China Financial News

Among the myriad problems Justin Trudeau is confronting, two have an immediacy that must be especially troubling. One is political, the other economic.

Canada Pension Plan Investment Board promoted Caitlin Gubbels to lead its global private equity group, replacing Suyi Kim, who’s leaving the fund manager after 17 years.

Bahnsen Group managing partner David Bahnsen analyzes the Feds plan to reduce inflation on Varney & Co.

China's Tencent Holdings reported an 8% rise in second-quarter revenue on Wednesday, driven by a recovery in its gaming business after a launch of a new mobile game in May that got off to a strong start. The world's largest video game company and operator of the WeChat messaging platform said revenue reached 161.12 billion yuan ($22.5 billion) in the quarter ended June 30. Analysts had expected revenue of 160.77 billion yuan, according to LSEG data. Tencent's core gaming business had faced headwinds, with China revenue declining for two consecutive quarters since the fourth quarter of last year, partly hit by successful rollouts of rival games from competitors.

Starbucks reportedly fired Indian-origin Laxman Narasimhan from the position of Chief Executive Officer, a recent interview of him saying he 'almost never' worked past 6 pm has been making rounds on various social media platforms. «I am very disciplined about balance. If there's anything after 6 pm and I am in town, it's got to be a pretty high bar to keep me away from the family. Anybody who gets a minute of time after that better be sure that it's important… Because if not it will just wait for another day,» Narasimhan said in an interivew to Fortune. Starbucks on Tuesday announced that Chipotle Mexican Grill's head, Brian Niccol, will replace Chairman and Chief Executive Officer Laxman Narasimhan.

rupee ended nearly flat on Wednesday as U.S. dollar demand from importers and foreign banks eroded the currency's early gains that came due to growing expectations of rate cuts by the Federal Reserve. The rupee closed at 83.9475 against the dollar, little changed from its close at 83.97 in the previous session.

SpaceX is aiming to break new barriers in polar exploration with the first manned space mission over the Earth's poles — a private flight commanded by a crypto entrepreneur later this year, the company said Tuesday. The mission, dubbed «Fram2» after a 19th century polar expedition schooner, is due to last between three to five days, and was purchased by Chun Wang, a wealthy bitcoin pioneer who founded f2pool and stakefish, for an undisclosed amount. He will be joined by three polar experts: Norwegian filmmaker Jannicke Mikkelsen, German robotics researcher Rabea Rogge, and Australian polar adventurer Eric Philips.

Bhargav Buddhadev, Fund Manager, Ambit Asset Management, warns that few sectors within capex-oriented themes could see selling pressure. “Sectors like roads, railways, defense could see selling pressure given that the government in the recent budget has significantly cut down the budget allocations across these sectors, and in general as well. The Government’s capex budget expenditure, which saw a CAGR of ~12% over FY20-24 reduced to ~9% in FY25 budget estimate,” he says. Edited excerpts from a chat: FIIs have been the biggest sellers in the Indian market in the last few days given all the worries related to recession, reverse carry trade of yen, and other global factors. By when do you think we can start seeing a reversal as far as FII mood is concerned? Bhargav Buddhadev: Earnings should be the biggest driver for FIIs to start re-looking at India.

iPhone manufacturing and domestic sales of MacBooks, iMacs, iPads, Watches and AirPods lifted the value of Apple’s India operations to over Rs 2 lakh crore ($23.5 billion) in FY24, top officials said, up from Rs 1.15 lakh crore in the year before. They told ET that Apple has likely exhibited the fastest growth in production and exports by any company in the last 50 years in India, making the Cupertino-based tech giant the largest global value chain (GVC) operating domestically. Apple is also the first GVC in India that is rapidly shifting in part of its supply chain from China. According to the recent Economic Survey, India contributes around 14% to the US tech giant’s overall production, emerging as a key hub for its global exports. In FY23, India’s contribution was about 7%. iPhones dominate the numbers. Of the Rs 2-lakh crore valuation, iPhones worth a market value of around Rs 1.35 lakh crore ($15 billion) were exported last fiscal year, show calculations based on official data.

China emerged as the fastest-growing economy and became the second-biggest economy of the world after the US. But, it seems that the success story is coming to an end, at least for the time being. After registering a negative Foreign Direct Investment last year, investors have pulled a record £12bn out of China, reports 'The Telegraph'. It may prove to be a severe economic blow for the Communist Party of China-led government and President Xi Jinping.

Starbucks, struggling with weak demand and disgruntled investors, said Tuesday that CEO Laxman Narasimhan is stepping down after a little more than a year in the job.

smartphone shipments in the April-June quarter. While IDC and Canalys say the market grew 3.2% and 1% year-on-year, respectively, Counterpoint Research and CMR estimate shipments to have declined 2% and 4%. All experts, though, say a muted consumer demand and rising average selling prices will continue to drag overall recovery of the market. Text by Subhrojit Mallick QUARTERLY HIGHLIGHTS (IDC)

Vodafone Idea (Vi) CEO Akshaya Moondra has signalled that the telco may keep its 5G base pricing lower than bigger rivals Reliance Jio and Bharti Airtel to attract customers as it will be a new entrant in the space. «A decision on 5G pricing will be taken closer to launch, but when you are just starting with a (5G) network which is not yet mature, one will have to look at pricing in that fashion,» Moondra said at Vi's fiscal first quarter earnings call Tuesday. He was responding to an analyst query on Vi's likely approach to 5G monetisation, and whether it is likely to emulate Jio and Airtel, who have both sharply hiked entry-level 5G pricing thresholds to boost average revenue per user (ARPU).

Tesla CEO Elon Musk wrote on Twitter in 2016 inviting Indians to preorder Tesla Model 3s

Starbucks, struggling with weak demand and disgruntled investors, said Tuesday that CEO Laxman Narasimhan is stepping down after a little more than a year in the job

Federal prosecutors have charged two former Los Angeles County sheriff's deputies and two former foreign military officials with threatening a Chinese national and his family with violence and deportation during a sham raid at his Orange County home

If I were an Albertan, I’d be steaming mad about the tariffs that are obviously coming on inexpensive Chinese electric vehicles — steaming more than fresh cowpie on a prairie winter morning.

SEOUL—The uproar over a Mercedes-Benz electric vehicle that burst into flames in South Korea this month wasn’t only about fire safety. Outrage emerged over the lesser-known Chinese battery maker, Farasis Energy. Now South Korea has a fresh proposal to ease public anxiety: Advising carmakers to voluntarily divulge what brand of battery sits inside their EVs.

TOKYO—Eight decades ago, when Japan’s kamikaze pilots were crashing their planes into American ships and its soldiers were dying from the Aleutian Islands to Guadalcanal, all were given the same promise: Upon death, their souls would be enshrined at Tokyo’s Yasukuni Shrine. The shrine was the symbol of the religious-military state that sought to mobilize the population to fight in the name of a divine emperor.

According to Bank of America's Global Fund Manager survey, concerns about a US recession have surged to 39% in August, up from 18% in July, replacing geopolitical conflict (25%) as the top tail risk. Global growth expectations have fallen from a net -27% in July to -47%, with optimism on China reaching its lowest level since May 2022.  However, the probability of a ‘soft landing' has increased from 68% to 76%, while the likelihood of a ‘no landing' scenario has dropped from 18% to 8%, and the probability of a ‘hard landing' has risen slightly from 11% to 13%. Economic 'boom' expect...

Global oil markets are poised to swing from a deficit to a surplus next quarter should OPEC+ proceed with plans to boost supplies, data from the International Energy Agency showed.