China Financial News

Apple CEO Tim Cook was in China for the second time this year, he said on social media Tuesday, as the US technology giant seeks to shore up slumping sales in a crucial overseas market. The iPhone maker remains popular among Chinese consumers but has ceded ground to domestic rivals in recent years as the Asian nation faces slowing economic growth and sluggish consumption. Cook said Tuesday on his official account on social media platform Weibo that he had met with Chinese university students using Apple products to boost sustainable farming practices.

Xi Jinping on Tuesday left for Russia to attend the BRICS summit where he is expected to meet leaders of the member countries, including Prime Minister Narendra Modi on the sidelines. Xi will articulate China's vision for «greater cooperation» of the BRICS bloc, which has now expanded to 10 members, and «open a new era for the Global South to seek strength through solidarity» at the three day summit. The summit of Brazil, Russia, India, China and South Africa (BRICS), which now has expanded with five additional members Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, is being held in the Russian city of Kazan, about 900 km east of Moscow, from October 22 to 24. Xi left Beijing for the 16th BRICS Summit in Kazan at the invitation of Russian President Vladimir Putin, state-run Xinhua news agency reported.

National Health Commission (NHC) has released its first set of guidelines aimed at standardising the diagnosis and treatment of obesity, as over half of the adult population is currently classified as overweight or obese. This trend is expected to continue, with projections suggesting that by 2030, the obesity rate could reach 65.3 per cent. Published on October 17, the guidelines highlight the growing public health crisis posed by obesity in China, which is now recognised as the sixth leading risk factor for death and disability in the country. However, the country faces a dual challenge contributing to this issue.

Surge, Peak XV’s programme for early-stage startups, has selected 14 startups for its tenth cohort, focusing on artificial intelligence (AI), financial services, consumer sectors and healthcare. Rajan Anandan, managing director of Peak XV, told ET that this is Surge’s most broad-based cohort, both geographically and across sectors. This also marks Surge’s second cohort since Peak XV Partners was formed following the split from Sequoia Capital.

The live fire drills were being held near the Pingtan islands off Fujian province from 9 a.m. to 1 p.m., according to a notice from the Maritime Safety Administration. It warned ships to avoid the area. It did not offer additional details. Taiwan's Defense Ministry said China's drills were part of an annual exercise and was tracking them. «It cannot be ruled out that it is one of the ways to expand the deterrent effect in line with the dynamics in the Taiwan Strait,» the statement added.

BRICS Summit in Russia's Kazan, Russian President Vladimir Putin will hold meetings with Prime Minister Narendra Modi, Turkiye President Recep Tayyip Erdogan, Palestinian President Mahmoud Abbas, and UN Secretary-General Antonio Guterres, TASS reported citing the Russian president's foreign policy aide, Yury Ushakov. Speaking to reporters, Ushakov stated that the meetings will start on October 22. He said Putin will have a meeting with New Development Bank President Dilma Rousseff. Following his talks with Rousseff, Putin will hold a meeting with PM Modi and later with South African President Cyril Ramaphosa. Furthermore, Putin's meetings are also planned with Chinese counterpart Xi Jinping and Egyptian President Abdel Fattah al-Sisi, according to TASS report.

Subscribe to enjoy similar stories. In what could be a significant breakthrough in the India-China stalemate along the Line of Actual Control (LAC), the two countries have reached an agreement over patrolling runs, foreign secretary Vikram Misri said on Monday.

Details of the patrolling agreement are yet to be shared but disengagement of troops at both Depsang, where Chinese soldiers had blocked access to patrolling points by occupying the 'Y Junction', and Demchock, where tents had been erected Indian side of LAC, was vital to move to the next step of de-escalation. A larger de-escalation- in which forward deployed troops inducted in thousands since tensions broke out in 2020 will be moved back to their peacetime locations — has been the focus of talks from the Indian side.

BRICS summit, the Modi government has said that India and China have reached an agreement to resume patrolling in eastern Ladakh. The development has brightened chances of a meeting between PM Narendra Modi and Chinese President Xi Jinping in Kazan on the sidelines of the summit. «Over the last several weeks, Indian and Chinese diplomatic and military negotiators have been in close contact with each other in a variety of forums. As a result of the discussions that have taken place over the last several weeks, an agreement has been arrived at on patrolling arrangements along the Line of Actual Control in the India-China border area and this is leading to disengagement and eventually a resolution of the issues that had arisen in these areas in 2020,» foreign secretary Vikram Misri said at a media briefing. Indian and Chinese soldiers will be able to resume patrolling in the way they had been doing before the border face-off in May 2020, external affairs minister S Jaishankar said at a media event. He said LAC breakthrough is a good development that happened due to «patient and persevering diplomacy».

U.S. Justice Department on Monday proposed new rules to protect federal government data or Americans' bulk personal data from getting into the hands of countries like China, Iran and Russia by placing new limits on certain business transactions. The proposal, which was previewed in March, implements an executive order issued earlier this year by President Joe Biden which aims to keep foreign adversaries from using accessible American financial and genomic data and health data for cyber attacks, espionage and blackmail. In addition to China, Russia and Iran, the rule would also apply to Venezuela, Cuba and North Korea.

Shringla has said that agreement between India and China on patrolling arrangements along the Line of Actual Control in eastern Ladakh is likely to lead to de-escalation and provides an opening for Prime Minister Narendra Modi and Chinese President Xi Jinping to meet on the sidelines of BRICS Summit in Russia this week. Shringla, who was Foreign Secretary when actions of Chinese army led to a standoff along LAC in eastern Ladakh in May 2020, told that a fairly firm hand in the negotiations has brought about a satisfactory conclusion. «I think the agreement gives us a way to move forward, provides an opening for leaders to meet, and possibly even take this into de-escalation — the thinning out of troops on the frontline. It will be recalled that China had massed troops at the time when hostilities began, and those troops are still there. So I think after disengagement, we should look at de-escalation,» Shringla told ANI.

Precision engineering and manufacturing company Balu Forge Industries on Monday reported a 107% year-on-year jump in its consolidated net profit for the quarter ended September 30, 2024 at Rs 48 crore which was up from Rs 23 crore reported by the company in the year ago period. The company in which ace investor Ashish Kacholia has a 1.82% stake, reported a revenue growth of 60% YoY at Rs 223 crore in Q2FY25 compared to Rs 139 crore in Q2FY24 because of the constant focus on client addition and continued demand for the specialized engineering products.

BRICS Summit will take place in Kazan, Russia on 22nd-24th October, 2024. The Theme of the Meeting is «Strengthening Multilateralism for Just Global Development and Security”. The main objectives of the 2024 BRICS Summit are to promote cooperation and partnership in politics and security, economy and finance, and cultural and humanitarian ties.

Dr. S. Jaishankar addressed the evolving dynamics of global relations, particularly focusing on India’s complex relationship with Canada, at an event in New Delhi. While speaking at NDTV World Summit 2024, the minister remarked on the shifting priorities in diplomatic discussions, noting a noticeable change in focus from the U.S. to Canada. Addressing specific concerns regarding Canada, Jaishankar pointed out issues related to diplomatic conduct. He noted that Canada had requested an inquiry into India's High Commissioner, prompting India to withdraw its diplomats. He contrasted this with the actions of Canadian diplomats in India, who he claimed freely gather information about India’s military and police, while imposing restrictions on Indian efforts to ensure the welfare and security of its diplomats in Canada.

Russia has never done anything to impact India's interests negatively, said External Affairs Minister S Jaishankar on Monday at the NDTV World Summit. Prime Minister Narendra Modi is set to attend the BRICS summit in Russia from October 22-23 at the invitation of Russian President Vladimir Putin. In July this year, PM Modi visited Russia, his first since Moscow launched its invasion of Ukraine, a war that has complicated the relationship between the longtime allies and pushed Russia closer to India's rival China.

Mongolian coking coal by way of Russia, a senior government official with direct knowledge of the matter said, as New Delhi seeks to avoid over-reliance on transit through China. Mills in India, the world's second-biggest producer of crude steel, grappled with volatile Australian supplies of coking coal last year, and the government sent delegations to Mongolia in an effort to diversify sources of the fuel. Despite a longer route, Indian steel companies will now consider importing Mongolian coking coal by way of Russia, said the official, who spoke on condition of anonymity, as the deliberations are not public.

India and China have reached an agreement on a patrolling arrangement along their contested Himalayan border, marking a step toward easing tensions that escalated in 2020. Indian Foreign Secretary Vikram Misri shared this development on Monday, signaling progress in disengagement efforts between the two nations. “As a result of the discussions that have taken place over the last several weeks, an agreement has been arrived at on patrolling arrangements along the line of actual control in the India-China border area, and this is leading to disengagement and eventually a resolution of the issues that had arisen in these areas in 2020,” Misri said. Over last few weeks, Indian and Chinese negotiators have been in touch on it, Misri added, talking about the border row with China in eastern Ladakh.

OnePlus 12, and there will only be a few design changes with the OnePlus 13. In the official image teased by OnePlus, the circular camera module more or less retains its appearance from last year, housing the triple camera setup and flash while blending in with the rest of the back.

Asian shares are mostly higher after U.S. stocks rose to records to close out their latest winning week

In the coming days, Russian President Vladimir Putin will be shaking hands with multiple world leaders, including those from China, India, Turkey and Iran

Cameron Brandt, Director of Research, EPFR Global, says China's equity market, in some senses, has been the only game in town for domestic investors. There has been eye-catching inflows since the second quarter of this year, which peaked at a record weekly total of $40 billion two weeks back. But last week, they had significant outflows, the biggest single weekly outflow of $4 billion since 2015. So, even in China, this spirit of “what have you done for me lately” seems to be the determinant for flows. I just want to touch upon what is going on in the US because it has been a fairly robust few days of trade. Do you think that investors are still mindful about stretch valuations, the US presidential elections, and the fact that there are geopolitical risks? Cameron Brandt: I do not think they have forgotten, but there is so much good stuff in the proverbial punch bowl at the moment that it is hard to resist. There are some fairly rosy assumptions about the trajectory of interest rates over here. Oil prices have come down, which makes driving cheaper for people here, always good for the mood. And neither of the presidential candidates are saying anything about fiscal discipline. So, there is an assumption that this sort of expansionary fiscal policy will continue into next year.