rongsheng international trading free sample

HONG KONG (Reuters) - Shares in China Rongsheng Heavy Industries Group Holdings Ltdtumbled 18 percent on Monday after the U.S. securities regulator accused a company controlled by the shipbuilder"s chairman of insider trading ahead of China"s CNOOC Ltd"sbid for Canadian oil company Nexen Inc.Labourers work at a Rongsheng Heavy Industries shipyard in Nantong, Jiangsu province May 21, 2012. REUTERS/Aly Song

The U.S. Securities and Exchange Commission filed a complaint in a U.S. court on Friday against a company controlled by Rongsheng Chairman Zhang Zhirong, and other traders, accusing them of making more than $13 million from insider trading ahead of CNOOC’s $15.1 billion bid for Nexen.

On Monday, Rongsheng shares dropped as much as 18 percent to HK$1.15, a record low, leaving the company with a market capitalization of just over $1 billion. The company also issued a profit warning, saying first-half earnings would fall sharply as a result of a global shipbuilding downturn, a factor that has already pushed its shares down more than 75 percent in the past year.

“Since weak earnings had been expected and the stock had already come down quite a bit, the early selling was mainly triggered by the insider trading probe,” said Steven Leung, a director at UOB Kay Hian.

Rongsheng - which entered a strategic cooperation agreement with CNOOC in 2010 - said in a Hong Kong filing that it did not expect the U.S. investigation to affect its operations. It said Zhang did not have an executive role in the company.

“The news around the chairman comes on the back of other operational and credibility issues,” Barclays said in a note to clients. “We think China Rongsheng presents significant company-specific risk.”

They made trading profits of $7 million and $6 million respectively using inside knowledge of the merger to buy Nexen shares before the announcement, the SEC alleges.

Zhang was ranked the 22th richest Chinese person by Forbes Magazine in September 2011. But his net worth fell by more than half in the past year to $2.6 billion in March 2012 as shares of Rongsheng tumbled.

HONG KONG, Nov 26 (Reuters) - China Rongsheng Heavy Industries Group, the country’s largest private shipbuilder, said its chairman had stepped down just three months after the company posted its sharpest fall in half-year net profit.

Listed in November 2010, Rongsheng was hit by an insider dealing scandal involving a firm owned by Zhang ahead of the $15.1 billion bid for Canadian oil firm Nexen Inc by China offshore oil and gas producer CNOOC.

Rongsheng said earlier this month that investment firm Well Advantage, controlled by Zhang, had agreed to pay $14 million as part of a settlement deal with the U.S. Securities and Exchange Commission (SEC).

The SEC had filed a complaint in a U.S. court in July against the company controlled by Zhang and other traders, accusing them of making more than $13 million from insider trading ahead of the bid.

In August, Rongsheng posted an 82 percent drop in half-year profit on a dearth of new orders and warned economic uncertainties would continue to weigh on the global shipping market.

As part of the changes at China Rongsheng, the company said that Zhang De Huang was retiring and had resigned as an executive director and as vice chairman of the board.

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Under the optimistic scenario, the epidemic situation worldwide can be basically controlled in June, and the impact on national economic activities and international trade would basically last until the end of the second quarter. Since March, the epidemic has been gradually controlled in most parts of China, the number of new cases in many areas has been remaining zero for several consecutive days. On March 13, the joint defense and joint control mechanism of the State Council released data that the average operating rate of industrial enterprises above a certain scale except Hubei Province exceeded 96%, and the economy is gradually recovering.

We put forward the following foreign trade policy suggestions: first, in terms of financial and tax support, we should expand the scale of credit for foreign trade enterprises, launch special subsidy funds, appropriately cancel the guarantee and mortgage of foreign trade funds, strengthen tax relief, set up green channels for foreign trade to simplify business approval procedures, to solve the problem of capital shortage of foreign trade enterprises as soon as possible and effectively reduce the burden of enterprises. Second, in terms of market development, local governments, and foreign trade industry should actively cooperate to build a trade service platform and provide relevant trade demand, policy, and legal information around the world in a timely manner. Meanwhile, the government should encourage the full application of Internet of things, artificial intelligence, and other new technologies in business development, so as to enhance the competitiveness of China"s foreign trade enterprises on the international stage.

You can use this royalty-free editorial photo "Ship is being built at a shipyard of Rongsheng Heavy Industries in Nantong city, east China"s Jiangsu province, 12 October 2012" for personal and non-commercial purposes according to the Standard License. This stock image may be used to illustrate stories in newspaper and magazine articles and blog posts. Please note that editorial stock photos may not be used in advertising or promotional material.

Artificial intelligence (AI) stands to have a transformative impact on international trade. Already, specific applications in areas such as data analytics and translation services are reducing barriers to trade. At the same time, there are challenges in the development of AI that international trade rules could address, such as improving global access to data to train AI systems. The following provides an overview of some of the key AI opportunities for trade as well as those areas where trade rules can help support AI development.

The development of AI will affect international trade in a number of ways. One is the macroeconomic impacts of AI and the related trade effects. For instance, should AI increase productivity growth, then this will increase economic growth and provide new opportunities for international trade. Current rates of productivity growth globally are low and there are various suggested causes.6 One reason for low productivity growth particularly relevant for understanding the potential link with AI is that it takes time for an economy to incorporate and make effective use of new technologies, particularly complex ones with economy-wide impacts such as AI.7 This includes time to build a large enough capital stock to have an aggregate effect and for the complimentary investments needed to take full advantage of AI investments, including access to skilled people and business practices.8

AI will also affect the type and quality of economic growth, with international trade implications. For instance, AI is likely to accelerate the transition towards services economies.

AI will also affect the type and quality of economic growth, with international trade implications. For instance, AI is likely to accelerate the transition towards services economies. This is a corollary to concerns about the impact of AI and jobs, as AI is likely to expand automation and speed up job losses for low-skill, blue-collar workers in manufacturing fields.9 In parallel, AI will also emphasize particular worker skills as it is used to add value to production and products. This should lead to further expansion of the share of services in production as well as international trade.

AI-developed translation services are further enabling digital platforms as drivers of international trade.  For example, as a result of eBay’s machine translation service, eBay-based exports to Spanish-speaking Latin America increased by 17.5 percent (value increased by 13.1 percent).13 To put this growth into context, a 10 percent reduction in distance between countries is correlated with increased trade revenue of 3.51 percent—so a 13.1 percent increase in revenue from eBay’s machine translation is equivalent to reducing the distance between countries by over 35 percent.

AI also has the potential to be used to improve outcomes from international trade negotiations. For instance, AI could be used to better analyze economic trajectories of each negotiating partner under different assumptions, including outcomes contingent on trade negotiation (growth pathways under various forms of trade liberalization), how these outcomes are affected in a multiplayer scenario where trade barriers are adjusted down at different rates, as well as predicting the trade response from countries not party to the negotiation. Brazil has already established an Intelligent Tech & Trade Initiative that includes using AI to improve trade negotiations.14

In addition to the impact of AI on international trade patterns, trade rules as reflected in the WTO and in FTAs can also play a role in supporting the development of AI. The following outlines some key areas where trade rules will matter for AI development and deployment globally.

The incorporation of AI into industry will require the development of a range of new standards. Take autonomous vehicles, which will require various technical standards, safety standards, and new vehicle manufacturing standards. The development of different domestic standards across countries will increase costs for foreign manufacturers who have to retool in order to export. The USMCA addresses this issue with commitments that domestic standards are based on international standards, which will support interoperability and reduce barriers to developing AI globally.

Requiring access to source code as a condition of investment or market access poses another challenge to the development of AI. Requiring such access was identified by the Office of the United States Trade Representative (USTR) as part of the broader issue of forced technology transfer in China.18 As AI is based on algorithms, conditioning market access on providing access to source code operates as an international trade barrier that reduces the diffusion of AI globally.

The development of AI raises intellectual property (IP) issues with international trade implications. As noted, AI relies on large amounts of input data. Training data will often need to be copied and edited for use. Depending on how the data is collected, this could involve unauthorized copying of thousands of protected works. In the U.S., it may be that relying on the “transformative” or “non-expressive” fair use exception to copyright protection will provide legal cover for such use of data.20 Fair use provides a flexible principles-based set of copyright exceptions.21 Fair use exceptions have been a significant legal underpinning in the development, and demise, of digital business models in the U.S.22 Yet, even in the U.S., whether fair use exceptions will cover some of the more complex uses of data to train AI remains to be tested.23

Furthermore, fair use exceptions or similar copyright flexibilities do not exist in many other countries. For instance, the EU uses a specific list of exceptions to copyright law that does not include text and data mining and would not seem to include AI. Australia adopts a similar approach as the EU.24 From an international trade perspective, this means that legal copying of data to develop AI in the U.S. might be deemed illegal in other countries, creating a barrier to deployment of AI in these countries.

In most countries, such trade represents a significant share of gross domestic product (GDP). While international trade has existed throughout history (for example Uttarapatha, Silk Road, Amber Road, scramble for Africa, Atlantic slave trade, salt roads), its economic, social, and political importance has been on the rise in recent centuries.

Carrying out trade at an international level is a complex process when compared to domestic trade. When trade takes place between two or more states factors like currency, government policies, economy, judicial system, laws, and markets influence trade.

To ease and justify the process of trade between countries of different economic standing in the modern era, some international economic organizations were formed, such as the World Trade Organization. These organizations work towards the facilitation and growth of international trade. Statistical services of intergovernmental and supranational organizations and governmental statistical agencies publish official statistics on international trade.

Trading globally may give consumers and countries the opportunity to be exposed to new markets and products. Almost every kind of product can be found in the international market, for example: food, clothes, spare parts, oil, jewellery, wine, stocks, currencies, and water. Services are also traded, such as in tourism, banking, consulting, and transportation.

Ports play an important role in facilitating international trade. The Port of New York and New Jersey grew from the original harbor at the convergence of the Hudson River and the East River at the Upper New York Bay.

International trade is, in principle, not different from domestic trade as the motivation and the behavior of parties involved in a trade do not change fundamentally regardless of whether trade is across a border or not.

However, in practical terms, carrying out trade at an international level is typically a more complex process than domestic trade. The main difference is that international trade is typically more costly than domestic trade. This is due to the fact that cross-border trade typically incurs additional costs such as explicit tariffs as well as explicit or implicit non-tariff barriers such as time costs (due to border delays), language and cultural differences, product safety, the legal system, and so on.

Another difference between domestic and international trade is that factors of production such as capital and labor are often more mobile within a country than across countries. Thus, international trade is mostly restricted to trade in goods and services, and only to a lesser extent to trade in capital, labour, or other factors of production. Trade in goods and services can serve as a substitute for trade in factors of production. Instead of importing a factor of production, a country can import goods that make intensive use of that factor of production and thus embody it. An example of this is the import of labor-intensive goods by the United States from China. Instead of importing Chinese labor, the United States imports goods that were produced with Chinese labor. One report in 2010, suggested that international trade was increased when a country hosted a network of immigrants, but the trade effect was weakened when the immigrants became assimilated into their new country.

Local production has been reported to increase local employment in many cases. A 2018 study claimed that international trade can increase local employment.

A systematic, and possibly first large-scale, cross-sectoral analysis of water, energy and land in security in 189 countries that links total and sectorial consumption to sources showed that countries and sectors are highly exposed to over-exploited, insecure, and degraded such resources with economic globalization having decreased security of global supply chains. The 2020 study finds that most countries exhibit greater exposure to resource risks via international trade – mainly from remote production sources – and that diversifying trading partners is unlikely to help countries and sectors to reduce these or to improve their resource self-sufficiency.

In July 2020, a report by Swissaid highlighted that the Dubai-based precious metal refining firms, including Kaloti Jewellery International Group and Trust One Financial Services (T1FS), received most of their gold from poor African states like Sudan. The gold mines in Sudan were seldom under the militias involved in war crimes and human rights abuses. The Swissaid report also highlighted that the illicit gold coming into Dubai from Africa is imported in large quantities by the world’s largest refinery in Switzerland, Valcambi.

Data on the value of exports and imports and their quantities often broken down by detailed lists of products are available in statistical collections on international trade published by the statistical services of intergovernmental and supranational organisations and national statistical institutes. The definitions and methodological concepts applied for the various statistical collections on international trade often differ in terms of definition (e.g. special trade vs. general trade) and coverage (reporting thresholds, inclusion of trade in services, estimates for smuggled goods and cross-border provision of illegal services). Metadata providing information on definitions and methods are often published along with the data.