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Old 9th March 2020, 23:23   #1 (permalink)
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China's buyout of British Steel completed

A Chinese firm completed its buyout of British Steel today, with an investment package pledge of £1.2 billion .

Steelmaker Jingye Group revived the British business that was placed into compulsory liquidation last May.

A statement from Jingye said it had completed the acquisition of British Steel's UK and Dutch assets from the official receiver and confirmed it planned to invest £1.2 billion ($1.6 billion) in the company over the next 10 years.

British Steel employed around 5,000 workers at the time of its collapse and is the second-largest steelmaker in the country.

Jingye had said last week it would buy British Steel's main plant, in Scunthorpe, even though it had not had a reply from the French government about a French unit seen as a potential obstacle to the deal.

https://www.dailymail.co.uk/news/art...ish-Steel.html
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Old 10th March 2020, 00:39   #2 (permalink)
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Re: China's buyout of British Steel completed

China is still investing in big British infrastructure projects despite concerns over the Huawei deal and fears among the UK’s intelligence partners of exposure to foreign influence.

Construction is well under way at Hinkley Point nuclear power plant in Somerset despite the controversy, and Beijing is also being wooed for the HS2 high-speed rail link.

Britain’s commitment to welcoming Chinese money for everything from its 5G network to cinemas and electric taxis has made it the top European destination for direct investment from China, but a former government energy adviser asked yesterday why the nuclear projects, which also include Chinese-backed power plants in Suffolk and Essex, did not attract more scrutiny.

Paul Dorfman of the Energy Institute at University College London said: “There’s significant controversy

https://www.thetimes.co.uk/article/u...ture-dzlp56l2z

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Well what to say, steel, 5g, nuclear power, high speed rail links; just hand over to China post Brexit. LOL.
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Last edited by bickern; 10th March 2020 at 01:25..
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Old 10th March 2020, 08:48   #3 (permalink)
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Re: China's buyout of British Steel completed

One is either a free market capitalist or one is not .

If so , China , the Usa and Eu will end up owning everything .

Steve
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Old 10th March 2020, 14:54   #4 (permalink)
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Re: China's buyout of British Steel completed

The thing is Steve, politics unfortunately gets in the way of some good deals that can be had, fact of life the world over; also the golden rule, " the man with the gold makes the rules".

The China offer to build and control the high speed train link made me laugh. In China "we are taking your property, do you want to make anything of it?", "oh, okay, if you say so then take it"; one month later, all sorted. I am not sure that would work in the UK though.
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Old 10th March 2020, 15:17   #5 (permalink)
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Re: China's buyout of British Steel completed

Its a sign of how desperate the UK is to do deals that will rescue us from the depression which would likely follow Brexit that we are willing to do a deal with Huawei despite the grave concerns of not only the USA but also the EU, Australia Canada and New zeland and lets not forget the concerns expressed by Google & BT

Integrating Huawei into the UK has specific risks with data protection and cyber attacks

BT is removing Huawei from its infrastructure over concerns for control over emergency services coverage

That's not been done lightly as the costs of its removal will be significant to BT

The UKs seeming desire for cost saving over sovereign control is somewhat ironic
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Old 10th March 2020, 15:25   #6 (permalink)
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Re: China's buyout of British Steel completed

As I posted on another thread, when GCHQ shows alarm I will. The Huawei is a political decision brought about by Trump and his admin. Turkey is not buying into the US hype and is partnering with no problems. I feel that the UK should stop kowtowing to all things USA and stop being a puppy dog as it has shown to do so in the past.

There are many IT personnel in GCHQ that know what they are talking about; pushing Huawei down the chain I have no problems with.

The lobbyists will be on a big money earner on this. Hopefully a big player will come on the scene with the technology to compete with Huawei sooner rather than later.

BT are moving Huawei out of 4g because there is now the technology available to do so with no harm to existing systems, but with 5g the competitors are behind at the moment; everything could change though. As the technology is still new and driverless cars etc., are still to fully hit the roads it is still early days for dependencies.

When did South Korea get to be so trusted on all things tech I ask myself.
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Last edited by bickern; 10th March 2020 at 18:37..
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