China Financial News

US officials told the ABC that Chinese hackers have exploited weaknesses in the communications networks of the nation's top telecommunications companies. The FBI and Homeland Security acknowledged the breach, stating China stole a “large amount of data.”

U.S. officials are urging telecommunication companies to boost network security following a Chinese hacking operation that gave officials in Beijing access to the private texts and phone conversations of Americans

The poor performance of General Motors’ Chinese joint ventures is forcing the company to write down assets and take a restructuring charge totaling more than $5 billion in the fourth quarter of this year

D Gukesh and defending champion Ding Liren of China played out their fifth draw on the trot in the eighth game of the World Chess Championship to remain level on points here on Wednesday. The drawn match left both the players on an identical tally of 4 points each, still shy of 3.5 points in order to win the championship. The two players signed peace after 51 moves. It was the sixth draw of the 14-round match.

Truong My Lan was already convicted in April by the same Ho Chi Minh City court of fraud amounting to UDS 12.5 billion — nearly 3 per cent of the country's gross domestic product — in a separate case and sentenced to death by lethal injection. Lan was convicted in April 2024 for embezzlement, bribery, and violating banking regulations. The scheme, which involved shell companies and fake loan applications, siphoned an estimated $12.5 billion from Saigon Commercial Bank (SCB) between 2012 and 2022.

Swiss Re Institute report «Changing climates: the heat is (still) on», the Philippines and the US are the most economically vulnerable among 36 countries analyzed. This vulnerability is driven by the increasing severity of weather-related catastrophes like floods and tropical cyclones.

HEG and Graphite India, surged 14.2% and 7.5% respectively on Wednesday following China’s decision to implement a stricter review process for graphite exports to the U.S. This move raised expectations that the restrictions could increase demand for Indian graphite producers. HEG’s shares jumped 14.2% to a four-year high of Rs 569.70 on the BSE, while Graphite India rose 7.5% to Rs 613.05.

Asian markets are mostly lower after overnight political drama in South Korea added to regional uncertainties

China has announced a ban on exports to the United States of gallium, germanium and other key high-tech materials with potential military applications

«Korea has been a very weak market this year. It is down about 19% in dollar terms within the EM index and so this is just more pain for the Korean market and we will have to see how the politics plays out,» says Geoff Dennis, Independent EM Commentator. This morning we have woken up to those kind of news coming in from South Korea wherein, of course, there was that Martian law that was put on, then it was taken off. Now, there is news of impeachment, a lot going on as far as the Extraordinary General Meeting of the Central Bank in South Korea is concerned. But it begs the question whether India is one of those safe havens of sort where there is political stability, where there is economic stability, while even countries like, of course, China, South Korea, West Asia, and all of that are going through their own turmoil. Does that make India stand out as one of the best opportunities right now? Geoff Dennis: Oh, yes, it does.

Ajay Bagga, Market Expert, says he is expecting cryptos and gold to go up. There will be a flight to safety. Both the yen and the dollar will get bought into. In US treasuries, one can expect the yields to go down. Today we saw French yields reaching the Greece yield levels. We are seeing China borrowing at cheaper rates than Japan. We are expecting the Bank of Japan to come in and raise rates at its next meeting in the next fortnight. Following the political developments in South Korea and martial laws being put in place and then revoked, the Samsung stock is under heavy selling pressure. How do you expect global investors to react in the short term? Could this spark a broader risk aversion in emerging markets? Ajay Bagga: The Korean exchange has said they will function as normal. The party leader of the president has opposed this on a Facebook post and the defence minister has called for the military. So, we really do not know what is happening right now. It actually came out of the blue. There have been political wranglings on the budget and this is a minority government which would not survive a floor test. So, overall, it is a very big surprise and I am sure the allies of South Korea from Japan to Europe are working on the back channels to see how this situation can be diffused. It is not a dictatorial country. It is a very strong democracy standing up to its communist neighbours. So, it is very critical that democracy is protected.

Use encryption. During a call with reporters on Tuesday, Cybersecurity and Infrastructure Security Agency official Jeff Greene said Americans should know that «encryption is your friend» and that «our advice is to avoid using plaintext.»

iQoo 13. This advanced smartphone from the Chinese manufacturer incorporates Qualcomm’s top-tier processor, the Snapdragon 8 Elite chipset, alongside iQoo’s exclusive supercomputing Q2 chip. It also debuts the world’s first Q10 2K 144Hz Ultra Eyecare Display, complemented by the dynamic Monster Halo feature. Here’s a detailed overview: The iQoo 13 is priced at Rs 54,999 for the 12GB+256GB configuration and Rs 59,999 (Rs 56,999 effective price) for the 16GB+512GB variant. Buyers using SBI or HDFC bank cards can avail of an instant discount of Rs 3,000, reducing the prices to Rs 51,999 and Rs 56,999, respectively. This smartphone will be offered in two sophisticated colors: Legend and Nardo Grey. Pre-orders open on December 5, 2024, at 12 PM, with sales starting on December 11, 2024, at 12 PM. It will be available via Vivo exclusive outlets, iQoo’s online store, Amazon, and other key retail locations.

Venue : Tin Kwong Road Recreation Ground Namibia Women squad - Jurriene Diergaardt, Edelle Van Zyl, Merczerly Gorases, Sylvia Shihepo, Yasmeen Khan, Sune Wittmann, Kayleen Green, Mekelaye Mwatile, Wilka Mwatile, Irene van Zyl, Victoria Hamunyela Thailand Women squad - Naruemol Chaiwai, Aphisara Suwanchonrathi, Rosenan Kanoh, Nannapat Koncharoenkai, Suwanan Khiaoto, Chanida Sutthiruang, Nattaya Boochatham, Phannita Maya, Suleeporn Laomi, Sunida Chaturongrattana, Thipatcha Putthawong Namibia Women vs Thailand Women Match Details Match 1 of Women's T20I Quadrangular Series in Hong Kong, China, 2024 between Namibia Women and Thailand Women to be held at Tin Kwong Road Recreation Ground at 07:00 AM.

HEG and Graphite India, surged in Tuesday's trading after China introduced a stricter review process for end-use of graphite exports to the US. Analysts said sentiment in these shares perked up on expectations restrictions by China could drive up demand for Indian graphite makers. HEG's shares soared 14.2% while Graphite India gained 9.1%. Key indices rose 0.7% each, while the BSE 500 index gained 0.8%.

President Joe Biden on Tuesday toured a slavery museum in Angola and inspected shackles and a whip, and he spoke of “our nation’s original sin."

After vowing for years he wouldn't interfere with the judicial system, Biden has granted 'a full and unconditional pardon' to his son Hunter. The pardon not only covers the gun-related and tax evasion charges Hunter has been convicted of, but also crimes he may be charged with in the future. The blanket pardon covers any case that may come down the line from Trump's justice department. Republicans may try to punish Hunter for trading on his father's name while Biden was VP, and receiving $10 million in payments from Chinese and other foreign companies. But no worries, the father has secured his son before signing off.

Scotiabank says it expects to see continued loan pressure and political uncertainty in the months ahead as it reported profits that were up from a year ago but below analyst expectations.

Small businesses are bracing for stiff tariffs that President-elect Donald Trump has proposed as one of his first actions when he takes office

Large government budget deficits suggest that sovereign debt could rise by a third by 2028 to approach $130 trillion, the report from the Institute of International Finance (IIF), a financial services trade group, found — increasing repayment risks worldwide. «Rising trade tensions and supply-chain disruptions threaten global economic growth, increasing the likelihood of mini boom-bust cycles in sovereign debt markets as inflationary pressures resurface and public finances tighten,» it said in its report, adding that the increased interest cost as a result could «exacerbate fiscal strains» and make debt management increasingly difficult.

Bank of India (RBI) likely sold dollars to cap weakness in the local currency, traders said. Along with the dollar's rally, the Chinese yuan also weakened to counter the trade tariffs effect, adding pressure on the local currency. Analysts expect the pressure on rupee to continue during December and January, as inflows from foreign portfolio investors are not expected at least till January.