Great Wall Motor has decided to re-allocate to Brazil a portion of its $1bn investment in India, as the Chinese automaker has been unnerved by a year-long delay in winning government approvals, three sources told Reuters.
Great Wall has also tasked James Yang, its India president since last year, with the responsibility of assisting with operations in the Latin American nation, said the sources, who have direct knowledge of the matter.
The re-allocation, which could range up to $300m, comes as the sources said the maker of popular sport-utility vehicles (SUVs) and pick-ups was close to acquiring a former Daimler plant in Brazil to build cars.
“Brazil is almost a done deal and it did not make sense to keep the funds blocked for India,” said one of the sources, explaining the rationale for the change of focus.
Great Wall’s move is a fallout of India’s decision in April 2020 to more closely scrutinise investments from China, the sources said, as part of a crackdown that followed a border clash between the two Asian giants.
Just two months before, amid the fanfare of India’s biennial car show, Great Wall had said it would invest $1bn to build cars there, by buying a former General Motors (GM) factory, as well as making batteries and car parts.
Two of the sources said the re-allocated funds, budgeted by Great Wall for India since 2020, would mainly have been used to buy GM’s factory, a cost that sources had earlier put at about $300m.
Great Wall declined to comment. The Indian government did not immediately reply to an email seeking comment.
The step highlights growing nervousness and impatience among Chinese investors, who have seen roughly 150 investment proposals worth more than $2bn held up by India’s slow approvals process, according to industry estimates.
The delays are forcing Great Wall, which was expected to begin selling its India-made Haval brand of SUVs in the country this year, to look at taking a more measured approach.
It may even consider entering the market with a fully-built imported vehicle before starting domestic production, one of the sources said.
“When approvals in India come through, Great Wall will be ready with the money, but it may not be a straight decision any more,” said the source.
“The company will judge the situation before moving forward. What if future approvals get stuck?”
No business as usual
Earlier this year, India had been set to clear about 45 of the investment proposals from China, mainly in manufacturing, but it was not immediately clear how many had been approved.
However, Indian officials say the situation cannot return to business as usual until de-escalation at the border is complete.
The Chinese automaker will also wait for ties between the two nations to improve and for the COVID-19 pandemic to ease in India before speeding up its plans for the market, said a second source.
Great Wall still wants to make cars in India and is now building its supply chain, the source added.
The firm saw India as a key market when it kicked off its global expansion, envisioning its plant in the subcontinent to be its biggest outside China.
Great Wall now makes cars in Russia and Thailand, where it acquired a plant at the time it announced its India plans.
Brazil is the latest market in its global push, where it plans to build its Haval brand of SUVs for domestic sale and export, the sources said.
Great Wall, which sold 1.1 million cars last year, mostly in China, is eyeing an aggressive plan to expand in Asian, European and Latin American markets.
It is developing electric Mini cars with BMW and is building a factory with the German premium carmaker in China.
FXM VENTURE – Offers News Investment Platform – GlobeNewswire
Glasgow, Scotland, Aug. 13, 2022 (GLOBE NEWSWIRE) — With the intention of being one of the top investment platforms for investors of all stripes, FXM Venture was established in July of 2020. FXM has been extending its impact to adjacent nations thanks to the vision and leadership of its core members.
BACKGROUND OF FXM VENTURE
Ten significant individuals were involved in the founding and early development of FXM Venture, with the goal of establishing this investment fund’s brand on a global scale. And today, 100 members work in 6 transnational branches and continue their tradition. In addition to being directed and run by professionals with decades of expertise in a variety of sectors, including finance, investing, marketing, and technology, FMX is also run by vital departments like: customer service personnel, technical staff,…
Additionally, in just two years (starting in July 2020), FMX has called for a total investment of 8 million USD.
HOW DOES FXM VENTURE WORK?
For both long- and short-term traders, funding rates are regular payments. Investors are free to select a transaction based on their financial situation and liquidity. Users can, in particular, withdraw money at any moment and get interest.
At FXM Venture, we have experienced traders in both Forex and Cryptocurrencies allowing us to build a stable financial foundation to increase the returns of our investors.
FXM also has AI technology in trading approaches to Real-time forecasts of hundreds of scenarios, execution strategies, and commercial alliances, in addition to our research, market neutral algorithms by monitoring market movements and building trading algorithms. Our primary goal is to establish a win-win relationship between the customer and the firm, in which FXM Venture develops specific investment plans and strategies, while investors can then choose suitable investment packages, together with FXM consider and select specific investment plans.
ORIENTATIONS AND VISIONS
By expanding its operations and financial system in 2022, FXM aims to become one of the best legitimate funds in the world. To that end, 4 additional branches will be opened, and recruiting efforts will be stepped up to reach our target of 200 members.
In terms of financing, FXM VENTURE’s aim is to raise our fund up to $15 million.. Aside from that, FXM equips you with the resources you need to be completely confident in your investment decisions. Furthermore, you may invest with FXM with complete confidence because here are what make FXM different:
- TRANSPARENT TRANSACTIONS
- MULTI-ASSET PLATFORM
- PROFESSIONAL TRADER TEAM
- AI TECHNOLOGY
- SECURED DEPOSITS AND WITHDRAWALS
- 24/7 CUSTOMER SUPPORT SERVICE
- LIVE TRADING
FXM does not intend to stop at satisfying almost 30,000 customers who have been using services and investing in FXM (with a customer satisfaction rate of 78% and a customer return rate of 85%), FXM is as complete as possible with the goal of increasing the number of clients to 50,000 in the next quarter with a satisfaction level of over 90%.
PACKAGES AND REFERRAL
Visit the website for more information
And also, Remember to refer friends to be rewarded with $25 for every friend who joins and registers at least one package — with no cap on the number of people you can refer, and gain matching income on their profits: F1 (10%), F2 (5%), F3 (3%), F4 (2%).
Company Name: FXM Venture
Telegram group: https://t.me/fxmventure_official_chat
Telegram channel: https://t.me/fxmventure_official_channel
There is no offer to sell, no solicitation of an offer to buy, nor a recommendation of any securities or any other products or services. Furthermore, nothing in this PR should be construed as a recommendation to buy, sell or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether any investment, investment strategy, security or related transaction is suitable for you based on your investment objectives, financial situation and risk tolerance. Please consult your business advisor, attorney or tax advisor regarding your specific business, legal or tax situation.
PepsiCo Makes $550 Million Celsius Investment As Hip Hop Mogul Sues For His Shares – Forbes
has its sights on gaining a bigger share of the energy drink with a $550 million investment in Celsius Holdings. The energy drink maker is also at the center of a lawsuit between Russell Simmons and his ex-wife Kimora Lee Simmons along with her husband Tim Leissner, as he tries to retrieve his shares in Celsius back from them. Allegedly Kimora Lee and Leissner transferred and were using his shares of Celsius as collateral to pay a bond in connection with these criminal charges. Leissner already pleaded guilty, and agreed to forfeit $43.7 million for his role in the Malaysia 1MDB scandal that cost Goldman more than $3 billion. Simmons alleges that his shares of Celsius are being used as collateral to pay a bond in connection with these criminal charges.
The Breakdown You Need To Know:
Celsius recorded a first-quarter domestic revenue increase of 217% to $123.5 million and the long-term distribution deal gives Pepsi a minority stake of about 8.5%. The brand, which doesn’t use artificial preservatives or sugar, adds to PepsiCo’s energy drink portfolio, which already includes Rockstar as well as Mountain Dew drinks Amp, Game Fuel, and Kickstart. CultureBanx reported that with these types of returns it’s easy to see why Simmons wants his shares back from the couple.
Quick Recap on how these three people ended up in this situation. Goldman Sachs
last year agreed to pay the Malaysian government $3.1 billion, to settle claims in the 1Malaysia Development Berhad (1MDB) fund. One of the main people who got the bank involved in this scandal was Kimora Lee’s Simmons husband Tim Leissner.
The bank swiftly parted ways with him after his shady dealings with Jho Low came to light. In November 2018, when Leissner agreed to pay $43.7 million toward victim compensation, it was in order to avoid jail time.
In his claim, Simmons says Kimora and Leissner “knew full well that Leissner would need tens of millions of dollars to avoid jail time, stay out on bail, and forfeit monies for victim compensation.” Simmons claims they used their Celsius shares as collateral for Leissner’s bail, and he wants his shares returned.
Now Russell wants no financial part in keeping Leissner out of jail. In a letter sent to his ex-wife Kimora Lee on May 5, 2021, he was pleading with her to do the right thing and avoid a lawsuit. He wrote that “I am shocked and saddened to see how your side has behaved in response to my repeated attempts to get an agreement from you to rightfully and legally reaffirm my 50% of the Celsius shares..which have been locked up with the government after being used for your husband’s bail money.”
A representative for Kimora Lee said “Kimora and her children are shocked by the extortive harassment coming from her ex-husband, Russell Simmons, who has decided to sue her for shares and dividends of Celsius stock in which Kimora and Tim Leissner invested millions of dollars.” At this point Russell is asking a judge for damages against Kimora and Leissner and believes he should be awarded restitution for interest and equal value for the wrongfully obtained shares.
Saskatchewan Leads Provinces In Building Construction Investment | News and Media – Government of Saskatchewan
Released on August 12, 2022
Saskatchewan first among the provinces in year-over-year growth
Today, Statistics Canada released June 2022 Investment in Building Construction numbers, which showed Saskatchewan with a 63.0 per cent increase (seasonally adjusted) compared to June 2021, ranking first among the provinces in terms of percentage change.
Saskatchewan also had strong month-to-month growth for building construction investment with a 17.6 per cent increase (seasonally adjusted) between May 2022 and June 2022, second among the provinces. The value of building construction investment in June 2022 was $464 million, the highest monthly investment in the province since August 2013.
Investment in residential building construction also saw strong month-to-month growth with an increase of 24.0 per cent.
“Saskatchewan’s economy is moving full steam ahead as we advance our Government’s strategy to increase our exports and attract investment into the province,” Trade and Export Development Minister Jeremy Harrison said. “Saskatchewan is a global leader in the sustainable production of the food, fuel and fertilizer that the world needs, a reality that will lead to more jobs and opportunities in our province for years to come.”
The latest Statistics Canada Labour Force Survey showed there were 581,600 people employed in July 2022 – an increase of 24,400 jobs (+4.4 per cent) compared to July 2021, the third highest percentage increase among the provinces. The seasonally adjusted unemployment rate of 4.0 per cent remained the second lowest among the provinces, a decrease from 7.1 per cent in July 2021 and well below the national average of 4.9 per cent.
Saskatchewan has ranked highly in a number of other key economic indicators in recent months, including June 2022 merchandise exports, which had the second highest year-over-year growth among the provinces at 57.3 per cent and June 2022 building permits, which had the second highest month-to-month growth among the provinces at 15.8 per cent and the third highest year-over-year growth at 27.4 per cent. June 2022 urban housing starts had the second highest year-over-year growth at 87.0 per cent, compared to the national increase of 0.2 per cent (unadjusted).
For more information, contact:
Trade and Export Development
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