s carmakers electrify their fleets.

GEM has “a unique position” in the battery supply chain, said Hans Eric Melin, founder of London-based consultancy Circular Energy Storage, who has visited the company’s facilities. “They have managed to leverage their historical role as recyclers to become one of the leading battery material companies.” The company is also heavily favoured by analysts, with 11 of 12 surveyed by Bloomberg holding buy ratings on its Shenzhen-listed stock.

In an interview earlier this month in Yichang, Hubei province, where the company operates one of 15 plants across China, Xu talked about a “green dream” that prompted his switch from academia to commerce. “When you start a company, you need to have a vision. I understood we would eventually need to use recycling to solve the problem of limited resources,” he said.

Xu, now 53, specialised in metals recycling at Central South University in neighbouring Hunan province. His goal is for GEM to collect and process 30 per cent of China’s discarded electric vehicle (EV) batteries, as more and more units flow back into the supply chain over the coming decade.

Some 39,000 tonnes of cobalt and 125,000 tonnes of nickel could come from spent batteries by 2030, helping to offset any shortfall in mined supply, according to BloombergNEF. For cobalt, that would meet more than 10 per cent of projected demand. By 2025, GEM wants to get 8,500 tonnes of cobalt and 19,000 tonnes of nickel from recycling.

While China’s slump in EV sales after it cut subsidies this year would seem to be a headwind for GEM, for Xu it means that new competitors will struggle to find a foothold. The company said it makes about a fifth of the world’s precursor material – a chemical mix that is used in the cathodes that store and release electricity in rechargeable batteries.

“For battery metals, there’s a lot of new capacity from newcomers,” he said. “But we have great cooperation with our customers. For new capacity, it’s going to be difficult for them to break in.”

GEM struck a five-year deal in October to take a big chunk of the top cobalt miner’s output from the Democratic Republic of Congo (DRC), but its investment strategy has been focused on securing enough nickel.

• ndustry body says China discards about 13 million tyres every year
• Recycling this waste could create business worth US$14.2 billion, it said

China will create firms to recycle and re-use rubber tyres as it attempts to tackle a mounting waste problem, the industry ministry said.

The rules, part of efforts to cut pollution and ensure resources were “comprehensively utilised”, were published by the ministry on Wednesday and opened to the public for consultation.

China will aim to expand the tyre recycling business, improve recycling technologies such as thermal cracking, and increase the use of tyre retreading.

It will also encourage the recycling of tyres into rubber powder, the guidelines said.

There were 340 million cars on China’s roads at the end of June, according to transport ministry figures, and the handling of used tyres has become a growing problem.

According to the China Tyre Recycling Association, the country has more than 300 million used and unrecycled tyres, and the figure is rising by about 13 million a year.

Some initiatives to recycle have been launched, including one to turn spent tyres into “rubber asphalt” on roads. Regulators are also considering measures to encourage their use as fuel for cement kilns.

The recycling association said if China recycled only the waste tyres produced every year, an industrial chain worth more than 100 billion yuan (US$14.2 billion) could be created.

商品和服务等日本价格的低廉日趋明显。从世界6个城市的迪士尼乐园的门票价格来看，日本最低，仅为美国加利福尼亚州的约一半。100日元均价店“大创”在曼谷的柜台价格换算为日元超过200日元。低价格增加了访日游客，但背后存在与世界相比增长乏力的工资招致物价低迷这一负循环。价格低廉的日本还体现出正在有些变得贫穷的日本的现实。

“日本家电和化妆品价格便宜，很划算”，从中国来到银座的李某这样说。2018年访日外国人的旅行消费额达到4.5189万亿日元，与2013年相比增至3倍。

酒店价格也显得便宜

从海外来看，日本商品和服务的价格低廉日趋突出。

经济新闻调查了世界迪士尼乐园成年人单日门票（当日票，仅限1个乐园，截至10月31日），换算为日元的价格，东京为7500日元，仅为加利福尼亚（1万3934日元）的一半左右。与巴黎（1万1365日元）和上海（8824日元）相比，低廉程度也显得突出。

东京迪士尼乐园（资料图）

迪士尼乐园各地的运营主体不同。运营东京迪士尼乐园的东方乐园表示，“定期向游客调查价格敏感度”，根据日本的实际情况，“价格与园区价值相符”。

相同的现象在迪士尼乐园以外也很明显。

例如在海外26个国家和地区运营“大创”的大创产业，在日本作为“100日元店”而闻名，但相同商品在美国约为162日元，在巴西为215日元，在泰国为214日元。在中国生产的商品也很多，但在中国也达到153日元。

日本的酒店也很便宜。如果自12月13日起以1晚2名成年人预订伦敦的五星级酒店， 1间特大床房（50平方米）约为17万日元。如果是东京，相同条件则只需约逾7万日元。

原因不仅是日元贬值

关于这种价格差，日本汇率被过度低估被认为是原因之一。

例如通过汉堡价格差异来探索汇率水平的英国《经济学人》杂志的“巨无霸指数”。截至7月的计算显示，日本为390日元的巨无霸汉堡在美国为5.74美元。假设相同商品的价格在全世界任何地方都相同，由此算出的汇率为1美元兑67.94日元。

不过，实际汇率为1美元兑110日元左右，日元贬值30％以上。对于持有日元的人来说，会感觉以美元出售的巨无霸汉堡价格偏高。

如果迪士尼乐园和大创的价格同样进行指数化，与实际汇率相比，日元对美元和泰国泰铢贬值46～50％以上，贬值程度突出。

日本100日元商店“大创”店内

但是，日本第一生命经济研究所的首席经济学家永滨利广表示，“如今的价格差处于难以通过汇率加以说明的局面”。目前，日本企业的加薪放缓，工薪阶层的消费意愿无法提高。结果，物价持续低迷、经济也无法改善的“负循环”正在导致日本的购买力下降。

经济合作与发展组织（OECD）等数据显示，如果以1997年的实际工资为100，2018年的日本为90.1，持续减少。而在海外，美国为116，英国为127.2等，均呈现增加倾向。

日本的大企业对提高工资持慎重态度。丰田在2019年的春季劳资谈判中决定改变一律加薪。日本的制造业业绩因中美贸易战等影响而呈现恶化倾向，日本一家大型机电企业表示，2020年的劳资谈判也“难以做到一律加薪”。

另一方面，在泰国，上升的工资和店铺租金被转嫁到大创产品的价格上。但购买力也在提高的中产阶层的负担感仍然较低。便宜的日本似乎还显露出跟不上世界增长脚步的停滞。

The state-owned Saudi oil company’s stock briefly surged to 38.7 riyals ($10.32) per share on Thursday during the second day of public trading. The kingdom’s record IPO has reached the long-sought $2 trillion valuation.

The figure is nearly double that of the world’s other most valuable companies, Apple and Microsoft.

The oil giant raised a record $25.6 billion in its IPO last week, exceeding the $25 billion listing of China’s Alibaba in 2014.

Aramco’s “$2 trillion valuation is justified due to secured dividend streams,” Arqaam Capital analysts wrote in a report seen by Bloomberg.

The company’s record-breaking market listing is part of Crown Prince Mohammed bin Salman’s plan to reshape the Saudi economy and diversify the kingdom away from oil.

三菱重工業が主力の長崎造船所のうち、ＬＮＧ＝液化天然ガスなどの運搬船をつくる「香焼工場」を、同じ長崎県の造船大手、大島造船所に売却する検討を進めていることが分かりました。

関係者によりますと、造船業界で国内４位の三菱重工業は長崎造船所香焼工場を、長崎県西海市に本社をおく業界３位の大島造船所に売却する方向で検討を進めているということです。

昭和47年に完成した香焼工場は、長さ１キロのドックを持つ会社の最大規模の工場で、ＬＮＧなどの資源を運ぶ大型の船を建造してきました。

しかし、ＬＮＧの運搬船などの分野は受注の拡大が見込みにくい状況だということで、会社は一部の事業を除いて香焼工場を売却したうえで、今後、長崎市の本工場などで防衛省向けの護衛艦やフェリーなどの建造に集中していく方針を固めたものとみられます。

韓国や中国勢との競争が激しくなる中、国内の造船業界では最大手の今治造船と２位のジャパンマリンユナイテッドが先月、資本業務提携することで合意したばかりで、再編や事業の選択と集中の動きが加速しています。

投机者、外国买家与企业购买的活动，对我国私宅价格具有显著影响，尤以外国买家表现最为突出。

新加坡金融管理局昨天发布年度《金融稳定评估》报告分析，相比投机者与企业购买，外国买家需求增强时，对私宅价格的影响更大。

报告指出，在2010年至2013年期间，本地私宅价格增长16%，外国买家的高度兴趣以及投机者短期脱售是主要原因。其中外国买家交易在2011年攀至高峰，占本地私宅总交易量的20%。

报告也显示，整体来看，外国买家交易占比增加5.9个百分点，带动私宅价格上扬1.2个百分点。

不过，报告认为，随着我国一系列降温措施出台，包括额外买方印花税（ABSD）以及总偿债率（TDSR）等，已有效抑制投机者、外国买家与企业的购房需求，防止房价过度上涨。

例如，政府在2011年和2013年先后两次通过额外买方印花税抑制投机性买房，也逐渐削弱外国买家的买气。

近年来，外国买家与企业购买活动已趋稳，投机活动逐渐减少。根据2019年前三季度本地私宅总交易量，外国买家交易占比维持在5%至6%之间，企业购买交易占比保持在1%至2%之间，投机者交易占比则微乎其微。　

尽管如此，报告指出，在全球利率普遍走低的大环境下，本地私宅对外国买家和企业购买仍具一定吸引力。

目前外国人在本地房地产市场的交易占比不大，对于有评论者对全球经济不明朗，可能导致外来资金涌入我国楼市表示关注，政府将密切注意。

社会及家庭发展部长兼国家发展部第二部长李智陞，昨天在新加坡产业发展商公会（REDAS）的60周年晚宴上讲话时，作出以上表示。　

李智陞说：“由于新加坡房地产被视为稳定资产，一些评论者对全球经济的不确定局面可能导致外来资金涌入我国房地产市场，表示关注。”

他强调，目前外国人在本地的房地产交易维持稳定，占比不大，占过去三年总交易的5％至6％，“但是，我们会继续密切关注这个情况”。

在本地市场，预料将有更多私宅供应登场。李智陞呼吁发展商稳当地错开房地产项目的推出，以配合买家的需求。

“我们要持续同房地产界结为伙伴，我们的长期住房政策是为国人建造好房子，以及致力于朝着稳定和可持续的房地产市场发展。”

他说，房地产市场对国人的生活和抱负有直接影响，因此维持稳定和可持续至关重要。国内外的经验显示，若任由楼市发展，它将出现巨大价格波动，对真实买家和屋主造成损害，政府因此不能对楼市采取“放手不管”的态度。

如今，我国楼市大致上稳定，部分得益于去年7月推出的降温措施。同去年上半年相比，私宅价格看起来同经济基本面更为一致。这一年来的标地情况也显得更加谨慎。

“迹象显示市场并没有过度亢奋，而是以更可持续的步伐增长。但是全球展望仍不明朗，我们对此应该保有清醒的头脑。”

他指出，在贸易和地缘政治紧张关系造成不确定性和下行风险之际，全球经济明年预料将以适度步伐增长并稳定下来。这可能对房地产市场造成影响。

新加坡产业发展商公会会长谢仰丰也呼吁政府继续关注市场情况。他说：“作为发展商，我们非常关注目前的供应量高而需求却减弱的艰难市场情况。我们希望政府继续关注市场，以维持同经济基本面一致的稳定与可持续性的市场。”

他也表示，该会内部将设立一个委员会，更积极促进同政府的对话，携手促成亲企业政策的形成。

黄志达获颁终身成就奖

昨晚该会颁发“终身成就奖”给赞助人兼远东集团总裁黄志达，表扬他对该会、社区和国家建设的贡献和支持。

该会也分别捐款5万元给儿童病院ARC Children’s Centre和居家慈怀疗护业者HCA慈怀护理。另外筹得60万元善款，捐助幼儿培育辅助计划（KidSTART）。

• More Chinese tourists have visited Italy this year than any other European country, with many seeking out the country’s villages and hamlets
• The trend is helping revitalise depopulated villages in rural areas of the country

Forget about France, Germany or Greece – Italy is now the most popular European destination for Chinese tourists.

Numbers are expected to continue growing in 2020, which has been designated the “Italy-China Year of Culture and Tourism”, and next year will also mark the 50th anniversary of diplomatic ties between the two countries.

According to Italian tourism authorities, roughly 3.5 million Chinese travellers had visited Italy this year by the end of October, and these tourists are increasingly choosing to visit offbeat destinations in the country as they search for unique travel experiences.

“Chinese visitors are discovering and falling in love with quaint, small rural villages like in the Abruzzo region, where few residents live,” says Gianfranco Bonacci, a cultural expert based in Abruzzo, a scenic province on the Adriatic Sea.

“These spots are far from mass-market destinations. What attracts Chinese tourists is the chance of having a slice of solitude and silence all to themselves,” adds Bonacci, who has worked for Italian public utility companies in China.

“It’s a luxury many don’t have back at home where everything is confined, regulated and limited due to population density, and where spaces are ‘collective’. In Abruzzo’s hamlets, they breathe fresh, unpolluted air, and can look up at the clear sky and stare at the stars.”

The chance for Chinese travellers to escape the stress and pressure of everyday life may be the main attraction of the province’s constellation of tiny, isolated villages and ancient towns.

With just 1,100 residents, Roccascalegna is one of these medieval villages in Abruzzo. Its old stone houses are set at the foot of a fortress dubbed the “Castle in the Sky”, which juts out of a basalt cliff over a breathtaking precipice. Cars are parked at the entrance of the village and guests walk along on old donkey trails made of rough stones carved from the hill’s jagged rock.

The fortress has become a niche location for weddings among Asian couples, who climb up the hill to the fortress’s chapel. Heels are not advisable on the steep and uneven stairs, so some bridal entourages make the journey barefoot.

Bonacci thinks that by discovering the appeal of these forgotten places, Chinese visitors can take more of an interest in the preservation of their own country’s architectural heritage when they return home.

“China’s rural landscape is dotted with ghost villages that have been abandoned to develop new towns,” he says. “By pursuing economic growth, pieces of China’s cultural heritage have vanished, but visiting Italy has shown them a different perspective. Here we tend to cherish our past. The Chinese have started to see, and admire, how old places can be a treasure, and how even ruins can be brought back to life.”

Italy is dotted with 6,000 forgotten villages, while another 15,000 are threatened with depopulation. Many are picturesque and some extraordinarily beautiful.

Most of them are in central Italy, in the regions of Abruzzo, Marche and Molise. Chinese and Japanese buyers have even stepped in to rescue a few dying hamlets by purchasing crumbling farmer’s houses that they have restored into summer homes.

美国联邦储备委员会（FRB）在当地时间12月11日的美国联邦公开市场委员会（FOMC）会议上决定维持货币政策的现状，时隔4次会议放弃降息。声明中明确表示“美国经济维持缓慢增长”。关于成为焦点的未来政策预测，与会者的中间值是“2020年降息和加息均为零”，显示出眼下转为观望态度的方针。

美联储主席鲍威尔在会议后召开记者会（11日，华盛顿，reuters）

11日的会议将属于短期利率指标的联邦基金利率的诱导目标维持在年1.50~1.75％。美联储担忧贸易战导致的经济恶化，7月决定时隔10年半之后首次降息，连续3次会议下调了基准利率。11日，10名投票成员全体对维持基准利率不变投赞成票。

在会议后发布的声明中，针对景气动向指出，“美国经济正在缓慢增长，就业也稳步扩大”。针对货币政策表示，“现在的立场对于维持经济扩张是适当的”。对未来前景仅表示，“将不断关注海外动向和被抑制的通货膨胀压力等今后的经济数据”，显示出眼下维持观望态度的方针。

金融市场已考虑到此次放弃降息，焦点已转向2020年以后的政策路线。在11日的FOMC会议上，包括美联储正副主席、理事和地区联邦银行总裁在内的17名与会成员分别提出了今后3年的货币政策路线。13人预测2020年内维持基准利率不变，FOMC的中间值为“明年降息和加息均为零”。

显著影响景气度的中美关税大战仍看不到最终解决的迹象。如果贸易战长期持续，企业心理进一步恶化，美联储有可能不得不再次推出新一轮货币宽松。