31 de marzo de 2020
ÚLTIMAS NOTICIAS:
Hispanic World

Brazil will be home of first Chinese industrial bank in the world

Sao Paulo, Jan 6 (efe-epa).- Brazil will be the home of the first Chinese industrial bank in the world, Banco XCMG, a unit of XCMG, the largest heavy construction machinery manufacturer in China, the Chinese state-owned company said Monday.

 Brazilian President Jair Bolsonaro (R) welcomes his Chinese counterpart, Xi Jinping, during the BRICS Summit on Nov. 14, 2019, in Brasilia, Brazil. EPA-EFE FILE/Joedson Alves

Brazilian President Jair Bolsonaro (R) welcomes his Chinese counterpart, Xi Jinping, during the BRICS Summit on Nov. 14, 2019, in Brasilia, Brazil. EPA-EFE FILE/Joedson Alves

Sao Paulo, Jan 6 (efe-epa).- Brazil will be the home of the first Chinese industrial bank in the world, Banco XCMG, a unit of XCMG, the largest heavy construction machinery manufacturer in China, the Chinese state-owned company said Monday.

Xuzhou Construction Machinery Group (XCMG) chairman and president Wang Min made the announcement during an event at a hotel in Sao Paulo, Brazil's largest city.

Banco XCMG, which expects to open its doors in the first quarter of this year, received approval from the Brazilian Central Bank in October 2019, marking the first time that bank regulators in the South American country had allowed a financial institution 100 percent owned by a Chinese industrial company to operate.

The main mission of the bank, which will have initial capital of 100 million reais (about $25 million), is to support XCMG's business in Brazil, as well as to provide financial services to Chinese industrial companies operating in Latin America.

Banco XCMG will work to "attract funds in the areas of construction and infrastructure" and "improve the local presence of companies with Chinese capital," without losing sight of its "cooperation with Brazilian banks," Wang said.

The Chinese executive praised the attitude of "openness and cooperation" between the governments of China and Brazil in pursuing the goal of "common development."

Wang said that unlike other "world renowned" heavy construction machinery manufacturers that halted production in Brazil when the South American country's economy experienced a "sharp loss in value," XCMG "always had confidence in the future of economic investment" in the region's largest economy and instead of pulling out, "decided to invest more capital," Wang said.

Xuzhou Construction Machinery Group, founded in 1943, is currently the largest conglomerate operating in China's construction machinery industry and is ranked No. 5 in the world in the sector, exporting equipment to more than 183 countries.

XCMG, which manufactures excavators, cranes and drilling rigs, entered the Brazilian market in 2004, but it did not open its first factory in the South American country until 2014, when the plant in Pouso Alegre, a city in the southeastern state of Minas Gerais.

The factory in Pouso Alegre was XCMG's first outside China.

Banco XCMG's head is Gu Shi Ying and the financial institution's vice president is Roberto Carlos Pontes, both of whom were at the event in Sao Paulo along with several other executives.

Pontes said he had "very positive expectations" about the current direction of the business cycle in Brazil, adding that the bank would first focus on "consolidating" its position in Brazil so it could "expand" across South America and work with local businesses at some point in the future.

Several officials, including the Chinese consul in Brazil, Chen Pei Jie, and two federal congressmen, Fausto Ruy Pinato and Evair de Melo, also attended the event.

The two Brazilian lawmakers said Banco XCMG's creation was a "great advance" and represented an opportunity to "integrate the economies" of China and Brazil. EFE

Histórico de noticias
Anthony Daniels, the soul of C-3PO: Star Wars is a refuge in these times

By David Villafranca

Hospital ship Comfort arrives in New York to help in fight against COVID-19

New York, Mar 30 (efe-epa).- The Navy hospital ship USNS Comfort docked on Monday at the Manhattan pier to upgrade the capabilities of local hospitals,...

Daily COVID-19 pandemic roundup: March 29

(Adds info from: the WHO, the US, Italy, Russia, Syria, Cuba, Brazil, Colombia, Ecuador and Venezuela)

Two Latin American rum empires join forces against Covid-19

By Alicia Hernandez and Jorge J. Muñiz Ortiz

US virus death toll over 2,000, Fauci says up to 200K deaths could result

Washington, Mar 29 (efe-epa).- The US death toll in the coronavirus pandemic rose to 2,197 on Sunday, with more than 25 percent of the deaths occurring in...

Coronavirus frustrating Brazil's anticipated economic rebound

By Carla Samon Ros

NY hospitals show signs of being overwhelmed, Cuomo says fed help not enough

New York, Mar 26 (efe-epa).- Hospitals in New York City, which has become the epicenter of the coronavirus pandemic in the United States, are starting to...

Venezuela blasts "unfounded" US charges against Maduro

Caracas, Mar 26 (efe-epa).- The Venezuelan government on Thursday said that the indictments made by the US government against President Nicolas Maduro and...

Daily COVID-19 pandemic roundup: March 26

(Update, adds information from WHO, the US, the Vatican, France, Cuba, Puerto Rico, Venezuela and the Caribbean)

Senate ready to approve biggest stimulus package in US history

By Alfonso Fernandez

Elton John, Billie Eilish, Alicia Keys to give COVID-19 benefit concert

Los Angeles, Mar 25 (efe-epa).- Pop icon Elton John on Sunday will offer a concert broadcast on television to collect money for charitable organizations, a...

UN asks for $2 bn to fight coronavirus in vulnerable countries

United Nations, Mar 25 (efe-epa).- The United Nations on Wednesday asked donors for $2 billion in funding to finance a plan designed to contain and limit...

Daily COVID-19 pandemic roundup: March 25

(Update, adds information from WHO, the US, the Vatican, France, Finland, Canada, Latin America and the Caribbean)

US gov't urges people leaving New York to self-quarantine

(Update 1 adds New York, fiscal stimulus progress and stock market info, details throughout)

Drive-through Covid-19 testing station helping battle virus in Puerto Rico

By Jorge J. Muñiz Ortiz

Daily COVID-19 pandemic roundup: March 24

(Update, adds information from the US, Mexico, Nicaragua, Panama, Costa Rica, Chile, the Caribbean and Canada)

Daily COVID-19 pandemic roundup: March 23

(Update, adds information from the WHO, the US, Brazil, Cuba, Peru, the Dominican Republic and the Middle East)

Lockdowns expanded in US while Fed acts, Senate fights

By Lucia Leal

Thousands of foreign tourists leaving Cuba before border closure

Havana, Mar 23 (efe-epa).- Thousands of foreign tourists on Monday are leaving Cuba from Havana's Jose Marti International Airport, the communist island's...

Public bathrooms for homeless, front line of defense vs. coronavirus in Miami

By Ivonne Malaver

Rising number of Covid-19 cases throughout Latin America

Miami Desk, Mar 22 (efe-epa).- At least 23 inmates died and 83 were wounded or injured at Bogota's Modelo prison and other penal facilities on the weekend...

Mnuchin expects Congress to approve huge stimulus package

(Updates with failure of Senate to pass preliminary bill on stimulus package)

Daily COVID-19 pandemic roundup: March 22

(Update: adds information from WHO, the US, Cuba, Syria, Jordan, Morocco, France, Germany and the Caribbean)

Sanders' dilemma: Bow out to unite Democrats or continue with his revolution

By Beatriz Pascual Macias