China Financial News

ChatGPT. In a set of 300 fake and real scientific papers, the AI-based tool, named 'xFakeSci', detected up to 94 per cent of the fake ones. This was nearly twice the success rate seen among the more common data-mining techniques, the authors from the State University of New York, US, and Hefei University of Technology, China, said. "… we introduce xFakeSci, a novel learning algorithm, that is capable of distinguishing ChatGPT-generated articles from publications produced by scientists," they wrote in the study published in the journal Scientific Reports.

Coal India (CIL) fell by 4% to a low of Rs 500.70 on the BSE on Wednesday after the company posted sales volumes of 52.1mt on Monday, down 12% YoY. Domestic brokerages like Nuvama and JM Financial are still optimistic about the stock because a few dips do not change the future. CIL reported sales volumes of 52.1mt in August 2024, down 12% YoY, owing to a weak power demand amid heavy rainfall. However, volumes clocked a decline of 5.7% YoY during Jul-Aug '24 negating the impact of only monsoon for the decrease, implying that CIL’s volume was under pressure owing to weak demand.

ONGC, Oil India, Chennai Petroleum Corporation, and GAIL dropped up to 5% on the BSE on Wednesday as crude oil prices continued to decline, reaching their lowest close since December and erasing all gains for the year. Shares of ONGC declined to the day’s low of Rs 309.2, with a fall of 4.2% while Chennai Petroleum Corporation shares dropped 5% to a low of Rs 933.3.

Taiwan and Mongolia, to China's top annual security forum in mid-September, a U.S. official told Reuters. The choice of Chase has not been previously reported. He is more senior than the U.S. officer who attended the Xiangshan Forum last year, a sign that the U.S. military is hoping for deeper working-level engagement with China amid regional disputes and increased deployments across East Asia. More than 90 countries and international organisations plan to send delegations to the Sept. 12-14 forum in Beijing, Chinese state media reported Wednesday.

Goldman Sachs Group Inc. economists gamed out the potential economic implications of a Republican or Democratic victory in the November elections, cautioning that US GDP faces a hit in the case of a win for Donald Trump. “We estimate that if Trump wins in a sweep or with divided government, the hit to growth from tariffs and tighter immigration policy would outweigh the positive fiscal impulse” from maintaining most tax cuts, Goldman economists including Alec Phillips wrote in a note Tuesday. Gross domestic product would see a peak hit of 0.5 percentage point in the second half of next year in that scenario, with the effects abating in 2026, the Goldman team estimated. They assumed a 20 percentage-point hike in China tariffs under Trump, along with higher duties on auto imports from Mexico and the European Union, and a reduction in immigration that would slow growth in the labor force.

Nvidia as it deepens its probe into the AI heavyweight's antitrust practices, Bloomberg News reported on Tuesday, citing people familiar with the investigation. The antitrust watchdog had previously delivered questionnaires, and has now sent legally binding requests to Nvidia, the report said, adding that other companies had also received subpoenas. Officials are concerned that the chipmaker is making it harder to switch to other suppliers and penalizes buyers that do not exclusively use its artificial intelligence chips, the report said.

digital transactions are fairly seamless. Now, the Reserve Bank of India wants to expand the country’s unified payments interface, or UPI, to lending: The central bank’s governor has repeatedly promised that a “unified lending interface” will soon be rolled out. That carries great potential — and not a little risk. India’s model for financial interconnectedness is based around what it calls “digital public infrastructure.” The idea is simple: The government, or a closely regulated quasi-public entity, invests in, manages, and pays for the system through which digital transactions take place. Businesses can create apps that use this infrastructure; interoperability is built in, so those apps must compete on cost and quality rather than on the size of their network. Consumers can decide how much of their information they are willing to share with specific apps or for specific transactions, and theoretically the seller’s access to private data is neither permanent nor very deep. The Indian IT whizzes who designed the system insist it avoids the worst of the US model (which is fragmented, insecure, and expensive), European systems (which are overregulated, lecture to business, and stifle innovation) and the Chinese network (which does not privilege privacy or allow for accountability to civil society).

Oil prices fell on Wednesday, extending the previous day's more than 4% plunge, on expectations the political dispute that has halted Libyan exports may be resolved and concerns over lower global demand growth. Brent crude futures for November fell 28 cents, or 0.4%, to $73.47 at 0052 GMT after dropping 4.9% in the previous session. U.S. West Texas Intermediate crude futures for October were down 31 cents, or 0.4%, to $70.03 after dropping 4.4% on Tuesday.

Volkswagen is currently weighing all its options around Germany as there is a constant pressure from Chinese EV makers who have forced plants in Germany to close down, due to the increasing competition from the South Asian country. The economic environment has ended up in major crisis and as new competitors are entering the European market, things are getting much tougher for Volkswagen in order to maintain its logistics and manufacturing hub in the country, and still manage to upkeep its profits and other relevant costs.

US stock market's main indexes slid on Tuesday as Wall Street saw the benchmark S&P 500 index, Nasdaq and Dow registering their biggest daily drop since early August. The broad-based S&P 500 shed 2.1 percent to 5,528.93, while Dow Jones Industrial Average fell 1.5 percent to 40,936.93. The tech-focused Nasdaq finished at 17,136.30, down 3.3 percent in the market's first session in September following Labor Day 2024 holiday. Semiconductor shares Nvidia, Advanced Micro Devices and Intel all fell about eight percent or more. Shares of chip stocks were hard hit, with AI heavyweight Nvidia tumbling nearly 10 per cent and Wall Street's chip index the PHLX chip index slumping 8 per cent.

A senior official has confirmed a report that Turkey wants to join the BRICS bloc of developing economies but fell short of confirming that the NATO country had formally applied for membership

OLED screens will have notable implications for its current suppliers. Notably, Japanese firms Sharp Corp and Japan Display, who have been key providers of LCD screens for Apple's devices, are expected to be phased out of the company's supply chain for its handsets.

Oil prices dropped more than 3% on Tuesday after Bloomberg News reported that a deal was imminent to resolve a dispute that has halted Libyan production and exports, pushing prices to their lowest since around the beginning of the year. The news of more crude supply possibly returning to the market came as prices had already fallen on the belief that demand was being undercut because of sluggish economic growth in China, the world's biggest crude importer.

The Dutch data protection watchdog has issued facial recognition startup Clearview AI with a fine of 30.5 million euros or $33.7 million over its creation of what the agency called an “illegal database” of billion of photos of faces

BEIJING — China's property struggles and U.S. sanctions have significantly affected some of its cities, even as others benefit from Beijing's tech push, Milken Institute's best performing cities China index showed Tuesday.

Raymond shares surged 9% to hit a high of Rs 2,182 on the NSE on Tuesday ahead of the listing of its lifestyle business which is expected this week. Brokerages see this as a transformative move for the company which is synonymous with legacy brands such as Park Avenue, Raymond, Parx and ColorPlus. Brokerages like Motilal Oswal and InCred which were part of the investors’ meet remain optimistic about the company's prospects.

For decades, climate scientists have been warning governments—and society at large—about the impact of climate change, especially the increased frequency and intensity of a range of nature-related disasters. Today, we are witnessing these unfold as news media headlines scream, almost on a daily basis, about how climate change has exacerbated disasters.

Canadian Prime Minister Justin Trudeau last month announced tariffs of 100 percent on Chinese EVs, accusing Beijing of «not playing by the same rules as other countries» in areas like environmental and labour standards. The United States and the European Union have also respectively slapped tariffs of 100 percent and 36 percent on Chinese EVs, arguing that Beijing unfairly subsidises domestic producers whose products then flood foreign markets and undercut local competitors.

Goldman Sachs believes gold has the highest potential for a near-term price hike due to its status as a preferred hedge against risk, while weak demand from China has led to a «more selective, less constructive» view of other commodities. «Imminent Fed rate cuts are poised to bring Western capital back into the gold market, a component largely absent of the sharp gold rally observed in the last two years,» Goldman analysts said on Monday in a note titled 'Go for Gold'. Spot gold has gained 21% so far this year, breaking successive records and hitting a historic high of $2,531.60 per ounce on Aug. 20.

The International Longshoremen's Association, which has more than 47,000 members, said it had discovered that the gate was using technology to check and let in trucks without union workers, which it said violated its labor contract. «We will never allow automation to come into our union and try to put us out of work as long as I'm alive,» said Harold J. Daggett, the union's president and chief negotiator in talks with the United States Maritime Alliance, a group of companies that move cargo at ports.

Delhi Jal Board (DJB) has planned to employ the Water Corporation of Odisha (WATCO), a non-profit under the Odisha government, to address the problem of loss of drinking water during transmission, reported TOI. About 58 per cent of water is wasted in transmission in the city, much higher than the national average of around 20 per cent. WATCO has been able to address a similar problem by bringing the loss of water rate down to 15 per cent from 50 per cent, said officials.