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Japan pm says majority of g7 leaders agree on need for fiscal steps


´╗┐Japanese Prime Minister Shinzo Abe said on Monday a majority of Group of Seven leaders agree on the need to deploy fiscal stimulus measures to boost global demand. Japan will host a G7 finance ministers and central bankers summit on May 20-21, and there are doubts about how much progress policymakers can make in shifting the global economy out of its current spell of slow growth and low inflation. Earlier this month, Abe traveled to Europe to meet G7 heads in preparation for the meeting in Japan."The G7 doesn't decide things by a majority (vote). The leaders would come up with a communique after a frank exchange of opinions," Abe told lawmakers in the nation's parliament.

The summit comes at a critical time for Japan because its economy is struggling to grow and inflationary pressure is losing momentum. First-quarter economic growth data on Wednesday should also add to the backdrop with quarterly gross domestic product GDP forecast to have expanded by just 0.1 percent, according to a Reuters poll.

Lingering worries about Europe's sovereign debt burdens, slowing growth in Britain and uncertainty about the pace of interest rate hikes in the United States are also likely to be hot topics during the summit. Abe told lawmakers G7 countries shared a common understanding that slowing emerging markets, particularly China, and volatile oil prices pose risks to the global economy.

However, he noted policymakers would naturally tailor their fiscal policy to meet the needs of their own economies, acknowledging it will be difficult to get all G7 countries to enact the same fiscal policy steps.

Jiangxi copper sets up hong kong financing subsidiary spokesman


´╗┐Aug 23 Jiangxi Copper Co Ltd , the top producer of the metal in China, has set up a wholly owned subsidiary in Hong Kong to reduce financing costs for imports and potential acquisitions, company spokesman Pan Qifang said on Thursday. Jiangxi Copper Hong Kong Co Ltd would finance the company's imports of copper concentrate, trade in metals and acquisitions of resources in the global market, Pan said."It is cheaper to borrow dollars in Hong Kong than in the mainland," he said, adding that the time needed for trade and project financing in Hong Kong was shorter.

Financial Controller Gan Chengjiu said in March that Jiangxi Copper planned to increase imports of copper concentrate this year by 13 percent to 1.02 million tonnes, from about 900,000 tonnes last year.

Jiangxi Copper previously processed the bulk of its copper concentrate financing via its headquarters in Guixi city in the southeastern province of Jiangxi and its metal trade through Jiangxi Copper International Trading Co Ltd set up last year in Shanghai, he said. Companies in China typically require weeks to process dollar loans for imports as the yuan is not fully convertible and the government restricts currency outflows.

In Hong Kong, borrowing rates for the dollar are typically set between banks and borrowers. An executive at an international trading firm said local banks offered about 2-3 percent on copper trade financing for 1-2 months, with documentation including a bill of lading and warrant that confirms the location of the copper. A senior executive at a large metals trading company in Shanghai said mainland banks offered about 3-4 percent above Libor for dollar loans.