China Financial News

Philippine military chief condemned Saturday what he said was the provocative actions of two Chinese air force aircraft that executed a dangerous manoeuver and dropped flares in the path of a Philippine air force plane on routine patrol in the South China Sea. All those aboard the Philippine air force NC-212i light transport plane were unharmed and returned safely to Clark Air Base north of Manila after Thursday morning's incident over the Scarborough Shoal, Gen Romeo Brawner said, without providing other details. A top Philippine security official told The Associated Press that the Chinese jets flew at a «very close distance» to the Philippine air force turbo-prop plane and «put the lives of our pilots in real risk and danger». Another security officer said at least eight flares came from the Chinese fighter jets. Both spoke on condition of anonymity because of the sensitivity of the incident.

OpenAI has recently announced exciting news for ChatGPT users, particularly those utilizing the free version of the platform. The company is now extending the ability for free users to generate up to two images daily using DALL-E 3, their advanced generative AI model.

autonomous driving startup WeRide said on Friday it was seeking a valuation of as much as $5.02 billion in its initial public offering in the United States. The IPO announcement comes at a time when the Biden administration is expected to propose barring Chinese software in autonomous and connected vehicles in the United States in the coming weeks. WeRide is aiming to raise as much as $119.4 million by offering 6.45 million American depositary shares at a price range of $15.50 and $18.50 per share.

Indian Ocean Region (IOR), connecting the Pacific and Atlantic Oceans, is emerging as a critical axis of global trade, skilled young population and geo-economic prosperity. However, this region has witnessed significant transformations in recent years. For instance, China's expanding influence from Bab-el-Mandeb to Strait of Malacca is posing new and unique challenges each passing day. This continues to pose challenges to the Quadrilateral Security Dialogue (Quad) group, whose sole aim is to create a cooperative bulwark against Chinese expansionism and aggressiveness. China’s economic and military might have increased, so has its interest in securing its maritime trade routes and expanding its influence across the Indian Ocean Region (IOR). Here, we are reminded of the quote by Admiral Alfred T Mahan, «whoever controls the seas controls the world». Furthermore, China’s Belt and Road Initiative (BRI) has seen significant investments in port infrastructure and maritime logistics, exemplified by projects like the Djibouti Port in the Horn of Africa, Gwadar Port in Pakistan, and the Hambantota Port in Sri Lanka among others.

Best phones under ₹35,000 in August 2024: With new devices launching almost every week, it's hard to find the right devices that match your requirements. However, we have compiled a list of top smartphones under the ₹35k price segment to help figure out the phone that could be an ideal fit for you with devices from notable brands like Vivo, OnePlus, Realme and more.Vivo V40 features a 6.78-inch AMOLED display with a resolution of 2800 x 1260 pixels, 120Hz refresh rate, HDR 10+ certification and a peak brightness of 4500 nits.The phone runs on Qualcomm Snapdragon 7 Gen 3 chipset and is paired with Adreno 720 GPU for handling all the graphics-intensive tasks.

OnePlus Pad 2 with Snapdragon 8 Gen 3 chip launched in India, price starts at ₹39,999: All you need to knowPoco Pad is essentially a rebrand of the Redmi Pad Pro 5G, which was launched in China in the month of April. The first-ever Poco tablet features a 12.1-inch IPS LCD display with a resolution of 2560 x 1600 pixels.

hongben, or red booklets, as proof of ownership. These look just like urban-property certificates. In one village, however, residents are unable to produce them—they say they are being stored by the village authorities (a clue, probably, to who really controls the rights).

boxer Imane Khelif has won a gold medal Friday at the Paris Olympics, emerging a champion from a tumultuous run at the Games where she endured intense scrutiny in the ring and online abuse from around the world over misconceptions about her womanhood. Khelif beat Yang Liu of China 5:0 in the final of the women's welterweight division, wrapping up the best series of fights of her boxing career with a victory at Roland Garros, where crowds chanted her name, waved Algerian flags and roared every time she landed a punch. After her unanimous win, Khelif jumped into her coaches' arms, one of them putting her on his shoulders and carrying her in a victory lap as she pumped her fists and grabbed an Algerian flag from the crowd.

Embraer is in talks with the government and top conglomerates to set up a manufacturing unit in India, a top executive said. However, progress will depend on the company’s jets gaining access to India’s large and rapidly expanding domestic market, dominated by Airbus and Boeing planes. India is among countries such as China, Turkey, Japan and Saudi Arabia with which the firm is discussing a possible partnership, said Arjan Meijer, CEO and president of Embraer’s commercial aviation business. “We have been vocal for the last couple of years that we are looking for a partner,” Meijer told ET. “We have always said we want to cooperate, but we also want to bring our products into the market.”

As per market trackers Counterpoint Research and IDC, four Chinese brands-Xiaomi, Vivo, Realme and Oppo-are ranked in the top five for smartphones. The only one not from that country is South Korea's Samsung. Industry executives estimate this will translate into combined sales of almost Rs 90,000-95,000 crore. China's Xiaomi was examined by Indian government agencies over alleged foreign exchange violations in 2022, which coincided with a large proportion of its top leadership changing. The company ceded its No. 1 spot in the December quarter of 2022 to Samsung, eventually sliding to fourth. But by the June quarter this year, Xiaomi was back at the top on the back of an aggressive expansion in offline retail. Vivo is another Chinese company that has faced investigations over allegations of tax violations and money laundering.

Tata Motors to Maruti Suzuki, Japan's Toyota Motor Corporation (TMC) and China's BYD set to take the covers off a slew of vehicles, many in the electric vehicle segment, at the Bharat Mobility Show to be held in January next year. The number of vehicle makers who have confirmed attendance for the upcoming edition of the show is four times that seen in 2023, and highest-ever since the auto expo started in 1986. The participation is also significantly higher than that seen at the 'Big Five' — the five major auto shows held globally in Geneva, Munich, Detroit, Paris and Tokyo — where participation has been dwindling amid high costs and lower footfalls. While 13 carmakers participated at the Munich Auto Show in its latest edition, 20 showed up for the Geneva Motor Show held between Feb 26 and March 3 this year. The mobility shows in Paris and Tokyo saw participation from 11 and 22 vehicle makers, respectively. Around 13 automakers showcased 35 vehicle brands at the Detroit Auto Show last year.

BEIJING — A hazardous goods container exploded Friday on a cargo ship in China's high-traffic Ningbo Port, Taiwanese vessel owner Yang Ming Marine Transport Corporation told CNBC in a statement.

Grasim slipped into the red in the first quarter ended June 2024 as the company reported a loss of Rs 52.12 crore on Friday. The company posted a net profit of Rs 355 crore in the last year period. On a sequential basis, however, the loss reduced from Rs 441 crore reported in the preceding December quarter.

apparatchiks in Beijing had seemingly not realised that the ensuing prosperity would turn their society into a liberal democracy, given time. Newly democratic Russia was also headed beyond history: it was planning an underwater gas pipeline to Germany, the home of Wandel durch Handel (change through trade). Even the head of its security service at the time of Kosovo, one Vladimir Putin, would denounce communism as “a blind alley".

Nobel laureate Muhammad Yunus was sworn in as the head of Bangladesh's interim government on Thursday. This follows protests that led to the ouster of former Prime Minister Sheikh Hasina earlier this week.

Chinese authorities are chasing unpaid taxes from companies and individuals dating back decades, as the government moves to plug massive budget shortfalls and address a mounting debt crisis

ride-hailing drivers are facing the threat of job loss from artificial intelligence as robotaxis begin to proliferate. Self-driving technology, still experimental, is being aggressively greenlit in China compared to the US, where approvals are often suspended after accidents. At least 19 Chinese cities are testing robotaxis and robobuses, with seven cities approving tests without human-driver monitors from at least five industry leaders: Apollo Go, Pony.ai, WeRide, AutoX, and SAIC Motor. Apollo Go, a subsidiary of technology giant Baidu, plans to deploy 1,000 robotaxis in Wuhan by year-end and operate in 100 cities by 2030. Pony.ai, backed by Japan's Toyota Motor, operates 300 robotaxis with plans to increase to 1,000 by 2026. WeRide is known for autonomous taxis, vans, buses, and street sweepers, while AutoX, backed by Alibaba Group, operates in cities including Beijing and Shanghai. SAIC Motor has been operating robotaxis since 2021. In the US, Alphabet's Waymo operates uncrewed robotaxis that collect fares, with over 1,000 cars in San Francisco, Los Angeles, and Phoenix. Cruise, backed by General Motors, resumed testing in April after an accident last year.

rupee rose marginally in early trading on Thursday, aided by gains in most Asian currencies, with dollar-rupee forward premiums also ticking up ahead of the Reserve Bank of India's (RBI) monetary policy decision. The rupee was at 83.93 against the U.S. dollar as of 09:30 a.m. IST, compared with its previous close at 83.9550.

Every crisis comes twinned with opportunity—not just to solve the proximate problem, but also to effect a paradigm shift, away from the conditions that led to the crisis. So it is with Bangladesh.

China's 7 million ride-hailing drivers. A 36-year-old Wuhan resident, he started driving part-time this year when construction work slowed in the face of a nationwide glut of unsold apartments. Now he predicts another crisis as he stands next to his car watching neighbours order driverless taxis. «Everyone will go hungry,» he said of Wuhan drivers competing against robotaxis from Apollo Go, a subsidiary of technology giant Baidu.