China Financial News

The ports of Los Angeles and Long Beach, which account for roughly a third of all US container imports, had their third-strongest month ever in July, just shy of an all-time high reached in May 2021. Back then, a wave of inbound consumer goods caused supply bottlenecks on land and a queue of cargo ships waiting for a berth offshore was getting longer by the day. Demand now is driven by retailers and other importers that are stocking up ahead of US tariffs on Chinese goods and a possible strike by a large group of American dockworkers — adding to the usual frenzy of pre-holiday ordering that occurs this time of year.

Mint looks at the reasons for this fall, its impact on the economy and what the domestic industry should do. The benchmark per tonne price of hot rolled coil steel—used in automotive, railways, agriculture and mining industries—in Mumbai has fallen to ₹50,900 this month, the lowest since September 2020 when prices were at ₹49,200 per tonne. The current price is nearly 33% less than the peak of ₹76,000 per tonne of April 2022.

Narayana Murthy, co-founder of Infosys, highlighted the issue of India's rising population as a major challenge during the convocation ceremony at Motilal Nehru National Institute of Technology in Prayagraj on Sunday. He stressed that inadequate attention to population control since the Emergency period threatens the country's sustainability. «India faces significant challenges related to population, per capita land availability, and healthcare facilities,» Murthy stated. He elaborated by comparing India with other nations, saying, «Since the Emergency period, we Indians have not paid enough attention to population control. This poses a risk of making our country unsustainable. In comparison, countries such as the US, Brazil and China have far higher per capita land availability.»

new video game on PlayStation 5, and PC this week. «Black Myth: Wukong» video game is releasing this week. Gamers can play the fantasy-adventure video «Black Myth: Wukong». The protagonist of «Black Myth: Wukong» is a monkey, but he’s evolved a long way from Donkey Kong. Indeed, he’s the “Destined One,” and he’s rocking a sweet suit of armor and a magical staff. Wukong can also cast spells and even transform into other creatures as he battles his way across an exotic landscape filled with mythical monsters. Chinese developer Game Science promises a blend of challenging combat, role-playing mechanics and an epic story based on the classic “Journey to the West.” For Westerners who aren’t familiar with the 16th century novel, it’s a chance to explore some legends we rarely see in video games.

Confederation of All India Traders (CAIT) on Sunday anticipated a festive trade of over Rs 12,000 crore across the country during the Rakhi festival. The trade body said that the markets are witnessing a massive rush for Rakhi shopping, and people are very enthusiastic about the festival. It urged customers to celebrate the festival with Indian goods. Observing the demands for indigenous Rakhis, the trade body stated that customers prefer indigenous Rakhis over Chinese Rakhis during this year's festive season.

India's holding of US government securities touched a high of USD 241.9 billion in June as the country continued to increase its exposure for the third straight month. Japan was the top holder with securities worth over USD 1.11 trillion followed by China at the second spot with a holding valued at USD 780.2 billion in June, according to the latest data released by the US Treasury Department. At the third place was the United Kingdom with an exposure of USD 741.5 billion ahead of Luxembourg at the fourth position with a holding to the tune of USD 384.2 billion. Among the countries and jurisdictions, India was at the 12th place owning American government securities worth USD 241.9 billion in June, higher than USD 237.8 billion value recorded in May.

Global Compounders fund has outperformed the S&P 500 by a wide margin by keeping limited exposure to megacaps. «This positioning has insulated us from the recent drawdown and volatility. The megacaps, including not only the big tech names but also companies like Eli Lilly and Costco, have been bid up to extremely high valuations due to their certainty around growth and earnings delivery in near term,» says Arindam Mandal, Portfolio Manager at Marcellus Investment Managers.

Taiwanese contract manufacturer Foxconn is looking to move up the value chain to go beyond smartphones and make products for sectors like information and communication technology (ICT), electric vehicles (EV), batteries as part of their EV strategy and digital health in its next phase of growth in India, its chairman Young Liu told ET on Saturday. “Foxconn is very well known for its vertical integration capabilities. Definitely, we want to move up on the value chain as much as we can in India. That’s what we will be doing in the ICT sector,” Liu said on the sidelines of the inauguration of the company’s massive industrial housing project in Sriperumbudur. “For sectors other than ICT, we think (we will focus on) EVs and energy and also the digital health industry, like wearables for personal use, home use type of medical devices,(and) in hospitals you can have cloud-based digital health systems,” he added. In the case of energy, Foxconn is looking to target batteries, which will be related to its larger EV strategy. Generative artificial intelligence (GenAI) will play a “very big part” in the company’s strategy as it makes “a lot of impossible things possible,” he said.

Officials in China say BMW is recalling more than 1.3 million vehicles that may have Takata airbag inflators following a similar recall in the U.S. last month

Taiwan tracked 13 Chinese aircraft and seven Chinese vessels around its territory until 6 am on Saturday. According to Taiwan's Ministry of National Defence (MND), 12 of the aircraft crossed the median line and entered Taiwan's northern, south-western, and eastern air defence identification zone (ADIZ). It added that Taipei has monitored the situation and «responded accordingly.»

tariffs slowed the influx of Chinese-made electric vehicles in July, as the bloc moved to protect its automakers from low-cost competition. The number of new EVs that Chinese automakers like BYD Co. and SAIC Motor Corp.’s MG registered in the EU last month fell 45% from June, according to research from Dataforce, which compiled results across the 16 member countries that have reported July figures to date. The drop may have been exaggerated by carmakers rushing to get EVs to dealers before the added levies took effect July 5.

Department of Pharmaceuticals (DoP) has started discussions with local manufacturers of rubber gloves to look into their complaints about poor quality products that are getting dumped in the country. Domestic glovemakers alleged that gloves from countries like Thailand, Malaysia and China are being dumped in India under different non-medical product codes. The department has been contemplating issuance of quality control orders in consultation with the Bureau of Indian Standards and has already invited comments from stakeholders on the matter.

TikTok has pushed back on arguments that the popular social media platform is not shielded by the First Amendment

Mpox by health officials in the region.

Android devices after a gap of four years, following legal measures by the EU, developer Epic Games said on Friday. Fortnite, created by Epic, a U.S.-based studio, and backed by China's Tencent, the world's largest game studio, launched in 2017 and its last-player-standing, «battle royale» format became an instant hit, drawing in millions of dedicated players. But in August 2020, Apple and Alphabet's Google removed Fortnite from their app stores for violating their guidelines by launching a payment feature, prompting several lawsuits challenging their rules of charging up to 30% commissions on payments.

Japanese stocks are leading gains in world markets after Wall Street close to its record heights as data showed the U.S. economy is holding up better than expected

mpox cases are now being reported outside Africa too. Sweden has confirmed its first case of mpox on Thursday just as Pakistan reported three cases. China's customs administration said it will monitor people and goods entering the country for mpox for the next six months. Danish drugmaker Bavarian Nordic said Thursday it was ready to produce up to 10 million doses of its vaccine targeting mpox by 2025, The WHO’s declaration of mpox as a global health emergency aims at galvanizing action and resources to mitigate the spread of the virus.

The promising project, Mira Coral Bay consists of diverse properties created in partnership with several renowned lifestyle brands. The collaboration with Mira Developments displays a key achievement for Marjan’s subsidiary, the RAK Dredging Company, as it transforms Al Mairid into a distinctive destination with top-tier infrastructure, supporting Ras Al Khaimah’s ambition to become a premier tourism and investment hub in the region. Talking about the project, Arch.

The companies, in a filing disclosed Thursday, have asked the Commerce Department to apply the duties right away, amid a surge in imports from Vietnam and Thailand. An existing trade case already poses the risk of anti-dumping and countervailing duties, but the new filing raises the prospect of duties being imposed even before a final decision in the case. If imports have surged during a trade investigation, the government can determine that “critical circumstances” exist — a finding that paves the way for such retroactive tariffs. Companies importing panels and cells would need to post cash deposits while awaiting a final decision in the trade case.

BEIJING — China's financial risks have dropped, including from local government debt, People's Bank of China Governor Pan Gongsheng said in state media interviews published late Thursday.

Steel Authority of India expects its blended realizations to sequentially fall another Rs 1,000 per tonne this quarter, as local steel prices continue to be weighed down by cheap Chinese imports, a senior executive said. Net sales realization, or blended steel prices for the June quarter, stood at Rs 53,700 per tonne, down Rs 800 from the March quarter. The cost of coking coal, though, is likely to remain at levels similar to the June quarter, even though prices have corrected in the last few weeks. This is because the state-owned steelmaker has stocked up higher-than-average coking coal from some of its miners with whom it has long-term agreements, Anil Kumar Tulsiani, Director (Finance), told analysts after the company’s earnings.