China Financial News

Volkswagen’s employee representatives say they have reached a wage deal

Indian exporters of garments, handicrafts, and engineering goods expect 5-10% gains from the rupee’s depreciation, but more import-dependent sectors such as gems and jewellery and electronics see rising oil and commodity prices offsetting any benefits, trade insiders said. Moreover, the sharper depreciation of the Chinese yuan, Japanese yen, and Mexican peso against the US dollar may prompt buyers to pressure Indian exporters to pass on the gains, besides undermining any long-term competitive advantage from the rupee’s fall, they said. The rupee hit an all-time low of 85.09 per dollar on Thursday, crossing the 85 mark for the first time. On Friday, the rupee hit a new low of 85.10/$1. Almost 60% of India’s goods trade is in dollars, and the depreciation will help traditional sectors such as textiles and leather.

Wuhan Institute of Virology (WIV) and EcoHealth Alliance. This effort aimed to collect and study 500,000 unknown viruses with the potential to infect humans, costing an estimated $3 billion. The project, co-led by EcoHealth's Peter Daszak and Wuhan’s Shi Zhengli, proceeded despite biosafety concerns and warnings about national security risks. New documents obtained by US Right to Know (USRTK) highlight these concerns just months before the Covid-19 outbreak. The Global Virome Project aimed to identify and experiment with 99% of undiscovered viruses that could jump from animals to humans. Supported by USAID and the US State Department from 2016 to 2019, the project also involved China’s Academy of Military Medical Sciences and Beijing Genomics Institute (BGI), a company later blacklisted by the Pentagon. The initiative faced scrutiny over transparency, data ownership, and potential national security threats, as the US and Chinese governments were warned about each other’s involvement. Also Read: The Housemaid: When will the Sydney Sweeney thriller release in US and UK

Middle East. Prince Andrew hasn't exactly had a great December, or decade, when it comes to royal scandals. Following Andrew's forced withdrawal from the King's Christmas lunch and his decision to skip the Sandringham holidays due to the Duke of York's alleged ties to Chinese spy Yango Tengbo, it appears that the only people standing by him are his ex-wife Sarah Ferguson and their daughters Princess Beatrice and Princess Eugenie, as quoted in a report by Marie Claire. According to the Daily Beast, Prince Andrew's predicament has gotten so bad that some of his friends are even considering leaving the nation.

«We have held many meetings and looking at what best can be done,» said Dr Anupam Prakash, chairman of the OTC sub-committee. Unlike other countries like the US, UK or China, India does not have a policy framework to support and regulate distribution, marketing and consumption of OTC drugs. This is despite the fact that commonly used medicines for cough and cold as well as contraceptives are sold over the counter. Neither the Drugs & Cosmetics Act, 1940 nor the Drugs & Cosmetics Rules, 1945 (D&C) defines OTC medicines.

Supreme Court on Friday restored China Development Bank, Exim Bank of China, Asset Care and Reconstruction Enterprises and others as financial creditors in the insolvency process of Reliance Infratel Ltd, which is now acquired by Reliance Project & Property Management Services, a subsidiary of Reliance Jio Infocomm. A Bench led by Abhay S Oka struck down a 2022 order of the National Company Law Appellate Tribunal that declassified these four indirect creditors of Reliance Infratel including China Development Bank, etc as financial creditors of the beleaguered telecom company. Reliance Infratel’s resolution professional had earlier admitted claims worth Rs 41,055 crore from 35 financial creditors, including Rs 10,952 crore of China Development Bank and other three creditors.

With president-elect Donald Trump threatening punitive tariffs of 25 per cent, Canada should look to a reliable, old ally for expanding trade: the United Kingdom.

Gold demand in India remained subdued this week as volatile prices prompted potential buyers to delay purchases, while higher rates across China are expected to potentially offset upcoming seasonal demand. After gold prices became highly volatile over the past two weeks, buyers are now adopting a wait-and-see approach, hoping for prices to decline further, said a Chennai-based jeweller. In India, domestic prices fell to Rs 75,459 ($887.28) per 10 grams earlier this week after rising to Rs 79,120 last week.

As per Jaishankar, India's foreign policy today is based on three principles. «Active engagement with countries, nation's interests first under any circumstance and humanitarian approach with ethics».

Subscribe to enjoy similar stories. NEW DELHI : The Supreme Court on Friday upheld the claims, amounting to more than ₹10,952 crore, of four indirect creditors of Reliance Infratel Ltd, the tower and fibre business of Anil Ambani's telecom company Reliance Communications Ltd (RCom). Reliance Infratel’s total debt exceeds ₹41,055 crore.

US Immigration and Customs Enforcement deported more than 270,000 people to 192 countries, including India, over a recent 12-month period, the highest annual tally in a decade, according to a report released Thursday that illustrates some of the financial and operational challenges that President-elect Donald Trump will face to carry out his pledge of mass deportations. ICE, the main government agency responsible for removing people in the country illegally, had 271,484 deportations in its fiscal year ended Sept 30, nearly double from 142,580 in the same period a year earlier. It was ICE's highest deportation count since 2014, when it removed 315,943 people. The highest it reached during Trump's first term in the White House was 267,258 in 2019. Increased deportation flights, including on weekends, and streamlined travel procedures for people sent to Guatemala, Honduras and El Salvador fuelled the increase, ICE said. The agency had its first large flight to China in six years and also had planes stop in Albania, Angola, Egypt, Georgia, Ghana, Guinea, India, Mauritania, Romania, Senegal, Tajikistan and Uzbekistan.

US Department of Commerce has recently asked Nvidia to look into how the company's products ended up in China over the past year, The Information reported on Thursday, citing a person close to the department. The chip giant has asked big distributors such as Super Micro Computer and Dell Technologies to conduct spot checks of their customers in Southeast Asia, the report said. Nvidia's artificial intelligence chips are embedded in server products made by Super Micro and Dell. The Information reported that five different people involved in smuggling Nvidia chips said they have managed so far to evade detection during recent inspections by Super Micro.

WHY IT'S IMPORTANT Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

interest margins and a weakening yuan create limits for immediate monetary easing. The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

Subscribe to enjoy similar stories. On remittances from abroad, India remains the world’s top beneficiary. For 2024, such inflows stood at $129 billion, according to a blog by World Bank economists, almost double that of second-ranked Mexico, which got $68 billion, and more than two-and-a-half times China’s $48 billion.

The U.S. ambassador to Vietnam says U.S. arms manufacturers could help the southeast Asian country build up its armed forces

Chinese hackers specifically a group known as ‘Salt Typhoon’, reported Reuters. According to Reuters, the Cybersecurity and Infrastructure Security Agency (CISA) has issued guidance while recommending the use of end-to-end encrypted communication methods which are available in renowned apps like WhatsApp, iMessage and Signal. On the other hand, regular phone communications are not actually encrypted and can be intercepted by telecom companies, law enforcement or hackers. The Salt Typhoon hackers have reportedly compromised at least eight telecommunications firms in the US while leading to significant data breaches. A senior US official described these incidents as potentially the largest telecommunications hack in US history, asserted Reuters.

The U.S. Commerce Department’s efforts to curb China’s and Russia’s access to American-made advanced computer chips have been “inadequate” and will need more funding to stymie their ability to manufacture advanced weapons

To tackle Trump's threat of a «reciprocal tax» on Indian goods for high tariffs, some officials of the Indian commerce ministry are ready to consider cuts on certain products such as pork, a senior government source said. Currently India slaps about a 45% import tariff on pork, which is mostly supplied by the U.S. Tariffs could also be reduced on high-end medical devices such as pace makers and luxury motor-cycles, including Harley Davidson, said a second official with direct knowledge of trade issues, citing the 25% to 60% tariffs on these products.

Subscribe to enjoy similar stories. The global economic landscape is becoming increasingly interlinked and dynamic. Despite multiple shifts, 2023 saw global merchandise exports worth over $24 trillion, an increase of 6% over 2019, demonstrating resilience in the face of disruptions.

China has maintained its substantial military presence along the Line of Actual Control (LAC) with India since the Galwan Valley clash in June 2020, according to the latest Pentagon report released on Wednesday. Despite some troop disengagements in certain areas, the People's Liberation Army (PLA) has not scaled back its positions or numbers. «PLA has not drawn down its positions or troop numbers since the 2020 clash and has built infrastructure and support facilities to maintain multiple brigade deployments along the LAC,» the report states. The Pentagon's annual assessment indicates that China has kept approximately 120,000 troops stationed along the 3,488-km-long LAC, which stretches from Ladakh to Arunachal Pradesh. In addition to the soldiers, the PLA has stationed heavy weapon systems, including tanks, howitzers, surface-to-air missiles, and other advanced military equipment. The report further highlights that over 20 combined arms brigades (CABs) remain in forward locations across the western, middle, and eastern sectors of the LAC.