Asia

According to a June 1 statement from the National Bureau of Statistics, the China Federation of Logistics and Purchasing announced that in May its monthly manufacturing index rose to its highest level this year - 50.8 points. Numbers over 50 on the 100-point scale show activity expanding. The rate was an improvement on March, when 50.4 was recorded, and the announcement confirms the trend indicated by an earlier PMI from HSBC which gave a preliminary reading for May of 49.7.

The UK supermarket’s joint venture with the state-run China Resources Enterprise (CRE) will combine Tesco’s 131 outlets in the country with CRE’s almost 3,000 stores, called Vanguard. CRE will own 80 percent of the new chain, with Tesco holding the remaining 20 percent stake.

"The partnership creates a strong platform in one of the world's largest markets," Tesco chief executive Philip Clarke said in a statement. "We can now combine our strengths to build a profitable multichannel business, offering our customers in China the best of modern retail."

The 30-year agreement between Russia’s Gazprom and China National Petroleum Corp (CNPC) was formally signed by Russia’s President Vladimir Putin during a summit in Shanghai between the leaders of the two nations.

Russia has been keen to find an alternative energy market for its gas as it faces the possibility of European sanctions over the crisis in Ukraine and while no officially price has been given for the Russia-China deal, it is estimated to be worth over $400 billion.

The country’s GDP rose 1.5 percent in the January-to-March period, against a revised 0.1 percent in the prior quarter. The figure, led by a rise of 2.1 percent in consumer spending, beats previous forecasts of 1.0 percent growth and came ahead of a sales tax increase introduced at the beginning of April. Capital spending by businesses also outperformed, rising by 4.9 percent, which was more than double analyst expectations.

ImportGenius.com provides data mining tools that make complex trading relationships easy to understand. Its diverse members use the service to extract detailed information relating to all aspects of cross-border trade, including shipping records, product lines, and exporting volumes for factories around the world.

AirAsia India is a budget airline set up by AirAsia, one of the continent’s largest low-cost carriers, and India’s Tata Group.

The deal for US company Beam has cost the Japanese company $16 billion and will result in the renaming of the company to Beam Suntory, thus creating the world’s third largest high-end spirits maker. Combined total sales of Beam and Suntory’s spirits business in 2013 amounted to $4.6 billion.

The Xbox One will go on sale in the country from September of this year after the lifting of a 14-year ban this past January. Microsoft will launch the console in collaboration with BesTV New Media Co, a subsidiary of Shanghai Media Group.

The council believes that private sector demand for gold in China will rise to at least 1,350 tonnes by 2017 as the population becomes wealthier. The forecast also comes as China overtakes India to become the world’s largest gold-consuming nation.

The World Gold Council says China is at the "centre of the global gold eco-system", as rapid urbanisation creates a rising middle class. Chinese customers bought 1,132 tonnes of gold last year, in jewellery as well as gold bars and coins for investment.

China relies massively on copper, which is used in electronic production, and the Las Bambas mine is expected to produce more than 450,000 tonnes of the metal per year in its first five years.